§ 1441a-3. — RTC and FDIC properties.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1441a-3]
TITLE 12--BANKS AND BANKING
CHAPTER 11--FEDERAL HOME LOAN BANKS
Sec. 1441a-3. RTC and FDIC properties
(a) Reports
(1) Submission
The Resolution Trust Corporation and the Federal Deposit
Insurance Corporation shall each submit to the Congress for each
year a report identifying and describing any property that is
covered property of the corporation concerned as of September 30 of
such year. The report shall be submitted on or before March 30 of
the following year.
(2) Consultation
In preparing the reports required under this subsection, each
corporation concerned may consult with the Secretary of the Interior
for purposes of identifying the properties described in paragraph
(1).
(b) Limitation on transfer
(1) Notice
The Resolution Trust Corporation and the Federal Deposit
Insurance Corporation may not sell or otherwise transfer any covered
property unless the corporation concerned causes to be published in
the Federal Register a notice of the availability of the property
for purchase or other transfer that identifies the property and
describes the location, characteristics, and size of the property.
(2) Expression of serious interest
During the 90-day period beginning on the date that notice under
paragraph (1) concerning a covered property is first published, any
governmental agency or qualified organization may submit to the
corporation concerned a written notice of serious interest for the
purchase or other transfer of a particular covered property for
which notice has been published. The notice of serious interest
shall be in such form and include such information as the
corporation concerned may prescribe.
(3) Prohibition of transfer
During the period under paragraph (2), a corporation concerned
may not sell or otherwise transfer any covered property for which
notice has been published under paragraph (1). Upon the expiration
of such period, the corporation concerned may sell or otherwise
transfer any covered property for which notice under paragraph (1)
has been published if a notice of serious interest under paragraph
(2) concerning the property has not been timely submitted.
(4) Offers and permitted transfer
If a notice of serious interest in a covered property is timely
submitted pursuant to paragraph (2), the corporation concerned may
not sell or otherwise transfer such covered property during the 90-
day period beginning upon the expiration of the period under
paragraph (2) except to a governmental agency or qualified
organization for use primarily for wildlife refuge, sanctuary, open
space, recreational, historical, cultural, or natural resource
conservation purposes, unless all notices of serious interest under
paragraph (2) have been withdrawn.
(c) Definitions
For purposes of this section:
(1) Corporation concerned
The term ``corporation concerned'' means--
(A) the Federal Deposit Insurance Corporation, with respect
to matters relating to the Federal Deposit Insurance
Corporation; and
(B) the Resolution Trust Corporation, with respect to
matters relating to the Resolution Trust Corporation.
(2) Covered property
The term ``covered property'' means any property--
(A) to which--
(i) the Resolution Trust Corporation has acquired title
in its corporate or receivership capacity; or
(ii) the Federal Deposit Insurance Corporation has
acquired title in its corporate capacity or which was
acquired by the former Federal Savings and Loan Insurance
Corporation in its corporate capacity; and
(B) that--
(i) is located within the John H. Chafee Coastal Barrier
Resources System; or
(ii) is undeveloped, greater than 50 acres in size, and
adjacent to or contiguous with any lands managed by a
governmental agency primarily for wildlife refuge,
sanctuary, open space, recreational, historical, cultural,
or natural resource conservation purposes.
(3) Governmental agency
The term ``governmental agency'' means any agency or entity of
the Federal Government or a State or local government.
(4) Undeveloped
The term ``undeveloped'' means--
(A) containing few manmade structures and having geomorphic
and ecological processes that are not significantly impeded by
any such structures or human activity; and
(B) having natural, cultural, recreational, or scientific
value of special significance.
(Pub. L. 101-591, Sec. 10, Nov. 16, 1990, 104 Stat. 2939; Pub. L. 106-
167, Sec. 3(c)(5), Dec. 9, 1999, 113 Stat. 1804.)
Codification
Section was enacted as part of the Coastal Barrier Improvement Act
of 1990, and not as part of the Federal Home Loan Bank Act which
comprises this chapter.
Amendments
1999--Subsec. (c)(2)(B)(i). Pub. L. 106-167 substituted ``John H.
Chafee Coastal Barrier Resources System'' for ``Coastal Barrier
Resources System''.
Termination of Reporting Requirements
For termination, effective May 15, 2000, of provisions in subsec.
(a)(1) of this section requiring submittal of an annual report to
Congress, see section 3003 of Pub. L. 104-66, as amended, set out as a
note under section 1113 of Title 31, Money and Finance, and pages 168
and 190 of House Document No. 103-7.