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Title 12, Banks and BankingRelease 119-102

§1747k Rules and Regulations

Title 12 › CHAPTER 13 — NATIONAL HOUSING › SUBCHAPTER VII — INSURANCE FOR INVESTMENTS IN RENTAL HOUSING FOR FAMILIES OF MODERATE INCOME › § 1747k

Last updated Aug 21, 2026|Official source

Summary

The Secretary can make whatever rules are needed to run the program. Rules can cover how investors keep books and records and let the Secretary’s agents inspect them; how financial and operating reports are sent and approved; how insurance claims are filed, proven, paid, or denied; when the recorded investment is raised after improvements or lowered after a sale; and how to reduce outstanding investment for years while damaged facilities are being repaired. If an investor is supervised by a State banking, insurance, or other State agency, the Secretary can use, contract with, or act through that State agency in carrying out supervision or regulation, and can do so without regard to section 6101 of title 41.

Full Legal Text

Title 12, §1747k

Banks and Banking, Source: USLM XML via OLRC

The Secretary may make such rules and regulations as may be necessary or desirable to carry out the provisions of this subchapter, including, without limiting the foregoing, rules and regulations relating to the maintenance by the investor of books, records, and accounts with respect to the project and the examination of such books, records, and accounts by representatives of the Secretary; the submission of financial and operating statements and the approval thereof; the submission of claims for payments under insurance contracts, the proof of the validity of such claims, and the payment or disallowance thereof; the increase of the established investment if the investor shall make capital improvements or additions to the proj­ect; the decrease of the established investment if the investor shall sell part of the project; and the reduction of the outstanding investment for the appropriate operating year or operating years pending the restoration of dwelling or nondwelling facilities damaged by fire or other casualty. With respect to any investor which is subject to supervision or regulation by a State banking, insurance, or other State department or agency, the Secretary may, in carrying out any of his supervisory and regulatory functions with respect to projects insured under this subchapter, utilize, contract with, and act through, such department or agency and without regard to section 6101 of title 41.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Codification In text, “section 6101 of title 41” substituted for “section 3709 of the Revised Statutes” on authority of Pub. L. 111–350, § 6(c), Jan. 4, 2011, 124 Stat. 3854, which Act enacted Title 41, Public Contracts.

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. § 1747k

Title 12, Banks and Banking

Last Updated

Aug 21, 2026

Release point: 119-102