dreamproit/uscode huggingface dataset:
12 U.S.C. § 1430b (BANKS AND BANKING)
§ 1430b. Advances to nonmember mortgagee; terms and conditions
(a) In general
Each Federal Home Loan Bank is authorized to make advances to nonmember mortgagees approved under title II of the National Housing Act [12 U.S.C. 1707 et seq.]. Such mortgagees must be chartered institutions having succession and subject to the inspection and supervision of some governmental agency, and whose principal activity in the mortgage field must consist of lending their own funds. Such advances shall not be subject to the other provisions and restrictions of this chapter, but shall be made upon the security of insured mortgages, insured under title II of the National Housing Act. Advances made under the terms of this section shall be at such rates of interest and upon such terms and conditions as shall be determined by the Director, but no advance may be for an amount in excess of 90 per centum of the unpaid principal of the mortgage loan given as security.
(b) Exception
An advance made to a State housing finance agency for the purpose of facilitating mortgage lending that benefits individuals and families that meet the income requirements set forth in section 142(d) or 143(f) of title 26, need not be collateralized by a mortgage insured under title II of the National Housing Act [12 U.S.C. 1707 et seq.] or otherwise, if—
(1) such advance otherwise meets the requirements of this subsection; and
(2) such advance meets the requirements of section 1430(a) of this title, and any real estate collateral for such loan comprises single family or multifamily residential mortgages.
(July 22, 1932, ch. 522, § 10b, as added May 25, 1935, ch. 150, § 7, 49 Stat. 295; amended Pub. L. 101–73, title VII, § 701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412; Pub. L. 102–550, title XIII, § 1392(b), Oct. 28, 1992, 106 Stat. 4009; Pub. L. 110–289, div. A, title II, § 1204(8), July 30, 2008, 122 Stat. 2786.)
heading: Editorial Notes
heading: References in Text
text: The National Housing Act, referred to in text, is act June 27, 1934, ch. 847, 48 Stat. 1246. Title II of the Act is classified generally to subchapter II (§ 1707 et seq.) of chapter 13 of this title. For complete classification of this Act to the Code, see section 1701 of this title and Tables.
heading: Amendments
text: 2008—Subsec. (a). Pub. L. 110–289 substituted “the Director” for “the Board”.
1992—Pub. L. 102–550 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).
1989—Pub. L. 101–73 substituted “Board” for “Federal Home Loan Bank Board”.
12 U.S.C. § 1440 (BANKS AND BANKING)
§ 1440. Examinations and audits
The Director shall from time to time, at least annually, require examinations and reports of condition of all Federal Home Loan Banks in such form as the Director shall prescribe and shall furnish periodically statements based upon the reports of the banks to the Director. For the purposes of this chapter, examiners appointed by the Director shall be subject to the same requirements, responsibilities, and penalties as are applicable to examiners under the National Bank Act [12 U.S.C. 21 et seq.] and the Federal Reserve Act [12 U.S.C. 221 et seq.], and shall have, in the exercise of functions under this chapter, the same powers and privileges as are vested in such examiners by law. In addition to such examinations, the Comptroller General may audit or examine the Director and the Banks, to determine the extent to which the Director and the Banks are fairly and effectively fulfilling the purposes of this chapter.
(July 22, 1932, ch. 522, § 20, 47 Stat. 738; June 27, 1950, ch. 369, § 10, 64 Stat. 259; Aug. 2, 1954, ch. 649, title VIII, § 802(f), 68 Stat. 643; Pub. L. 101–73, title VII, §§ 701(b)(1), (3)(A), 702(b), Aug. 9, 1989, 103 Stat. 412, 415; Pub. L. 110–289, div. A, title II, § 1204(8), (9), July 30, 2008, 122 Stat. 2786.)
heading: Editorial Notes
heading: References in Text
text: The National Bank Act, referred to in text, is act June 3, 1864, ch. 106, 13 Stat. 99, which is classified principally to chapter 2 (§ 21 et seq.) of this title. For complete classification of this Act to the Code, see References in Text note set out under section 38 of this title.
