§ 2803. — Maintenance of records and public disclosure.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC2803]
TITLE 12--BANKS AND BANKING
CHAPTER 29--HOME MORTGAGE DISCLOSURE
Sec. 2803. Maintenance of records and public disclosure
(a) Duty of depository institutions; nature and content of information
(1) Each depository institution which has a home office or branch
office located within a primary metropolitan statistical area,
metropolitan statistical area, or consolidated metropolitan statistical
area that is not comprised of designated primary metropolitan
statistical areas, as defined by the Department of Commerce shall
compile and make available, in accordance with regulations of the Board,
to the public for inspection and copying at the home office, and at
least one branch office within each primary metropolitan statistical
area, metropolitan statistical area, or consolidated metropolitan
statistical area that is not comprised of designated primary
metropolitan statistical areas in which the depository institution has
an office the number and total dollar amount of mortgage loans which
were (A) originated (or for which the institution received completed
applications), or (B) purchased by that institution during each fiscal
year (beginning with the last full fiscal year of that institution which
immediately preceded the effective date of this chapter).
(2) The information required to be maintained and made available
under paragraph (1) shall also be itemized in order to clearly and
conspicuously disclose the following:
(A) The number and dollar amount for each item referred to in
paragraph (1), by census tracts for mortgage loans secured by
property located within any county with a population of more than
30,000, within that primary metropolitan statistical area,
metropolitan statistical area, or consolidated metropolitan
statistical area that is not comprised of designated primary
metropolitan statistical areas, otherwise, by county, for mortgage
loans secured by property located within any other county within
that primary metropolitan statistical area, metropolitan statistical
area, or consolidated metropolitan statistical area that is not
comprised of designated primary metropolitan statistical areas.
(B) The number and dollar amount for each item referred to in
paragraph (1) for all such mortgage loans which are secured by
property located outside that primary metropolitan statistical area,
metropolitan statistical area, or consolidated metropolitan
statistical area that is not comprised of designated primary
metropolitan statistical areas.
For the purpose of this paragraph, a depository institution which
maintains offices in more than one primary metropolitan statistical
area, metropolitan statistical area, or consolidated metropolitan
statistical area that is not comprised of designated primary
metropolitan statistical areas shall be required to make the information
required by this paragraph available at any such office only to the
extent that such information relates to mortgage loans which were
originated or purchased (or for which completed applications were
received) by an office of that depository institution located in the
primary metropolitan statistical area, metropolitan statistical area, or
consolidated metropolitan statistical area that is not comprised of
designated primary metropolitan statistical areas in which the office
making such information available is located. For purposes of this
paragraph, other lending institutions shall be deemed to have a home
office or branch office within a primary metropolitan statistical area,
metropolitan statistical area, or consolidated metropolitan statistical
area that is not comprised of designated primary metropolitan
statistical areas if such institutions have originated or purchased or
received completed applications for at least 5 mortgage loans in such
area in the preceding calendar year.
(b) Itemization of loan data
Any item of information relating to mortgage loans required to be
maintained under subsection (a) of this section shall be further
itemized in order to disclose for each such item--
(1) the number and dollar amount of mortgage loans which are
insured under title II of the National Housing Act [12 U.S.C. 1707
et seq.] or under title V of the Housing Act of 1949 [42 U.S.C. 1471
et seq.] or which are guaranteed under chapter 37 of title 38;
(2) the number and dollar amount of mortgage loans made to
mortgagors who did not, at the time of execution of the mortgage,
intend to reside in the property securing the mortgage loan;
(3) the number and dollar amount of home improvement loans; and
(4) the number and dollar amount of mortgage loans and completed
applications involving mortgagors or mortgage applicants grouped
according to census tract, income level, racial characteristics, and
gender.
(c) Period of maintenance
Any information required to be compiled and made available under
this section, other than loan application register information under
subsection (j) of this section, shall be maintained and made available
for a period of five years after the close of the first year during
which such information is required to be maintained and made available.
