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12 U.S.C. § 1831b — Disclosures with respect to certain federally related mortgage loans
Federal law — U.S. Code and appendices · legal_authorities
**(a) Identity of beneficiary interest as condition for a loan; report to Corporation** No insured depository institution, insured branch of a foreign bank, or mutual savings or cooperative bank which is not an insured depository institution, shall make any federally related mortgage loan to any agent, trustee, nominee, or other person acting in a fiduciary capacity without the prior condition that the identity of the person receiving the beneficial interest of such loan shall at all times be revealed to the insured depository institution, insured branch, or bank. At the request of the Corporation, the insured depository institution, insured branch, or bank shall report to the Corporation on the identity of such person and the nature and amount of the loan, discount, or other extension of credit.
**(b) Enforcement; bank status** In addition to other available remedies, this section may be enforced with respect to mutual savings and cooperative banks which are not insured depository institutions in accordance with [section 1818 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818&num=0&edition=prelim), and for such purpose such mutual savings and cooperative banks shall be held and considered to be State nonmember insured banks and the appropriate Federal agency with respect to such mutual savings and cooperative banks shall be the Federal Deposit Insurance Corporation.
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Source file: Laws/federal/codes/united-states-code/title-12/section-1831b-disclosures-with-respect-to-certain-federally-related-mortgage-loans--ab4eb5c2e6.md
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Source location: Title 12, Chapter 16, § 1831b; chapter-016-federal-deposit-insurance-corporation.md
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**(a) Identity of beneficiary interest as condition for a loan; report to Corporation** No insured depository institution, insured branch of a foreign bank, or mutual savings or cooperative bank which is not an insured depository institution, shall make any federally related mortgage loan to any agent, trustee, nominee, or other person acting in a fiduciary capacity without the prior condition that the identity of the person receiving the beneficial interest of such loan shall at all times be revealed to the insured depository institution, insured branch, or bank. At the request of the Corporation, the insured depository institution, insured branch, or bank shall report to the Corporation on the identity of such person and the nature and amount of the loan, discount, or other extension of credit.
**(b) Enforcement; bank status** In addition to other available remedies, this section may be enforced with respect to mutual savings and cooperative banks which are not insured depository institutions in accordance with [section 1818 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818&num=0&edition=prelim), and for such purpose such mutual savings and cooperative banks shall be held and considered to be State nonmember insured banks and the appropriate Federal agency with respect to such mutual savings and cooperative banks shall be the Federal Deposit Insurance Corporation.
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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.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Termination of insurance**
(1) **Voluntary termination** — Any insured depository institution which is not—
(A) a national member bank;
(B) a State member bank;
(C) a Federal branch;
(D) a Federal savings association; or
(E) an insured branch which is required to be insured under subsection (a) or (b) 11 See References in Text note below. of [section 3104 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3104&num=0&edition=prelim),
may terminate such depository institution’s status as an insured depository institution if such insured institution provides written notice to the Corporation of the institution’s intent to terminate such status not less than 90 days before the effective date of such termination.
(2) **Involuntary termination**
(A) *Notice to primary regulator* — If the Board of Directors determines that—
(i) an insured depository institution or the directors or trustees of an insured depository institution have engaged or are engaging in unsafe or unsound practices in conducting the business of the depository institution;
(ii) an insured depository institution is in an unsafe or unsound condition to continue operations as an insured institution; or
(iii) an insured depository institution or the directors or trustees of the insured institution have violated any applicable law, regulation, order, condition imposed in writing by the Corporation in connection with the approval of any application or other request by the insured depository institution, or written agreement entered into between the insured depository institution and the Corporation,
the Board of Directors shall notify the appropriate Federal banking agency with respect to such institution (if other than the Corp
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Federal law — U.S. Code and appendices · legal_authorities
Page 1142
TITLE 12—BANKS AND BANKING
§ 1831b
1 See References in Text note below.
stitution is a savings association on that date, see sec-
tion 2704(c) of Pub. L. 104–208, formerly set out as a note
under section 1821 of this title.
EFFECTIVE DATE OF 1992 AMENDMENT
Amendment by Pub. L. 102–550 effective as if included
in the Federal Deposit Insurance Corporation Improve-
ment Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see
section 1609(a) of Pub. L. 102–550, set out as a note
under section 191 of this title.
RIGHT OF STATE TO OPT OUT
Pub. L. 105–24, § 3, July 3, 1997, 111 Stat. 239, provided
that: ‘‘Nothing in this Act [amending this section and
section 36 of this title and enacting provisions set out
as a note under section 1811 of this title] alters the
right of States under section 525 of Public Law 96–221
[12 U.S.C. 1785 note].’’
§ 1831b. Disclosures with respect to certain fed-
erally related mortgage loans
(a) Identity of beneficiary interest as condition
for a loan; report to Corporation
No insured depository institution, insured
branch of a foreign bank, or mutual savings or
cooperative bank which is not an insured deposi-
tory institution, shall make any federally re-
lated mortgage loan to any agent, trustee,
nominee, or other person acting in a fiduciary
capacity without the prior condition that the
identity of the person receiving the beneficial
interest of such loan shall at all times be re-
vealed to the insured depository institution, in-
sured branch, or bank. At the request of the Cor-
poration, the insured depository institution, in-
sured branch, or bank shall report to the Cor-
poration on the identity of such person and the
nature and amount of the loan, discount, or
other extension of credit.
(b) Enforcement; bank
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1831b
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