§1735f–17 — Title 12 Banks and Banking | U.S. Code

Summary

The Secretary must check mortgage lenders during any approved examination to see if they follow the rules in sections 1709(t), 1715n(a)(7)(B), and 1735f–13. If a lender is not following those rules, the Secretary must send the case to the Mortgagee Review Board for investigation and action. Within 180 days after November 28, 1990, the Secretary must publish a notice that creates a process anyone can use to ask the Secretary to check a lender’s compliance. The Secretary must tell the person the outcome and must publish in the Federal Register the results of cases sent to the Mortgagee Review Board. The notice must be turned into formal regulations under section 553 of title 5, and final rules based on that notice must be issued within 8 months after the notice date. The Secretary must keep monitoring how these rules affect lending and mortgage availability and must report the findings to Congress no later than 18 months after November 28, 1990.

Title 12, §1735f–17

Banks and Banking — Source: USLM XML via OLRC

(a)(1)In connection with any examination of a mortgagee approved by the Secretary pursuant to this chapter, the Secretary shall assess the performance of the mortgagee in meeting the requirements of section 1709(t),11 See References in Text note below. 1715n(a)(7)(B),1 and 1735f–13 of this title. Where the Secretary determines that a mortgagee is not in compliance with these requirements, the Secretary shall refer the matter to the Mortgagee Review Board for investigation and appropriate action.

(2)Not later than 180 days after November 28, 1990, the Secretary shall by notice establish a procedure under which (A) any person may file a request that the Secretary determine whether a mortgagee is in compliance with section 1709(t),1 1715n(a)(7)(B),1 and 1735f–13 of this title, (B) the Secretary shall inform the person of the disposition of the request, and (C) the Secretary shall publish in the Federal Register the disposition of any case referred by the Secretary to the Mortgagee Review Board. Such procedures shall be established by regulation under section 553 of title 5. The Secretary shall issue regulations based on the initial notice before the expiration of the 8-month period beginning on the date of the notice.

(3)Omitted.

(b)The Secretary shall continually monitor and undertake a thorough review of the implementation of this section to assess the impact of the section on the lending practices of mortgagees and the availability of mortgages insured under this chapter. The Secretary shall monitor the availability of credit, the number and type of lenders participating in the program, whether there is any change in the composition or practices of such lenders and any other factors the Secretary considers appropriate. The Secretary shall submit to the Congress findings detailing the results of such monitoring and review not later than 18 months after November 28, 1990.

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 1709(t) of this title, referred to in subsec. (a)(1), (2), was redesignated section 1709(u) of this title by Pub. L. 106–377, § 1(a)(1) [title II, § 209(a)(1)], Oct. 27, 2000, 114 Stat. 1441, 1441A–25. section 1715n(a)(7)(B) of this title, referred to in subsec. (a)(1), (2), was redesignated section 1715n(a)(7)(A)(ii) of this title by Pub. L. 107–116, title VI, § 615(3), Jan. 10, 2002, 115 Stat. 2225. Codification Paragraph (3) of subsection (a), which required the Secretary to submit to Congress, not less than annually, a report on actions taken to carry out this section, terminated, effective May 15, 2000, pursuant to section 3003 of Pub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance. See, also, page 103 of House Document No. 103–7.

§1735f–17 Examinations and sanctions for certain violations

Summary

Title 12, §1735f–17

Notes & Related Subsidiaries

Editorial Notes

References in Text

Citations & Metadata