(d) Duration of disclosure requirements
Notwithstanding the provisions of subsection (a)(1) of this section,
data required to be disclosed under this section for 1980 and thereafter
shall be disclosed for each calendar year. Any depository institution
which is required to make disclosures under this section but which has
been making disclosures on some basis other than a calendar year basis
shall make available a separate disclosure statement containing data for
any period prior to calendar year 1980 which is not covered by the last
full year report prior to the 1980 calendar year report.
(e) Format for disclosures
Subject to subsection (h) of this section, the Board shall prescribe
a standard format for the disclosures required under this section.
(f) Data disclosure system; operation, etc.
The Federal Financial Institutions Examination Council, in
consultation with the Secretary, shall implement a system to facilitate
access to data required to be disclosed under this section. Such system
shall include arrangements for a central depository of data in each
primary metropolitan statistical area, metropolitan statistical area, or
consolidated metropolitan statistical area that is not comprised of
designated primary metropolitan statistical areas. Disclosure statements
shall be made available to the public for inspection and copying at such
central depository of data for all depository institutions which are
required to disclose information under this section (or which are
exempted pursuant to section 2805(b) of this title) and which have a
home office or branch office within such primary metropolitan
statistical area, metropolitan statistical area, or consolidated
metropolitan statistical area that is not comprised of designated
primary metropolitan statistical areas.
(g) Exceptions
The requirements of subsections (a) and (b) of this section shall
not apply with respect to mortgage loans that are--
(1) made (or for which completed applications are received) by
any mortgage banking subsidiary of a bank holding company or savings
and loan holding company or by any savings and loan service
corporation that originates or purchases mortgage loans; and
(2) approved (or for which completed applications are received)
by the Secretary for insurance under title I or II of the National
Housing Act [12 U.S.C. 1702 et seq., 1707 et seq.].
(h) Submission to agencies
The data required to be disclosed under subsection (b)(4) of this
section shall be submitted to the appropriate agency for each
institution reporting under this chapter. Notwithstanding the
requirement of subsection (a)(2)(A) of this section for disclosure by
census tract, the Board, in cooperation with other appropriate
regulators, including--
(1) the Office of the Comptroller of the Currency for national
banks and Federal branches and Federal agencies of foreign banks;
(2) the Director of the Office of Thrift Supervision for savings
associations;
(3) the Federal Deposit Insurance Corporation for banks insured
by the Federal Deposit Insurance Corporation (other than members of
the Federal Reserve System), mutual savings banks, insured State
branches of foreign banks, and any other depository institution
described in section 2802(2)(A) of this title which is not otherwise
referred to in this paragraph;
(4) the National Credit Union Administration Board for credit
unions; and
(5) the Secretary of Housing and Urban Development for other
lending institutions not regulated by the agencies referred to in
paragraphs (1) through (4),
shall develop regulations prescribing the format for such disclosures,
the method for submission of the data to the appropriate regulatory
agency, and the procedures for disclosing the information to the public.
These regulations shall also require the collection of data required to
be disclosed under subsection (b)(4) of this section with respect to
loans sold by each institution reporting under this chapter, and, in
addition, shall require disclosure of the class of the purchaser of such
loans. Any reporting institution may submit in writing to the
appropriate agency such additional data or explanations as it deems
relevant to the decision to originate or purchase mortgage loans.
(i) Exemption from certain disclosure requirements
The requirements of subsection (b)(4) of this section shall not
apply with respect to any depository institution described in section
2802(2)(A) of this title which has total assets, as of the most recent
full fiscal year of such institution, of $30,000,000 or less.
(j) Loan application register information
(1) In general
In addition to the information required to be disclosed under
subsections (a) and (b) of this section, any depository institution
which is required to make disclosures under this section shall make
available to the public, upon request, loan application register
information (as defined by the Board by regulation) in the form
required under regulations prescribed by the Board.
