§1735f–17 Examinations and Sanctions for Certain Violations

Summary

The Secretary must check mortgage lenders during official exams 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 action. Within 180 days after November 28, 1990, the Secretary must publish a notice setting up a way for anyone to ask the Secretary to review a lender’s compliance, must tell the requester the result, and must publish in the Federal Register any cases sent to the Mortgagee Review Board. The rules for this process must be made under section 553 of title 5, and final rules based on the notice must be issued before the 8‑month period that starts on the notice date ends. The Secretary must keep monitoring how this is working. They must study effects on credit availability, the number and types of lenders, and any changes in lender makeup or practices. The Secretary must report the findings to Congress not later than 18 months after November 28, 1990.