§1735 — Title 12 Banks and Banking | U.S. Code

Summary

Certain funds must be treated as debts to the United States and the Secretary must pay those amounts to the Secretary of the Treasury, with simple interest from the date the money was advanced until final payment. The Treasury Secretary decides the interest rate by looking at the average rate on outstanding marketable U.S. obligations for that period. The rule covers three kinds of funds: funds made available under sections 1705 and 1708 (excluding amounts already refunded), including amounts credited to the general reinsurance account of the Mutual Mortgage Insurance Fund for mortgages insured under section 1709 and amounts credited to the Housing Insurance Fund for salaries and expenses under sections 1713 and 1715a; funds made available under sections 1737 and 1748a; and funds provided by the Secretary of the Treasury under section 1747i.

Title 12, §1735

Banks and Banking — Source: USLM XML via OLRC

The following funds shall be deemed an indebtedness to the United States of the particular insurance fund involved, and the Secretary is authorized and directed to pay the amount of such indebtedness to the Secretary of the Treasury, with simple interest thereon from the date the funds were advanced to the date of final payment at a rate determined by the Secretary of the Treasury, taking into consideration the average rate on outstanding marketable obligations of the United States from the date the funds were advanced until the date of final payment—

(1)funds made available to the Secretary pursuant to the provisions of section 1705 and 1708 of this title, exclusive of amounts heretofore refunded, (a) for carrying out this subchapter and section 484d of title 48 with respect to mortgages insured under section 1709 of this title where such funds were credited to the general reinsurance account in the Mutual Mortgage Insurance Fund, and (b) for the payment of salaries and expenses with respect to mortgage insurance under section 1713 and 1715a of this title where such funds were credited to the Housing Insurance Fund;

(2)funds made available to the Secretary pursuant to section 1737 and 1748a 11 See References in Text note below. of this title; and

(3)funds made available to the Secretary by the Secretary of the Treasury pursuant to section 1747i 1 of this title.

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 1715a of this title, referred to in par. (1), in the original was a reference to section 210 of the National Housing Act (

June 27, 1934, ch. 847, § 210, as added Feb. 3, 1938, ch. 13, § 3, 52 Stat. 22), which was repealed by act

June 3, 1939, ch. 175, § 13, 53 Stat. 807. See note set out under section 1715a. Section 484d of title 48, referred to in text, which authorized the Federal Housing Commissioner to prescribe a higher maximum for the principal obligation of mortgages, was omitted from the Code. section 1737, 1747i, and 1748a of this title, referred to in text, were repealed by Pub. L. 89–117, title II, § 1108(aa), Aug. 10, 1965, 79 Stat. 507.

Amendments

1984—Pub. L. 98–479 inserted “Payment of certain funds to Treasury” as section catchline. 1967—Pub. L. 90–19 substituted “Secretary” for “Commissioner” wherever appearing.

§1735 Payment of certain funds to Treasury