The Federal Reserve Act, referred to in text, is act Dec. 23, 1913, ch. 6, 38 Stat. 251, which is classified principally to chapter 3 (§ 221 et seq.) of this title. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables.
heading: Amendments
text: 2008—Pub. L. 110–289 substituted “The Director” for “The Board” and “the Director” for “the Board” wherever appearing.
1989—Pub. L. 101–73, § 702(b), inserted provisions relating to audit or examination by the Comptroller General.
Pub. L. 101–73, § 701(b)(1), (3)(A), substituted “Board” for “board” wherever appearing.
1954—Act Aug. 2, 1954, struck out second sentence relating to annual report of the board to Congress. See section 1437(b) of this title.
1950—Act June 27, 1950, struck out “twice” before “annually”.
12 U.S.C. § 1441a–1 (BANKS AND BANKING)
§ 1441a–1. Definitions
For purposes of section 1441a–2 of this title:
(1) State housing finance authority
The term “State housing finance authority” means any public agency, authority, or corporation which—
(A) serves as an instrumentality of any State or any political subdivision of any State; and
(B) functions as a source of residential mortgage loan financing in that State.
(2) Nonprofit entity
The term “nonprofit entity” means any not-for-profit corporation chartered under State law that is exempt from Federal taxation under section 501(c) of title 26 and no part of the net earnings of which inures to the benefit of any member, founder, contributor, or individual (including any nonprofit entity established by the corporation established under title IX of the Housing and Urban Development Act of 1968 [42 U.S.C. 3931 et seq.]).
(3) Mortgage-related assets
The term “mortgage-related assets” means—
(A) residential mortgage loans secured by 1- to 4-family or multifamily dwellings; and
(B) real property improved with 1- to 4-family or multifamily residential dwellings,
which are located within the jurisdiction of the applicable State housing finance authority or within the geographical area served by the nonprofit entity.
(4) Net income
The term “net income” means income after deduction of all associated expenses calculated in accordance with generally accepted accounting principles.
(Pub. L. 101–73, title XIII, § 1301, Aug. 9, 1989, 103 Stat. 547.)
heading: Editorial Notes
heading: References in Text
text: The Housing and Urban Development Act of 1968, referred to in par. (2), is Pub. L. 90–448, Aug. 1, 1968, 82 Stat. 476. Title IX of the Housing and Urban Development Act of 1968 is classified principally to chapter 49 (§ 3931 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title of 1968 Amendment note set out under section 1701 of this title and Tables.
heading: Codification
text: Section was enacted as part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and not as part of the Federal Home Loan Bank Act which comprises this chapter.
12 U.S.C. § 1701g–5c (BANKS AND BANKING)
§ 1701g–5c. Transfer of rehabilitation loan fund assets and liabilities
Notwithstanding section 289(c) of the Cranston-Gonzalez National Affordable Housing Act (Public Law 101–625), the assets and liabilities of the revolving fund established by section 1452b 1 of title 42, and any collections, including repayments or recaptured amounts, of such fund shall be transferred to and merged with the Revolving Fund (liquidating programs), established pursuant to title II of the Independent Offices Appropriation Act, 1955, as amended (12 U.S.C. 1701g–5), effective October 1, 1991.
(Pub. L. 102–139, title II, Oct. 28, 1991, 105 Stat. 752.)
heading: Editorial Notes
heading: References in Text
text: Section 289(c) of the Cranston-Gonzalez National Affordable Housing Act (Pub. L. 101–625), referred to in text, is not classified to the Code.
Section 1452b of title 42, referred to in text, was repealed by Pub. L. 101–625, title II, § 289(b), Nov. 28, 1990, 104 Stat. 4128.
The Independent Offices Appropriation Act, 1955, as amended, referred to in text, is act June 24, 1954, ch. 359, 68 Stat. 272. Provisions of title II of this Act relating to the establishment of the revolving fund (liquidating programs) are classified to section 1701g–5 of this title. For complete classification of this Act to the Code, see Tables.
heading: Codification
text: Section was enacted as part of the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1992, and not as part of the National Housing Act which comprises this chapter.
