12 U.S.C. § 2708 — Expiration date

Page 1461 TITLE 12—BANKS AND BANKING § 2708 emergency mortgage relief payments under this chapter and all receipts, earnings, collections, or pro- ceeds derived from any claim or other assets acquired by the Secretary under this Act; and ‘‘(2) such amounts as may be appropriated for the purposes of this chapter.’’ 1984—Subsec. (a). Pub. L. 98–479, § 204(m)(1)(A), (B), re- designated subsec. (a)(1) as subsec. (a) and subpars. (A), (B), and (C) as pars. (1), (2), and (3), respectively. Subsec. (b). Pub. L. 98–479, § 204(m)(1)(C), (D), redesig- nated subsec. (a)(2) as subsec. (b) and subpars. (A) and (B) as pars. (1) and (2), respectively. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the date on which final regulations implementing that amend- ment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade. EMERGENCY MORTGAGE RELIEF Pub. L. 111–203, title XIV, § 1496(a), July 21, 2010, 124 Stat. 2207, provided that: ‘‘Effective October 1, 2010, and notwithstanding any other provision of law, there is hereby made available to the Secretary of Housing and Urban Development such sums as are necessary to pro- vide $1,000,000,000 in assistance through the Emergency Homeowners’ Relief Fund, which such Secretary shall establish pursuant to section 107 of the Emergency Housing Act of 1975 (12 U.S.C. 2706), as such Act is amended by this section, for use for emergency mort- gage assistance in accordance with title I of such Act [12 U.S.C. 2701 et seq.].’’ § 2707. Authority of Secretary (a) Rules and regulations The Secretary is authorized to make such rules and regulations as may be necessary to carry out the provisions of this chapter. (b) Payment of expenses and charges relating to acquisition, handling, improvement, or dis- posal of real and personal property Notwithstanding any other provision of law relating to the acquisition, handling, improve- ment, or disposal of real or other property by the United States, the Secretary shall have power, for the protection of the interest of the fund authorized under this chapter, to pay out of such fund all expenses or charges in connection with the acquisition, handling, improvement, or disposal of any property, real or personal, ac- quired by the Secretary as a result of recoveries under security, subrogation, or other rights. (c) Powers with respect to property rights held by Secretary In the performance of, with respect to, the functions, powers, and duties vested in the Sec- retary by this chapter, the Secretary shall— (1) have the power, notwithstanding any other provision of law, whether before or after default, to provide by contract or otherwise for the extinguishment upon default of any re- demption, equitable, legal, or other right, title in any mortgage, deed, trust, or other instru- ment held by or held on behalf of the Sec- retary under the provisions of this chapter; and (2) have the power to foreclose on any prop- erty or commence any action to protect or en- force any right conferred upon the Secretary by law, contract, or other agreement, and bid for and purchase at any foreclosure or other sale any property in connection with which as- sistance has been provided pursuant to this chapter. In the event of any such acquisition, the Secretary may, notwithstanding any other provision of law relating to the acquisition, handling, or disposal of real property by the United States, complete, remodel and convert, dispose of, lease, and otherwise deal with, such property. Notwithstanding any other provision of law, the Secretary also shall have power to pursue to final collection by way of com- promise or otherwise all claims acquired by him in connection with any security, subroga- tion, or other rights obtained by him in ad- ministering this chapter. (d) Coverage of existing programs The Secretary shall allow funds to be adminis- tered by a State that has an existing program that is determined by the Secretary to provide substantially similar assistance to homeowners. After such determination is made such State shall not be required to modify such program to comply with the provisions of this chapter. (Pub. L. 94–50, title I, § 108, July 2, 1975, 89 Stat. 252; Pub. L. 111–203, title XIV, § 1496(b)(5), July 21, 2010, 124 Stat. 2208.) Editorial Notes AMENDMENTS 2010—Pub. L. 111–203 added subsec. (d). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the date on which final regulations implementing that amend- ment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade. § 2708. Expiration date No loans or advance of credit shall be insured and no emergency mortgage relief payments made under this chapter after September 30, 2011, except if such loan or advance or such pay- ments are made with respect to a mortgagor re- ceiving the benefit of a loan or advance insured, or emergency mortgage relief payments made, under this chapter on such date. (Pub. L. 94–50, title I, § 109, July 2, 1975, 89 Stat. 253; Pub. L. 94–375, § 13(a), Aug. 3, 1976, 90 Stat. 1075; Pub. L. 111–203, title XIV, § 1496(b)(6), July 21, 2010, 124 Stat. 2209.) Editorial Notes AMENDMENTS 2010—Pub. L. 111–203 struck out ‘‘Authorization and’’ before ‘‘expiration date’’ in section catchline, struck out subsec. (a), struck out subsec. (b) designation be- fore ‘‘No loans’’, and substituted ‘‘2011’’ for ‘‘1977’’. Prior to amendment, subsec. (a) read as follows: ‘‘There are authorized to be appropriated for purposes of this chapter such sums as may be necessary, except that the funds authorized to be appropriated for section 2705 of Page 1462 TITLE 12—BANKS AND BANKING §§ 2709, 2710 this title shall not exceed $500,000,000. Any amounts so appropriated shall remain available until expended.’’ 