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§ 2706. —  Emergency Homeowners' Relief Fund.



[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC2706]

 
                       TITLE 12--BANKS AND BANKING
 
                  CHAPTER 28--EMERGENCY MORTGAGE RELIEF
 
Sec. 2706. Emergency Homeowners' Relief Fund

    (a) To carry out the purposes of this chapter, the Secretary is 
authorized to establish in the Treasury of the United States an 
Emergency Homeowners' Relief Fund (hereinafter in this chapter referred 
to as the ``fund'') which shall be available to the Secretary without 
fiscal year limitation--
        (1) for making payments in connection with defaulted loans or 
    advances of credit insured under section 2704 of this title;
        (2) for making emergency mortgage relief payments under section 
    2705 of this title;
        (3) to pay such administrative expenses (or portion of such 
    expenses) of carrying out the provisions of this chapter as the 
    Secretary may deem necessary.

    (b) The fund shall be credited with--
        (1) all amounts received by the Secretary as premium charges for 
    insurance or as repayment for emergency mortgage relief payments 
    under this chapter and all receipts, earnings, collections, or 
    proceeds derived from any claim or other assets acquired by the 
    Secretary under this Act; and
        (2) such amounts as may be appropriated for the purposes of this 
    chapter.

(Pub. L. 94-50, title I, Sec. 107, July 2, 1975, 89 Stat. 252; Pub. L. 
98-479, title II, Sec. 204(m)(1), Oct. 17, 1984, 98 Stat. 2234.)

                       References in Text

    This Act, referred to in subsec. (b)(1), is Pub. L. 94-50, July 2, 
1975, 89 Stat. 249, as amended, known as the Emergency Housing Act of 
1975, which in addition to enacting this chapter, amended sections 
1723e, 1723e note and 1735b of this title, and sections 1452 and 4106 of 
Title 42, The Public Health and Welfare. For complete classification of 
this Act to the Code, see Short Title note set out under section 2701 of 
this title and Tables.


                               Amendments

    1984--Subsec. (a). Pub. L. 98-479, Sec. 204(m)(1)(A), (B), 
redesignated subsec. (a)(1) as subsec. (a) and subpars. (A), (B), and 
(C) as pars. (1), (2), and (3), respectively.
    Subsec. (b). Pub. L. 98-479, Sec. 204(m)(1)(C), (D), redesignated 
subsec. (a)(2) as subsec. (b) and subpars. (A) and (B) as pars. (1) and 
(2), respectively.



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