12 U.S.C. § 2617 — Authority of Bureau

Page 1456 TITLE 12—BANKS AND BANKING §§ 2611 to 2613 §§ 2611 to 2613. Repealed. Pub. L. 104–208, div. A, title II, § 2103(h), Sept. 30, 1996, 110 Stat. 3009–401 Section 2611, Pub. L. 93–533, § 13, Dec. 22, 1974, 88 Stat. 1730, related to establishment of land parcel recorda- tion system on demonstration basis. Section 2612, Pub. L. 93–533, § 14, Dec. 22, 1974, 88 Stat. 1730, directed Secretary of Housing and Urban Develop- ment to report on necessity for further legislation in- volving real estate settlements. Section 2613, Pub. L. 93–533, § 15, Dec. 22, 1974, 88 Stat. 1730, directed Secretary of Housing and Urban Develop- ment to determine, and report to Congress on, feasi- bility of including statements of settlement costs in special information booklets. § 2614. Jurisdiction of courts; limitations Any action pursuant to the provisions of sec- tion 2605, 2607, or 2608 of this title may be brought in the United States district court or in any other court of competent jurisdiction, for the district in which the property involved is lo- cated, or where the violation is alleged to have occurred, within 3 years in the case of a viola- tion of section 2605 of this title and 1 year in the case of a violation of section 2607 or 2608 of this title from the date of the occurrence of the vio- lation, except that actions brought by the Bu- reau, the Secretary, the Attorney General of any State, or the insurance commissioner of any State may be brought within 3 years from the date of the occurrence of the violation. (Pub. L. 93–533, § 16, Dec. 22, 1974, 88 Stat. 1731; Pub. L. 98–181, title I [title IV, § 461(d)], Nov. 30, 1983, 97 Stat. 1232; Pub. L. 104–208, div. A, title II, § 2103(e), Sept. 30, 1996, 110 Stat. 3009–400; Pub. L. 111–203, title X, § 1098(9), July 21, 2010, 124 Stat. 2104.) Editorial Notes AMENDMENTS 2010—Pub. L. 111–203 inserted ‘‘the Bureau,’’ before ‘‘the Secretary’’. 1996—Pub. L. 104–208 substituted ‘‘section 2605, 2607, or 2608 of this title’’ for ‘‘section 2607 or 2608 of this title’’ and ‘‘within 3 years in the case of a violation of section 2605 of this title and 1 year in the case of a violation of section 2607 or 2608 of this title’’ for ‘‘within one year’’. 1983—Pub. L. 98–181 amended section generally, strik- ing out a reference to section 2605 of this title, and in- serting provision allowing action in district where vio- lation is alleged to have occurred, and provision relat- ing to time limitations in actions brought by the Sec- retary, the Attorney General of any State, or the insur- ance commissioner of any State. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the des- ignated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees. EFFECTIVE DATE OF 1983 AMENDMENT Amendment by Pub. L. 98–181 effective Jan. 1, 1984, see section 461(f) of Pub. L. 98–181, set out as a note under section 2602 of this title. EFFECTIVE DATE Section effective 180 days after Dec. 22, 1974, see sec- tion 20 of Pub. L. 93–533, set out as a note under section 2601 of this title. § 2615. Contracts and liens; validity Nothing in this chapter shall affect the valid- ity or enforceability of any sale or contract for the sale of real property or any loan, loan agree- ment, mortgage, or lien made or arising in con- nection with a federally related mortgage loan. (Pub. L. 93–533, § 17, Dec. 22, 1974, 88 Stat. 1731.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective 180 days after Dec. 22, 1974, see sec- tion 20 of Pub. L. 93–533, set out as a note under section 2601 of this title. § 2616. State laws unaffected; inconsistent Fed- eral and State provisions This chapter does not annul, alter, or affect, or exempt any person subject to the provisions of this chapter from complying with, the laws of any State with respect to settlement practices, except to the extent that those laws are incon- sistent with any provision of this chapter, and then only to the extent of the inconsistency. The Bureau is authorized to determine whether such inconsistencies exist. The Bureau may not determine that any State law is inconsistent with any provision of this chapter if the Bureau determines that such law gives greater protec- tion to the consumer. In making these deter- minations the Bureau shall consult with the ap- propriate Federal agencies. (Pub. L. 93–533, § 18, Dec. 22, 1974, 88 Stat. 1731; Pub. L. 94–205, § 9, Jan. 2, 1976, 89 Stat. 1159; Pub. L. 111–203, title X, § 1098(10), July 21, 2010, 124 Stat. 2104.) Editorial Notes AMENDMENTS 2010—Pub. L. 111–203 substituted ‘‘Bureau’’ for ‘‘Sec- retary’’ wherever appearing. 1976—Pub. L. 94–205 struck out ‘‘(a)’’ before ‘‘This chapter’’ and struck out subsec. (b) which provided for Federal protection against liability for acts done or omitted in good faith in accordance with the rules, reg- ulations, or interpretations issued by the Secretary. See section 2617 (b) of this title. