Title 12 — Banks and BankingRelease 119-73not60
§1747h Termination of Insurance Contract by Investor
Title 12 › Chapter 13— NATIONAL HOUSING › Subchapter VII— INSURANCE FOR INVESTMENTS IN RENTAL HOUSING FOR FAMILIES OF MODERATE INCOME › § 1747h
Summary
An investor may end an insurance contract under this program at the end of any operating year if they give written notice to the Secretary. The Secretary will set the rules for when the Secretary can end or restart such contracts. If a contract is ended, the Secretary may charge an adjusted premium that is fair but not more than the total premiums the investor would have paid if the contract had continued.
Full Legal Text
Title 12, §1747h
Banks and Banking — Source: USLM XML via OLRC
The investor, after written notice to the Secretary of his intention so to do, may terminate, as of the close of any operating year, any insurance contract made pursuant to this subchapter. The Secretary shall prescribe the events and conditions under which said Secretary shall have the option to terminate any insurance contract made pursuant to this subchapter, and the events and conditions under which said Secretary may reinstate any insurance contract terminated pursuant to this section or section 1747g(a) of this title. If any insurance contract is terminated pursuant to this section, the Secretary may require the investor to pay an adjusted premium charge in such amount as the Secretary determines to be equitable, but not in excess of the aggregate amount of the premium charges which such investor otherwise would have been required to pay if such insurance contract had not been so terminated.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Amendments
1967—Pub. L. 90–19 substituted “Secretary” for “Commissioner” wherever appearing. 1950—Act Apr. 20, 1950, substituted “Commissioner” for “Administrator” wherever appearing.
Reference
Citations & Metadata
Citation
12 U.S.C. § 1747h
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60