§ 3802. — Definitions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
TITLE 12--BANKS AND BANKING
CHAPTER 39--ALTERNATIVE MORTGAGE TRANSACTIONS
Sec. 3802. Definitions
As used in this chapter--
(1) the term ``alternative mortgage transaction'' means a loan
or credit sale secured by an interest in residential real property,
a dwelling, all stock allocated to a dwelling unit in a residential
cooperative housing corporation, or a residential manufactured home
(as that term is defined in section 5402(6) of title 42--
(A) in which the interest rate or finance charge may be
adjusted or renegotiated;
(B) involving a fixed-rate, but which implicitly permits
rate adjustments by having the debt mature at the end of an
interval shorter than the term of the amortization schedule; or
(C) involving any similar type of rate, method of
determining return, term, repayment, or other variation not
common to traditional fixed-rate, fixed-term transactions,
including without limitation, transactions that involve the
sharing of equity or appreciation;
described and defined by applicable regulation; and
(2) the term ``housing creditor'' means--
(A) a depository institution, as defined in section
501(a)(2) of the Depository Institutions Deregulation and
Monetary Control Act of 1980;
(B) a lender approved by the Secretary of Housing and Urban
Development for participation in any mortgage insurance program
under the National Housing Act [12 U.S.C. 1701 et seq.];
(C) any person who regularly makes loans, credit sales, or
advances secured by interests in properties referred to in
paragraph (1); or
(D) any transferee of any of them.
A person is not a ``housing creditor'' with respect to a specific
alternative mortgage transaction if, except for this chapter, in
order to enter into that transaction, the person would be required
to comply with licensing requirements imposed under State law,
unless such person is licensed under applicable State law and such
person remains, or becomes, subject to the applicable regulatory
requirements and enforcement mechanisms provided by State law.
(Pub. L. 97-320, title VIII, Sec. 803, Oct. 15, 1982, 96 Stat. 1545.)
References in Text
Section 501(a)(2) of the Depository Institutions Deregulation and
Monetary Control Act of 1980, referred to in par. (2)(A), is section
501(a)(2) of Pub. L. 96-221, title V, Mar. 31, 1980, 94 Stat. 161, as
amended, which is set out as a note under section 1735f-7 of this title.
The National Housing Act, referred to in par. (2)(B), is act June
27, 1934, ch. 847, 48 Stat. 1246, as amended, which is classified
principally to chapter 13 (Sec. 1701 et seq.) of this title. For
complete classification of this Act to the Code, see section 1701 of
this title and Tables.
Section effective Oct. 15, 1982, see section 807(a) of Pub. L. 97-
320, set out as a note under section 3801 of this title.
Section Referred to in Other Sections
This section is referred to in section 1715z-20 of this title.