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§ 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''.



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