(2) Format of disclosure
(A) Unedited format
Subject to subparagraph (B), the loan application register
information described in paragraph (1) may be disclosed by a
depository institution without editing or compilation and in the
format in which such information is maintained by the
institution.
(B) Protection of applicant's privacy interest
The Board shall require, by regulation, such deletions as
the Board may determine to be appropriate to protect--
(i) any privacy interest of any applicant, including the
deletion of the applicant's name and identification number,
the date of the application, and the date of any
determination by the institution with respect to such
application; and
(ii) a depository institution from liability under any
Federal or State privacy law.
(C) Census tract format encouraged
It is the sense of the Congress that a depository
institution should provide loan register information under this
section in a format based on the census tract in which the
property is located.
(3) Change of form not required
A depository institution meets the disclosure requirement of
paragraph (1) if the institution provides the information required
under such paragraph in the form in which the institution maintains
such information.
(4) Reasonable charge for information
Any depository institution which provides information under this
subsection may impose a reasonable fee for any cost incurred in
reproducing such information.
(5) Time of disclosure
The disclosure of the loan application register information
described in paragraph (1) for any year pursuant to a request under
paragraph (1) shall be made--
(A) in the case of a request made on or before March 1 of
the succeeding year, before April 1 of the succeeding year; and
(B) in the case of a request made after March 1 of the
succeeding year, before the end of the 30-day period beginning
on the date the request is made.
(6) Retention of information
Notwithstanding subsection (c) of this section, the loan
application register information described in paragraph (1) for any
year shall be maintained and made available, upon request, for 3
years after the close of the 1st year during which such information
is required to be maintained and made available.
(7) Minimizing compliance costs
In prescribing regulations under this subsection, the Board
shall make every effort to minimize the costs incurred by a
depository institution in complying with this subsection and such
regulations.
(k) Disclosure of statements by depository institutions
(1) In general
In accordance with procedures established by the Board pursuant
to this section, any depository institution required to make
disclosures under this section--
(A) shall make a disclosure statement available, upon
request, to the public no later than 3 business days after the
institution receives the statement from the Federal Financial
Institutions Examination Council; and
(B) may make such statement available on a floppy disc which
may be used with a personal computer or in any other media which
is not prohibited under regulations prescribed by the Board.
(2) Notice that data is subject to correction after final
review
Any disclosure statement provided pursuant to paragraph (1)
shall be accompanied by a clear and conspicuous notice that the
statement is subject to final review and revision, if necessary.
(3) Reasonable charge for information
Any depository institution which provides a disclosure statement
pursuant to paragraph (1) may impose a reasonable fee for any cost
incurred in providing or reproducing such statement.
(l) Prompt disclosures
(1) In general
Any disclosure of information pursuant to this section or
section 2809 of this title shall be made as promptly as possible.
(2) Maximum disclosure period
(A) 6- and 9-month maximum periods
Except as provided in subsections (j)(5) and (k)(1) of this
section and regulations prescribed by the Board and subject to
subparagraph (B), any information required to be disclosed for
any year beginning after December 31, 1992, under--
(i) this section shall be made available to the public
before September 1 of the succeeding year; and
(ii) section 2809 of this title shall be made available
to the public before December 1 of the succeeding year.
(B) Shorter periods encouraged after 1994
With respect to disclosures of information under this
section or section 2809 of this title for any year beginning
after December 31, 1993, every effort shall be made--
(i) to make information disclosed under this section
available to the public before July 1 of the succeeding
year; and
(ii) to make information required to be disclosed under
section 2809 of this title available to the public before
September 1 of the succeeding year.
(3) Improved procedure
The Federal Financial Institutions Examination Council shall
make such changes in the system established pursuant to subsection
(f) of this section as may be necessary to carry out the
requirements of this subsection.
