§1747k — Title 12 Banks and Banking | U.S. Code

Summary

The Secretary can make rules needed to carry out this subchapter. The rules can require investors to keep and show books, records, and accounts and let the Secretary’s staff inspect them. The rules can also set how financial and operating reports are filed and approved, how insurance claims are proved and paid or denied, and how the recorded investment is raised for improvements, lowered if part of a project is sold, or reduced while damaged facilities are being repaired. If a State banking, insurance, or other agency already supervises an investor, the Secretary may use or contract with that agency for supervision and inspections, even without regard to section 6101 of title 41.

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.

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.

§1747k Rules and Regulations

Summary

Title 12, §1747k

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata