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12 U.S.C. § 3801 — Findings and purpose
Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Congress hereby finds that—
(1) increasingly volatile and dynamic changes in interest rates have seriously impared 11 So in original. Probably should be “impaired”. the ability of housing creditors to provide consumers with fixed-term, fixed-rate credit secured by interests in real property, cooperative housing, manufactured homes, and other dwellings;
(2) alternative mortgage transactions are essential to the provision of an adequate supply of credit secured by residential property necessary to meet the demand expected during the 1980’s; and
(3) the Comptroller of the Currency, the National Credit Union Administration, and the Director of the Office of Thrift Supervision have recognized the importance of alternative mortgage transactions and have adopted regulations authorizing federally chartered depository institutions to engage in alternative mortgage financing.
**(b)** It is the purpose of this chapter to eliminate the discriminatory impact that those regulations have upon nonfederally chartered housing creditors and provide them with parity with federally chartered institutions by authorizing all housing creditors to make, purchase, and enforce alternative mortgage transactions so long as the transactions are in conformity with the regulations issued by the Federal agencies.
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Source file: Laws/federal/codes/united-states-code/title-12/section-3801-findings-and-purpose--79902f5006.md
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Source location: Title 12, Chapter 39, § 3801; chapter-039-alternative-mortgage-transactions.md
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**(a)** The Congress hereby finds that—
(1) increasingly volatile and dynamic changes in interest rates have seriously impared 11 So in original. Probably should be “impaired”. the ability of housing creditors to provide consumers with fixed-term, fixed-rate credit secured by interests in real property, cooperative housing, manufactured homes, and other dwellings;
(2) alternative mortgage transactions are essential to the provision of an adequate supply of credit secured by residential property necessary to meet the demand expected during the 1980’s; and
(3) the Comptroller of the Currency, the National Credit Union Administration, and the Director of the Office of Thrift Supervision have recognized the importance of alternative mortgage transactions and have adopted regulations authorizing federally chartered depository institutions to engage in alternative mortgage financing.
**(b)** It is the purpose of this chapter to eliminate the discriminatory impact that those regulations have upon nonfederally chartered housing creditors and provide them with parity with federally chartered institutions by authorizing all housing creditors to make, purchase, and enforce alternative mortgage transactions so long as the transactions are in conformity with the regulations issued by the Federal agencies.
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Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter—
(1) the term “alternative mortgage transaction” means a loan or credit sale secured by an interest in residential real property, a dwelling, all stock allocated to a dwelling unit in a residential cooperative housing corporation, or a residential manufactured home (as that term is defined in [section 5402(6) of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section5402/6&num=0&edition=prelim)), in which the interest rate or finance charge may be adjusted or renegotiated, described and defined by applicable regulation; and
(2) the term “housing creditor” means—
(A) a depository institution, as defined in section 501(a)(2) of the Depository Institutions Deregulation and Monetary Control Act of 1980;
(B) a lender approved by the Secretary of Housing and Urban Development for participation in any mortgage insurance program under the National Housing Act [[12 U.S.C. 1701](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701&num=0&edition=prelim) et seq.];
(C) any person who regularly makes loans, credit sales, or advances secured by interests in properties referred to in paragraph (1); or
(D) any transferee of any of them.
A person is not a “housing creditor” with respect to a specific alternative mortgage transaction if, except for this chapter, in order to enter into that transaction, the person would be required to comply with licensing requirements imposed under State law, unless such person is licensed under applicable State law and such person remains, or becomes, subject to the applicable regulatory requirements and enforcement mechanisms provided by State law.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3802
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General authority; compliance by banks, credit unions and all other housing creditors with applicable regulations** In order to prevent discrimination against State-chartered depository institutions, and other nonfederally chartered housing creditors, with respect to making, purchasing, and enforcing alternative mortgage transactions, housing creditors may make, purchase, and enforce alternative mortgage transactions, except that this section shall apply—
(1) with respect to banks, only to transactions made on or before the designated transfer date, as determined under section 1062 of the Consumer Financial Protection Act of 2010 [[12 U.S.C. 5582](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5582&num=0&edition=prelim)], in accordance with regulations governing alternative mortgage transactions as issued by the Comptroller of the Currency for national banks, to the extent that such regulations are authorized by rulemaking authority granted to the Comptroller of the Currency with regard to national banks under laws other than this section;
(2) with respect to credit unions, only to transactions made on or before the designated transfer date, as determined under section 1062 of the Consumer Financial Protection Act of 2010, in accordance with regulations governing alternative mortgage transactions as issued by the National Credit Union Administration Board for Federal credit unions, to the extent that such regulations are authorized by rulemaking authority granted to the National Credit Union Administration with regard to Federal credit unions under laws other than this section;
(3) with respect to all other housing creditors, including without limitation, savings and loan associations, mutual savings banks, and savings banks, only t
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3803
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The provisions of [section 3803 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3803&num=0&edition=prelim) shall not apply to any alternative mortgage transaction in any State made on or after the effective date (if such effective date occurs on or after October 15, 1982, and prior to a date three years after October 15, 1982) of a State law or a certification that the voters of such State have voted in favor of any provision, constitutional or otherwise, which states explicitly and by its terms that such State does not want the preemption provided in [section 3803 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3803&num=0&edition=prelim) to apply with respect to alternative mortgage transactions (or to any class or type of alternative mortgage transaction) subject to the laws of such State, except that [section 3803 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3803&num=0&edition=prelim) shall continue to apply to—
(1) any alternative mortgage transaction undertaken on or after such date pursuant to an agreement to undertake such alternative mortgage transaction which was entered into on or after October 15, 1982, and prior to such later date (the “preemption period”); and
(2) any renewal, extension, refinancing, or other modification of an alternative mortgage transaction that was entered into during the preemption period.
