dreamproit/uscode huggingface dataset:
12 U.S.C. § 3407 (BANKS AND BANKING)
§ 3407. Judicial subpena
A Government authority may obtain financial records under section 3402(4) of this title pursuant to judicial subpena only if—
(1) such subpena is authorized by law and there is reason to believe that the records sought are relevant to a legitimate law enforcement inquiry;
(2) a copy of the subpena has been served upon the customer or mailed to his last known address on or before the date on which the subpena was served on the financial institution together with the following notice which shall state with reasonable specificity the nature of the law enforcement inquiry:
“Records or information concerning your transactions which are held by the financial institution named in the attached subpena are being sought by this (agency or department or authority) in accordance with the Right to Financial Privacy Act of 1978 [12 U.S.C. 3401 et seq.] for the following purpose: If you desire that such records or information not be made available, you must:
“1. Fill out the accompanying motion paper and sworn statement or write one of your own, stating that you are the customer whose records are being requested by the Government and either giving the reasons you believe that the records are not relevant to the legitimate law enforcement inquiry stated in this notice or any other legal basis for objecting to the release of the rec­ords.
“2. File the motion and statement by mailing or delivering them to the clerk of the Court.
“3. Serve the Government authority requesting the records by mailing or delivering a copy of your motion and statement to .
“4. Be prepared to come to court and pre­sent your position in further detail.
“5. You do not need to have a lawyer, although you may wish to employ one to represent you and protect your rights.
If you do not follow the above procedures, upon the expiration of ten days from the date of service or fourteen days from the date of mailing of this notice, the records or information requested therein will be made available. These records may be transferred to other government authorities for legitimate law enforcement inquiries, in which event you will be notified after the transfer;” and
(3) ten days have expired from the date of service or fourteen days from the date of mailing of the notice to the customer and within such time period the customer has not filed a sworn statement and motion to quash in an appropriate court, or the customer challenge provisions of section 3410 of this title have been complied with.
(Pub. L. 95–630, title XI, § 1107, Nov. 10, 1978, 92 Stat. 3700.)
heading: References in Text
text: The Right to Financial Privacy Act of 1978, referred to in par. (2), is title XI of Pub. L. 95–630, Nov. 10, 1978, 92 Stat. 3697, which is classified generally to this chapter (§ 3401 et seq.). For complete classification of this Act to the Code, see Short Title note set out under section 3401 of this title and Tables.
12 U.S.C. § 3411 (BANKS AND BANKING)
§ 3411. Duty of financial institutions
Upon receipt of a request for financial rec­ords made by a Government authority under section 3405 or 3407 of this title, the financial institution shall, unless otherwise provided by law, proceed to assemble the records requested and must be prepared to deliver the records to the Government authority upon receipt of the certificate required under section 3403(b) of this title.
(Pub. L. 95–630, title XI, § 1111, Nov. 10, 1978, 92 Stat. 3705.)
12 U.S.C. § 3415 (BANKS AND BANKING)
§ 3415. Cost reimbursement
Except for records obtained pursuant to section 3403(d) or 3413(a) through (h) of this title, or as otherwise provided by law, a Government authority shall pay to the financial institution assembling or providing financial records pertaining to a customer and in accordance with procedures established by this chapter a fee for reimbursement for such costs as are reasonably necessary and which have been directly incurred in searching for, reproducing, or transporting books, papers, records, or other data required or requested to be produced. The Board of Governors of the Federal Reserve System shall, by regulation, establish the rates and conditions under which such payment may be made.
(Pub. L. 95–630, title XI, § 1115(a), Nov. 10, 1978, 92 Stat. 3708.)
heading: Effective Date
text: Pub. L. 95–630, title XI, § 1115(b), Nov. 10, 1978, 92 Stat. 3708, provided that: “This section shall take effect on October 1, 1979.”
12 U.S.C. § 3416 (BANKS AND BANKING)
§ 3416. Jurisdiction
An action to enforce any provision of this chapter may be brought in any appropriate United States district court without regard to the amount in controversy within three years from the date on which the violation occurs or the date of discovery of such violation, whichever is later.
(Pub. L. 95–630, title XI, § 1116, Nov. 10, 1978, 92 Stat. 3708.)
12 U.S.C. § 3418 (BANKS AND BANKING)
§ 3418. Injunctive relief
In addition to any other remedy contained in this chapter, injunctive relief shall be available to require that the procedures of this chapter are complied with. In the event of any successful action, costs together with reasonable attorney’s fees as determined by the court may be recovered.
