dreamproit/uscode huggingface dataset:
12 U.S.C. § 3764 (BANKS AND BANKING)
§ 3764. Record of foreclosure and sale
(a) Statements included
To establish a sufficient record of foreclosure and sale, the foreclosure commissioner shall include in the recitals of the deed to the purchaser, or prepare as an affidavit or addendum to the deed, a statement setting forth—
(1) the date, time, and place of the foreclosure sale;
(2) that the mortgage was held by the Secretary, the date of the mortgage, the office in which the mortgage was recorded, and the liber number and folio or other appropriate description of the recordation of the mortgage;
(3) the particulars of the foreclosure commissioner’s service of the notice of default and foreclosure sale in accordance with sections 3758 and 3760 of this title;
(4) the date and place of filing the notice of default and foreclosure sale;
(5) that the foreclosure was conducted in accordance with the provisions of this chapter and with the terms of the notice of default and foreclosure sale; and
(6) the sale amount.
(b) Effect of statements
The items set forth in subsection (a) of this section shall—
(1) be prima facie evidence of the truth of such facts in any Federal or State court; and
(2) evidence a conclusive presumption in favor of bona fide purchasers and encumbrancers for value without notice.
Encumbrancers for value include liens placed by lenders who provide the purchaser with purchase money in exchange for a security interest in the newly-conveyed property.
(c) Recordation of instruments
The deed executed by the foreclosure commissioner, the foreclosure commissioner’s affidavit (if prepared) and any other instruments submitted for recordation in relation to the foreclosure of the security property under this chapter shall be accepted for recordation by the registrar of deeds or other appropriate official of the county or counties in which the security property is located upon tendering of payment of the usual recording fees for such instruments, and without regard to the compliance of those instruments with any other local filing requirements.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
heading: Codification
text: Section is based on section 815 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327.
12 U.S.C. § 3765 (BANKS AND BANKING)
§ 3765. Effect of sale
A sale, made and conducted as prescribed in this chapter to a bona fide purchaser, shall bar all claims upon, or with respect to, the property sold, for each of the following persons:
(1) Notice recipients
Any person to whom the notice of default and foreclosure sale was mailed as provided in this chapter, and the heir, devisee, executor, administrator, successor, or assignee claiming under any such person.
(2) Subordinate claimants with knowledge
Any person claiming any interest in the property subordinate to that of the mortgage, if such person had actual knowledge of the foreclosure sale.
(3) Nonrecorded claimants
Any person claiming any interest in the property, whose assignment, mortgage, or other conveyance was not duly recorded or filed in the proper place for recording or filing, or whose judgment or decree was not duly docketed or filed in the proper place for docketing or filing, before the date on which the notice of the foreclosure sale was first served by publication, as required by section 3758(3) of this title, and the executor, administrator, or assignee of such a person.
(4) Other persons
Any person claiming an interest in the property under a statutory lien or encumbrance created subsequent to the recording or filing of the mortgage being foreclosed, and attaching to the title or interest of any person designated in any of the foregoing paragraphs.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
heading: Codification
text: Section is based on section 816 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327.
12 U.S.C. § 3766 (BANKS AND BANKING)
§ 3766. Computation of time
Periods of time provided for in this chapter shall be calculated in consecutive calendar days, including the day or days on which the actions or events occur or are to occur for which the period of time is provided and including the day on which an event occurs or is to occur from which the period is to be calculated.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
heading: Codification
text: Section is based on section 817 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327.
12 U.S.C. § 3767 (BANKS AND BANKING)
§ 3767. Severability
If any part of this chapter shall, for any reason, be adjudged by a court of competent jurisdiction to be invalid, or invalid as applied to a class of cases, such judgment shall not affect, impair, or invalidate the remainder thereof, and shall be confined in its operation to the part thereof directly involved in the controversy in which such judgment shall have been rendered.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
heading: Codification
text: Section is based on section 818 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327.
12 U.S.C. § 3768 (BANKS AND BANKING)
§ 3768. Deficiency judgment
(a) In general
(1) Referral to Attorney General
If after deducting the payments provided for in section 3762 of this title, the price at which the security property is sold at a foreclosure sale is less than the unpaid balance of the debt secured by the security property, resulting in a deficiency, the Secretary may refer the matter to the Attorney General who may commence an action or actions against any or all debtors to recover the deficiency, unless such an action is specifically prohibited by the mortgage.
