Notes on 12 U.S.C. § 2602 : US Code - Notes

Search Notes on 12 U.S.C. § 2602 : US Code - Notes

(Pub. L. 93-533, Sec. 3, Dec. 22, 1974, 88 Stat. 1724; Pub. L. 94-
205, Sec. 2, Jan. 2, 1976, 89 Stat. 1157; Pub. L. 98-181, title
IV, Sec. 461(a), Nov. 30, 1983, 97 Stat. 1230; Pub. L. 102-550,
title IX, Sec. 908(a), (b), Oct. 28, 1992, 106 Stat. 3873, 3874;
Pub. L. 104-208, div. A, title II, Sec. 2103(c)(1), Sept. 30, 1996,
110 Stat. 3009-400.)
AMENDMENTS
1996 - Par. (7). Pub. L. 104-208 substituted "affiliated business
arrangement" for "controlled business arrangement".
1992 - Par. (1)(A). Pub. L. 102-550, Sec. 908(b), inserted "or
subordinate" after "first" and ", including any such secured loan,
the proceeds of which are used to prepay or pay off an existing
loan secured by the same property" after "families".
Par. (3). Pub. L. 102-550, Sec. 908(a), inserted "the origination
of a federally related mortgage loan (including, but not limited
to, the taking of loan applications, loan processing, and the
underwriting and funding of loans)," after "broker,".
1983 - Pars. (7), (8). Pub. L. 98-181 added pars. (7) and (8).
1976 - Par. (1). Pub. L. 94-205, Sec. 2(1), inserted "(other than
temporary financing such as a construction loan)" in introductory
text.
Par. (1)(A). Pub. L. 94-205, Sec. 2(2), inserted "a first lien
on" after "is secured by".
Par. (1)(B)(iii). Pub. L. 94-205, Sec. 2(3)-(5), substituted "is
intended to be sold by the originating lender to" for "is eligible
for purchase by" and "a" and "is to" for "from any" and "could",
respectively, and struck out "or" after "the Government National
Mortgage Association".
Par. (1)(B)(iv). Pub. L. 94-205, Sec. 2(6), inserted ", except
that for the purpose of this chapter, the term 'creditor' does not
include any agency or instrumentality of any State" after "more
than $1,000,000 per year".
EFFECTIVE DATE OF 1992 AMENDMENT
Section 908(d) of Pub. L. 102-550 provided that: "This section
[amending this section and enacting provisions set out below] shall
take effect on the date of enactment of this Act [Oct. 28, 1992]
and shall not apply retroactively."
EFFECTIVE DATE OF 1983 AMENDMENT
Section 461(f) of Pub. L. 98-181 provided that: "The amendments
made by this section [amending this section and sections 2607,
2614, and 2617 of this title] shall become effective on January 1,
1984."
EFFECTIVE DATE OF 1976 AMENDMENT
Section 12 of Pub. L. 94-205 provided that: "The provisions of
this Act and the amendments made hereby [enacting section 2617 of
this title, amending this section, sections 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, and enacting
and amending provisions set out as notes under section 2601 of this
title] shall become effective upon enactment [Jan. 2, 1976]. The
Secretary may suspend for up to one hundred and eighty days from
the date of enactment of this Act [Jan. 2, 1976] any provision of
section 4 and section 5 of the Real Estate Settlement Procedures
Act of 1974 [sections 2603 and 2604 of this title], as amended by
this Act."
REGULATIONS
Section 908(c) of Pub. L. 102-550 provided that: "The Secretary
of Housing and Urban Development shall issue regulations to
implement the amendments made by this section [amending this
section] not later than the expiration of the 180-day period
beginning on the date of the enactment of this Act [Oct. 28, 1992].
The regulations shall be issued after notice and opportunity for
public comment pursuant to the provisions of section 553 of title
5, United States Code (notwithstanding subsections (a)(2), (b)(B),
and (d)(3) of such section)."