12 U.S.C. § 1747k — Rules and regulations

Page 824 TITLE 12—BANKS AND BANKING § 1747h CODIFICATION In subsec. (h), ‘‘section 6101 of title 41’’ substituted for ‘‘section 3709 of the Revised Statutes’’ on authority of Pub. L. 111–350, § 6(c), Jan. 4, 2011, 124 Stat. 3854, which Act enacted Title 41, Public Contracts. AMENDMENTS 1967—Subsecs. (a) to (f), (h). Pub. L. 90–19 substituted ‘‘Secretary’’ for ‘‘Commissioner’’ wherever appearing. 1965—Subsecs. (c), (e), (g), (h). Pub. L. 89–117 sub- stituted ‘‘General Insurance Fund’’ for ‘‘Housing In- vestment Insurance Fund’’ wherever appearing. 1950—Act Apr. 20, 1950, substituted ‘‘Commissioner’’ for ‘‘Administrator’’ wherever appearing. § 1747h. Termination of insurance contract by in- vestor The investor, after written notice to the Sec- retary of his intention so to do, may terminate, as of the close of any operating year, any insur- ance contract made pursuant to this subchapter. The Secretary shall prescribe the events and conditions under which said Secretary shall have the option to terminate any insurance con- tract made pursuant to this subchapter, and the events and conditions under which said Sec- retary may reinstate any insurance contract terminated pursuant to this section or section 1747g(a) of this title. If any insurance contract is terminated pursuant to this section, the Sec- retary may require the investor to pay an ad- justed premium charge in such amount as the Secretary determines to be equitable, but not in excess of the aggregate amount of the premium charges which such investor otherwise would have been required to pay if such insurance con- tract had not been so terminated. (June 27, 1934, ch. 847, title VII, § 709, as added Aug. 10, 1948, ch. 832, title IV, § 401, 62 Stat. 1280; amended Apr. 20, 1950, ch. 94, title I, § 122, 64 Stat. 59; Pub. L. 90–19, § 1(a)(3), May 25, 1967, 81 Stat. 17.) Editorial Notes AMENDMENTS 1967—Pub. L. 90–19 substituted ‘‘Secretary’’ for ‘‘Com- missioner’’ wherever appearing. 1950—Act Apr. 20, 1950, substituted ‘‘Commissioner’’ for ‘‘Administrator’’ wherever appearing. § 1747i. Repealed. Pub. L. 89–117, title XI, § 1108(aa), Aug. 10, 1965, 79 Stat. 507 Section, act June 27, 1934, ch. 847, title VII, § 710, as added Aug. 10, 1948, ch. 832, title IV, § 401, 62 Stat. 1280; amended Apr. 20, 1950, ch. 94, title I, § 122, 64 Stat. 59, created the Housing Investment Insurance Fund, pro- vided for the transfer of funds thereto, and authorized the payment of claims and the issue and cancellation of debentures. For establishment of the General Insurance Fund, see section 1735c of this title. § 1747j. Taxation of real property Nothing in this subchapter shall be construed to exempt any real property acquired and held by the Secretary under this subchapter from taxation by any State or political subdivision thereof, to the same extent, according to its value, as other real property is taxed. (June 27, 1934, ch. 847, title VII, § 711, as added Aug. 10, 1948, ch. 832, title IV, § 401, 62 Stat. 1281; amended Apr. 20, 1950, ch. 94, title I, § 122, 64 Stat. 59; Pub. L. 90–19, § 1(a)(3), May 25, 1967, 81 Stat. 17.) Editorial Notes AMENDMENTS 1967—Pub. L. 90–19 substituted ‘‘Secretary’’ for ‘‘Com- missioner’’. 1950—Act Apr. 20, 1950, substituted ‘‘Commissioner’’ for ‘‘Administrator’’ wherever appearing. § 1747k. Rules and regulations The Secretary may make such rules and regu- lations as may be necessary or desirable to carry out the provisions of this subchapter, in- cluding, without limiting the foregoing, rules and regulations relating to the maintenance by the investor of books, records, and accounts with respect to the project and the examination of such books, records, and accounts by rep- resentatives of the Secretary; the submission of financial and operating statements and the ap- proval thereof; the submission of claims for pay- ments under insurance contracts, the proof of the validity of such claims, and the payment or disallowance thereof; the increase of the estab- lished investment if the investor shall make capital improvements or additions to the proj- ect; the decrease of the established investment if the investor shall sell part of the project; and the reduction of the outstanding investment for the appropriate operating year or operating years pending the restoration of dwelling or nondwelling facilities damaged by fire or other casualty. With respect to any investor which is subject to supervision or regulation by a State banking, insurance, or other State department or agency, the Secretary may, in carrying out any of his supervisory and regulatory functions with respect to projects insured under this sub- chapter, utilize, contract with, and act through, such department or agency and without regard to section 6101 of title 41. (June 27, 1934, ch. 847, title VII, § 712, as added Aug. 10, 1948, ch. 832, title IV, § 401, 62 Stat. 1281; amended Apr. 20, 1950, ch. 94, title I, § 122, 64 Stat. 59; Pub. L. 90–19, § 1(a)(3), May 25, 1967, 81 Stat. 17.) Editorial Notes CODIFICATION In text, ‘‘section 6101 of title 41’’ substituted for ‘‘sec- tion 3709 of the Revised Statutes’’ on authority of Pub. L. 111–350, § 6(c), Jan. 4, 2011, 124 Stat. 3854, which Act enacted Title 41, Public Contracts. AMENDMENTS 1967—Pub. L. 90–19 substituted ‘‘Secretary’’ for ‘‘Com- missioner’’ wherever appearing. 1950—Act Apr. 20, 1950, substituted ‘‘Commissioner’’ for ‘‘Administrator’’ wherever appearing. § 1747l. Definitions The following terms shall have the meanings, respectively, ascribed to them below, and, unless the context clearly indicates otherwise, shall in- clude the plural as well as the singular number: (a) ‘‘Investor’’ shall mean (1) any natural per- son; (2) any group of not more than ten natural