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12 U.S.C. § 5612 — Reverse mortgage study and regulations
Federal law — U.S. Code and appendices · legal_authorities
**(a) Study** Not later than 1 year after the designated transfer date, the Bureau shall conduct a study on reverse mortgage transactions.
**(b) Regulations**
(1) **In general** — If the Bureau determines through the study required under subsection (a) that conditions or limitations on reverse mortgage transactions are necessary or appropriate for accomplishing the purposes and objectives of this title,11 See References in Text note below. including protecting borrowers with respect to the obtaining of reverse mortgage loans for the purpose of funding investments, annuities, and other investment products and the suitability of a borrower in obtaining a reverse mortgage for such purpose.22 So in original. Sentence does not appear to be complete.
(2) **Identified practices and integrated disclosures** — The regulations prescribed under paragraph (1) may, as the Bureau may so determine—
(A) identify any practice as unfair, deceptive, or abusive in connection with a reverse mortgage transaction; and
(B) provide for an integrated disclosure standard and model disclosures for reverse mortgage transactions, consistent with section 4302(d),1 that combines the relevant disclosures required under the Truth in Lending Act ([15 U.S.C. 1601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1601&num=0&edition=prelim) et seq.) and the Real Estate Settlement Procedures Act [[12 U.S.C. 2601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2601&num=0&edition=prelim) et seq.], with the disclosures required to be provided to consumers for Home Equity Conversion Mortgages under [section 1715z–20 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715z-20&num=0&edition=prelim).
**(c) Rule
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Source location: Title 12, Chapter 53, § 5612; chapter-053-wall-street-reform-and-consumer-protection.md
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**(a) Study** Not later than 1 year after the designated transfer date, the Bureau shall conduct a study on reverse mortgage transactions.
**(b) Regulations**
(1) **In general** — If the Bureau determines through the study required under subsection (a) that conditions or limitations on reverse mortgage transactions are necessary or appropriate for accomplishing the purposes and objectives of this title,11 See References in Text note below. including protecting borrowers with respect to the obtaining of reverse mortgage loans for the purpose of funding investments, annuities, and other investment products and the suitability of a borrower in obtaining a reverse mortgage for such purpose.22 So in original. Sentence does not appear to be complete.
(2) **Identified practices and integrated disclosures** — The regulations prescribed under paragraph (1) may, as the Bureau may so determine—
(A) identify any practice as unfair, deceptive, or abusive in connection with a reverse mortgage transaction; and
(B) provide for an integrated disclosure standard and model disclosures for reverse mortgage transactions, consistent with section 4302(d),1 that combines the relevant disclosures required under the Truth in Lending Act ([15 U.S.C. 1601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1601&num=0&edition=prelim) et seq.) and the Real Estate Settlement Procedures Act [[12 U.S.C. 2601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2601&num=0&edition=prelim) et seq.], with the disclosures required to be provided to consumers for Home Equity Conversion Mortgages under [section 1715z–20 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715z-20&num=0&edition=prelim).
**(c) Rule of construction** This section shall not be construed as limiting the authority of the Bureau to issue regulations, orders, or guidance that apply to reverse mortgages prior to the completion of the study required under subsection (a).
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Congress finds that significant reforms in the real estate settlement process are needed to insure that consumers throughout the Nation are provided with greater and more timely information on the nature and costs of the settlement process and are protected from unnecessarily high settlement charges caused by certain abusive practices that have developed in some areas of the country. The Congress also finds that it has been over two years since the Secretary of Housing and Urban Development and the Administrator of Veterans’ Affairs submitted their joint report to the Congress on “Mortgage Settlement Costs” and that the time has come for the recommendations for Federal legislative action made in that report to be implemented.
**(b)** It is the purpose of this chapter to effect certain changes in the settlement process for residential real estate that will result—
(1) in more effective advance disclosure to home buyers and sellers of settlement costs;
(2) in the elimination of kickbacks or referral fees that tend to increase unnecessarily the costs of certain settlement services;
(3) in a reduction in the amounts home buyers are required to place in escrow accounts established to insure the payment of real estate taxes and insurance; and
(4) in significant reform and modernization of local recordkeeping of land title information.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2601
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this subchapter.
