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Title 12, Banks and BankingRelease 119-73not60

§1735f–17 Examinations and Sanctions for Certain Violations

Title 12 › Chapter 13— NATIONAL HOUSING › Subchapter V— MISCELLANEOUS › § 1735f–17

Last updated Apr 3, 2026|Official source

Summary

The Secretary must check mortgage lenders during official HUD examinations to make sure they follow 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 possible action. Within 180 days after November 28, 1990, the Secretary must publish a notice setting up a process where anyone can ask for a compliance review, must tell the requester how the request was handled, and must publish in the Federal Register the outcome of any matter sent to the Mortgagee Review Board. Those procedures must become regulations under section 553 of title 5, and final regulations based on the notice must be issued within 8 months of the notice. The Secretary must continuously monitor how these steps affect lending and the availability of insured mortgages. The review must cover credit availability, the number and types of lenders in the program, changes in lender makeup or practices, and other relevant factors. The Secretary must report the results to Congress not later than 18 months after November 28, 1990.

Full Legal Text

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.

Legislative History

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.

Reference

Citations & Metadata

Citation

12 U.S.C. § 1735f–17

Title 12, Banks and Banking

Last Updated

Apr 3, 2026

Release point: 119-73not60