[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3704]
TITLE 12--BANKS AND BANKING
CHAPTER 38--MULTIFAMILY MORTGAGE FORECLOSURE
Sec. 3704. Foreclosure commissioner; designation, duties, etc.
A foreclosure commissioner or commissioners designated pursuant to
this chapter shall have a nonjudicial power of sale as provided in this
chapter. Where the Secretary is the holder of a multifamily mortgage,
the Secretary may designate a foreclosure commissioner and, with or
without cause, may designate a substitute foreclosure commissioner to
replace a previously designated foreclosure commissioner, by executing a
duly acknowledged, written designation stating the name and business or
residential address of the commissioner or substitute commissioner. The
designation shall be effective upon execution. Except as provided in
section 3707(b) of this title, a copy of the designation shall be mailed
with each copy of the notice of default and foreclosure sale served by
mail in accordance with section 3708(1) of this title. The foreclosure
commissioner, if a natural person, shall be a resident of the State in
which the security property is located and, if not a natural person, the
foreclosure commissioner must be duly authorized to transact business
under the laws of the State in which the security property is located.
The foreclosure commissioner shall be a person who is responsible,
financially sound and competent to conduct the foreclosure. More than
one foreclosure commissioner may be designated. If a natural person is
designated as foreclosure commissioner or substitute foreclosure
commissioner, such person shall be designated
