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§ 2709. —  Waiver and relaxation by institutions and approved mortgagees of limitations with respect to mortgage delinquencies; notification to Federal supervisory agency prior to foreclosure proceedings.



[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC2709]

 
                       TITLE 12--BANKS AND BANKING
 
                  CHAPTER 28--EMERGENCY MORTGAGE RELIEF
 
Sec. 2709. Waiver and relaxation by institutions and approved 
        mortgagees of limitations with respect to mortgage 
        delinquencies; notification to Federal supervisory agency prior 
        to foreclosure proceedings
        
    Each Federal supervisory agency with respect to financial 
institutions subject to its jurisdiction, and the Secretary, with 
respect to other approved mortgagees, shall (1) prior to October 1, 
1977, take appropriate action, not inconsistent with laws relating to 
the safety or soundness of such institutions or mortgagee, as the case 
may be, to waive or relax limitations pertaining to the operations of 
such institutions or mortgagees with respect to mortgage delinquencies 
in order to cause or encourage forebearance in residential mortgage loan 
foreclosures, and (2) until one year from July 2, 1975, request each 
such institution or mortgagee to notify that Federal supervisory agency, 
the Secretary, and the mortgagor, at least thirty days prior to 
instituting foreclosure proceedings in connection with any mortgage 
loan. As used in this chapter the term ``Federal supervisory agency'' 
means the Board of Governors of the Federal Reserve System, the Board of 
Directors of the Federal Deposit Insurance Corporation, the Comptroller 
of the Currency, the Federal Home Loan Bank Board, the Federal Savings 
and Loan Insurance Corporation, and the National Credit Union 
Administration.

(Pub. L. 94-50, title I, Sec. 110, July 2, 1975, 89 Stat. 253; Pub. L. 
94-375, Sec. 13(b), Aug. 3, 1976, 90 Stat. 1075; Pub. L. 98-479, title 
II, Sec. 204(m)(2), Oct. 17, 1984, 98 Stat. 2234.)


                               Amendments

    1984--Pub. L. 98-479 struck out subsection ``(a)'' designation.
    1976--Subsec. (a). Pub. L. 94-375 substituted ``Each'' for ``Until 
one year from July 2, 1975, each'', and inserted ``prior to October 1, 
1977'' after ``(1)'', and ``until one year from July 2, 1975'' after 
``(2)''.

                          Transfer of Functions

    Federal Home Loan Bank Board and Federal Savings and Loan Insurance 
Corporation abolished and functions transferred, see sections 401 to 406 
of Pub. L. 101-73, set out as a note under section 1437 of this title.



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