(Pub. L. 95–630, title XI, § 1118, Nov. 10, 1978, 92 Stat. 3709.)
12 U.S.C. § 3419 (BANKS AND BANKING)
§ 3419. Suspension of limitations
If any individual files a motion or application under this chapter which has the effect of delaying the access of a Government authority to financial records pertaining to such individual, any applicable statute of limitations shall be deemed to be tolled for the period extending from the date such motion or application was filed until the date upon which the motion or application is decided.
(Pub. L. 95–630, title XI, § 1119, Nov. 10, 1978, 92 Stat. 3709.)
12 U.S.C. § 3421 (BANKS AND BANKING)
§ 3421. Repealed. Pub. L. 104–66, title III, § 3001(d), Dec. 21, 1995, 109 Stat. 734
text: Section, Pub. L. 95–630, title XI, § 1121, Nov. 10, 1978, 92 Stat. 3710, related to reporting requirements.
12 U.S.C. § 3422 (BANKS AND BANKING)
§ 3422. Applicability to Securities and Exchange Commission
Except as provided in the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.], this chapter shall apply with respect to the Securities and Exchange Commission.
(Pub. L. 95–630, title XI, § 1122, Nov. 10, 1978, 92 Stat. 3710; Pub. L. 96–433, § 2, Oct. 10, 1980, 94 Stat. 1855.)
heading: References in Text
text: The Securities Exchange Act of 1934, referred to in text, is act June 6, 1934, ch. 404, 48 Stat. 881, as amended, which is classified principally to chapter 2B (§ 78a et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 78a of Title 15 and Tables.
heading: Amendments
text: 1980—Pub. L. 96–433 substituted provision making this chapter applicable with respect to the Commission, except as provided in the Securities Exchange Act of 1934, for provision exempting the Commission from this chapter for a period of two years from November 10, 1978.
heading: Effective Date of 1980 Amendment
text: Amendment by Pub. L. 96–433 effective Nov. 10, 1980, see section 5(b) of Pub. L. 96–433, set out as a note under section 78u of Title 15, Commerce and Trade.
12 U.S.C. § 3501 to 3509 (BANKS AND BANKING)
§§ 3501 to 3509. Omitted
heading: Codification
text: Sections 3501 to 3509, which provided for creation and operation of Depository Institutions Deregulation Committee, were omitted pursuant to section 3509 which provided that the Committee and all authorities transferred to the Committee ceased to exist on expiration of six years after Mar. 31, 1980.
Section 3501, Pub. L. 96–221, title II, § 202, Mar. 31, 1980, 94 Stat. 142, set out congressional findings and stated that the purpose in enacting this subchapter was to provide for orderly phase-out and ultimate elimination of limitations on maximum rates of interest and dividends which could be paid on deposits and accounts by depository institutions.
Pub. L. 96–221, title II, § 201, Mar. 31, 1980, 94 Stat. 142, provided that title II of Pub. L. 96–221 (subchapter I of this chapter) could be cited as the “Depository Institutions Deregulation Act of 1980”.
Pub. L. 96–221, title VIII, § 801, Mar. 31, 1980, 94 Stat. 191, provided that title VIII of Pub. L. 96–221 (subchapter II of this chapter) could be cited as the “Financial Regulation Simplification Act of 1980”, prior to repeal (effective 5 years after the date of enactment) by Pub. L. 96–221, title VIII, § 806, Mar. 31, 1980, 94 Stat. 192.
Section 3502, Pub. L. 96–221, title II, § 203, Mar. 31, 1980, 94 Stat. 142, provided for membership and authority of Depository Institutions Deregulation Committee.
Section 3503, Pub. L. 96–221, title II, § 204, Mar. 31, 1980, 94 Stat. 143; Pub. L. 97–320, title III, § 327, Oct. 15, 1982, 96 Stat. 1501; Pub. L. 97–457, § 13, Jan. 12, 1983, 96 Stat. 2508, provided for phase-out and elimination of limitations, and gradual increases in maximum rates of interest and dividends paid on deposits and accounts.
Section 3504, Pub. L. 96–221, title II, § 205, Mar. 31, 1980, 94 Stat. 143, set voting requirements respecting targets for limitations on maximum rates of interest and dividends paid on deposits and accounts and phase-out of interest rate controls.
Section 3505, Pub. L. 96–221, title II, § 206, Mar. 31, 1980, 94 Stat. 143, set out the reporting requirements for individual members of Deregulation Committee.
