US LAWS, STATUTES & CODES ON-LINE

US Supreme Court Decisions On-Line | US Laws



§ 3803. —  Alternative mortgage authority.



[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC3803]

 
                       TITLE 12--BANKS AND BANKING
 
              CHAPTER 39--ALTERNATIVE MORTGAGE TRANSACTIONS
 
Sec. 3803. Alternative mortgage authority


(a) General authority; compliance by banks, credit unions and all other 
        housing creditors with applicable regulations

    In order to prevent discrimination against State-chartered 
depository institutions, and other nonfederally chartered housing 
creditors, with respect to making, purchasing, and enforcing alternative 
mortgage transactions, housing creditors may make, purchase, and enforce 
alternative mortgage transactions, except that this section shall 
apply--
        (1) with respect to banks, only to transactions made in 
    accordance with regulations governing alternative mortgage 
    transactions as issued by the Comptroller of the Currency for 
    national banks, to the extent that such regulations are authorized 
    by rulemaking authority granted to the Comptroller of the Currency 
    with regard to national banks under laws other than this section;
        (2) with respect to credit unions, only to transactions made in 
    accordance with regulations governing alternative mortgage 
    transactions as issued by the National Credit Union Administration 
    Board for Federal credit unions, to the extent that such regulations 
    are authorized by rulemaking authority granted to the National 
    Credit Union Administration with regard to Federal credit unions 
    under laws other than this section; and
        (3) with respect to all other housing creditors, including 
    without limitation, savings and loan associations, mutual savings 
    banks, and savings banks, only to transactions made in accordance 
    with regulations governing alternative mortgage transactions as 
    issued by the Director of the Office of Thrift Supervision for 
    federally chartered savings and loan associations, to the extent 
    that such regulations are authorized by rulemaking authority granted 
    to the Director of the Office of Thrift Supervision with regard to 
    federally chartered savings and loan associations under laws other 
    than this section.

(b) Transactions deemed in compliance with applicable regulations

    For the purpose of determining the applicability of this section, an 
alternative mortgage transaction shall be deemed to be made in 
accordance with the applicable regulation notwithstanding the housing 
creditor's failure to comply with the regulation, if--
        (1) the transaction is in substantial compliance with the 
    regulation; and
        (2) within sixty days of discovering any error, the housing 
    creditor corrects such error, including making appropriate 
    adjustments, if any, to the account.

(c) Preemption of State constitutions, laws or regulations

    An alternative mortgage transaction may be made by a housing 
creditor in accordance with this section, notwithstanding any State 
constitution, law, or regulation.

(Pub. L. 97-320, title VIII, Sec. 804, Oct. 15, 1982, 96 Stat. 1546; 
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'' 
wherever appearing.


                             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 sections 1715z-20, 3804 of this 
title.



chanrobles.com.Com