§1715q — Title 12 Banks and Banking | U.S. Code

Summary

The Secretary must require that for homes built mainly as single- or two-family residences and approved for mortgage insurance under 1709, 1715e, related 1715-series sections, or 1750b, the seller, builder, or a person the Secretary picks must give the buyer who will live there a written statement of the Secretary’s appraised value before the sale. This includes properties in projects owned by the kind of corporation or trust listed in 1715e(a)(2). If the mortgage was insured or its insurance commitment was issued before August 2, 1954, the rule does not apply. If the loan is based on the Secretary’s estimate of replacement cost or other Secretary estimates, the Secretary may require a written statement of those estimates instead of the appraised value.

Title 12, §1715q

Banks and Banking — Source: USLM XML via OLRC

The Secretary is authorized and directed to require that in connection with any property upon which there is located a dwelling designed principally for a single-family residence or a two-family residence and which is approved for mortgage insurance under section 1709 or 1715e of this title with respect to any property or project of a corporation or trust of the character described in paragraph (2) of subsection (a) of section 1715e of this title, or section 1715k, 1715l, 1715m,11 See References in Text note below. 1715x, 1715y, 1715z(i), 1715z–2,1 or 1750b of this title, the seller or builder or such other person as may be designated by the Secretary shall agree to deliver, prior to the sale of the property, to the person purchasing such dwelling for his own occupancy, a written statement setting forth the amount of the appraised value of the property as determined by the Secretary. This section shall not apply in any case where the mortgage involved was insured or the commitment for such insurance was issued prior to August 2, 1954. Notwithstanding the first sentence of this section, the Secretary is authorized to require, in connection with any mortgage where the mortgage amount is computed on the basis of the Secretary’s estimate of the replacement cost of the property, or on the basis of any other estimates of the Secretary, that a written statement setting forth such estimate or estimates, as the case may be, be furnished under this section in lieu of a written statement setting forth the amount of the appraised value of the property.

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 1715m of this title, referred to in text, was repealed by Pub. L. 110–289, div. B, title I, § 2120(a)(5),

July 30, 2008, 122 Stat. 2835. section 1715z–2 of this title, referred to in text, was repealed by Pub. L. 110–289, div. B, title I, § 2120(a)(6),

July 30, 2008, 122 Stat. 2835.

Amendments

1968—Pub. L. 90–448 inserted references to section 1715z(i) and 1715z–2 of this title. 1967—Pub. L. 90–19 substituted “Secretary” for “Commissioner” wherever appearing, and “Secretary’s” for “Commissioner’s”. 1961—Pub. L. 87–70 inserted references to section 1715x and 1715y of this title, and substituted “or on the basis of any other estimates of the Commissioner, that a written statement setting forth such estimate or estimates, as the case may be,” for “that a written statement setting forth such estimate”. 1957—Pub. L. 85–104 inserted sentence authorizing estimate of replacement cost in lieu of an estimate of value where mortgage amount is based upon replacement cost.

§1715q Delivery of Statement of Appraisal or Estimates to Home Buyers