(m) Opportunity to reduce compliance burden
(1) In general
(A) Satisfaction of public availability requirements
A depository institution shall be deemed to have satisfied
the public availability requirements of subsection (a) of this
section if the institution compiles the information required
under that subsection at the home office of the institution and
provides notice at the branch locations specified in subsection
(a) of this section that such information is available from the
home office of the institution upon written request.
(B) Provision of information upon request
Not later than 15 days after the receipt of a written
request for any information required to be compiled under
subsection (a) of this section, the home office of the
depository institution receiving the request shall provide the
information pertinent to the location of the branch in question
to the person requesting the information.
(2) Form of information
In complying with paragraph (1), a depository institution shall,
in the sole discretion of the institution, provide the person
requesting the information with--
(A) a paper copy of the information requested; or
(B) if acceptable to the person, the information through a
form of electronic medium, such as a computer disk.
(Pub. L. 94-200, title III, Sec. 304, Dec. 31, 1975, 89 Stat. 1125; Pub.
L. 96-399, title III, Sec. 340(a), Oct. 8, 1980, 94 Stat. 1657; Pub. L.
98-181, title VII, Sec. 701(a), Nov. 30, 1983, 97 Stat. 1266; Pub. L.
100-242, title V, Secs. 565(a)(2), 570(h), Feb. 5, 1988, 101 Stat. 1945,
1950; Pub. L. 101-73, title XII, Sec. 1211(a)-(c)(2)(C), (f), (i), (j),
Aug. 9, 1989, 103 Stat. 524-526; Pub. L. 102-242, title II,
Sec. 212(a)(1), Dec. 19, 1991, 105 Stat. 2299; Pub. L. 102-550, title
IX, Sec. 932(a), (b), Oct. 28, 1992, 106 Stat. 3889, 3891; Pub. L. 104-
208, div. A, title II, Sec. 2225(b), Sept. 30, 1996, 110 Stat. 3009-
416.)
References in Text
For the effective date of this chapter, referred to in subsec.
(a)(1), see section 2808 of this title.
The National Housing Act, referred to in subsecs. (b)(1) and (g)(1),
is act June 27, 1934, ch. 847, 48 Stat. 1246, as amended. Titles I and
II of the National Housing Act are classified generally to subchapters I
(Sec. 1702 et seq.) and II (Sec. 1707 et seq.), respectively, of chapter
13 of this title. For complete classification of this Act to the Code,
see section 1701 of this title and Tables.
The Housing Act of 1949, referred to in subsec. (b)(1), is act July
15, 1949, ch. 338, 63 Stat. 413, as amended. Title V of the Housing Act
of 1949 is classified generally to subchapter III (Sec. 1471 et seq.) of
chapter 8A of Title 42, The Public Health and Welfare. For complete
classification of this Act to the Code, see Short Title note set out
under section 1441 of Title 42 and Tables.
Amendments
1996--Subsec. (m). Pub. L. 104-208 added subsec. (m).
1992--Subsec. (c). Pub. L. 102-550, Sec. 932(b), inserted ``, other
than loan application register information under subsection (j) of this
section,'' after ``under this section''.
Subsecs. (j) to (l). Pub. L. 102-550, Sec. 932(a), added subsecs.
(j) to (l).
1991--Subsec. (h)(1). Pub. L. 102-242, Sec. 212(a)(1)(A), added par.
(1) and struck out former par. (1) which read as follows: ``the
Comptroller of the Currency for national banks;''.
Subsec. (h)(3). Pub. L. 102-242, Sec. 212(a)(1)(B), added par. (3)
and struck out former par. (3) which read as follows: ``the Federal
Deposit Insurance Corporation for banks insured by the Federal Deposit
Insurance Corporation (other than members of the Federal Reserve
System), mutual savings banks, and any other depository institution
described in section 2802(2)(A) of this title which is not otherwise
referred to in this paragraph;''.
1989--Subsec. (a)(1). Pub. L. 101-73, Sec. 1211(c)(1), inserted
``(or for which the institution received completed applications)'' after
``originated''.
