§ 1735f-8. — Time of payment of premium charges.
[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-8]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER V--MISCELLANEOUS
Sec. 1735f-8. Time of payment of premium charges
In carrying out the provisions of subchapters I, II, IV,\1\ VII,
VIII, IX-B, and X of this chapter pertaining to the payment of loan or
mortgage insurance premium charges by a financial institution, other
mortgagees, or agent thereof to the Federal Government in connection
with a loan or mortgage insurance program established pursuant to any of
these titles, the Secretary shall require that payment of such premiums
be made (1) in the case of loans or mortgages respecting one- to four-
family residences, promptly upon their receipt from the borrower, and
(2) in any other case, promptly when due to the Secretary; except that
the Secretary may approve payment of such premiums within twenty-four
months of such receipt or due date, as appropriate, if the financial
institution, mortgagee, or agent thereof pays interest, at a rate
specified by the Secretary, to the insurance fund for the period
beginning twenty days after receipt from the borrower or after the due
date, as appropriate, and ending upon payment of the premiums to the
Federal Government.
---------------------------------------------------------------------------
\1\ See References in Text note below.
---------------------------------------------------------------------------
(June 27, 1934, ch. 847, title V, Sec. 530, as added Pub. L. 96-399,
title III, Sec. 320, Oct. 8, 1980, 94 Stat. 1646; amended Pub. L. 98-
181, title IV, Sec. 406, Nov. 30, 1983, 97 Stat. 1210; Pub. L. 101-235,
title I, Sec. 133(d)(5), Dec. 15, 1989, 103 Stat. 2027.)
References in Text
Subchapter IV of this chapter, referred to in text, was repealed by
Pub. L. 101-73, title IV, Sec. 407, Aug. 9, 1989, 103 Stat. 363.
Amendments
1989--Pub. L. 101-235 struck out reference to subchapter IX-A after
reference to subchapter VIII.
1983--Pub. L. 98-181 substituted ``(1) in the case of loans or
mortgages respecting one- to four-family residences, promptly upon their
receipt from the borrower, and (2) in any other case, promptly when due
to the Secretary'' for ``promptly upon their receipt from the
borrower'', inserted ``or due date, as appropriate,'' after ``such
receipt'', and inserted ``or after the due date, as appropriate,''
before ``and ending''.