Section 3506, Pub. L. 96–221, title II, § 207, Mar. 31, 1980, 94 Stat. 144, provided for repeal of related statutory authorities.
Section 3507, Pub. L. 96–221, title II, § 208, Mar. 31, 1980, 94 Stat. 144; Pub. L. 101–73, title VII, § 744(s), Aug. 9, 1989, 103 Stat. 440, set the procedures applicable for enforcement of regulations.
Section 3508, Pub. L. 96–221, title II, § 209, Mar. 31, 1980, 94 Stat. 145, provided for transitional application of rules and regulations issued pursuant to transferred statutory authorities.
Section 3509, Pub. L. 96–221, title II, § 210, Mar. 31, 1980, 94 Stat. 145, directed that, on the expiration of six years after Mar. 31, 1980, all authorities transferred to Deregulation Committee by this subchapter would cease to be effective and Deregulation Committee would cease to exist.
12 U.S.C. § 3521 to 3524 (BANKS AND BANKING)
§§ 3521 to 3524. Repealed. Pub. L. 96–221, title VIII, § 806, Mar. 31, 1980, 94 Stat. 192
text: Section 3521, Pub. L. 96–221, title VIII, § 802, Mar. 31, 1980, 94 Stat. 191, set forth Congressional findings with respect to regulatory simplification.
text: Section 3522, Pub. L. 96–221, title VIII, § 803, Mar. 31, 1980, 94 Stat. 191, set forth statement of policy respecting regulations issued by Federal financial regulatory agencies.
text: Section 3523, Pub. L. 96–221, title VIII, § 804, Mar. 31, 1980, 94 Stat. 192, authorized program for periodic review by financial regulatory agencies of existing regulations, and revision of regulations not in accord with policy statement.
text: Section 3524, Pub. L. 96–221, title VIII, § 805, Mar. 31, 1980, 94 Stat. 192, related to reporting requirements for each financial regulatory agency.
heading: Effective Date of Repeal
text: Pub. L. 96–221, title VIII, § 806, Mar. 31, 1980, 94 Stat. 192, provided that: “This title [enacting this subchapter] is hereby repealed five years after the date of enactment of this title [Mar. 31, 1980].”
12 U.S.C. § 3703 (BANKS AND BANKING)
§ 3703. Applicability
Multifamily mortgages held by the Secretary encumbering real estate located in any State may be foreclosed by the Secretary in accordance with this chapter, or pursuant to other foreclosure procedures available, at the option of the Secretary. If the Secretary forecloses on any such mortgage pursuant to such other foreclosure procedures available, the provisions of section 3706(b) of this title may be applied at the discretion of the Secretary.
(Pub. L. 97–35, title III, § 364, Aug. 13, 1981, 95 Stat. 423; Pub. L. 98–181, title I [title IV, § 471], Nov. 30, 1983, 97 Stat. 1237.)
heading: Amendments
text: 1983—Pub. L. 98–181 inserted provision relating to application of section 3706(b) of this title in event of foreclosure under other foreclosure procedures.
12 U.S.C. § 3704 (BANKS AND BANKING)
§ 3704. Foreclosure commissioner; designation, duties, etc.
A foreclosure commissioner or commissioners designated pursuant to this chapter shall have a nonjudicial power of sale as provided in this chapter. Where the Secretary is the holder of a multifamily mortgage, the Secretary may designate a foreclosure commissioner and, with or without cause, may designate a substitute foreclosure commissioner to replace a previously designated foreclosure commissioner, by executing a duly acknowledged, written designation stating the name and business or residential address of the commissioner or substitute commissioner. The designation shall be effective upon execution. Except as provided in section 3707(b) of this title, a copy of the designation shall be mailed with each copy of the notice of default and foreclosure sale served by mail in accordance with section 3708(1) of this title. The foreclosure commissioner, if a natural person, shall be a resident of the State in which the security property is located and, if not a natural person, the foreclosure commissioner must be duly authorized to transact business under the laws of the State in which the security property is located. The foreclosure commissioner shall be a person who is responsible, financially sound and competent to conduct the foreclosure. More than one foreclosure commissioner may be designated. If a natural person is designated as foreclosure commissioner or substitute foreclosure commissioner, such person shall be designated by name, except that where such person is designated in his or her capacity as an official or employee of the government of the State or subdivision thereof in which the security property is located, such person may be designated by his or her unique title or position instead of by name. The Secretary shall be a guarantor of payment of any judgment against the foreclosure commissioner for damages based upon the commissioner’s failure properly to perform the commissioner’s duties. As between the Secretary and the mortgagor, the Secretary shall bear the risk of any financial default by the foreclosure commissioner. In the event that the Secretary makes any payment pursuant to the preceding two sentences, the Secretary shall be fully subrogated to the rights satisfied by such payment.