12 U.S.C. § 1701z–7 (BANKS AND BANKING)
§ 1701z–7. Studies to determine extent of need for counseling to mortgagors; report to Congress
(a) In carrying out activities under section 1701z–1 of this title, the Secretary is directed to undertake programs of studies and demonstrations within at least three standard metropolitan statistical areas to determine the extent of need for and cost effectiveness of providing pre-purchase, default and delinquency counseling and related services to owners and purchasers of single-family dwellings insured or to be insured under the unsubsidized mortgage insurance programs of the National Housing Act [12 U.S.C. 1701 et seq.].
(b) Within one year from August 3, 1976, the Secretary shall submit an interim report to the Congress with respect to the progress made under such studies and demonstrations, including an estimate as to the date when a final report on the results of such demonstrations will be made available to the Congress.
(Pub. L. 91–609, title V, § 508, as added Pub. L. 94–375, § 26, Aug. 3, 1976, 90 Stat. 1078.)
heading: Editorial Notes
heading: References in Text
text: The National Housing Act, referred to in subsec. (a), is act June 27, 1934, ch. 847, 48 Stat. 1246, which is classified principally to this chapter (§ 1701 et seq.). For complete classification of this Act to the Code, see section 1701 of this title and Tables.
heading: Codification
text: Section was enacted as part of the Housing and Urban Development Act of 1970, and not as part of the National Housing Act which comprises this chapter.
12 U.S.C. § 1709–1a (BANKS AND BANKING)
§ 1709–1a. State constitutional and legal limits upon interest chargeable on loans, mortgages, or other interim financing arrangements; applicability; covered arrangements
(a) The provisions of the constitution of any State expressly limiting the amount of interest which may be charged, taken, received, or reserved by certain classes of lenders and the provisions of any law of that State expressly limiting the amount of interest which may be charged, taken, received, or reserved shall not apply to—
(1) any loan or mortgage which is secured by a one- to four-family dwelling and which is (A) insured under title I or II [12 U.S.C. 1702 et seq. or 1707 et seq.] of the National Housing Act, or (B) insured, guaranteed, or made under chapter 37 of title 38; or
(2) any temporary construction loan or other interim financing if at the time such loan is made or financing is arranged, the intention to obtain permanent financing substantially by means of loans or mortgages so insured, guaranteed, or made is declared.
(b) The provisions of this section shall apply to such loans, mortgages, or other interim financing made or executed in any State until the effective date (after June 30, 1976) of a provision of law of that State limiting the amount of interest which may be charged, taken, received, or reserved on such loans, mortgages, or financing.
(Pub. L. 94–324, § 8, June 30, 1976, 90 Stat. 722.)
heading: Editorial Notes
heading: References in Text
text: The National Housing Act, referred to in subsec. (a)(1), is act June 27, 1934, ch. 847, 48 Stat. 1246. Titles I and II of the National Housing Act are classified generally to subchapters I (§ 1702 et seq.) and II (§ 1707 et seq.), respectively, of this chapter. For complete classification of this Act to the Code, see section 1701 of this title and Tables.
heading: Codification
text: Section was enacted as part of the Veterans Housing Amendments Act of 1976, and not as part of the National Housing Act which comprises this chapter.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective June 30, 1976, see section 9(a) of Pub. L. 94–324, set out as a note under section 3701 of Title 38, Veterans’ Benefits.
12 U.S.C. § 1709a (BANKS AND BANKING)
§ 1709a. Determination of loan-to-value ratios
The Secretary of Housing and Urban Development, in establishing maximum loan-to-value ratios for mortgages insured by him under the National Housing Act [12 U.S.C. 1701 et seq.], as amended by sections 101, 102, and 103 of this Act, shall determine that such ratios are in the public interest after taking into consideration (1) the effect of such ratios on the national economy and on conditions in the building industry, and (2) the availability or unavailability of residential mortgage credit assisted under the Servicemen’s Readjustment Act of 1944, as amended.
(Pub. L. 85–104, title I, § 104, July 12, 1957, 71 Stat. 296; Pub. L. 90–19, § 14(a), May 25, 1967, 81 Stat. 24.)
heading: Editorial Notes
heading: References in Text
text: The National Housing Act, referred to in text, is act June 27, 1934, ch. 847, 48 Stat. 1246, which is classified principally to this chapter (§ 1701 et seq.). For complete classification of this Act to the Code, see section 1701 of this title and Tables.
