PRIA, Government Policy, Made Personal

Summary

Each year the Resolution Trust Corporation and the Federal Deposit Insurance Corporation must send Congress a report listing any covered property they own on September 30. The report is due by March 30 of the next year. They may talk with the Secretary of the Interior when making the report. Before either agency can sell or transfer a covered property, it must put a notice in the Federal Register saying the property is available and describing where it is, what it’s like, and how big it is. From the first day that notice appears, a 90-day period starts during which any government agency or a qualified organization can file a written notice saying they are seriously interested. The agency may not sell the property during those 90 days. If no serious-interest notice is filed, the agency may sell after the 90 days. If a timely notice is filed, the agency must wait another 90 days after the first period ends, and during that second 90-day period it may only sell to a government agency or qualified organization for use mainly for wildlife refuge, sanctuary, open space, recreation, historical or cultural purposes, or natural resource conservation, unless all serious-interest notices are withdrawn. Corporation concerned: the FDIC or the RTC, as appropriate. Covered property: property owned by the RTC or FDIC (including certain former FSLIC property) that is either inside the John H. Chafee Coastal Barrier Resources System or is undeveloped, over 50 acres, and next to land managed by a government agency for conservation-type uses. Governmental agency: any federal, state, or local agency or entity. Undeveloped: few manmade structures, natural processes largely intact, and having special natural, cultural, recreational, or scientific value.

Title 12, §1441a–3

Banks and Banking, Source: USLM XML via OLRC

(a)Reports

(1)Submission

The Resolution Trust Corporation and the Federal Deposit Insurance Corporation shall each submit to the Congress for each year a report identifying and describing any property that is covered property of the corporation concerned as of September 30 of such year. The report shall be submitted on or before March 30 of the following year.

(2)Consultation

In preparing the reports required under this subsection, each corporation concerned may consult with the Secretary of the Interior for purposes of identifying the properties described in paragraph (1).

(b)Limitation on transfer

(1)Notice

The Resolution Trust Corporation and the Federal Deposit Insurance Corporation may not sell or otherwise transfer any covered property unless the corporation concerned causes to be published in the Federal Register a notice of the availability of the property for purchase or other transfer that identifies the property and describes the location, characteristics, and size of the property.

(2)Expression of serious interest

During the 90-day period beginning on the date that notice under paragraph (1) concerning a covered property is first published, any governmental agency or qualified organization may submit to the corporation concerned a written notice of serious interest for the purchase or other transfer of a particular covered property for which notice has been published. The notice of serious interest shall be in such form and include such information as the corporation concerned may prescribe.

(3)Prohibition of transfer

During the period under paragraph (2), a corporation concerned may not sell or otherwise transfer any covered property for which notice has been published under paragraph (1). Upon the expiration of such period, the corporation concerned may sell or otherwise transfer any covered property for which notice under paragraph (1) has been published if a notice of serious interest under paragraph (2) concerning the property has not been timely submitted.

(4)Offers and permitted transfer

If a notice of serious interest in a covered property is timely submitted pursuant to paragraph (2), the corporation concerned may not sell or otherwise transfer such covered property during the 90-day period beginning upon the expiration of the period under paragraph (2) except to a governmental agency or qualified organization for use primarily for wildlife refuge, sanctuary, open space, recreational, historical, cultural, or natural resource conservation purposes, unless all notices of serious interest under paragraph (2) have been withdrawn.

(c)Definitions

For purposes of this section: (1) Corporation concerned

(2)Covered property

The term “covered property” means any property—

(A)to which—

(i)the Resolution Trust Corporation has acquired title in its corporate or receivership capacity; or

(ii)the Federal Deposit Insurance Corporation has acquired title in its corporate capacity or which was acquired by the former Federal Savings and Loan Insurance Corporation in its corporate capacity; and

(B)that—

(i)is located within the John H. Chafee Coastal Barrier Resources System; or

(ii)is undeveloped, greater than 50 acres in size, and adjacent to or contiguous with any lands managed by a governmental agency primarily for wildlife refuge, sanctuary, open space, recreational, historical, cultural, or natural resource conservation purposes.

(3)Governmental agency

The term “governmental agency” means any agency or entity of the Federal Government or a State or local government.

(4)Undeveloped

The term “undeveloped” means—

(A)containing few manmade structures and having geomorphic and ecological processes that are not significantly impeded by any such structures or human activity; and

(B)having natural, cultural, recreational, or scientific value of special significance.

Notes & Related Subsidiaries

Editorial Notes

Codification Section was enacted as part of the Coastal Barrier Improvement Act of 1990, and not as part of the Federal Home Loan Bank Act which comprises this chapter.

Amendments

1999—Subsec. (c)(2)(B)(i). Pub. L. 106–167 substituted “John H. Chafee Coastal Barrier Resources System” for “Coastal Barrier Resources System”.

Statutory Notes and Related Subsidiaries

Termination of Reporting RequirementsFor termination, effective May 15, 2000, of provisions in subsec. (a)(1) of this section requiring submittal of an annual report to Congress, see section 3003 of Pub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance, and pages 168 and 190 of House Document No. 103–7.

§1441a–3 Rtc and Fdic Properties