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the des- ignated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees. EFFECTIVE DATE OF 1976 AMENDMENT Amendment by Pub. L. 94–205 effective Jan. 2, 1976, see section 12 of Pub. L. 94–205, set out as a note under section 2602 of this title. EFFECTIVE DATE Section effective 180 days after Dec. 22, 1974, see sec- tion 20 of Pub. L. 93–533, set out as a note under section 2601 of this title. § 2617. Authority of Bureau (a) Issuance of regulations; exemptions The Bureau is authorized to prescribe such rules and regulations, to make such interpreta- Page 1457 TITLE 12—BANKS AND BANKING § 2701 1 Probably should be ‘‘The Bureau’’. tions, and to grant such reasonable exemptions for classes of transactions, as may be necessary to achieve the purposes of this chapter. (b) Liability for acts done in good faith in con- formity with rule, regulation, or interpreta- tion No provision of this chapter or the laws of any State imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule, regulation, or interpretation thereof by the Bureau or the Attorney General, notwithstanding that after such act or omission has occurred, such rule, regulation, or interpre- tation is amended, rescinded, or determined by judicial or other authority to be invalid for any reason. (c) Investigations; hearings; failure to obey order; contempt (1) The Secretary 1 may investigate any facts, conditions, practices, or matters that may be deemed necessary or proper to aid in the en- forcement of the provisions of this chapter, in prescribing of rules and regulations thereunder, or in securing information to serve as a basis for recommending further legislation concerning real estate settlement practices. To aid in the investigations, the Bureau is authorized to hold such hearings, administer such oaths, and re- quire by subpena the attendance and testimony of such witnesses and production of such docu- ments as the Bureau deems advisable. (2) Any district court of the United States within the jurisdiction of which an inquiry is carried on may, in the case of contumacy or re- fusal to obey a subpena of the Bureau issued under this section, issue an order requiring com- pliance therewith; and any failure to obey such order of the court may be punished by such court as a contempt thereof. (d) Delay of effectiveness of recent final regula- tion relating to payments to employees (1) In general The amendment to part 3500 of title 24 of the Code of Federal Regulations contained in the final regulation prescribed by the Secretary and published in the Federal Register on June 7, 1996, which will, as of the effective date of such amendment— (A) eliminate the exemption for payments by an employer to employees of such em- ployer for referral activities which is cur- rently codified as section 3500.14(g)(1)(vii) of such title 24; and (B) replace such exemption with a more limited exemption in new clauses (vii), (viii), and (ix) of section 3500.14 of such title 24, shall not take effect before July 31, 1997. (2) Continuation of prior rule The regulation codified as section 3500.14(g)(1)(vii) of title 24 of the Code of Fed- eral Regulations, relating to employer-em- ployee payments, as in effect on May 1, 1996, shall remain in effect until the date the amendment referred to in paragraph (1) takes effect in accordance with such paragraph. (3) Public notice of effective date The Secretary shall provide public notice of the date on which the amendment referred to in paragraph (1) will take effect in accordance with such paragraph not less than 90 days and not more than 180 days before such effective date. (Pub. L. 93–533, § 19, as added Pub. L. 94–205, § 10, Jan. 2, 1976, 89 Stat. 1159; amended Pub. L. 98–181, title I [title IV, § 461(e)], Nov. 30, 1983, 97 Stat. 1232; Pub. L. 104–208, div. A, title II, § 2103(f), Sept. 30, 1996, 110 Stat. 3009–401; Pub. L. 111–203, title X, § 1098(11), July 21, 2010, 124 Stat. 2104.) Editorial Notes AMENDMENTS 2010—Pub. L. 111–203, § 1098(11)(A), substituted ‘‘Bu- reau’’ for ‘‘Secretary’’ in section catchline. Subsec. (a). Pub. L. 111–203, § 1098(11)(B), substituted ‘‘Bureau’’ for ‘‘Secretary’’. Subsecs. (b), (c). Pub. L. 111–203, § 1098(11)(C), sub- stituted ‘‘the Bureau’’ for ‘‘the Secretary’’ wherever appearing. 1996—Subsec. (d). Pub. L. 104–208 added subsec. (d). 1983—Subsec. (c). Pub. L. 98–181 added subsec. (c). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the des- ignated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees. EFFECTIVE DATE OF 1983 AMENDMENT Amendment by Pub. L. 98–181 effective Jan. 1, 1984, see section 461(f) of Pub. L. 98–181, set out as a note under section 2602 of this title. EFFECTIVE DATE Section effective Jan. 2, 1976, see section 12 of Pub. L. 94–205, set out as an Effective Date of 1976 Amendment note under section 2602 of this title. CHAPTER 28—EMERGENCY MORTGAGE RELIEF Sec. 2701. Congressional findings and declaration of pur- pose. 2702. Mortgages eligible for assistance. 2703. Manner of assistance and repayment. 2704. Insurance for emergency mortgage loans and advances. 2705. Emergency mortgage relief payments. 2706. Emergency Homeowners’ Relief Fund. 2707. Authority of Secretary. 2708. Expiration date. 2709, 2710. Repealed. 2711. Nonapplicability of other laws. 2712. Repealed. § 2701. Congressional findings and declaration of purpose (a) The Congress finds that— (1) the Nation is in a severe recession and that the sharp downturn in economic activity has driven large numbers of workers into un- employment and has reduced the incomes of many others; (2) as a result of these adverse economic con- ditions the capacity of many homeowners to