12 USC § 2709 - Waiver and relaxation by institutions and approved mortgagees of limitations with respect to mortgage delinquencies; notification to Federal supervisory agency prior to foreclosure proceedings
Each Federal supervisory agency with respect to financial institutions subject to its jurisdiction, and the Secretary, with respect to other approved mortgagees, shall
(1) prior to October 1, 1977, take appropriate action, not inconsistent with laws relating to the safety or soundness of such institutions or mortgagee, as the case may be, to waive or relax limitations pertaining to the operations of such institutions or mortgagees with respect to mortgage delinquencies in order to cause or encourage forebearance in residential mortgage loan foreclosures, and
(2) until one year from July 2, 1975, request each such institution or mortgagee to notify that Federal supervisory agency, the Secretary, and the mortgagor, at least thirty days prior to instituting foreclosure proceedings in connection with any mortgage loan. As used in this chapter the term “Federal supervisory agency” means the Board of Governors of the Federal Reserve System, the Board of Directors of the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Federal Housing Finance Agency, and the National Credit Union Administration.
Pub. L. 111–203, title XIV, §§ 1400(c),
1496(b)(7),July 21, 2010, 124 Stat. 2136, 2209, provided that this section is repealed, effective on the date on which final regulations implementing such repeal take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date. See Effective Date of Repeal note below.
2010—Pub. L. 111–203substituted “Housing Finance Agency” for “Home Loan Bank Board, the Federal Savings and Loan Insurance Corporation”.
1976—Subsec. (a). Pub. L. 94–375substituted “Each” for “Until one year from July 2, 1975, each”, and inserted “prior to October 1, 1977” after “(1)”, and “until one year from July 2, 1975” after “(2)”.
Effective Date of Repeal
Repeal effective on the date on which final regulations implementing such repeal take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) ofPub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section
1601 of Title
15, Commerce and Trade.
Effective Date of 2010 Amendment
Amendment by section 361 ofPub. L. 111–203effective on the transfer date, see section 351 ofPub. L. 111–203, set out as a note under section
906 of Title
2, The Congress.
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 Friday, May 3, 2013
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Statutes at Large
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