**(b) Regulatory authority** Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of this subchapter, or to facilitate compliance with this subchapter.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices.
**(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Determination and written recommendation**
(1) **Determination request** — The Secretary may request the Corporation and the Board of Governors to determine whether a liquidity event exists that warrants use of the guarantee program authorized under [section 5612 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5612&num=0&edition=prelim).
(2) **Requirements of determination** — Any determination pursuant to paragraph (1) shall—
(A) be written; and
(B) contain an evaluation of the evidence that—
(i) a liquidity event exists;
(ii) failure to take action would have serious adverse effects on financial stability or economic conditions in the United States; and
(iii) actions authorized under [section 5612 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5612&num=0&edition=prelim) are needed to avoid or mitigate potential adverse effects on the United States financial system or economic conditions.
**(b) Procedures** Notwithstanding any other provision of Federal or State law, upon the determination of both the Corporation (upon a vote of not fewer than ⅔ of the members of the Corporation then serving) and the Board of Governors (upon a vote of not fewer than ⅔ of the members of the Board of Governors then serving) under subsection (a) that a liquidity event exists that warrants use of the guarantee program authorized under [section 5612 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5612&num=0&edition=prelim), and with the written consent of the Secretary—
(1) the Corporation shall take action in accordance with [section 5612(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5614
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Suspension of parallel Federal Deposit Insurance Act authority** Effective upon July 21, 2010, the Corporation may not exercise its authority under [section 1823(c)(4)(G)(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1823/c/4/G/i&num=0&edition=prelim) to establish any widely available debt guarantee program for which [section 5612 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5612&num=0&edition=prelim) would provide authority.
**(b) Omitted**
**(c) Effect of default on an FDIC guarantee** If an insured depository institution or depository institution holding company (as those terms are defined in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)) participating in a program under [section 5612 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5612&num=0&edition=prelim), or any participant in a debt guarantee program established pursuant to [section 1823(c)(4)(G)(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1823/c/4/G/i&num=0&edition=prelim) defaults on any obligation guaranteed by the Corporation after July 21, 2010, the Corporation shall—
(1) appoint itself as receiver for the insured depository institution that defaults; and
(2) with respect to any other participating company that is not an insured depository institution that defaults—
(A) require—
(i) consideration of whether a determination shall be made, as provided in [section 5383 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5383&num=0&edition=prelim) to resolve the company under [section 53
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5622
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Federal law — U.S. Code and appendices · legal_authorities
Page 1442
TITLE 12—BANKS AND BANKING
§ 2601
shall be entitled to escheat or take custody of
the sum payable on such money order, trav-
eler’s check, or similar written instrument, to
the extent of that State’s power under its own
laws to escheat or take custody of such sum,
subject to the right of the State of purchase to
recover such sum from the State of principal
place of business if and when the law of the
State of purchase makes provision for escheat
or custodial taking of such sum.
(Pub. L. 93–495, title VI, § 603, Oct. 28, 1974, 88
Stat. 1525.)
CHAPTER 27—REAL ESTATE SETTLEMENT
PROCEDURES
Sec.
2601.
Congressional findings and purpose.
2602.
Definitions.
2603.
Uniform settlement statement.
2604.
Home buying information booklets.
2605.
Servicing of mortgage loans and administra-
tion of escrow accounts.
2606.
Exempted transactions.
2607.
Prohibition against kickbacks and unearned
fees.
2608.
Title companies; liability of seller.
2609.
Limitation on requirement of advance depos-
its in escrow accounts.
2610.
Prohibition of fees for preparation of truth-
in-lending, uniform settlement, and escrow
account statements.
2611 to 2613. Repealed.
2614.
Jurisdiction of courts; limitations.
2615.
Contracts and liens; validity.
2616.
State laws unaffected; inconsistent Federal
and State provisions.
2617.
Authority of Bureau.
