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12 U.S.C. § 3803 — Alternative mortgage authority
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
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**(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 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 Director of the Office of Thrift Supervision for federally chartered savings and loan associations, to the extent that such regulations are authorized by rulemaking authority granted to the Director of the Office of Thrift Supervision with regard to federally chartered savings and loan associations under laws other than this section; and
(4) with respect to transactions made after the designated transfer date, only in accordance with regulations governing alternative mortgage transactions, as issued by the Bureau of Consumer Financial Protection for federally chartered housing creditors, in accordance with the rulemaking authority granted to the Bureau of Consumer Financial Protection with regard to federally chartered housing creditors under provisions of law other than this section.
**(b) Transactions deemed in compliance with applicable regulations** For the purpose of determining the applicability of this section, an alternative mortgage transaction shall be deemed to be made in accordance with the applicable regulation notwithstanding the housing creditor’s failure to comply with the regulation, if—
(1) the transaction is in substantial compliance with the regulation; and
(2) within sixty days of discovering any error, the housing creditor corrects such error, including making appropriate adjustments, if any, to the account.
**(c) Preemption of State law** An alternative mortgage transaction may be made by a housing creditor in accordance with this section, notwithstanding any State constitution, law, or regulation that prohibits an alternative mortgage transaction. For purposes of this subsection, a State constitution, law, or regulation that prohibits an alternative mortgage transaction does not include any State constitution, law, or regulation that regulates mortgage transactions generally, including any restriction on prepayment penalties or late charges.
**(d) Bureau actions** The Bureau of Consumer Financial Protection shall—
(1) review the regulations identified by the Comptroller of the Currency and the National Credit Union Administration,11 So in original. The comma probably should not appear. (as those rules exist on the designated transfer date), as applicable under paragraphs (1) through (3) of subsection (a);
(2) determine whether such regulations are fair and not deceptive and otherwise meet the objectives of the Consumer Financial Protection Act of 2010; and
(3) promulgate regulations under subsection (a)(4) after the designated transfer date.
**(e) Designated transfer date** As used in this section, the term “designated transfer date” means the date 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)].
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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
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.
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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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Federal law — U.S. Code and appendices · legal_authorities
**(a) Administrative proceedings or court actions**
(1) **Jurisdiction** — The court (or the Bureau, as the case may be) in an action or adjudication proceeding brought under Federal consumer financial law, shall have jurisdiction to grant any appropriate legal or equitable relief with respect to a violation of Federal consumer financial law, including a violation of a rule or order prescribed under a Federal consumer financial law.
(2) **Relief** — Relief under this section may include, without limitation—
(A) rescission or reformation of contracts;
(B) refund of moneys or return of real property;
(C) restitution;
(D) disgorgement or compensation for unjust enrichment;
(E) payment of damages or other monetary relief;
(F) public notification regarding the violation, including the costs of notification;
(G) limits on the activities or functions of the person; and
(H) civil money penalties, as set forth more fully in subsection (c).
(3) **No exemplary or punitive damages** — Nothing in this subsection shall be construed as authorizing the imposition of exemplary or punitive damages.
**(b) Recovery of costs** In any action brought by the Bureau, a State attorney general, or any State regulator to enforce any Federal consumer financial law, the Bureau, the State attorney general, or the State regulator may recover its costs in connection with prosecuting such action if the Bureau, the State attorney general, or the State regulator is the prevailing party in the action.
**(c) Civil money penalty in court and administrative actions**
(1) **In general** — Any person that violates, through any act or omission, any provision of Federal consumer financial law shall forfeit and pay a civil penalty pursuant to this subsection.
(2) **Penalty amounts**
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Purpose** The purpose of this section is to authorize the Secretary to carry out a program of mortgage insurance designed—
(1) to meet the special needs of elderly homeowners by reducing the effect of the economic hardship caused by the increasing costs of meeting health, housing, and subsistence needs at a time of reduced income, through the insurance of home equity conversion mortgages to permit the conversion of a portion of accumulated home equity into liquid assets; and
(2) to encourage and increase the involvement of mortgagees and participants in the mortgage markets in the making and servicing of home equity conversion mortgages for elderly homeowners.
