§1712a — Title 12 Banks and Banking | U.S. Code

Summary

Adjusts seven specific FHA dollar limits each year, starting in 2004, on the same date the Federal Reserve changes the $400 figure under the Home Ownership and Equity Protection Act (HOEPA). The change uses the percent change in the Consumer Price Index for All Urban Consumers (CPI‑U) the Fed applies for that HOEPA adjustment. The Federal Reserve must tell the Secretary (or their designee) in writing and in time for the Secretary to publish the new amounts in the Federal Register. Each new dollar amount is rounded down to the next lower dollar.

Title 12, §1712a

Banks and Banking — Source: USLM XML via OLRC

(a)The dollar amounts set forth in—

(1)section 1713(c)(3)(A) of this title;

(2)section 1715e(b)(2)(A) of this title;

(3)section 1715k(d)(3)(B)(iii)(I) of this title;

(4)section 1715l(d)(3)(ii)(I) of this title;

(5)section 1715l(d)(4)(ii)(I) of this title;

(6)section 1715v(c)(2)(A) of this title; and

(7)section 1715y(e)(3)(A) of this title;(collectively hereinafter referred to as the “Dollar Amounts”) shall be adjusted annually (commencing in 2004) on the effective date of the Federal Reserve Board’s adjustment of the $400 figure in the Home Ownership and Equity Protection Act of 1994 (HOEPA). The adjustment of the Dollar Amounts shall be calculated using the percentage change in the Consumer Price Index for All Urban Consumers (CPI–U) as applied by the Federal Reserve Board for purposes of the above-described HOEPA adjustment.

(b)The Federal Reserve Board on a timely basis shall notify the Secretary, or his designee, in writing of the adjustment described in subsection (a) and of the effective date of such adjustment in order to permit the Secretary to undertake publication in the Federal Register of corresponding adjustments to the Dollar Amounts. The dollar amount of any adjustment shall be rounded to the next lower dollar.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Home Ownership and Equity Protection Act of 1994, referred to in subsec. (a), is subtitle B (§§ 151–158) of title I of Pub. L. 103–325, Sept. 23, 1994, 108 Stat. 2190, which enacted section 1639 and 1648 of Title 15, Commerce and Trade, amended section 1602, 1604, 1610, 1640, 1641, and 1647 of Title 15, and enacted provisions set out as notes under section 1601 and 1602 of Title 15. For complete classification of this Act to the Code, see

Short Title

of 1994 Amendment note set out under section 1601 of Title 15 and Tables.

§1712a Indexing of Fha Multifamily Housing Loan Limits