If, under any law of the United States, loans and mortgages insured under title I or title II of the National Housing Act are exempt from the application of the provisions of any State constitution or law
(1) limiting the rate or amount of interest, discount points, or other charges which may be charged, taken, received, or reserved by lenders,
(2) restricting the manner of calculating such interest (including prohibition of the charging of interest on interest), or
(3) requiring a minimum amortization of principal, then loans guaranteed or insured under this chapter are also exempt from the application of such provisions.
The National Housing Act, referred to in text, is act June 27, 1934, ch. 847, 48 Stat. 1246, as amended. Titles I and II of the Act are classified generally to subchapters I (§ 1702 et seq.) and II (§ 1707 et seq.), respectively, of chapter
13 of Title
12, Banks and Banking. For complete classification of this Act to the Code, see section
1701 of Title
12 and Tables.
1991—Pub. L. 102–83renumbered section
1828 of this title as this section.
1981—Pub. L. 97–66designated as cl. (1) existing provisions relating to the limiting of rates or amounts of interest, discount points, or other charges which may be charged, taken, received, or reserved by lenders, and added cls. (2) and (3).
Section effective Nov. 28, 1979, see section 601(b) ofPub. L. 96–128, set out as an Effective Date of 1979 Amendment note under section
1114 of this title.
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.
Description of Change
Statutes at Large
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