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§ 3754. —  Designation of foreclosure commissioner.



[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC3754]

 
                       TITLE 12--BANKS AND BANKING
 
             CHAPTER 38A--SINGLE FAMILY MORTGAGE FORECLOSURE
 
Sec. 3754. Designation of foreclosure commissioner


(a) In general

    The Secretary may designate a person or persons to serve as a 
foreclosure commissioner or commissioners for the purpose of foreclosing 
upon a single family mortgage.

(b) Power of sale

    A foreclosure commissioner designated under this section shall have 
a nonjudicial power of sale.

(c) Qualifications

    The foreclosure commissioner, if a natural person, shall be a 
resident of the State in which the security property is located and, if 
not a natural person, the foreclosure commissioner must be duly 
authorized to transact business under laws of the State in which the 
security property is located. No person shall be designated as a 
foreclosure commissioner unless that person is responsible, financially 
sound, and competent to conduct a foreclosure.

(d) Designation procedure

                       (1) Written designation

        The Secretary may designate a foreclosure commissioner by 
    executing a written designation stating the name and business or 
    residential address of the commissioner, except that if a person is 
    designated in his or her capacity as an official or employee of a 
    government or corporate entity, such person may be designated by his 
    or her unique title or position instead of by name.

                    (2) Substitute commissioners

        The Secretary may, with or without cause, designate a substitute 
    foreclosure commissioner to replace a previously designated 
    foreclosure commissioner.

                             (3) Number

        More than 1 foreclosure commissioner may be designated at any 
    time.

(Pub. L. 103-327, title II, Sept. 28, 1994, 108 Stat. 2316.)

                          Codification

    Section is based on section 805 of title VIII of S. 2281, One 
Hundred Third Congress, as reported July 13, 1994, which was enacted 
into law by Pub. L. 103-327.

                  Section Referred to in Other Sections

    This section is referred to in section 3756 of this title.



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