§ 1747b. — Premium charges; fees for examination and inspection.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1747b]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER VII--INSURANCE FOR INVESTMENTS IN RENTAL HOUSING FOR FAMILIES
OF MODERATE INCOME
Sec. 1747b. Premium charges; fees for examination and inspection
(a) For insurance granted pursuant to this subchapter the Secretary
shall fix and collect a premium charge in an amount not exceeding one-
half of 1 per centum of the outstanding investment for the operating
year for which such premium charge is payable without taking into
account the excess earnings, if any, applied, in addition to the minimum
annual amortization charge, to amortization of the outstanding
investment. Such premium charge shall be payable annually in advance by
the investor, either in cash or in debentures issued by the Secretary
under this subchapter at par plus accrued interest: Provided, That, if
in any operating year the gross income shall be less than the operating
expenses, the premium charge payable during such operating year shall be
waived, but only to the extent of the amount of the difference between
such expenses and such income and subject to subsequent payment out of
any excess earnings as hereinafter provided.
(b) With respect to any project offered for insurance under this
subchapter, the Secretary is authorized to charge and collect reasonable
fees for examination, and for inspection during the construction of the
project: Provided, That such fees shall not aggregate more than one-half
of 1 per centum of the estimated investment.
(June 27, 1934, ch. 847, title VII, Sec. 703, as added Aug. 10, 1948,
ch. 832, title IV, Sec. 401, 62 Stat. 1277; amended Apr. 20, 1950, ch.
94, title I, Sec. 122, 64 Stat. 59; Pub. L. 90-19, Sec. 1(a)(3), May 25,
1967, 81 Stat. 17.)
Amendments
1967--Pub. L. 90-19 substituted ``Secretary'' for ``Commissioner''
wherever appearing in subsecs. (a) and (b).
1950--Act Apr. 20, 1950, substituted ``Commissioner'' for
``Administrator'' wherever appearing.
Section Referred to in Other Sections
This section is referred to in section 1747l of this title.
