§ 2603. — Uniform settlement statement.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC2603]
TITLE 12--BANKS AND BANKING
CHAPTER 27--REAL ESTATE SETTLEMENT PROCEDURES
Sec. 2603. Uniform settlement statement
(a) The Secretary, in consultation with the Administrator of
Veteran's Affairs, the Federal Deposit Insurance Corporation, and the
Director of the Office of Thrift Supervision, shall develop and
prescribe a standard form for the statement of settlement costs which
shall be used (with such variations as may be necessary to reflect
differences in legal and administrative requirements or practices in
different areas of the country) as the standard real estate settlement
form in all transactions in the United States which involve federally
related mortgage loans. Such form shall conspicuously and clearly
itemize all charges imposed upon the borrower and all charges imposed
upon the seller in connection with the settlement and shall indicate
whether any title insurance premium included in such charges covers or
insures the lender's interest in the property, the borrower's interest,
or both. The Secretary may, by regulation, permit the deletion from the
form prescribed under this section of items which are not, under local
laws or customs, applicable in any locality, except that such regulation
shall require that the numerical code prescribed by the Secretary be
retained in forms to be used in all localities. Nothing in this section
may be construed to require that that part of the standard form which
relates to the borrower's transaction be furnished to the seller, or to
require that that part of the standard form which relates to the seller
be furnished to the borrower.
(b) The form prescribed under this section shall be completed and
made available for inspection by the borrower at or before settlement by
the person conducting the settlement, except that (1) the Secretary may
exempt from the requirements of this section settlements occurring in
localities where the final settlement statement is not customarily
provided at or before the date of settlement, or settlements where such
requirements are impractical and (2) the borrower may, in accordance
with regulations of the Secretary, waive his right to have the form made
available at such time. Upon the request of the borrower to inspect the
form prescribed under this section during the business day immediately
preceding the day of settlement, the person who will conduct the
settlement shall permit the borrower to inspect those items which are
known to such person during such preceding day.
(Pub. L. 93-533, Sec. 4, Dec. 22, 1974, 88 Stat. 1725; Pub. L. 94-205,
Sec. 3, Jan. 2, 1976, 89 Stat. 1157; Pub. L. 104-208, div. A, title II,
Sec. 2103(g)(1), Sept. 30, 1996, 110 Stat. 3009-401.)
Amendments
1996--Subsec. (a). Pub. L. 104-208 substituted ``Director of the
Office of Thrift Supervision'' for ``Federal Home Loan Bank Board''.
1976--Subsec. (a). Pub. L. 94-205, Sec. 3(1)-(3), designated
existing provisions as subsec. (a), struck out ``minimum'' after ``with
such'' and ``unavoidable'' after ``necessary to reflect'' in
parenthetical provisions covering allowable regional variations in the
uniform settlement statement, and substituted provisions authorizing the
Secretary to permit deletions from the standard form for provisions
requiring that the standard form contain all the information and data
required under the Truth in Lending Act.
Subsec. (b). Pub. L. 94-205, Sec. 3(4), added subsec. (b).
Change of Name
Reference to Administrator of Veterans' Affairs deemed to refer to
Secretary of Veterans Affairs pursuant to section 10 of Pub. L. 100-527,
set out as a Department of Veterans Affairs Act note under section 301
of Title 38, Veterans' Benefits.
Effective Date of 1976 Amendment
Amendment by Pub. L. 94-205 effective Jan. 2, 1976, with the
Secretary authorized to suspend for up to 180 days from Jan. 2, 1976,
any provision of this section as amended by Pub. L. 94-205, see section
12 of Pub. L. 94-205, set out as a note under section 2602 of this
title.
Section Referred to in Other Sections
This section is referred to in sections 2604, 2609, 2610 of this
title.
