dreamproit/uscode huggingface dataset:
12 U.S.C. § 3402 (BANKS AND BANKING)
§ 3402. Access to financial records by Government authorities prohibited; exceptions
Except as provided by section 3403(c) or (d), 3413, or 3414 of this title, no Government authority may have access to or obtain copies of, or the information contained in the financial records of any customer from a financial institution unless the financial records are reasonably described and—
(1) such customer has authorized such disclosure in accordance with section 3404 of this title;
(2) such financial records are disclosed in response to an administrative subpena or summons which meets the requirements of section 3405 of this title;
(3) such financial records are disclosed in response to a search warrant which meets the requirements of section 3406 of this title;
(4) such financial records are disclosed in response to a judicial subpena which meets the requirements of section 3407 of this title; or
(5) such financial records are disclosed in response to a formal written request which meets the requirements of section 3408 of this title.
(Pub. L. 95–630, title XI, § 1102, Nov. 10, 1978, 92 Stat. 3697.)
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as a note under section 375b of this title.
12 U.S.C. § 3404 (BANKS AND BANKING)
§ 3404. Customer authorizations
(a) Statement furnished by customer to financial institution and Government authority; contents
A customer may authorize disclosure under section 3402(1) of this title if he furnishes to the financial institution and to the Government authority seeking to obtain such disclosure a signed and dated statement which—
(1) authorizes such disclosure for a period not in excess of three months;
(2) states that the customer may revoke such authorization at any time before the financial records are disclosed;
(3) identifies the financial records which are authorized to be disclosed;
(4) specifies the purposes for which, and the Government authority to which, such records may be disclosed; and
(5) states the customer’s rights under this chapter.
(b) Authorization as condition of doing business prohibited
No such authorization shall be required as a condition of doing business with any financial institution.
(c) Right of customer to access to financial institution’s record of disclosures
The customer has the right, unless the Government authority obtains a court order as provided in section 3409 of this title, to obtain a copy of the record which the financial institution shall keep of all instances in which the customer’s record is disclosed to a Government authority pursuant to this section, including the identity of the Government authority to which such disclosure is made.
(Pub. L. 95–630, title XI, § 1104, Nov. 10, 1978, 92 Stat. 3698; Pub. L. 96–3, Mar. 7, 1979, 93 Stat. 5.)
heading: Editorial Notes
heading: Amendments
text: 1979—Subsec. (d). Pub. L. 96–3 struck out subsec. (d) which had directed that all financial institutions promptly notify all of their customers of their rights under this chapter, that the Board of Governors of the Federal Reserve System prepare a statement of customers’ rights under this chapter, and that the supplying of such a statement to their customers by the financial institutions be deemed compliance with the notification requirement.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as a note under section 375b of this title.
12 U.S.C. § 3406 (BANKS AND BANKING)
§ 3406. Search warrants
(a) Applicability of Federal Rules of Criminal Procedure
A Government authority may obtain financial records under section 3402(3) of this title only if it obtains a search warrant pursuant to the Federal Rules of Criminal Procedure.
(b) Mailing of copy and notice to customer
No later than ninety days after the Government authority serves the search warrant, it shall mail to the customer’s last known address a copy of the search warrant together with the following notice:
“Records or information concerning your transactions held by the financial institution named in the attached search warrant were obtained by this (agency or department) on (date) for the following purpose: . You may have rights under the Right to Financial Privacy Act of 1978 [12 U.S.C. 3401 et seq.].”.
(c) Court-ordered delays in mailing
Upon application of the Government authority, a court may grant a delay in the mailing of the notice required in subsection (b), which delay shall not exceed one hundred and eighty days following the service of the warrant, if the court makes the findings required in section 3409(a) of this title. If the court so finds, it shall enter an ex parte order granting the requested delay and an order prohibiting the financial institution from disclosing that records have been obtained or that a search warrant for such records has been executed. Additional delays of up to ninety days may be granted by the court upon application, but only in accordance with this subsection. Upon expiration of the period of delay of notification of the customer, the following notice shall be mailed to the customer along with a copy of the search warrant:
“Records or information concerning your transactions held by the financial institution named in the attached search warrant were obtained by this (agency or department) on (date). Notification was delayed beyond the statutory ninety-day delay period pursuant to a determination by the court that such notice would seriously jeopardize an investigation concerning . You may have rights under the Right to Financial Privacy Act of 1978 [12 U.S.C. 3401 et seq.].”.