§ 2601. Congressional findings and purpose
(a) The Congress finds that significant reforms
in the real estate settlement process are needed
to insure that consumers throughout the Nation
are provided with greater and more timely infor-
mation on the nature and costs of the settle-
ment process and are protected from unneces-
sarily high settlement charges caused by certain
abusive practices that have develo
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2601
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Federal law — U.S. Code and appendices · legal_authorities
Page 2006
TITLE 12—BANKS AND BANKING
§ 5611
(3) recommendations for regulations to en-
sure the appropriate protection of such con-
sumers.
(c) Program
Not later than 2 years after the date of the
submission of the report under subsection (b),
the Bureau shall, consistent with part B, pro-
pose regulations or otherwise establish a pro-
gram to protect consumers who use exchange
facilitators.
(d) Exchange facilitator defined
In
this
section,
the
term
‘‘exchange
facilitator’’ means a person that—
(1) facilitates, for a fee, an exchange of like
kind property by entering into an agreement
with a taxpayer by which the exchange
facilitator acquires from the taxpayer the con-
tractual rights to sell the taxpayer’s relin-
quished property and transfers a replacement
property to the taxpayer as a qualified inter-
mediary (within the meaning of Treasury Reg-
ulations section 1.1031(k)–1(g)(4)) or enters into
an agreement with the taxpayer to take title
to a property as an exchange accommodation
titleholder (within the meaning of Revenue
Procedure 2000–37) or enters into an agreement
with a taxpayer to act as a qualified trustee or
qualified escrow holder (within the meaning of
Treasury Regulations section 1.1031(k)–1(g)(3));
(2) maintains an office for the purpose of so-
liciting business to perform the services de-
scribed in paragraph (1); or
(3) advertises any of the services described in
paragraph (1) or solicits clients in printed pub-
lications, direct mail, television or radio ad-
vertisements, telephone calls, facsimile trans-
missions, or other electronic communications
directed to the general public for purposes of
providing any such services.
(Pub. L. 111–203, title X, § 1079, July 21, 2010, 124
Stat. 2077.)
SUBCHAPTER VI—FEDERAL RESERVE
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5612
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Federal law — U.S. Code and appendices · legal_authorities
Page 1452
TITLE 15—COMMERCE AND TRADE
§ 1601
Sec.
1679f.
Noncompliance with this subchapter.
1679g.
Civil liability.
1679h.
Administrative enforcement.
1679i.
Statute of limitations.
1679j.
Relation to State law.
SUBCHAPTER III—CREDIT REPORTING AGENCIES
1681.
Congressional findings and statement of pur-
pose.
1681a.
Definitions; rules of construction.
1681b.
Permissible purposes of consumer reports.
1681c.
Requirements relating to information con-
tained in consumer reports.
1681c–1.
Identity theft prevention; fraud alerts and ac-
tive duty alerts.
1681c–2.
Block of information resulting from identity
theft.
1681c–3.
Adverse information in cases of trafficking.
1681d.
Disclosure of investigative consumer reports.
1681e.
Compliance procedures.
1681f.
Disclosures to governmental agencies.
1681g.
Disclosures to consumers.
1681h.
Conditions and form of disclosure to con-
sumers.
1681i.
Procedure in case of disputed accuracy.
1681j.
Charges for certain disclosures.
1681k.
Public record information for employment
purposes.
1681l.
Restrictions on investigative consumer re-
ports.
1681m.
Requirements on users of consumer reports.
1681n.
Civil liability for willful noncompliance.
1681o.
Civil liability for negligent noncompliance.
1681p.
Jurisdiction of courts; limitation of actions.
1681q.
Obtaining information under false pretenses.
1681r.
Unauthorized disclosures by officers or em-
ployees.
1681s.
Administrative enforcement.
1681s–1.
Information on overdue child support obliga-
tions.
1681s–2.
Responsibilities of furnishers of information
to consumer reporting agencies.
1681s–3.
Affiliate sharing.
1681t.
Relation to State laws.
1681u.
Disclosures to FBI for counterintelligence
purposes.
1681v.
Disclosure
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 1601
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