Notwithstanding any other provision of this chapter and with respect to any loan or mortgage heretofore or hereafter insured under this chapter, except under section
1703 of this title and except as specified under section
1715z–15 of this title and subtitle B of the Emergency Low Income Housing Preservation Act of 1987,, the Secretary is authorized to terminate any insurance contract upon request by the borrower or mortgagor and the financial institution or mortgagee and upon payment of such termination charge as the Secretary determines to be equitable, taking into consideration the necessity of protecting the various insurance Funds. Upon such termination, borrowers and mortgagors and financial institutions and mortgagees shall be entitled to the rights, if any, to which they would be entitled under this chapter if the insurance contract were terminated by payment in full of the insured loan or mortgage.
This chapter, referred to in text, was in the original “this Act”, meaning act June 27, 1934, ch. 847, 48 Stat. 1246, which is classified principally to this chapter (§ 1701 et seq.). For complete classification of this Act to the Code, see Tables.
The Emergency Low Income Housing Preservation Act of 1987, referred to in text, is title II of Pub. L. 100–242, Feb. 5, 1988, 101 Stat. 1877, which, as amended by Pub. L. 101–625, is known as the Low-Income Housing Preservation and Resident Homeownership Act of 1990. Subtitle B of title II, which was formerly set out as a note under section
1715l of this title and which amended section
1715z–6 of this title, was amended generally by Pub. L. 101–625and is classified generally to subchapter I (§ 4101 et seq.) of chapter
42 of this title. For complete classification of this Act to the Code, see Short Title note set out under section
4101 of this title and Tables.
1989—Pub. L. 101–235inserted “and except as specified under section
1715z–15 of this title and subtitle B of the Emergency Low Income Housing Preservation Act of 1987,” after “section
1703 of this title”.
1967—Pub. L. 90–19substituted “Secretary” for “Commissioner” wherever appearing.
1965—Pub. L. 89–117struck out “and Accounts” after “various Insurance Funds”.
1961—Pub. L. 87–70amended section generally, authorizing voluntary termination of insurance contracts with respect to loans insured under this chapter.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.