§ 1701l. — Limitation on interest rates of insured mortgages; terms of sales.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1701l]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
Sec. 1701l. Limitation on interest rates of insured mortgages;
terms of sales
It is the intent of Congress that no sale of a dwelling on which a
mortgage is insured under the National Housing Act, as amended [12
U.S.C. 1701 et seq.], shall be financed, while such mortgage is so
insured, at an interest rate higher than that prescribed by the
Secretary of Housing and Urban Development. It is the further intent of
Congress that no such sale shall be made, while such mortgage is so
insured, on terms less favorable to the purchaser as to amortization,
retirement, foreclosure, or forfeiture than those contained in such
mortgage.
(Apr. 20, 1950, ch. 94, title V, Sec. 508, 64 Stat. 81; Pub. L. 90-19,
Sec. 8(e), May 25, 1967, 81 Stat. 22.)
References in Text
The National Housing Act, as amended, referred to in text, is act
June 27, 1934, ch. 847, 48 Stat. 1246, as amended, which is classified
principally to this chapter (Sec. 1701 et seq.). For complete
classification of this Act to the Code, see section 1701 of this title
and Tables.
Codification
Section was enacted as part of the Housing Act of 1950, and not as
part of the National Housing Act which comprises this chapter.
Amendments
1967--Pub. L. 90-19 substituted ``Secretary of Housing and Urban
Development'' for ``Federal Housing Commissioner''.