**(b) Definitions** For purposes of this section:
(1) The terms “elderly homeowner” and “homeowner” mean any homeowner who is, or whose spouse is, at least 62 years of age or such higher age as the Secretary may prescribe.
(2) The terms “mortgagee”, “mortgagor”, “real estate,” 11 So in original. The comma probably should follow the closed quotes. and “State” have the meanings given such terms in [section 1707 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1707&num=0&edition=prelim).
(3) The term “home equity conversion mortgage” means a first mortgage which provides for future payments to the homeowner based on accumulated equity and which a housing creditor (as defined in [section 3802(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3802/2&num=0&edition=prelim)) is authorized to make (A) under any law of the United States (other than [section 3803 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3803&num=0&edition=prelim)) or applicable agency regulations thereunder; (B)
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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
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Federal law — U.S. Code and appendices · legal_authorities
Page 1571
TITLE 12—BANKS AND BANKING
§ 3803
ment of this title [Oct. 15, 1982], the Comptroller of the
Currency, the National Credit Union Administration,
and the Federal Home Loan Bank Board shall identify,
describe, and publish those portions or provisions of
their respective regulations that are inappropriate for
(and thus inapplicable to), or that need to be conformed
for the use of, the nonfederally chartered housing credi-
tors to which their respective regulations apply, in-
cluding without limitation, making necessary changes
in terminology to conform the regulatory and disclo-
sure provisions to those more typically associated with
various types of transactions including credit sales.’’
§ 3802. Definitions
As used in this chapter—
(1) the term ‘‘alternative mortgage trans-
action’’ 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 corpora-
tion, or a residential manufactured home (as
that term is defined in section 5402(6) of title
42), in which the interest rate or finance
charge may be adjusted or renegotiated, de-
scribed 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 Institu-
tions Deregulation and Monetary Control
Act of 1980;
(B) a lender approved by the Secretary of
Housing and Urban Development for partici-
pation in any mortgage insurance program
under the National Housing Act [12 U.S.C.
1701 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 ‘‘housi
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Federal law — U.S. Code and appendices · legal_authorities
Page 1994
TITLE 12—BANKS AND BANKING
§ 5582
1 See Definition of Designated Transfer Date note below.
2 See References in Text note below.
Protection Act of 2010, which enacted this subchapter
and enacted, amended, and repealed numerous other
sections and notes in the Code. For complete classifica-
tion of title X to the Code, see Short Title note set out
under section 5301 of this title and Tables.
The Federal Trade Commission Act, referred to in
subsec. (b)(5)(B)(ii), (C), (E)(i), is act Sept. 26, 1914, ch.
311, 38 Stat. 717, which is classified generally to sub-
chapter I (§ 41 et seq.) of chapter 2 of Title 15, Com-
merce and Trade. For complete classification of this
Act to the Code, see section 58 of Title 15 and Tables.
The Real Estate Settlement Procedures Act of 1974,
referred to in subsec. (b)(7), is Pub. L. 93–533, Dec. 22,
1974, 88 Stat. 1724, which is classified principally to
chapter 27 (§ 2601 et seq.) of this title. For complete
classification of this Act to the Code, see Short Title
note set out under section 2601 of this title and Tables.
The Secure and Fair Enforcement for Mortgage Li-
censing Act of 2008, referred to in subsec. (b)(7), is title
V of div. A of Pub. L. 110–289, July 30, 2008, 122 Stat.
2810, also known as the S.A.F.E. Mortgage Licensing
Act of 2008, which is classified generally to chapter 51
(§ 5101 et seq.) of this title. For complete classification
of this Act to the Code, see Short Title note set out
under section 5101 of this title and Tables.
The Interstate Land Sales Full Disclosure Act, re-
ferred to in subsec. (b)(7), is title XIV of Pub. L. 90–448,
Aug. 1, 1968, 82 Stat. 590, which is classified generally to
chapter 42 (§ 1701 et seq.) of Title 15, Commerce and
Trade. For complete classification of th
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