1976—Subsec. (b). Pub. L. 94–375 substituted ‘‘Sep- tember 30, 1977’’ for ‘‘June 30, 1976’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the date on which final regulations implementing that amend- ment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade. §§ 2709, 2710. Repealed. Pub. L. 111–203, title XIV, § 1496(b)(7), July 21, 2010, 124 Stat. 2209 Section 2709, Pub. L. 94–50, title I, § 110, July 2, 1975, 89 Stat. 253; Pub. L. 94–375, § 13(b), Aug. 3, 1976, 90 Stat. 1075; Pub. L. 98–479, title II, § 204(m)(2), Oct. 17, 1984, 98 Stat. 2234; Pub. L. 111–203, title III, § 361, July 21, 2010, 124 Stat. 1549, related to waiver and relaxation by insti- tutions and approved mortgagees of limitations with respect to mortgage delinquencies; notification to Fed- eral supervisory agency prior to foreclosure pro- ceedings. Section 2710, Pub. L. 94–50, title I, § 111, July 2, 1975, 89 Stat. 253; Pub. L. 94–375, § 13(c), Aug. 3, 1976, 90 Stat. 1075, related to reports to Congress; time; contents. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal effective on the date on which final regula- tions implementing such repeal take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1601 of Title 15, Commerce and Trade. § 2711. Nonapplicability of other laws Notwithstanding any provision of law which limits the nature, amount, term, form, or rate of interest, or the nature, amount, or form of se- curity of loans or advances of credit, loans, or advances of credit may be made in accordance with the provisions of this chapter without re- gard to such provision of law. (Pub. L. 94–50, title I, § 110, formerly § 112, July 2, 1975, 89 Stat. 254; renumbered § 110, Pub. L. 111–203, title XIV, § 1496(b)(8), July 21, 2010, 124 Stat. 2209.) Editorial Notes PRIOR PROVISIONS A prior section 110 of Pub. L. 94–50, which related to waiver and relaxation by institutions and approved mortgagees of limitations with respect to mortgage de- linquencies; notification to Federal supervisory agency prior to foreclosure proceedings, was classified to sec- tion 2709 of this title prior to repeal by Pub. L. 111–203, title XIV, § 1496(b)(7), July 21, 2010, 124 Stat. 2209. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment of section by renumbering section 112 of Pub. L. 94–50 as section 110 of Pub. L. 94–50 effective on the date on which final regulations implementing such amendment take effect, or on the date that is 18 months after the designated transfer date if such regu- lations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade. § 2712. Repealed. Pub. L. 111–203, title XIV, § 1496(b)(7), July 21, 2010, 124 Stat. 2209 Section, Pub. L. 94–50, title I, § 113, July 2, 1975, 89 Stat. 254, related to Federal Deposit Insurance Corpora- tion advances to insured banks. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal effective on the date on which final regula- tions implementing such repeal take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1601 of Title 15, Commerce and Trade. CHAPTER 29—HOME MORTGAGE DISCLOSURE Sec. 2801. Congressional findings and declaration of pur- pose. 2802. Definitions. 2803. Maintenance of records and public disclosure. 2804. Enforcement. 2805. Relation to State laws. 2806. Compliance improvement methods. 2807. Report. 2808. Effective date. 2809. Compilation of aggregate data. 2810. Disclosure by Secretary; commencement, scope, etc. 2811. Repealed. § 2801. Congressional findings and declaration of purpose (a) Findings of Congress The Congress finds that some depository insti- tutions have sometimes contributed to the de- cline of certain geographic areas by their failure pursuant to their chartering responsibilities to provide adequate home financing to qualified applicants on reasonable terms and conditions. (b) Purpose of chapter The purpose of this chapter is to provide the citizens and public officials of the United States with sufficient information to enable them to determine whether depository institutions are filling their obligations to serve the housing needs of the communities and neighborhoods in which they are located and to assist public offi- cials in their determination of the distribution of public sector investments in a manner de- signed to improve the private investment envi- ronment. (c) Construction of chapter Nothing in this chapter is intended to, nor shall it be construed to, encourage unsound lending practices or the allocation of credit. (Pub. L. 94–200, title III, § 302, Dec. 31, 1975, 89 Stat. 1125.) Statutory Notes and Related Subsidiaries SHORT TITLE Pub. L. 94–200, title III, § 301, Dec. 31, 1975, 89 Stat. 1125, provided that: ‘‘This title [this chapter] may be cited as the ‘Home Mortgage Disclosure Act of 1975’.’’