§ 1831b. — Disclosures with respect to certain federally related mortgage loans.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1831b]
TITLE 12--BANKS AND BANKING
CHAPTER 16--FEDERAL DEPOSIT INSURANCE CORPORATION
Sec. 1831b. Disclosures with respect to certain federally
related mortgage loans
(a) Identity of beneficiary interest as condition for a loan; report to
Corporation
No insured depository institution, insured branch of a foreign bank,
or mutual savings or cooperative bank which is not an insured depository
institution, shall make any federally related mortgage loan to any
agent, trustee, nominee, or other person acting in a fiduciary capacity
without the prior condition that the identity of the person receiving
the beneficial interest of such loan shall at all times be revealed to
the insured depository institution, insured branch, or bank. At the
request of the Corporation, the insured depository institution, insured
branch, or bank shall report to the Corporation on the identity of such
person and the nature and amount of the loan, discount, or other
extension of credit.
(b) Enforcement; bank status
In addition to other available remedies, this section may be
enforced with respect to mutual savings and cooperative banks which are
not insured depository institutions in accordance with section 1818 of
this title, and for such purpose such mutual savings and cooperative
banks shall be held and considered to be State nonmember insured banks
and the appropriate Federal agency with respect to such mutual savings
and cooperative banks shall be the Federal Deposit Insurance
Corporation.
(Sept. 21, 1950, ch. 967, Sec. 2[25], as added Pub. L. 93-533,
Sec. 11(a), Dec. 22, 1974, 88 Stat. 1729; amended Pub. L. 95-369,
Sec. 6(c)(30), Sept. 17, 1978, 92 Stat. 620; Pub. L. 101-73, title II,
Sec. 201(a), Aug. 9, 1989, 103 Stat. 187; Pub. L. 103-325, title VI,
Sec. 602(a)(55), Sept. 23, 1994, 108 Stat. 2290.)
Amendments
1994--Subsec. (a). Pub. L. 103-325 substituted ``the insured
depository institution, insured branch, or bank'' for ``the bank'' in
two places.
1989--Pub. L. 101-73 substituted references to insured depository
institutions for references to insured banks wherever appearing in this
section.
1978--Subsec. (a). Pub. L. 95-369 inserted ``insured branch of a
foreign bank'' after ``No insured bank''.
Effective Date
Section effective 180 days after Dec. 22, 1974, see section 20 of
Pub. L. 93-533, set out as a note under section 2601 of this title.
Exemptions; Regulations
Section 11(c) of Pub. L. 93-533 provided that: ``The Federal Deposit
Insurance Corporation or the Federal Home Loan Bank Board as appropriate
may by regulation exempt classes or types of transactions from the
provisions added by this section [enacting this section and section
1730f of this title] if the Corporation or the Board determines that the
purposes of such provisions would not be advanced materially by their
application to such transactions.''
