Title 12 — Banks and BankingRelease 119-73
§1735f–12 Assurance of adequate processing of applications for loan and mortgage insurance
Title 12 › Chapter CHAPTER 13— - NATIONAL HOUSING › Subchapter SUBCHAPTER V— - MISCELLANEOUS › § 1735f–12
Summary
Secretary must keep at least one office in every State to handle insurance applications for loans and mortgages. Secretary must also set up a fast review to help the Resolution Trust Corporation sell property and speed applications to buy multifamily residential property.
Full Legal Text
Title 12, §1735f–12
Banks and Banking — Source: USLM XML via OLRC
(a)In order to ensure the adequate processing of applications for insurance of loans and mortgages under this chapter, the Secretary shall maintain not less than one office in each State to carry out the provisions of this chapter.
(b)To assist the Resolution Trust Corporation in disposing of the property to which it acquires title and to ensure the timely processing of applications for insurance of loans and mortgages under this chapter that will be used to purchase multifamily residential property from the Resolution Trust Corporation, the Secretary shall establish an expedited procedure for considering such applications.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Amendments
1992—Pub. L. 102–550 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).
Statutory Notes and Related Subsidiaries
Regulations
Pub. L. 102–550, title V, § 512(b), Oct. 28, 1992, 106 Stat. 3786, provided that: “The procedure referred to in the amendment made by subsection (a) [amending this section] shall be established through interim and final
Regulations
issued by the Secretary. The Secretary shall issue interim
Regulations
implementing the procedure not later than the expiration of the 90-day period beginning on the date of the enactment of this Act [Oct. 28, 1992], which shall be effective upon issuance. The Secretary shall issue final
Regulations
after notice and opportunity for public comment pursuant to the provisions of section 553 of title 5, United States Code (notwithstanding subsections (a)(2), (b)(B), and (d)(3) of such section).”
Reference
Citations & Metadata
Citation
12 U.S.C. § 1735f–12
Title 12 — Banks and Banking
Last Updated
Apr 6, 2026
Release point: 119-73