(2) Other recoveries
In any action instituted pursuant to this section the United States may recover—
(A) any amount authorized by section 3011 of title 28; and
(B) the costs of the action.
(b) Limitation
Any action commenced to recover a deficiency under this section must be brought not later than 6 years after the date of the last sale of the security property.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
heading: Codification
text: Section is based on section 819 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327.
12 U.S.C. § 3801 (BANKS AND BANKING)
§ 3801. Findings and purpose
(a) The Congress hereby finds that—
(1) increasingly volatile and dynamic changes in interest rates have seriously impared 1 the ability of housing creditors to provide consumers with fixed-term, fixed-rate credit secured by interests in real property, cooperative housing, manufactured homes, and other dwellings;
(2) alternative mortgage transactions are essential to the provision of an adequate supply of credit secured by residential property necessary to meet the demand expected during the 1980’s; and
(3) the Comptroller of the Currency, the National Credit Union Administration, and the Director of the Office of Thrift Supervision have recognized the importance of alternative mortgage transactions and have adopted regulations authorizing federally chartered depository institutions to engage in alternative mortgage financing.
(b) It is the purpose of this chapter to eliminate the discriminatory impact that those regulations have upon nonfederally chartered housing creditors and provide them with parity with federally chartered institutions by authorizing all housing creditors to make, purchase, and enforce alternative mortgage transactions so long as the transactions are in conformity with the regulations issued by the Federal agencies.
(Pub. L. 97–320, title VIII, § 802, Oct. 15, 1982, 96 Stat. 1545; Pub. L. 101–73, title VII, § 744(c), Aug. 9, 1989, 103 Stat. 438.)
heading: Amendments
text: 1989—Subsec. (a)(3). Pub. L. 101–73 substituted “Director of the Office of Thrift Supervision” for “Federal Home Loan Bank Board”.
heading: Short Title
text: Pub. L. 97–320, title VIII, § 801, Oct. 15, 1982, 96 Stat. 1545, provided that: “This title [enacting this chapter] may be cited as the ‘Alternative Mortgage Transaction Parity Act of 1982’.”
heading: Effective Date
text: Pub. L. 97–320, title VIII, § 807(a), Oct. 15, 1982, 96 Stat. 1548, provided that: “This title [enacting this chapter] shall be effective upon enactment [Oct. 15, 1982].”
heading: Identification, Description and Publication of Regulations Inapplicable To, or Conformation of Regulations for Use Of Nonfederally Chartered Housing Creditors
text: Pub. L. 97–320, title VIII, § 807(b), Oct. 15, 1982, 96 Stat. 1548, provided that: “Within sixty days of the enactment of this title [Oct. 15, 1982], the Comptroller of the Currency, the National Credit Union Administration, and the Federal Home Loan Bank Board shall identify, describe, and publish those portions or provisions of their respective regulations that are inappropriate for (and thus inapplicable to), or that need to be conformed for the use of, the nonfederally chartered housing creditors to which their respective regulations apply, including without limitation, making necessary changes in terminology to conform the regulatory and disclosure provisions to those more typically associated with various types of transactions including credit sales.”
12 U.S.C. § 3804 (BANKS AND BANKING)
§ 3804. Applicability of preemption provisions
(a) The provisions of section 3803 of this title shall not apply to any alternative mortgage transaction in any State made on or after the effective date (if such effective date occurs on or after October 15, 1982, and prior to a date three years after October 15, 1982) of a State law or a certification that the voters of such State have voted in favor of any provision, constitutional or otherwise, which states explicitly and by its terms that such State does not want the preemption provided in section 3803 of this title to apply with respect to alternative mortgage transactions (or to any class or type of alternative mortgage transaction) subject to the laws of such State, except that section 3803 of this title shall continue to apply to—
(1) any alternative mortgage transaction undertaken on or after such date pursuant to an agreement to undertake such alternative mortgage transaction which was entered into on or after October 15, 1982, and prior to such later date (the “preemption period”); and
(2) any renewal, extension, refinancing, or other modification of an alternative mortgage transaction that was entered into during the preemption period.
