12 U.S.C. § 1422 : US Code - Section 1422: Definitions

Search 12 U.S.C. § 1422 : US Code - Section 1422: Definitions

As used in this chapter -
(1) Board. - The terms "Finance Board" and "Board" mean the
Federal Housing Finance Board established under section 1422a of
this title.
(2)(A) Bank. - The term "Federal Home Loan Bank" or "Bank"
means a bank established under the authority of this chapter.
(B) Bank system. - The term "Federal Home Loan Bank System"
means the Federal Home Loan Banks under the supervision of the
Board.
(3) State. - The term "State", in addition to the States of the
United States, includes the District of Columbia, Guam, Puerto
Rico, the United States Virgin Islands, American Samoa, and the
Commonwealth of the Northern Mariana Islands.
(4) The term "member" means any institution which has
subscribed for the stock of a Federal Home Loan Bank.
(5) The term "home mortgage loan" means a loan made by a member
upon the security of a home mortgage.
(6) The term "home mortgage" means a mortgage upon real estate,
in fee simple, or on a leasehold (1) under a lease for not less
than ninety-nine years which is renewable or (2) under a lease
having a period of not less than fifty years to run from the date
the mortgage was executed, upon which is located, or which
comprises or includes, one or more homes or other dwelling units,
all of which may be defined by the Board and shall include, in
addition to first mortgages, such classes of first liens as are
commonly given to secure advances on real estate by institutions
authorized under this chapter to become members, under the laws
of the State in which the real estate is located, together with
the credit instruments, if any, secured thereby.
(7) The term "unpaid principal," when used in respect of a loan
secured by a home mortgage means the principal thereof less the
sum of (1) payments made on such principal, and (2) in cases
where shares or stock are pledged as security for the loan, the
payments made on such shares or stock plus earnings or dividends
apportioned or credited thereon.
(8) An "amortized" or "installment" home mortgage loan shall,
for the purposes of this chapter, be a home mortgage loan to be
repaid or liquidated in not less than eight years by means of
regular weekly, monthly, or quarterly payments made directly in
reduction of the debt or upon stock or shares pledged as
collateral for the repayment of such loan.
(9) Savings association. - The term "savings association" has
the meaning given to such term in section 3 of the Federal
Deposit Insurance Act [12 U.S.C. 1813].
(10) Chairperson. - The term "Chairperson" means the
Chairperson of the Board.
(11) Secretary. - The term "Secretary" means the Secretary of
Housing and Urban Development.
(12) Insured depository institution. - The term "insured
depository institution" means -
(A) an insured depository institution (as defined in section
3 of the Federal Deposit Insurance Act [12 U.S.C. 1813]), and
(B) except as used in sections 1441a and 1441b of this title,
an insured credit union (as defined in section 1752 of this
title).
(13) Community financial institution. -
(A) In general. - The term "community financial institution"
means a member -
(i) the deposits of which are insured under the Federal
Deposit Insurance Act [12 U.S.C. 1811 et seq.]; and
(ii) that has, as of the date of the transaction at issue,
less than $500,000,000 in average total assets, based on an
average of total assets over the 3 years preceding that date.
(B) Adjustments. - The $500,000,000 limit referred to in
subparagraph (A)(ii) shall be adjusted annually by the Finance
Board, based on the annual percentage increase, if any, in the
Consumer Price Index for all urban consumers, as published by
the Department of Labor.