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§ 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]
[CITE: 12USC3802]

                       TITLE 12--BANKS AND BANKING
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.

                             Effective Date

    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.