§ 1715q. — Delivery of statement of appraisal or estimates to home buyers.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1715q]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER II--MORTGAGE INSURANCE
Sec. 1715q. Delivery of statement of appraisal or estimates to
home buyers
The Secretary is authorized and directed to require that in
connection with any property upon which there is located a dwelling
designed principally for a single-family residence or a two-family
residence and which is approved for mortgage insurance under section
1709 or 1715e of this title with respect to any property or
project of a corporation or trust of the character described in
paragraph (2) of subsection (a) of section 1715e of this title, or
sections 1715k, 1715l, 1715m, 1715x, 1715y, 1715z(i), 1715z-2, or 1750b
of this title, the seller or builder or such other person as may be
designated by the Secretary shall agree to deliver, prior to the sale of
the property, to the person purchasing such dwelling for his own
occupancy, a written statement setting forth the amount of the appraised
value of the property as determined by the Secretary. This section shall
not apply in any case where the mortgage involved was insured or the
commitment for such insurance was issued prior to August 2, 1954.
Notwithstanding the first sentence of this section, the Secretary is
authorized to require, in connection with any mortgage where the
mortgage amount is computed on the basis of the Secretary's estimate of
the replacement cost of the property, or on the basis of any other
estimates of the Secretary, that a written statement setting forth such
estimate or estimates, as the case may be, be furnished under this
section in lieu of a written statement setting forth the amount of the
appraised value of the property.
(June 27, 1934, ch. 847, title II, Sec. 226, as added Aug. 2, 1954, ch.
649, title I, Sec. 126, 68 Stat. 607; amended Pub. L. 85-104, title I,
Sec. 115, July 12, 1957, 71 Stat. 298; Pub. L. 87-70, title VI,
Sec. 612(j), June 30, 1961, 75 Stat. 182; Pub. L. 90-19, Sec. 1(a)(3),
(4), May 25, 1967, 81 Stat. 17; Pub. L. 90-448, title I, Sec. 102(b),
Aug. 1, 1968, 82 Stat. 486.)
Amendments
1968--Pub. L. 90-448 inserted references to sections 1715z(i) and
1715z-2 of this title.
1967--Pub. L. 90-19 substituted ``Secretary'' for ``Commissioner''
wherever appearing, and ``Secretary's'' for ``Commissioner's''.
1961--Pub. L. 87-70 inserted references to sections 1715x and 1715y
of this title, and substituted ``or on the basis of any other estimates
of the Commissioner, that a written statement setting forth such
estimate or estimates, as the case may be,'' for ``that a written
statement setting forth such estimate''.
1957--Pub. L. 85-104 inserted sentence authorizing estimate of
replacement cost in lieu of an estimate of value where mortgage amount
is based upon replacement cost.
Section Referred to in Other Sections
This section is referred to in section 1709 of this title.
