12 U.S.C. § 1750 — Definitions

Page 846 TITLE 12—BANKS AND BANKING § 1750 Section 1749bbb–15, act June 27, 1934, ch. 847, title XII, § 1245, formerly § 1235, as added Pub. L. 90–448, title XI, § 1103, Aug. 1, 1968, 82 Stat. 565; amended Pub. L. 91–152, title IV, § 407, Dec. 24, 1969, 83 Stat. 396; renumbered § 1245, Pub. L. 91–609, title VI, § 602(d), Dec. 31, 1970, 84 Stat. 1789; amended Pub. L. 98–181, title I [title IV, § 452(b)(1)], Nov. 30, 1983, 97 Stat. 1230, related to study of reinsurance and other programs, and report to the President and Congress. Section 1749bbb–16, act June 27, 1934, ch. 847, title XII, § 1246, formerly § 1236, as added Pub. L. 90–448, title XI, § 1103, Aug. 1, 1968, 82 Stat. 565; renumbered § 1246, Pub. L. 91–609, title VI, § 602(d), Dec. 31, 1970, 84 Stat. 1789; amended Pub. L. 98–181, title I [title IV, § 452(b)(1)], Nov. 30, 1983, 97 Stat. 1230, related to other studies and co- operation with State insurance authorities and private insurance industry. Section 1749bbb–17, act June 27, 1934, ch. 847, title XII, § 1247, formerly § 1237, as added Pub. L. 90–448, title XI, § 1103, Aug. 1, 1968, 82 Stat. 566; renumbered § 1247, Pub. L. 91–609, title VI, § 602(d), Dec. 31, 1970, 84 Stat. 1789; amended Pub. L. 98–181, title I [title IV, § 452(b)(1), (4)], Nov. 30, 1983, 97 Stat. 1230; Pub. L. 98–479, title II, § 202(a)(2), Oct. 17, 1984, 98 Stat. 2228, related to general powers of Director. Section 1749bbb–18, act June 27, 1934, ch. 847, title XII, § 1248, formerly § 1238, as added Pub. L. 90–448, title XI, § 1103, Aug. 1, 1968, 82 Stat. 566; renumbered § 1248, Pub. L. 91–609, title VI, § 602(d), Dec. 31, 1970, 84 Stat. 1789; amended Pub. L. 98–181, title I [title IV, § 452(b)(1)], Nov. 30, 1983, 97 Stat. 1230, related to utilization of services and facilities of other agencies. Section 1749bbb–19, act June 27, 1934, ch. 847, title XII, § 1249, formerly § 1239, as added Pub. L. 90–448, title XI, § 1103, Aug. 1, 1968, 82 Stat. 566; renumbered § 1249, Pub. L. 91–609, title VI, § 602(d), Dec. 31, 1970, 84 Stat. 1789; amended Pub. L. 98–181, title I [title IV, § 452(b)(1)], Nov. 30, 1983, 97 Stat. 1230, related to advance payments. Section 1749bbb–20, act June 27, 1934, ch. 847, title XII, § 1250, formerly § 1240, as added Pub. L. 90–448, title XI, § 1103, Aug. 1, 1968, 82 Stat. 566; renumbered § 1250, Pub. L. 91–609, title VI, § 602(d), Dec. 31, 1970, 84 Stat. 1789; amended Pub. L. 98–181, title I [title IV, § 452(b)(1)], Nov. 30, 1983, 97 Stat. 1230, related to tax issues. Section 1749bbb–21, act June 27, 1934, ch. 847, title XII, § 1251, formerly § 1241, as added Pub. L. 90–448, title XI, § 1103, Aug. 1, 1968, 82 Stat. 566; renumbered § 1251, Pub. L. 91–609, title VI, § 602(d), Dec. 31, 1970, 84 Stat. 1789, re- lated to authorization of appropriations for subchapter. SUBCHAPTER X—NATIONAL DEFENSE HOUSING INSURANCE Statutory Notes and Related Subsidiaries EXPIRATION DATE Insurance of mortgages under this subchapter prohib- ited, with certain exceptions, after July 31, 1954, see section 1591c of Title 42, The Public Health and Welfare. § 1750. Definitions As used in this subchapter, the terms ‘‘mort- gage’’, ‘‘first mortgage’’, ‘‘mortgagee’’, ‘‘mort- gagor’’, ‘‘maturity date’’, and ‘‘State’’ shall have the same meaning as in section 1707 of this title. (June 27, 1934, ch. 847, title IX, § 901, as added Sept. 1, 1951, ch. 378, title II, § 201, 65 Stat. 295.) § 1750a. Repealed. Pub. L. 89–117, title XI, § 1108(aa), Aug. 10, 1965, 79 Stat. 507 Section, act June 27, 1934, ch. 847, title IX, § 902, as added Sept. 1, 1951, ch. 378, title II, § 201, 65 Stat. 296, created the National Defense Housing Insurance Fund. For establishment of the General Insurance Fund, see section 1735c of this title. § 1750a–1. Omitted Editorial Notes CODIFICATION Section, act Nov. 1, 1951, ch. 665, Ch. V, 65 Stat. 763, authorized the National Defense Housing Insurance Fund to be available for administrative expenses of the Federal Housing Administration. Pub. L. 89–117, title XI, § 1108(aa), Aug. 10, 1965, 79 Stat. 507, eliminated the Fund, and all functions, powers, and duties of the Fed- eral Housing Administration and its Administrator were transferred to and vested in the Secretary of Housing and Urban Development by Pub. L. 89–174, § 5, Sept. 9, 1965, 79 Stat. 669, classified to section 3534 of Title 42, The Public Health and Welfare. Act June 27, 1934, ch. 847, title V, § 519, as added Aug. 10, 1965, Pub. L. 89–117, title II, § 214, 79 Stat. 471, classified to section 1735c of this title, created the General Insurance Fund, which authorized the general expenses of the oper- ations of the Department of Housing and Urban Devel- opment relating to mortgages and loans which are obli- gations of the General Insurance Fund to be charged to the General Insurance Fund. § 1750b. Insurance in critical areas (a) Limitations; termination of certain commit- ments; requirements; discrimination against children This subchapter is designed to supplement sys- tems of mortgage insurance under other provi- sions of this chapter in order to assist in pro- viding adequate housing in areas which the President, pursuant to section 1591 of title 42, shall have determined to be critical defense housing areas. The Secretary is authorized, upon application by the mortgagee, to insure under this section or section 1750g of this title as here- inafter provided any mortgage which is eligible for insurance as hereinafter provided and upon such terms as the Secretary may prescribe to make commitments for the insuring of such mortgages prior to the date of their execution or disbursement thereon: Provided, That the prop- erty covered by the mortgage is in an area which the President, pursuant to section 1591 of title 42, shall have determined to be a critical defense housing area, and that the total number of dwelling units in properties covered by mort- gages insured under this subchapter in any such area does not exceed the number authorized by the Secretary of Housing and Urban Develop- ment from time to time as needed in such area for defense purposes and to be insured pursuant to this subchapter: Provided further, That in the event the Secretary has issued a commitment to insure a mortgage under this section, which commitment was in force and effect on June 1, 1953, and the Secretary determines that, because of changes in defense requirements, there is rea- sonable doubt that such housing is needed for defense purposes and that it is probable that the mortgage would become immediately in default and claim made for payment under the mort- gage insurance contract if the unit or units are completed and the mortgage insured, the Sec- retary is authorized, in the interest of con- serving the General Insurance Fund, to pay (in cash from the General Insurance Fund) to the mortgagee for the account of the mortgagor such amount as the Secretary shall determine to be necessary to reimburse the mortgagor the