Amendments by sections 101, 102, and 103 of this act, referred to in text, refers to amendment of sections 1709(b), (i), 1715k(d)(3), and 1715m(b) of this title by Pub. L. 85–104. Section 1709(i) of this title was repealed by Pub. L. 110–289, div. B, title I, § 2120(a)(1), July 30, 2008, 122 Stat. 2835. Section 1715m of this title was repealed by Pub. L. 110–289, div. B, title I, § 2120(a)(5), July 30, 2008, 122 Stat. 2835.
The Servicemen’s Readjustment Act of 1944, as amended, referred to in text, is act June 22, 1944, ch. 268, 58 Stat. 284, as amended, which was classified generally to chapter 11C (§§ 693 to 697g) of former Title 38, Pensions, Bonuses, and Veterans’ Relief, and which was repealed by section 14(87) of Pub. L. 85–857, Sept. 2, 1958, 72 Stat. 1273, the first section of which enacted Title 38, Veterans’ Benefits. For distribution of sections 693 to 697g of former Title 38 to Title 38, Veterans’ Benefits, see Table preceding section 101 of Title 38, Veterans’ Benefits.
heading: Codification
text: Section was enacted as part of the Housing Act of 1957, and not as part of the National Housing Act which comprises this chapter.
heading: Amendments
text: 1967—Pub. L. 90–19 substituted “Secretary of Housing and Urban Development” for “Federal Housing Commissioner”.
12 U.S.C. § 1715z–1c (BANKS AND BANKING)
§ 1715z–1c. Regulation of rents in insured projects
After December 1, 1987, the Secretary of Housing and Urban Development shall control rents and charges as they were controlled prior to April 19, 1983, for any multifamily housing project insured under the National Housing Act [12 U.S.C. 1701 et seq.] if—
(1) during the period of April 19, 1983, through December 1, 1987, the project owner and the Secretary have not executed, and the project owner has not filed a written request with the Secretary to enter into, an amendment to the regulatory agreement pursuant to regulations published by the Secretary on April 19, 1983, or June 4, 1986, electing to deregulate rents or utilize an alternative formula for determining the maximum allowable rents pursuant to regulations published by the Secretary on April 19, 1983, or June 4, 1986; and
(2)
(A) the project was, as of December 1, 1987, receiving a housing assistance payment under a contract pursuant to section 1437f of title 42 (other than under the existing housing certificate program of section 1437f(b)(1) of title 42); or
(B) not less than 50 percent of the units in the project are occupied by lower income families (as defined in section 1437a(a)(2) 1 of title 42).
(Pub. L. 100–242, title IV, § 425, Feb. 5, 1988, 101 Stat. 1915.)
heading: Editorial Notes
heading: References in Text
text: The National Housing Act, as amended, referred to in text, is act June 27, 1934, ch. 847, 48 Stat. 1246, which is classified principally to this chapter (§ 1701 et seq.). For complete classification of this Act to the Code, see section 1701 of this title and Tables.
heading: Codification
text: Section was enacted as part of the Housing and Community Development Act of 1987, and not as part of the National Housing Act which comprises this chapter.
12 U.S.C. § 1715z–22a (BANKS AND BANKING)
§ 1715z–22a. Definitions
For purposes of this subtitle:
(1) The term “multifamily housing” means housing accommodations on the mortgaged property that are designed principally for residential use, conform to standards satisfactory to the Secretary, and consist of not less than 5 rental units on 1 site. These units may be detached, semidetached, row house, or multifamily structures.
(2) The term “qualified housing finance agency” means any State or local housing finance agency that—
(A) carries the designation of “top tier” or its equivalent, as evaluated by Standard and Poors or any other nationally recognized rating agency;
(B) receives a rating of “A” for its general obligation bonds from a nationally recognized rating agency; or
(C) otherwise demonstrates its capacity as a sound and experienced agency based on, but not limited to, its experience in financing multifamily housing, fund balances, administrative capabilities, investment policy, internal controls and financial management, portfolio quality, and State or local support.
(3) The term “reinsurance agreement” means a contractual obligation under which the Secretary, in exchange for appropriate compensation, agrees to assume a specified portion of the risk of loss that a lender or other party has previously assumed with respect to a mortgage on a multifamily housing property.
