§3802 — Title 12 Banks and Banking | U.S. Code

Summary

Defines two key words used in this chapter. "Alternative mortgage transaction" means a loan or credit sale that is secured by a home, a cooperative housing unit, or a residential manufactured home (see 42 U.S.C. 5402(6)), where the interest rate or finance charge can change and details are set by regulation. "Housing creditor" includes depository institutions (see Depository Institutions Deregulation and Monetary Control Act of 1980, section 501(a)(2)), lenders approved by the Secretary of Housing and Urban Development for mortgage insurance under the National Housing Act (12 U.S.C. 1701 et seq.), people who regularly make these kinds of loans, and anyone who takes them by transfer.

Title 12, §3802

Banks and Banking — Source: USLM XML via OLRC

As used in this chapter—

(1)the term “alternative mortgage transaction” means a loan or credit sale secured by an interest in residential real property, a dwelling, all stock allocated to a dwelling unit in a residential cooperative housing corporation, or a residential manufactured home (as that term is defined in section 5402(6) of title 42), in which the interest rate or finance charge may be adjusted or renegotiated, described and defined by applicable regulation; and

(2)the term “housing creditor” means—

(A)a depository institution, as defined in section 501(a)(2) of the Depository Institutions Deregulation and Monetary Control Act of 1980;

(B)a lender approved by the Secretary of Housing and Urban Development for participation in any mortgage insurance program under the National Housing Act [12 U.S.C. 1701 et seq.];

(C)any person who regularly makes loans, credit sales, or advances secured by interests in properties referred to in paragraph (1); or

(D)any transferee of any of them.

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 501(a)(2) of the Depository Institutions Deregulation and Monetary Control Act of 1980, referred to in par. (2)(A), is section 501(a)(2) of Pub. L. 96–221, title V, Mar. 31, 1980, 94 Stat. 161, which is set out as a note under section 1735f–7 of this title. The National Housing Act, referred to in par. (2)(B), is act June 27, 1934, ch. 847, 48 Stat. 1246, which is classified principally to chapter 13 (§ 1701 et seq.) of this title. For complete classification of this Act to the Code, see section 1701 of this title and Tables.

Amendments

2010—Par. (1). Pub. L. 111–203 substituted “section 5402(6) of title 42), in which the interest rate or finance charge may be adjusted or renegotiated, described and defined by applicable regulation; and” for “section 5402(6) of title 42)— “(A) in which the interest rate or finance charge may be adjusted or renegotiated; “(B) involving a fixed-rate, but which implicitly permits rate adjustments by having the debt mature at the end of an interval shorter than the term of the amortization schedule; or “(C) involving any similar type of rate, method of determining return, term, repayment, or other variation not common to traditional fixed-rate, fixed-term transactions, including without limitation, transactions that involve the sharing of equity or appreciation; described and defined by applicable regulation; and”.

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 Amendment Pub. L. 111–203, title X, § 1083(b), July 21, 2010, 124 Stat. 2081, provided that: “This section [amending this section and section 3803 of this title and enacting provisions set out as a note under this section] and the

Amendments

made by this section shall become effective on the designated transfer date.” [For definition of “designated transfer date”, see section 5481 of this title.]

Effective Date

Section effective Oct. 15, 1982, see section 807(a) of Pub. L. 97–320, set out as a note under section 3801 of this title.

Construction

of 2010 Amendment Pub. L. 111–203, title X, § 1083(c), July 21, 2010, 124 Stat. 2081, provided that: “The

Amendments

made by subsection (a) [amending this section and section 3803 of this title] shall not affect any transaction covered by the Alternative Mortgage Transaction Parity Act of l982 (12 U.S.C. 3801 et seq.) and entered into on or before the designated transfer date.” [For definition of “designated transfer date”, see section 5481 of this title.]

§3802 Definitions

Summary

Title 12, §3802

Notes & Related Subsidiaries

Editorial Notes

References in Text

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Amendments

Effective Date

Construction

Amendments

Citations & Metadata