PRIA, Government Policy, Made Personal

Summary

Requires that the public and government officials get enough information to see if banks and similar institutions are meeting local housing needs. The information should also help officials decide where to put public investments to improve private investment. Congress found that some of these institutions have sometimes hurt neighborhoods by not making enough home loans to qualified people on fair terms. The law must not be used to encourage risky lending or to force who gets loans.

Title 12, §2801

Banks and Banking, Source: USLM XML via OLRC

(a)Findings of Congress

The Congress finds that some depository institutions have sometimes contributed to the decline of certain geographic areas by their failure pursuant to their chartering responsibilities to provide adequate home financing to qualified applicants on reasonable terms and conditions.

(b)Purpose of chapter

The purpose of this chapter is to provide the citizens and public officials of the United States with sufficient information to enable them to determine whether depository institutions are filling their obligations to serve the housing needs of the communities and neighborhoods in which they are located and to assist public officials in their determination of the distribution of public sector investments in a manner designed to improve the private investment environment.

(c)Construction of chapter

Nothing in this chapter is intended to, nor shall it be construed to, encourage unsound lending practices or the allocation of credit.

Statutory Notes and Related Subsidiaries

Short Title

Pub. L. 94–200, title III, § 301, Dec. 31, 1975, 89 Stat. 1125, provided that: “This title [this chapter] may be cited as the ‘Home Mortgage Disclosure Act of 1975’.”

§2801 Congressional Findings and Declaration of Purpose

Summary

Title 12, §2801

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Short Title

Citations & Metadata