Subsec. (a)(2). Pub. L. 101-73, Sec. 1211(c)(2)(A), inserted ``(or
for which completed applications were received)'' after ``originated or
purchased'' in last sentence.
Pub. L. 101-73, Sec. 1211(f), inserted at end ``For purposes of this
paragraph, other lending institutions shall be deemed to have a home
office or branch office within a primary metropolitan statistical area,
metropolitan statistical area, or consolidated metropolitan statistical
area that is not comprised of designated primary metropolitan
statistical areas if such institutions have originated or purchased or
received completed applications for at least 5 mortgage loans in such
area in the preceding calendar year.''
Subsec. (b)(4). Pub. L. 101-73, Sec. 1211(a), added par. (4).
Subsec. (e). Pub. L. 101-73, Sec. 1211(i), substituted ``Subject to
subsection (h) of this section, the Board'' for ``The Board''.
Subsec. (g)(1). Pub. L. 101-73, Sec. 1211(c)(2)(B), inserted ``(or
for which completed applications are received)'' after ``made''.
Subsec. (g)(2). Pub. L. 101-73, Sec. 1211(c)(2)(C), inserted ``(or
for which completed applications are received)'' after ``approved''.
Subsec. (h). Pub. L. 101-73, Sec. 1211(b), added subsec. (h).
Subsec. (i). Pub. L. 101-73, Sec. 1211(j), added subsec. (i).
1988--Subsec. (a)(1). Pub. L. 100-242, Sec. 570(h), substituted ``at
least one branch'' for ``at at least one branch''.
Subsec. (g). Pub. L. 100-242, Sec. 565(a)(2), added subsec. (g).
1983--Subsecs. (a), (f). Pub. L. 98-181 substituted ``primary
metropolitan statistical area, metropolitan statistical area, or
consolidated metropolitan statistical area that is not comprised of
designated primary metropolitan statistical areas'' for ``standard
metropolitan statistical area'' wherever appearing.
1980--Subsec. (a)(1). Pub. L. 96-399, Sec. 340(a)(1), substituted
``Department of Commerce'' for ``Office of Management and Budget''.
Subsec. (a)(2)(A). Pub. L. 96-399, Sec. 340(a)(2), revised
applicable factors so as to include mortgage loans in a census tract, or
by a county, and exclude readily available and reasonably costing census
tracts, or by ZIP code.
Subsecs. (d) to (f). Pub. L. 96-399, Sec. 340(a)(3), added subsecs.
(d) to (f).
Effective Date of 1992 Amendment
Section 932(c) of Pub. L. 102-550 provided that: ``The amendments
made by subsections (a) and (b) [amending this section] shall apply with
respect to information disclosed under section 304 of the Home Mortgage
Disclosure Act of 1975 [this section] for any year which ends after the
date of the enactment of this Act [Oct. 28, 1992].''
Effective Date of 1989 Amendment
Amendment by Pub. L. 101-73 applicable to each calendar year
beginning after Dec. 31, 1989, see section 1211(k) of Pub. L. 101-73,
set out as a note under section 2802 of this title.
Effective Date of 1988 Amendment
Amendment by section 565(a)(2) of Pub. L. 100-242 applicable to the
portion of calendar year 1988 that begins Aug. 19, 1988, and to each
calendar year beginning after Dec. 31, 1988, see section 565(a)(4) of
Pub. L. 100-242, as amended, set out as a note under section 2802 of
this title.
Evaluation and Report on Feasibility and Desirability of Establishing a
Unified System for Enforcing Fair Lending Laws and Regulations
Evaluation of status and effectiveness of data collection and
analysis systems involving fair lending, etc., and report thereof, see
section 340(e) of Pub. L. 96-399, set out as a note under section 3305
of this title.
Section Referred to in Other Sections
This section is referred to in sections 2807, 2809, 2810 of this
title.