(b) An alternative mortgage transaction shall be deemed to have been undertaken during the preemption period to which this section applies if it—
(1) is funded or extended in whole or in part during the preemption period, regardless of whether pursuant to a commitment or other agreement therefor made prior to that period; or
(2) is a renewal, extension, refinancing, or other modification of an alternative mortgage transaction entered into before the preemption period and such renewal, extension, or other modification is made during such period with the written consent of any person obligated to repay such credit.
(Pub. L. 97–320, title VIII, § 805, Oct. 15, 1982, 96 Stat. 1547; Pub. L. 98–181, title I [title IV, § 472], Nov. 30, 1983, 97 Stat. 1237.)
heading: Amendments
text: 1983—Subsec. (a). Pub. L. 98–181 inserted “(or to any class or type of alternative mortgage transaction)”.
heading: Effective Date
text: Section effective Oct. 15, 1982, see section 807(a) of Pub. L. 97–320, set out as a note under section 3801 of this title.
12 U.S.C. § 3805 (BANKS AND BANKING)
§ 3805. Applicability of consumer protection provisions
Section 501(c)(1) of the Depository Institutions Deregulation and Monetary Control Act of 1980 shall not apply to transactions which are subject to this chapter.
(Pub. L. 97–320, title VIII, § 806, Oct. 15, 1982, 96 Stat. 1548.)
heading: References in Text
text: Section 501(c)(1) of the Depository Institutions Deregulation and Monetary Control Act of 1980, referred to in text, is section 501(c)(1) of Pub. L. 96–221, title V, Mar. 31, 1980, 94 Stat. 161, as amended, which is set out as a note under section 1735f–7 of this title.
heading: Effective Date
text: Section effective Oct. 15, 1982, see section 807(a) of Pub. L. 97–320, set out as a note under section 3801 of this title.
12 U.S.C. § 3806 (BANKS AND BANKING)
§ 3806. Adjustable rate mortgage caps
(a) In general
Any adjustable rate mortgage loan originated by a creditor shall include a limitation on the maximum interest rate that may apply during the term of the mortgage loan.
(b) Regulations
The Board of Governors of the Federal Reserve System shall prescribe regulations to carry out the purposes of this section.
(c) Enforcement
Any violation of this section shall be treated as a violation of the Truth in Lending Act [15 U.S.C. 1601 et seq.] and shall be subject to administrative enforcement under section 108 [15 U.S.C. 1607] or civil damages under section 130 [15 U.S.C. 1640] of such Act, or both.
(d) Definitions
For the purpose of this section—
(1) the term “creditor” means a person who regularly extends credit for personal, family, or household purposes; and
(2) the term “adjustable rate mortgage loan” means any consumer loan secured by a lien on a one- to four-family dwelling unit, including a condominium unit, cooperative housing unit, or mobile home, where the loan is made pursuant to an agreement under which the creditor may, from time to time, adjust the rate of interest.
(e) Effective date
This section shall take effect upon the expiration of 120 days after August 10, 1987.
(Pub. L. 100–86, title XII, § 1204, Aug. 10, 1987, 101 Stat. 662; Pub. L. 102–550, title IX, § 952, Oct. 28, 1992, 106 Stat. 3893.)
heading: References in Text
text: The Truth in Lending Act, referred to in subsec. (c), is title I of Pub. L. 90–321, May 29, 1968, 82 Stat. 146, as amended, which is classified generally to subchapter I (§ 1601 et seq.) of chapter 41 of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see Short Title note set out under section 1601 of Title 15 and Tables.
heading: Codification
text: Section was enacted as part of the Competitive Equality Banking Act of 1987, and not as part of the Alternative Mortgage Transaction Parity Act of 1982 which comprises this chapter.
heading: Amendments
text: 1992—Subsec. (d)(2). Pub. L. 102–550 substituted “any consumer loan” for “any loan”.
12 U.S.C. § 3902 (BANKS AND BANKING)
§ 3902. Definitions
For purposes of this chapter—
(1) the term “appropriate Federal banking agency” has the same meaning given such term in section 1813(q) of this title, except that for purposes of this chapter such term means the Board of Governors of the Federal Reserve System for—
(A) bank holding companies and any nonbank subsidiary thereof;
(B) Edge Act corporations organized under section 25(a) 1 of the Federal Reserve Act [12 U.S.C. 611 et seq.]; and
(C) Agreement Corporations operating under section 25 of the Federal Reserve Act [12 U.S.C. 601 et seq.]; and
(2) the term “banking institution” means—
(A)
(i) an insured bank as defined in section 1813(h) of this title or any subsidiary of an insured bank;
(ii) an Edge Act corporation organized under section 25(a) 1 of the Federal Reserve Act [12 U.S.C. 611 et seq.]; and
(iii) an Agreement Corporation operating under section 25 of the Federal Reserve Act [12 U.S.C. 601 et seq.]; and
(B) to the extent determined by the appropriate Federal banking agency, any agency or branch of a foreign bank, and any commercial lending company owned or controlled by one or more foreign banks or companies that control a foreign bank as those terms are defined in the International Banking Act of 1978 [12 U.S.C. 3101 et seq.]. The term “banking institution” shall not include a foreign bank.
(Pub. L. 98–181, title I [title IX, § 903], Nov. 30, 1983, 97 Stat. 1278.)
heading: References in Text
text: Section 25(a) of the Federal Reserve Act, referred to in pars. (1) and (2)(A), which is classified to subchapter II (§ 611 et seq.) of chapter 6 of this title, was renumbered section 25A of that act by Pub. L. 102–242, title I, § 142(e)(2), Dec. 19, 1991, 105 Stat. 2281. Section 25 of the Federal Reserve Act is classified to subchapter I (§ 601 et seq.) of chapter 6 of this title.
The International Banking Act of 1978, referred to in par. (2)(B), is Pub. L. 95–369, Sept. 17, 1978, 92 Stat. 607, which enacted chapter 32 (§ 3101 et seq.) and sections 347d and 611a of this title, amended sections 72, 378, 614, 615, 618, 619, 1813, 1815, 1817, 1818, 1820, 1821, 1822, 1823, 1828, 1829b, 1831b, and 1841 of this title, and enacted provisions set out as notes under sections 247, 611a, and 3101 of this title and formerly set out as notes under sections 36, 247, and 601 of this title. For definitions, see section 3101 of this title. For complete classification of this Act to the Code, see Short Title note set out under section 3101 of this title and Tables.
12 U.S.C. § 3903 (BANKS AND BANKING)
§ 3903. Strengthened supervision of international lending
(a) Each appropriate Federal banking agency shall evaluate banking institution foreign country exposure and transfer risk for use in banking institution examination and supervision.
(b) Each such agency shall establish examination and supervisory procedures to assure that factors such as foreign country exposure and transfer risk are taken into account in evaluating the adequacy of the capital of banking institutions.
(Pub. L. 98–181, title I [title IX, § 904], Nov. 30, 1983, 97 Stat. 1279.)
12 U.S.C. § 3904 (BANKS AND BANKING)
§ 3904. Reserves
(a) Establishment and maintenance of special reserves
(1) Each appropriate Federal banking agency shall require a banking institution to establish and maintain a special reserve whenever, in the judgment of such appropriate Federal banking agency—
(A) the quality of such banking institution’s assets has been impaired by a protracted inability of public or private borrowers in a foreign country to make payments on their external indebtedness as indicated by such factors, among others, as—
(i) a failure by such public or private borrowers to make full interest payments on external indebtedness;
(ii) a failure to comply with the terms of any restructured indebtedness; or
(iii) a failure by the foreign country to comply with any International Monetary Fund or other suitable adjustment program; or
(B) no definite prospects exist for the orderly restoration of debt service.
(2) Such reserves shall be charged against current income and shall not be considered as part of capital and surplus or allowances for possible loan losses for regulatory, supervisory, or disclosure purposes.
(b) Accommodation of potential losses on foreign loans by United States banks
The appropriate Federal banking agencies shall analyze the results of foreign loan rescheduling negotiations, assess the loan loss risk reflected in rescheduling agreements, and, using the powers set forth in section 3907 of this title (regarding capital adequacy), ensure that the capital and reserve positions of United States banks are adequate to accommodate potential losses on their foreign loans.
