§ 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
CHAPTER 39--ALTERNATIVE MORTGAGE TRANSACTIONS
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;
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\1\ So in original. Probably should be ``impaired''.
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(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;
and
(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.)
Amendments
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,
1982].''
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.''
