US Supreme Court Decisions On-Line | US Laws

§ 3801. —  Findings and purpose.

[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC3801]

                       TITLE 12--BANKS AND BANKING
Sec. 3801. Findings and purpose

    (a) The Congress hereby finds that--
        (1) increasingly volatile and dynamic changes in interest rates 
    have seriously impared \1\ the ability of housing creditors to 
    provide consumers with fixed-term, fixed-rate credit secured by 
    interests in real property, cooperative housing, manufactured homes, 
    and other dwellings;
    \1\ So in original. Probably should be ``impaired''.
        (2) alternative mortgage transactions are essential to the 
    provision of an adequate supply of credit secured by residential 
    property necessary to meet the demand expected during the 1980's; 
        (3) the Comptroller of the Currency, the National Credit Union 
    Administration, and the Director of the Office of Thrift Supervision 
    have recognized the importance of alternative mortgage transactions 
    and have adopted regulations authorizing federally chartered 
    depository institutions to engage in alternative mortgage financing.

    (b) It is the purpose of this chapter to eliminate the 
discriminatory impact that those regulations have upon nonfederally 
chartered housing creditors and provide them with parity with federally 
chartered institutions by authorizing all housing creditors to make, 
purchase, and enforce alternative mortgage transactions so long as the 
transactions are in conformity with the regulations issued by the 
Federal agencies.

(Pub. L. 97-320, title VIII, Sec. 802, Oct. 15, 1982, 96 Stat. 1545; 
Pub. L. 101-73, title VII, Sec. 744(c), Aug. 9, 1989, 103 Stat. 438.)


    1989--Subsec. (a)(3). Pub. L. 101-73 substituted ``Director of the 
Office of Thrift Supervision'' for ``Federal Home Loan Bank Board''.

                               Short Title

    Section 801 of title VIII of Pub. L. 97-320 provided that: ``This 
title [enacting this chapter] may be cited as the `Alternative Mortgage 
Transaction Parity Act of 1982'.''

                             Effective Date

    Section 807(a) of Pub. L. 97-320 provided that: ``This title 
[enacting this chapter] shall be effective upon enactment [Oct. 15, 

Identification, Description and Publication of Regulations Inapplicable 
  To, or Conformation of Regulations for Use Of Nonfederally Chartered 
                            Housing Creditors

    Section 807(b) of Pub. L. 97-320 provided that: ``Within sixty days 
of the enactment of this title [Oct. 15, 1982], the Comptroller of the 
Currency, the National Credit Union Administration, and the Federal Home 
Loan Bank Board shall identify, describe, and publish those portions or 
provisions of their respective regulations that are inappropriate for 
(and thus inapplicable to), or that need to be conformed for the use of, 
the nonfederally chartered housing creditors to which their respective 
regulations apply, including without limitation, making necessary 
changes in terminology to conform the regulatory and disclosure 
provisions to those more typically associated with various types of 
transactions including credit sales.''