§ 1749aaa-1. — Premiums and other 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: 12USC1749aaa-1]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER IX-B--MORTGAGE INSURANCE FOR GROUP PRACTICE FACILITIES AND
MEDICAL PRACTICE FACILITIES
Sec. 1749aaa-1. Premiums and other charges
The Secretary shall fix premium charges for the insurance of
mortgages under this subchapter, but such charges shall not be more than
1 per centum per annum of the amount of the principal obligation of the
mortgage outstanding at any time, without taking into account delinquent
payments or prepayments. In addition to the premium charge, the
Secretary is authorized to charge and collect such amounts as he may
deem reasonable for the analysis of a proposed project and the appraisal
and inspection of the property and improvements. Where the principal
obligation of any mortgage accepted for insurance under this subchapter
is paid in full prior to the maturity date, the Secretary is authorized
to require the payment by the mortgagee of an adjusted premium charge.
This charge shall be in such amount as the Secretary determines to be
equitable, but not in excess of the aggregate amount of the premium
charges that the mortgagee would otherwise have been required to pay if
the mortgage had continued to be insured until the maturity date. Where
such prepayment occurs, the Secretary is authorized to refund to the
mortgagee for the account of the mortgagor all, or such portion as he
shall determine to be equitable, of the current unearned premium charges
theretofore paid. Premium charges fixed under this section shall be
payable by the mortgagee either in cash, or in debentures which are the
obligation of the General Insurance Fund at par plus accrued interest,
at such times and in such manner as may be prescribed by the Secretary.
(June 27, 1934, ch. 847, title XI, Sec. 1102, as added Pub. L. 89-754,
title V, Sec. 502(a), Nov. 3, 1966, 80 Stat. 1275.)
