Notes on 12 U.S.C. § 2601 : US Code - Notes

Search Notes on 12 U.S.C. § 2601 : US Code - Notes

(Pub. L. 93-533, Sec. 2, Dec. 22, 1974, 88 Stat. 1724.)
REFERENCES IN TEXT
This chapter, referred to in subsec. (b), was in the original
"this Act", meaning Pub. L. 93-533, Dec. 22, 1974, 88 Stat. 1724,
as amended, known as the Real Estate Settlement Procedures Act of
1974, which is classified principally to this chapter (Sec. 2601 et
seq.). For complete classification of this Act to the Code, see
Short Title note below and Tables.
CHANGE OF NAME
Reference to Administrator of Veterans' Affairs deemed to refer
to Secretary of Veterans Affairs pursuant to section 10 of Pub. L.
100-527, set out as a Department of Veterans Affairs Act note under
section 301 of Title 38, Veterans' Benefits.
EFFECTIVE DATE
Section 20, formerly 19, of Pub. L. 93-533, as renumbered by Pub.
L. 94-205, Sec. 10, Jan. 2, 1976, 89 Stat. 1159, provided that:
"The provisions of this Act, and the amendments made thereby [see
Short Title note below], shall become effective one hundred and
eighty days after the date of the enactment of this Act [Dec. 22,
1974]."
SHORT TITLE OF 1976 AMENDMENT
Section 1 of Pub. L. 94-205, Jan. 2, 1976, 89 Stat. 1157,
provided: "That this Act [enacting section 2617 of this title,
amending sections 2602, 2603, 2604, 2607, 2609 and 2616 of this
title and section 1631 of Title 15, Commerce and Trade, repealing
sections 2605 and 2606 of this title, enacting provisions set out
as a note under section 2602 of this title and amending provisions
set out as a note under this section] may be cited as the 'Real
Estate Settlement Procedures Act Amendments of 1975'."
SHORT TITLE
Section 1 of Pub. L. 93-533 provided that: "This Act [enacting
this chapter and sections 1730f and 1831b of this title and
provisions set out as notes under this section and section 1730f of
this title] may be cited as the 'Real Estate Settlement Procedures
Act of 1974'."
SIMPLIFICATION AND UNIFICATION OF DISCLOSURES REQUIRED UNDER RESPA
AND TILA FOR MORTGAGE TRANSACTIONS
Pub. L. 104-208, div. A, title II, Sec. 2101, Sept. 30, 1996, 110
Stat. 3009-398, provided that:
"(a) In General. - With respect to credit transactions which are
subject to the Real Estate Settlement Procedures Act of 1974 [12
U.S.C. 2601 et seq.] and the Truth in Lending Act [15 U.S.C. 1601
et seq.], the Board of Governors of the Federal Reserve System
(hereafter in this section referred to as the 'Board') and the
Secretary of Housing and Urban Development (hereafter in this
section referred to as the 'Secretary') shall take such action as
may be necessary before the end of the 6-month period beginning on
the date of enactment of this Act [Sept. 30, 1996] -
"(1) to simplify and improve the disclosures applicable to such
transactions under such Acts, including the timing of the
disclosures; and
"(2) to provide a single format for such disclosures which will
satisfy the requirements of each such Act with respect to such
transactions.
"(b) Regulations. - To the extent that it is necessary to
prescribe any regulation in order to effect any changes required to
be made under subsection (a), the proposed regulation shall be
published in the Federal Register before the end of the 6-month
period referred to in subsection (a).
"(c) Recommendations for Legislation. - If the Board and the
Secretary find that legislative action may be necessary or
appropriate in order to simplify and unify the disclosure
requirements under the Real Estate Settlement Procedures Act of
1974 [12 U.S.C. 2601 et seq.] and the Truth in Lending Act [15
U.S.C. 1601 et seq.], the Board and the Secretary shall submit a
report containing recommendations to the Congress concerning such
action."