§1712a — Title 12 Banks and Banking | U.S. Code

Summary

Seven FHA dollar limits must be adjusted each year starting in 2004. The update happens on the same day the Federal Reserve Board changes the $400 figure in the Home Ownership and Equity Protection Act of 1994 (HOEPA). The change is calculated using the percent change in the Consumer Price Index for All Urban Consumers (CPI–U) that the Fed used. The Fed must notify the Secretary in writing so they can publish the new amounts. Round amounts down to the next dollar.

Title 12, §1712a

Banks and Banking — Source: USLM XML via OLRC

(a)The dollar amounts set forth in—

(1)section 1713(c)(3)(A) of this title;

(2)section 1715e(b)(2)(A) of this title;

(3)section 1715k(d)(3)(B)(iii)(I) of this title;

(4)section 1715l(d)(3)(ii)(I) of this title;

(5)section 1715l(d)(4)(ii)(I) of this title;

(6)section 1715v(c)(2)(A) of this title; and

(7)section 1715y(e)(3)(A) of this title;(collectively hereinafter referred to as the “Dollar Amounts”) shall be adjusted annually (commencing in 2004) on the effective date of the Federal Reserve Board’s adjustment of the $400 figure in the Home Ownership and Equity Protection Act of 1994 (HOEPA). The adjustment of the Dollar Amounts shall be calculated using the percentage change in the Consumer Price Index for All Urban Consumers (CPI–U) as applied by the Federal Reserve Board for purposes of the above-described HOEPA adjustment.

(b)The Federal Reserve Board on a timely basis shall notify the Secretary, or his designee, in writing of the adjustment described in subsection (a) and of the effective date of such adjustment in order to permit the Secretary to undertake publication in the Federal Register of corresponding adjustments to the Dollar Amounts. The dollar amount of any adjustment shall be rounded to the next lower dollar.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Home Ownership and Equity Protection Act of 1994, referred to in subsec. (a), is subtitle B (§§ 151–158) of title I of Pub. L. 103–325, Sept. 23, 1994, 108 Stat. 2190, which enacted section 1639 and 1648 of Title 15, Commerce and Trade, amended section 1602, 1604, 1610, 1640, 1641, and 1647 of Title 15, and enacted provisions set out as notes under section 1601 and 1602 of Title 15. For complete classification of this Act to the Code, see

Short Title

of 1994 Amendment note set out under section 1601 of Title 15 and Tables.

§1712a Indexing of FHA multifamily housing loan limits