(Pub. L. 97–35, title III, § 365, Aug. 13, 1981, 95 Stat. 423.)
12 U.S.C. § 3705 (BANKS AND BANKING)
§ 3705. Prerequisites to foreclosure
Foreclosure by the Secretary under this chapter of a multifamily mortgage may be commenced, as provided in section 3707 of this title, upon the breach of a covenant or condition in the mortgage agreement for which foreclosure is authorized under the mortgage, except that no such foreclosure may be commenced unless any previously pending proceeding, judicial or nonjudicial, separately instituted by the Secretary to foreclose the mortgage other than under this chapter has been withdrawn, dismissed, or otherwise terminated. No such separately instituted foreclosure proceeding on the mortgage shall be instituted by the Secretary during the pendency of foreclosure pursuant to this chapter. Nothing in this chapter shall preclude the Secretary from enforcing any right, other than foreclosure, under applicable State law, including any right to obtain a monetary judgment. Nothing in this chapter shall preclude the Secretary from foreclosing under this chapter where the Secretary has obtained or is seeking any other remedy available pursuant to Federal or State law or under the mortgage agreement, including, but not limited to, the appointment of a receiver, mortgagee-in-possession status, relief under an assignment of rents, or transfer to a nonprofit entity pursuant to section 1701q of this title or section 8013 of title 42.
(Pub. L. 97–35, title III, § 366, Aug. 13, 1981, 95 Stat. 424; Pub. L. 102–550, title V, § 517(c), Oct. 28, 1992, 106 Stat. 3792.)
heading: Amendments
text: 1992—Pub. L. 102–550 substituted “status, relief under an assignment of rents, or transfer to a nonprofit entity pursuant to section 1701q of this title or section 8013 of title 42” for “status or relief under an assignment of rents” in last sentence.
12 U.S.C. § 3707 (BANKS AND BANKING)
§ 3707. Commencement of foreclosure; powers and duties of foreclosure commissioner or substitute
(a) If the Secretary as holder of a multifamily mortgage determines that the prerequisites to foreclosure set forth in section 3705 of this title are satisfied, the Secretary may request the foreclosure commissioner to commence foreclosure of the mortgage. Upon such request, the foreclosure commissioner shall commence foreclosure of the mortgage, by commencing service of a notice of default and foreclosure sale in accordance with section 3708 of this title.
(b) Subsequent to commencement of a foreclosure under this chapter, the Secretary may designate a substitute foreclosure commissioner at any time up to forty-eight hours prior to the time of foreclosure sale, and the foreclosure shall continue without prejudice, unless the substitute commissioner, in his or her sole discretion, finds that continuation of the foreclosure sale will unfairly affect the interests of the mortgagor. In the event that the substitute commissioner makes such a finding, the substitute commissioner shall cancel the foreclosure sale, or adjourn such sale in the manner provided in section 3710(c) of this title. Upon designation of a substitute foreclosure commissioner, a copy of the written notice of such designation referred to in section 3704 of this title shall be served upon the persons set forth in section 3708(1) of this title (1) by mail as provided in such section 3708 of this title (except that the minimum time periods between mailing and the date of foreclosure sale prescribed in such section shall not apply to notice by mail pursuant to this subsection), or (2) in any other manner, which in the substitute commissioner’s sole discretion, is conducive to achieving timely notice of such substitution. In the event a substitute foreclosure commissioner is designated less than forty-eight hours prior to the time of the foreclosure sale, the pending foreclosure shall be terminated and a new foreclosure shall be commenced by commencing service of a new notice of default and foreclosure sale.
(Pub. L. 97–35, title III, § 368, Aug. 13, 1981, 95 Stat. 425.)
