§ 1428. — Examination of State laws, regulations, and procedures; studies of values, etc.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1428]
TITLE 12--BANKS AND BANKING
CHAPTER 11--FEDERAL HOME LOAN BANKS
Sec. 1428. Examination of State laws, regulations, and
procedures; studies of values, etc.
The Board shall cause to be made from time to time examinations of
the laws of the various States of the United States and the regulations
and procedure thereunder governing conditions under which institutions
of the kinds which may become members or nonmember borrowers under this
chapter are permitted to be formed or to do business, or relating to the
conveying or recording of land titles, or to homestead and other rights,
or to the enforcement of the rights of holders of mortgages on lands
securing loans, or otherwise. If any such examination shall indicate, in
the opinion of the Board, that under the laws of any such State or the
regulations or procedure thereunder there would be inadequate protection
to a Federal Home Loan Bank in making or collecting advances under this
chapter, the Board may withhold or limit the operation of any Federal
Home Loan Bank in such State until satisfactory conditions of law,
regulation, or procedure shall be established. In any State where State
examination of members or nonmember borrowers is deemed inadequate for
the purposes of the Federal Home Loan Banks, the Board shall establish
such examination, all or part of the cost of which may be considered as
part of the cost of making advances in such State. The banks and/or the
Board may make studies of trends of home and other property values,
methods of appraisals, and other subjects such as they may deem useful
for the general guidance of their policies and operations and those of
institutions authorized to secure advances.
(July 22, 1932, ch. 522, Sec. 8, 47 Stat. 731; Pub. L. 101-73, title
VII, Sec. 701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412.)
Amendments
1989--Pub. L. 101-73 substituted ``Board'' for ``board'' wherever
appearing.
