§ 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.