§ 3352. — Emergency exceptions for disaster areas.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3352]
TITLE 12--BANKS AND BANKING
CHAPTER 34A--APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS
EXAMINATION COUNCIL
Sec. 3352. Emergency exceptions for disaster areas
(a) In general
Each Federal financial institutions regulatory agency may, by
regulation or order, make exceptions to this chapter, and to standards
prescribed pursuant to this chapter, for transactions involving
institutions for which the agency is the primary Federal regulator with
respect to real property located within a disaster area if the agency--
(1) makes the exception not later than 30 months after the date
on which the President determines, pursuant to section 5170 of title
42, that a major disaster exists in the area; and
(2) determines that the exception--
(A) would facilitate recovery from the major disaster; and
(B) is consistent with safety and soundness.
(b) 3-year limit on exceptions
Any exception made under this section shall expire not later than 3
years after the date of the determination referred to in subsection
(a)(1) of this section.
(c) Publication required
Any Federal financial institutions regulatory agency shall publish
in the Federal Register a statement that--
(1) describes any exception made under this section; and
(2) explains how the exception--
(A) would facilitate recovery from the major disaster; and
(B) is consistent with safety and soundness.
(d) ``Disaster area'' defined
For purposes of this section, the term ``disaster area'' means an
area in which the President, pursuant to section 5170 of title 42, has
determined that a major disaster exists.
(Pub. L. 101-73, title IX, Sec. 1123, as added Pub. L. 102-485, Sec. 2,
Oct. 23, 1992, 106 Stat. 2771.)
