§ 1735a. — Prepayment of mortgages by nonprofit educational institutions; refunds.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1735a]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER V--MISCELLANEOUS
Sec. 1735a. Prepayment of mortgages by nonprofit educational
institutions; refunds
(a) Notwithstanding any other provision of this chapter, no adjusted
premium charge shall be collected in connection with the payment in
full, prior to maturity, of any mortgage insured under this chapter, if
the mortgagor certifies to the Secretary that the loan was paid in full
by or on behalf of a nonprofit educational institution which intends to
use the property for educational purposes.
(b) The Secretary shall refund any adjusted premium charge collected
subsequent to July 1, 1962, and prior to September 2, 1964, in
connection with the payment in full, prior to maturity, of any mortgage
insured under this chapter, if the mortgagor under such mortgage makes
the certification prescribed by subsection (a) of this section.
(June 27, 1934, ch. 847, title V, Sec. 517, as added Pub. L. 88-560,
title I, Sec. 120, Sept. 2, 1964, 78 Stat. 782; amended Pub. L. 90-19,
Sec. 1(a)(3), May 25, 1967, 81 Stat. 17.)
Amendments
1967--Subsecs. (a), (b). Pub. L. 90-19 substituted ``Secretary'' for
``Commissioner'' wherever appearing.