**(b)** An alternative mortgage transaction shall be deemed to have been undertaken during the preemption period to which this section applies if it—
(1) is funded or extended in whole or in part during the preemption period, regardless of whether pursuant to a commitment or other agreement therefor made prio
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3804
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Federal law — U.S. Code and appendices · legal_authorities
Section 501(c)(1) of the Depository Institutions Deregulation and Monetary Control Act of 1980 shall not apply to transactions which are subject to this chapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3805
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Federal law — U.S. Code and appendices · legal_authorities
Except as otherwise provided in this title,11 See References in Text note below. for purposes of this title,1 the following definitions shall apply:
(1) **Affiliate** — The term “affiliate” means any person that controls, is controlled by, or is under common control with another person.
(2) **Bureau** — The term “Bureau” means the Bureau of Consumer Financial Protection.
(3) **Business of insurance** — The term “business of insurance” means the writing of insurance or the reinsuring of risks by an insurer, including all acts necessary to such writing or reinsuring and the activities relating to the writing of insurance or the reinsuring of risks conducted by persons who act as, or are, officers, directors, agents, or employees of insurers or who are other persons authorized to act on behalf of such persons.
(4) **Consumer** — The term “consumer” means an individual or an agent, trustee, or representative acting on behalf of an individual.
(5) **Consumer financial product or service** — The term “consumer financial product or service” means any financial product or service that is described in one or more categories under—
(A) paragraph (15) and is offered or provided for use by consumers primarily for personal, family, or household purposes; or
(B) clause (i), (iii), (ix), or (x) of paragraph (15)(A), and is delivered, offered, or provided in connection with a consumer financial product or service referred to in subparagraph (A).
(6) **Covered person** — The term “covered person” means—
(A) any person that engages in offering or providing a consumer financial product or service; and
(B) any affiliate of a person described in subparagraph (A) if such affiliate acts as a service provider to such person.
(7) **Credit** — The term “credit” means the right
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Federal law — U.S. Code and appendices · legal_authorities
Page 1570
TITLE 12—BANKS AND BANKING
§ 3767
1 So in original. Probably should be ‘‘impaired’’.
including the day or days on which the actions
or events occur or are to occur for which the pe-
riod of time is provided and including the day on
which an event occurs or is to occur from which
the period is to be calculated.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat.
2316.)
Editorial Notes
CODIFICATION
Section is based on section 817 of title VIII of S. 2281,
One Hundred Third Congress, as reported July 13, 1994,
which was enacted into law by Pub. L. 103–327.
§ 3767. Severability
If any part of this chapter shall, for any rea-
son, be adjudged by a court of competent juris-
diction to be invalid, or invalid as applied to a
class of cases, such judgment shall not affect,
impair, or invalidate the remainder thereof, and
shall be confined in its operation to the part
thereof directly involved in the controversy in
which such judgment shall have been rendered.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat.
2316.)
Editorial Notes
CODIFICATION
Section is based on section 818 of title VIII of S. 2281,
One Hundred Third Congress, as reported July 13, 1994,
which was enacted into law by Pub. L. 103–327.
§ 3768. Deficiency judgment
(a) In general
(1) Referral to Attorney General
If after deducting the payments provided for
in section 3762 of this title, the price at which
the security property is sold at a foreclosure
sale is less than the unpaid balance of the debt
secured by the security property, resulting in
a deficiency, the Secretary may refer the mat-
ter to the Attorney General who may com-
mence an action or actions against any or all
debtors to recover the deficiency, unless such
an action is specifically prohibited by the
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