§ 4909. — Enforcement.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4909]
TITLE 12--BANKS AND BANKING
CHAPTER 49--HOMEOWNERS PROTECTION
Sec. 4909. Enforcement
(a) In general
Compliance with the requirements imposed under this chapter shall be
enforced under--
(1) section 8 of the Federal Deposit Insurance Act [12 U.S.C.
1818]--
(A) by the appropriate Federal banking agency (as defined in
section 3(q) of the Federal Deposit Insurance Act [12 U.S.C.
1813(q)]) in the case of insured depository institutions (as
defined in section 3(c)(2) of such Act [12 U.S.C. 1813(c)(2)]);
(B) by the Federal Deposit Insurance Corporation in the case
of depository institutions described in clause (i), (ii), or
(iii) of section 19(b)(1)(A) of the Federal Reserve Act [12
U.S.C. 461(b)(1)(A)] that are not insured depository
institutions (as defined in section 3(c)(2) of the Federal
Deposit Insurance Act [12 U.S.C. 1813(c)(2)]); and
(C) by the Director of the Office of Thrift Supervision in
the case of depository institutions described in clause (v) and
or (vi) of section 19(b)(1)(A) of the Federal Reserve Act [12
U.S.C. 461(b)(1)(A)] that are not insured depository
institutions (as defined in section 3(c)(2) of the Federal
Deposit Insurance Act [12 U.S.C. 1813(c)(2)]);
(2) the Federal Credit Union Act [12 U.S.C. 1751 et seq.], by
the National Credit Union Administration Board in the case of
depository institutions described in clause (iv) of section
19(b)(1)(A) of the Federal Reserve Act [12 U.S.C. 461(b)(1)(A)]; and
(3) part C of title V of the Farm Credit Act of 1971 (12 U.S.C.
2261 et seq.), by the Farm Credit Administration in the case of an
institution that is a member of the Farm Credit System.
(b) Additional enforcement powers
(1) Violation of this chapter treated as violation of other
Acts
For purposes of the exercise by any agency referred to in
subsection (a) of this section of such agency's powers under any Act
referred to in such subsection, a violation of a requirement imposed
under this chapter shall be deemed to be a violation of a
requirement imposed under that Act.
(2) Enforcement authority under other Acts
In addition to the powers of any agency referred to in
subsection (a) of this section under any provision of law
specifically referred to in such subsection, each such agency may
exercise, for purposes of enforcing compliance with any requirement
imposed under this chapter, any other authority conferred on such
agency by law.
(c) Enforcement and reimbursement
In carrying out its enforcement activities under this section, each
agency referred to in subsection (a) of this section shall--
(1) notify the mortgagee or servicer of any failure of the
mortgagee or servicer to comply with 1 or more provisions of this
chapter;
(2) with respect to each such failure to comply, require the
mortgagee or servicer, as applicable, to correct the account of the
mortgagor to reflect the date on which the mortgage insurance should
have been canceled or terminated under this chapter; and
(3) require the mortgagee or servicer, as applicable, to
reimburse the mortgagor in an amount equal to the total unearned
premiums paid by the mortgagor after the date on which the
obligation to pay those premiums ceased under this chapter.
(Pub. L. 105-216, Sec. 10, July 29, 1998, 112 Stat. 907.)
References in Text
The Federal Credit Union Act, referred to in subsec. (a)(2), is act
June 26, 1934, ch. 750, 48 Stat. 1216, as amended, which is classified
generally to chapter 14 (Sec. 1751 et seq.) of this title. For complete
classification of this Act to the Code, see section 1751 of this title
and Tables.
The Farm Credit Act of 1971, referred to in subsec. (a)(3), is Pub.
L. 92-181, Dec. 10, 1971, 85 Stat. 583, as amended. Part C of title V of
the Act is classified generally to part C (Sec. 2261 et seq.) of
subchapter V of chapter 23 of this title. For complete classification of
this Act to the Code, see Short Title note set out under section 2001 of
this title and Tables.
Section Referred to in Other Sections
This section is referred to in section 4907 of this title.
