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§ 2617. —  Authority of Secretary.



[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC2617]

 
                       TITLE 12--BANKS AND BANKING
 
              CHAPTER 27--REAL ESTATE SETTLEMENT PROCEDURES
 
Sec. 2617. Authority of Secretary


(a) Issuance of regulations; exemptions

    The Secretary is authorized to prescribe such rules and regulations, 
to make such interpretations, and to grant such reasonable exemptions 
for classes of transactions, as may be necessary to achieve the purposes 
of this chapter.

(b) Liability for acts done in good faith in conformity with rule, 
        regulation, or interpretation

    No provision of this chapter or the laws of any State imposing any 
liability shall apply to any act done or omitted in good faith in 
conformity with any rule, regulation, or interpretation thereof by the 
Secretary or the Attorney General, notwithstanding that after such act 
or omission has occurred, such rule, regulation, or interpretation is 
amended, rescinded, or determined by judicial or other authority to be 
invalid for any reason.

(c) Investigations; hearings; failure to obey order; contempt

    (1) The Secretary may investigate any facts, conditions, practices, 
or matters that may be deemed necessary or proper to aid in the 
enforcement of the provisions of this chapter, in prescribing of rules 
and regulations thereunder, or in securing information to serve as a 
basis for recommending further legislation concerning real estate 
settlement practices. To aid in the investigations, the Secretary is 
authorized to hold such hearings, administer such oaths, and require by 
subpena the attendance and testimony of such witnesses and production of 
such documents as the Secretary deems advisable.
    (2) Any district court of the United States within the jurisdiction 
of which an inquiry is carried on may, in the case of contumacy or 
refusal to obey a subpena of the Secretary issued under this section, 
issue an order requiring compliance therewith; and any failure to obey 
such order of the court may be punished by such court as a contempt 
thereof.

(d) Delay of effectiveness of recent final regulation relating to 
        payments to employees

                           (1) In general

        The amendment to part 3500 of title 24 of the Code of Federal 
    Regulations contained in the final regulation prescribed by the 
    Secretary and published in the Federal Register on June 7, 1996, 
    which will, as of the effective date of such amendment--
            (A) eliminate the exemption for payments by an employer to 
        employees of such employer for referral activities which is 
        currently codified as section 3500.14(g)(1)(vii) of such title 
        24; and
            (B) replace such exemption with a more limited exemption in 
        new clauses (vii), (viii), and (ix) of section 3500.14 of such 
        title 24,

    shall not take effect before July 31, 1997.

                   (2) Continuation of prior rule

        The regulation codified as section 3500.14(g)(1)(vii) of title 
    24 of the Code of Federal Regulations, relating to employer-employee 
    payments, as in effect on May 1, 1996, shall remain in effect until 
    the date the amendment referred to in paragraph (1) takes effect in 
    accordance with such paragraph.

                 (3) Public notice of effective date

        The Secretary shall provide public notice of the date on which 
    the amendment referred to in paragraph (1) will take effect in 
    accordance with such paragraph not less than 90 days and not more 
    than 180 days before such effective date.

(Pub. L. 93-533, Sec. 19, as added Pub. L. 94-205, Sec. 10, Jan. 2, 
1976, 89 Stat. 1159; amended Pub. L. 98-181, title IV, Sec. 461(e), Nov. 
30, 1983, 97 Stat. 1232; Pub. L. 104-208, div. A, title II, 
Sec. 2103(f), Sept. 30, 1996, 110 Stat. 3009-401.)


                               Amendments

    1996--Subsec. (d). Pub. L. 104-208 added subsec. (d).
    1983--Subsec. (c). Pub. L. 98-181 added subsec. (c).


                    Effective Date of 1983 Amendment

    Amendment by Pub. L. 98-181 effective Jan. 1, 1984, see section 
461(f) of Pub. L. 98-181, set out as a note under section 2602 of this 
title.


                             Effective Date

    Section effective Jan. 2, 1976, see section 12 of Pub. L. 94-205, 
set out as an Effective Date of 1976 Amendment note under section 2602 
of this title.

                  Section Referred to in Other Sections

    This section is referred to in section 2606 of this title.



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