12 U.S. Code § 1715q - Delivery of statement of appraisal or estimates to home buyers

The Secretary is authorized and directed to require that in connection with any property upon which there is located a dwelling designed principally for a single-family residence or a two-family residence and which is approved for mortgage insurance under section 1709 or 1715e of  this  title  with  respect  to  any  property  or project of a corporation or trust of the character described in paragraph (2) of subsection (a) ofsection 1715e of this title, or sections 1715k, 1715l, 1715m, [1] 1715x, 1715y, 1715z (i), 1715z–2, [1] or 1750b of this title, the seller or builder or such other person as may be designated by the Secretary shall agree to deliver, prior to the sale of the property, to the person purchasing such dwelling for his own occupancy, a written statement setting forth the amount of the appraised value of the property as determined by the Secretary. This section shall not apply in any case where the mortgage involved was insured or the commitment for such insurance was issued prior to August 2, 1954. Notwithstanding the first sentence of this section, the Secretary is authorized to require, in connection with any mortgage where the mortgage amount is computed on the basis of the Secretary’s estimate of the replacement cost of the property, or on the basis of any other estimates of the Secretary, that a written statement setting forth such estimate or estimates, as the case may be, be furnished under this section in lieu of a written statement setting forth the amount of the appraised value of the property.


[1]  See References in Text note below.

Source

(June 27, 1934, ch. 847, title II, § 226, as added Aug. 2, 1954, ch. 649, title I, § 126,68 Stat. 607; amended Pub. L. 85–104, title I, § 115,July 12, 1957, 71 Stat. 298; Pub. L. 87–70, title VI, § 612(j),June 30, 1961, 75 Stat. 182; Pub. L. 90–19, § 1(a)(3), (4),May 25, 1967, 81 Stat. 17; Pub. L. 90–448, title I, § 102(b),Aug. 1, 1968, 82 Stat. 486.)
References in Text

Section 1715m of this title, referred to in text, was repealed by Pub. L. 110–289, div. B, title I, § 2120(a)(5),July 30, 2008, 122 Stat. 2835.
Section 1715z–2 of this title, referred to in text, was repealed by Pub. L. 110–289, div. B, title I, § 2120(a)(6),July 30, 2008, 122 Stat. 2835.
Amendments

1968—Pub. L. 90–448inserted references to sections 1715z (i) and 1715z–2 of this title.
1967—Pub. L. 90–19substituted “Secretary” for “Commissioner” wherever appearing, and “Secretary’s” for “Commissioner’s”.
1961—Pub. L. 87–70inserted references to sections 1715x and 1715y of this title, and substituted “or on the basis of any other estimates of the Commissioner, that a written statement setting forth such estimate or estimates, as the case may be,” for “that a written statement setting forth such estimate”.
1957—Pub. L. 85–104inserted sentence authorizing estimate of replacement cost in lieu of an estimate of value where mortgage amount is based upon replacement cost.

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.


24 CFR - Housing and Urban Development

24 CFR Part 200 - INTRODUCTION TO FHA PROGRAMS

 

LII has no control over and does not endorse any external Internet site that contains links to or references LII.