(4) The term “Secretary” means the Secretary of Housing and Urban Development.
(5) The term “qualified participating entity” means an entity approved by the Secretary for participation in the pilot program under this subsection, which may include—
(A) the Federal National Mortgage Association;
(B) the Federal Home Loan Mortgage Corporation;
(C) State housing finance and mortgage insurance agencies; and
(D) the Federal Housing Finance Board.
(Pub. L. 102–550, title V, § 544, Oct. 28, 1992, 106 Stat. 3801; Pub. L. 103–233, title III, § 307(c), Apr. 11, 1994, 108 Stat. 378.)
heading: Editorial Notes
heading: References in Text
text: This subtitle, referred to in text, means subtitle C (§§ 541–544) of Pub. L. 102–550, title V, Oct. 28, 1992, 106 Stat. 3794, known as the Multifamily Housing Finance Improvement Act, which enacted this section and section 1715z–22 of this title and provisions set out as a note under section 1701 of this title. For complete classification of this Act to the Code, see Short Title of 1992 Amendment note set out under section 1701 of this title and Tables.
heading: Codification
text: Section was formerly set out as a note under section 1707 of this title.
Section was enacted as part of the Multifamily Housing Finance Improvement Act and also as part of the Housing and Community Development Act of 1992, and not as part of the National Housing Act which comprises this chapter.
heading: Amendments
text: 1994—Par. (1). Pub. L. 103–233, § 307(c)(1), added par. (1) and struck out heading and text of former par. (1). Text read as follows: “The term ‘multifamily housing’ means a property consisting of more than 4 dwelling units.”
Par. (5). Pub. L. 103–233, § 307(c)(2), added par. (5).
12 U.S.C. § 1820a (BANKS AND BANKING)
§ 1820a. Examination of investment companies
(a) Exclusive Commission authority
Except as provided in subsection (c), a Federal banking agency may not inspect or examine any registered investment company that is not a bank holding company or a savings and loan holding company.
(b) Examination results and other information
The Commission shall provide to any Federal banking agency, upon request, the results of any examination, reports, records, or other information with respect to any registered investment company to the extent necessary for the agency to carry out its statutory responsibilities.
(c) Certain examinations authorized
Nothing in this section shall prevent the Corporation, if the Corporation finds it necessary to determine the condition of an insured depository institution for insurance purposes, from examining an affiliate of any insured depository institution, pursuant to its authority under section 1820(b)(4) of this title, as may be necessary to disclose fully the relationship between the insured depository institution and the affiliate, and the effect of such relationship on the insured depository institution.
(d) Definitions
For purposes of this section, the following definitions shall apply:
(1) Bank holding company
The term “bank holding company” has the meaning given the term in section 1841 of this title.
(2) Commission
The term “Commission” means the Securities and Exchange Commission.
(3) Corporation
The term “Corporation” means the Federal Deposit Insurance Corporation.
(4) Federal banking agency
The term “Federal banking agency” has the meaning given the term in section 1813(z) of this title.
(5) Insured depository institution
The term “insured depository institution” has the meaning given the term in section 1813(c) of this title.
(6) Registered investment company
The term “registered investment company” means an investment company that is registered with the Commission under the Investment Company Act of 1940 [15 U.S.C. 80a–1 et seq.].
(7) Savings and loan holding company
The term “savings and loan holding company” has the meaning given the term in section 1467a(a)(1)(D) of this title.
(Pub. L. 106–102, title I, § 115, Nov. 12, 1999, 113 Stat. 1371.)
heading: Editorial Notes
heading: References in Text
text: The Investment Company Act of 1940, referred to in subsec. (d)(6), is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, which is classified generally to subchapter I (§ 80a–1 et seq.) of chapter 2D of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 80a–51 of Title 15 and Tables.
heading: Codification
text: Section was enacted as part of the Gramm-Leach-Bliley Act, and not as part of the Federal Deposit Insurance Act which comprises this chapter.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective 120 days after Nov. 12, 1999, see section 161 of Pub. L. 106–102, set out as an Effective Date of 1999 Amendment note under section 24 of this title.