§ 1735f-12. — Assurance of adequate processing of applications for loan and mortgage insurance.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1735f-12]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER V--MISCELLANEOUS
Sec. 1735f-12. Assurance of adequate processing of applications
for loan and mortgage insurance
(a) State offices
In order to ensure the adequate processing of applications for
insurance of loans and mortgages under this chapter, the Secretary shall
maintain not less than one office in each State to carry out the
provisions of this chapter.
(b) Expedited procedure for RTC properties
To assist the Resolution Trust Corporation in disposing of the
property to which it acquires title and to ensure the timely processing
of applications for insurance of loans and mortgages under this chapter
that will be used to purchase multifamily residential property from the
Resolution Trust Corporation, the Secretary shall establish an expedited
procedure for considering such applications.
(June 27, 1934, ch. 847, title V, Sec. 534, as added Pub. L. 100-242,
title IV, Sec. 418, Feb. 5, 1988, 101 Stat. 1912; amended Pub. L. 102-
550, title V, Sec. 512(a), Oct. 28, 1992, 106 Stat. 3786.)
Amendments
1992--Pub. L. 102-550 designated existing provisions as subsec. (a),
inserted heading, and added subsec. (b).
Regulations
Section 512(b) of Pub. L. 102-550 provided that: ``The procedure
referred to in the amendment made by subsection (a) [amending this
section] shall be established through interim and final regulations
issued by the Secretary. The Secretary shall issue interim regulations
implementing the procedure not later than the expiration of the 90-day
period beginning on the date of the enactment of this Act [Oct. 28,
1992], which shall be effective upon issuance. The Secretary shall issue
final regulations after notice and opportunity for public comment
pursuant to the provisions of section 553 of title 5, United States Code
(notwithstanding subsections (a)(2), (b)(B), and (d)(3) of such
section).''