(c) Regulations and orders of Federal banking agencies
The appropriate Federal banking agencies shall promulgate regulations or orders necessary to implement this section within one hundred and twenty days after November 30, 1983.
(Pub. L. 98–181, title I [title IX, § 905], Nov. 30, 1983, 97 Stat. 1279.)
12 U.S.C. § 3905 (BANKS AND BANKING)
§ 3905. Accounting for fees on international loans
(a)
(1) In order to avoid excessive debt service burdens on debtor countries, no banking institution shall charge, in connection with the restructuring of an international loan, any fee exceeding the administrative cost of the restructuring unless it amortizes such fee over the effective life of each such loan.
(2)
(A) Each appropriate Federal banking agency shall promulgate such regulations as are necessary to further carry out the provisions of this subsection.
(B) The requirement of paragraph (1) shall take effect on November 30, 1983.
(b)
(1) Subject to subsection (a) of this section, the appropriate Federal banking agencies shall promulgate regulations for accounting for agency, commitment, management and other fees charged by a banking institution in connection with an international loan.
(2) Such regulations shall establish the accounting treatment of such fees for regulatory, supervisory, and disclosure purposes to assure that the appropriate portion of such fees is accrued in income over the effective life of each such loan.
(3) The appropriate Federal banking agencies shall promulgate regulations or orders necessary to implement this subsection within one hundred and twenty days after November 30, 1983.
(Pub. L. 98–181, title I [title IX, § 906], Nov. 30, 1983, 97 Stat. 1279.)
12 U.S.C. § 3906 (BANKS AND BANKING)
§ 3906. Collection and disclosure of international lending data
(a) Submission of information to Federal banking agencies
Each appropriate Federal banking agency shall require, by regulation, each banking institution with foreign country exposure to submit, no fewer than four times each calendar year, information regarding such exposure in a format prescribed by such regulations.
(b) Disclosure of information to the public
Each appropriate Federal banking agency shall require, by regulation, banking institutions to disclose to the public information regarding material foreign country exposure in relation to assets and to capital.
(c) Regulations and orders of Federal banking agencies
The appropriate Federal banking agencies shall promulgate regulations or orders necessary to implement this section within one hundred and twenty days after November 30, 1983.
(Pub. L. 98–181, title I [title IX, § 907], Nov. 30, 1983, 97 Stat. 1280.)
12 U.S.C. § 3908 (BANKS AND BANKING)
§ 3908. Foreign loan evaluations
(a) Projects requiring an economic feasibility evaluation; content of evaluation
(1) In any case in which one or more banking institutions extend credit, whether by loan, lease, guarantee, or otherwise, which individually or in the aggregate exceeds $20,000,000, to finance any project which has as a major objective the construction or operation of any mining operation, any metal or mineral primary processing operation, any fabricating facility or operation, or any metal-making operations (semi and finished) located outside the United States or its territories and possessions, a written economic feasibility evaluation of such foreign project shall be prepared and approved in writing by a senior official of the banking institution, or, if more than one banking institution is involved, the lead banking institution, prior to the extension of such credit.
(2) Such evaluation shall—
(A) take into account the profit potential of the project, the impact of the project on world markets, the inherent competitive advantages and disadvantages of the project over the entire life of the project, and the likely effect of the project upon the overall long-term economic development of the country in which the project is located; and
(B) consider whether the extension of credit can reasonably be expected to be repaid from revenues generated by such foreign project without regard to any subsidy, as defined in international agreements, provided by the government involved or any instrumentality of any country.
(b) Review of evaluation by Federal banking agencies
Such economic feasibility evaluations shall be reviewed by representatives of the appropriate Federal banking agencies whenever an examination by such appropriate Federal banking agency is conducted.
(c) Other statutory authorities applicable
(1) The authorities of the Federal banking agencies contained in section 1818 of this title and in section 3909 of this title, except those contained in section 3909(d) of this title, shall be applicable to this section.
(2) No private right of action or claim for relief may be predicated upon this section.
(Pub. L. 98–181, title I [title IX, § 909], Nov. 30, 1983, 97 Stat. 1281.)