(Pub. L. 95–630, title XI, § 1106, Nov. 10, 1978, 92 Stat. 3700.)
heading: Editorial Notes
heading: References in Text
text: The Federal Rules of Criminal Procedure, referred to in subsec. (a), are set out in the Appendix to Title 18, Crimes and Criminal Procedure.
The Right to Financial Privacy Act of 1978, referred to in subsecs. (b) and (c), 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.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as a note under section 375b of this title.
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.)
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as a note under section 375b of this title.
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: Statutory Notes and Related Subsidiaries
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.)
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as a note under section 375b of this title.
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.)
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as a note under section 375b of this title.
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.)
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as a note under section 375b of this title.
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: Editorial Notes
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: Statutory Notes and Related Subsidiaries
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.
heading: Effective Date
text: Section effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as a note under section 375b of this title.
12 U.S.C. § 3501...3509 (BANKS AND BANKING)
§§ 3501 to 3509. Omitted
heading: Editorial Notes
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...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: Statutory Notes and Related Subsidiaries
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: Editorial Notes
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. § 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: Editorial Notes
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. § 3753 (BANKS AND BANKING)
§ 3753. Applicability
Single family mortgages 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.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
heading: Editorial Notes
heading: Codification
text: Section is based on section 804 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. § 3754 (BANKS AND BANKING)
§ 3754. Designation of foreclosure commissioner
(a) In general
The Secretary may designate a person or persons to serve as a foreclosure commissioner or commissioners for the purpose of foreclosing upon a single family mortgage.
(b) Power of sale
A foreclosure commissioner designated under this section shall have a nonjudicial power of sale.
(c) Qualifications
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 laws of the State in which the security property is located. No person shall be designated as a foreclosure commissioner unless that person is responsible, financially sound, and competent to conduct a foreclosure.
(d) Designation procedure
(1) Written designation
The Secretary may designate a foreclosure commissioner by executing a written designation stating the name and business or residential address of the commissioner, except that if a person is designated in his or her capacity as an official or employee of a government or corporate entity, such person may be designated by his or her unique title or position instead of by name.
(2) Substitute commissioners
The Secretary may, with or without cause, designate a substitute foreclosure commissioner to replace a previously designated foreclosure commissioner.
(3) Number
More than 1 foreclosure commissioner may be designated at any time.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
heading: Editorial Notes
heading: Codification
text: Section is based on section 805 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. § 3755 (BANKS AND BANKING)
§ 3755. Prerequisites to foreclosure
(a) In general
(1) Upon breach of covenant or condition
The Secretary is authorized to foreclose a mortgage under this chapter upon the breach of a covenant or condition in the mortgage agreement.
(2) No other pending proceedings
(A) Prior to commencement
No foreclosure may be commenced under this chapter unless any previously pending judicial or nonjudicial proceeding that has been separately instituted by the Secretary to foreclose the mortgage (other than under this chapter), has been withdrawn, dismissed, or otherwise terminated.
(B) After commencement
No separately instituted foreclosure proceeding on a mortgage which is the subject of a foreclosure proceeding under this chapter shall be instituted by the Secretary during the pendency of foreclosure pursuant to this chapter.
(b) Other rights unaffected
Nothing in this chapter shall preclude the Secretary from—
(1) enforcing any right, other than foreclosure, under applicable Federal or State law, including any right to obtain a monetary judgment; or
(2) foreclosing under this chapter if the Secretary has obtained or is seeking any other remedy available pursuant to Federal or State law, or under the mortgage agreement, including the appointment of a receiver, mortgagee-in-possession status, or relief under an assignment of rents.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
heading: Editorial Notes
heading: Codification
text: Section is based on section 806 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.