§ 1735f-17. — Examinations and sanctions for certain violations.
[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-17]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER V--MISCELLANEOUS
Sec. 1735f-17. Examinations and sanctions for certain violations
(a) Examinations and sanctions
(1) In connection with any examination of a mortgagee approved by
the Secretary pursuant to this chapter, the Secretary shall assess the
performance of the mortgagee in meeting the requirements of sections
1709(t),\1\ 1715n(a)(7)(B),\1\ and 1735f-13 of this title. Where the
Secretary determines that a mortgagee is not in compliance with these
requirements, the Secretary shall refer the matter to the Mortgagee
Review Board for investigation and appropriate action.
---------------------------------------------------------------------------
\1\ See References in Text note below.
---------------------------------------------------------------------------
(2) Not later than 180 days after November 28, 1990, the Secretary
shall by notice establish a procedure under which (A) any person may
file a request that the Secretary determine whether a mortgagee is in
compliance with sections 1709(t),\1\ 1715n(a)(7)(B),\1\ and 1735f-13 of
this title, (B) the Secretary shall inform the person of the disposition
of the request, and (C) the Secretary shall publish in the Federal
Register the disposition of any case referred by the Secretary to the
Mortgagee Review Board. Such procedures shall be established by
regulation under section 553 of title 5. The Secretary shall issue
regulations based on the initial notice before the expiration of the 8-
month period beginning on the date of the notice.
(3) Omitted.
(b) Monitoring and review
The Secretary shall continually monitor and undertake a thorough
review of the implementation of this section to assess the impact of the
section on the lending practices of mortgagees and the availability of
mortgages insured under this chapter. The Secretary shall monitor the
availability of credit, the number and type of lenders participating in
the program, whether there is any change in the composition or practices
of such lenders and any other factors the Secretary considers
appropriate. The Secretary shall submit to the Congress findings
detailing the results of such monitoring and review not later than 18
months after November 28, 1990.
(June 27, 1934, ch. 847, title V, Sec. 539, as added Pub. L. 101-625,
title III, Sec. 330(b), Nov. 28, 1990, 104 Stat. 4139.)
References in Text
Section 1709(t) of this title, referred to in subsec. (a)(1), (2),
was redesignated section 1709(u) of this title by Pub. L. 106-377,
Sec. 1(a)(1) [title II, Sec. 209(a)(1)], Oct. 27, 2000, 114 Stat. 1441,
1441A-25.
Section 1715n(a)(7)(B) of this title, referred to in subsec. (a)(1),
(2), was redesignated section 1715n(a)(7)(A)(ii) of this title by Pub.
L. 107-116, title VI, Sec. 615(3), Jan. 10, 2002, 115 Stat. 2225.
Codification
Paragraph (3) of subsection (a), which required the Secretary to
submit to Congress, not less than annually, a report on actions taken to
carry out this section, terminated, effective May 15, 2000, pursuant to
section 3003 of Pub. L. 104-66, as amended, set out as a note under
section 1113 of Title 31, Money and Finance. See, also, page 103 of
House Document No. 103-7.
Section Referred to in Other Sections
This section is referred to in section 1709 of this title; title 42
section 3535.
