§ 1747h. — Termination of insurance contract by investor.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1747h]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER VII--INSURANCE FOR INVESTMENTS IN RENTAL HOUSING FOR FAMILIES
OF MODERATE INCOME
Sec. 1747h. Termination of insurance contract by investor
The investor, after written notice to the Secretary of his intention
so to do, may terminate, as of the close of any operating year, any
insurance contract made pursuant to this subchapter. The Secretary shall
prescribe the events and conditions under which said Secretary shall
have the option to terminate any insurance contract made pursuant to
this subchapter, and the events and conditions under which said
Secretary may reinstate any insurance contract terminated pursuant to
this section or section 1747g(a) of this title. If any insurance
contract is terminated pursuant to this section, the Secretary may
require the investor to pay an adjusted premium charge in such amount as
the Secretary determines to be equitable, but not in excess of the
aggregate amount of the premium charges which such investor otherwise
would have been required to pay if such insurance contract had not been
so terminated.
(June 27, 1934, ch. 847, title VII, Sec. 709, as added Aug. 10, 1948,
ch. 832, title IV, Sec. 401, 62 Stat. 1280; 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.
1950--Act Apr. 20, 1950, substituted ``Commissioner'' for
``Administrator'' wherever appearing.