12 U.S.C. § 3709 (BANKS AND BANKING)
§ 3709. Presale reinstatement
(a) Grounds
Except as provided in sections 3707(b) and 3710(c) of this title, the foreclosure commissioner shall withdraw the security property from foreclosure and cancel the foreclosure sale only if—
(1) the Secretary so directs the commissioner prior to or at the time of sale;
(2) the commissioner finds, upon application of the mortgagor at least three days prior to the date of sale, that the default or defaults upon which the foreclosure is based did not exist at the time of service of the notice of default and foreclosure sale; or
(3)
(A) in the case of a foreclosure involving a monetary default, there is tendered to the foreclosure commissioner before public auction is completed the entire amount of principal and interest which would be due if payments under the mortgage had not been accelerated; (B) in the case of a foreclosure involving a nonmonetary default, the foreclosure commissioner, upon application of the mortgagor before the date of foreclosure sale, finds that such default is cured; and (C) there is tendered to the foreclosure commissioner before public auction is completed all amounts due under the mortgage agreement (excluding additional amounts which would have been due if mortgage payments had been accelerated), all amounts of expenditures secured by the mortgage and all costs of foreclosure incurred for which payment from the proceeds of foreclosure is provided in section 3711 of this title, except that the Secretary shall have discretion to refuse to cancel a foreclosure pursuant to this paragraph (3) if the current mortgagor or owner of record has on one or more previous occasions caused a foreclosure of the mortgage, commenced pursuant to this chapter or otherwise, to be canceled by curing a default.
(b) Views of Secretary
Prior to withdrawing the security property from foreclosure in the circumstances described in subsection (a)(2) or (a)(3) of this section, the foreclosure commissioner shall afford the Secretary a reasonable opportunity to demonstrate why the security property should not be so withdrawn.
(c) Mortgage subsequent to reinstatement
In any case in which a foreclosure commenced under this chapter is canceled, the mortgage shall continue in effect as though acceleration had not occurred.
(d) Subsequent foreclosures
If the foreclosure commissioner cancels a foreclosure sale under this chapter a new foreclosure may be subsequently commenced as provided in this chapter.
(Pub. L. 97–35, title III, § 369A, Aug. 13, 1981, 95 Stat. 427.)
12 U.S.C. § 3711 (BANKS AND BANKING)
§ 3711. Foreclosure costs
The following foreclosure costs shall be paid from the sale proceeds prior to satisfaction of any other claim to such sale proceeds:
(1) necessary advertising costs and postage incurred in giving notice pursuant to sections 3708 and 3710 of this title;
(2) mileage for posting notices and for the foreclosure commissioner’s attendance at the sale at the rate provided in section 1921 of title 28 for mileage by the most reasonable road distance;
(3) reasonable and necessary costs actually incurred in connection with any necessary search of title and lien records;
(4) necessary out-of-pocket costs incurred by the foreclosure commissioner to record documents; and
(5) a commission for the foreclosure commissioner for the conduct of the foreclosure to the extent authorized by regulations issued by the Secretary.
(Pub. L. 97–35, title III, § 369C, Aug. 13, 1981, 95 Stat. 429.)
12 U.S.C. § 3712 (BANKS AND BANKING)
§ 3712. Disposition of sale proceeds
Money realized from a foreclosure sale shall be made available for obligation and expenditure—
(1) first to cover the costs of foreclosure provided for in section 3711 of this title;
(2) then to pay valid tax liens or assessments prior to the mortgage;
(3) then to pay any liens recorded prior to the recording of the mortgage which are required to be paid in conformity with the terms of sale in the notice of default and foreclosure sale;
(4) then to service charges and advancements for taxes, assessments, and property insurance premiums;
(5) then to the interest;
(6) then to the principal balance secured by the mortgage (including expenditures for the necessary protection, preservation, and repair of the security property as authorized under the mortgage agreement and interest thereon if provided for in the mortgage agreement); and
(7) then to late charges.
Any surplus after payment of the foregoing shall be paid to holders of liens recorded after the mortgage and then to the appropriate mortgagor. If the person to whom such surplus is to be paid cannot be located, or if the surplus available is insufficient to pay all claimants and the claimants cannot agree on the allocation of the surplus, or if any person claiming an interest in the mortgage proceeds does not agree that some or all of the sale proceeds should be paid to a claimant as provided in this section, that part of the sale proceeds in question may be deposited by the foreclosure commissioner with an appropriate official or court authorized under law to receive disputed funds in such circumstances. If such a procedure for the deposit of disputed funds is not available, and the foreclosure commissioner files a bill of interpleader or is sued as a stakeholder to determine entitlement to such funds, the foreclosure commissioner’s necessary costs in taking or defending such action shall be deductible from the disputed funds.
(Pub. L. 97–35, title III, § 369D, Aug. 13, 1981, 95 Stat. 429.)