§ 4115. — Timetable for approval of plan of action.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4115]
TITLE 12--BANKS AND BANKING
CHAPTER 42--LOW-INCOME HOUSING PRESERVATION AND RESIDENT HOMEOWNERSHIP
SUBCHAPTER I--PREPAYMENT OF MORTGAGES INSURED UNDER NATIONAL HOUSING ACT
Sec. 4115. Timetable for approval of plan of action
(a) Notification of deficiencies
Not later than 60 days after receipt of a plan of action, the
Secretary shall notify the owner in writing of any deficiencies that
prevent the plan of action from being approved. If deficiencies are
found, such notice shall describe alternative ways in which the plan may
be revised to meet the criteria for approval.
(b) Notification of approval
(1) In general
Not later than 180 days after receipt of a plan of action, or
such longer period as the owner requests, the Secretary shall notify
the owner in writing whether the plan of action, including any
revisions, is approved. If approval is withheld, the notice shall
describe--
(A) the reasons for withholding approval; and
(B) the actions that could be taken to meet the criteria for
approval.
(2) Opportunity to revise
The Secretary shall subsequently give the owner a reasonable
opportunity to revise the plan of action and seek approval.
(c) Delayed approval
If the Secretary does not approve a plan of action within the period
under subsection (b) of this section, the Secretary shall provide
incentives and assistance under this subchapter in the amount that the
owner would have received if the Secretary had complied with such time
limitations. The preceding sentence shall not apply if the plan of
action was not approved because of deficiencies. An owner may bring an
action in the appropriate Federal district court to enforce this
subsection.
(Pub. L. 100-242, title II, Sec. 225, as added Pub. L. 101-625, title
VI, Sec. 601(a), Nov. 28, 1990, 104 Stat. 4266.)
