12-U.S.C.-1701L
§1701L – §1701L. Limitation On Interest Rates of Insured Mortgages; Terms of Sales
Pathway
Title 12 > Chapter 13 > Section 1701l
Details
- Reference: Section 1701l
- Legend: §1701L – §1701L. Limitation On Interest Rates of Insured Mortgages; Terms of Sales
- USCode Year: 2013
Provision Content
It is the intent of Congress that no sale of a dwelling on which a mortgage is insured under the National Housing Act, as amended [12 U.S.C. 1701 et seq.], shall be financed, while such mortgage is so insured, at an interest rate higher than that prescribed by the Secretary of Housing and Urban Development. It is the further intent of Congress that no such sale shall be made, while such mortgage is so insured, on terms less favorable to the purchaser as to amortization, retirement, foreclosure, or forfeiture than those contained in such mortgage.
(Apr. 20, 1950, ch. 94, title V, §508, 64 Stat. 81; Pub. L. 90–19, §8(e), May 25, 1967, 81 Stat. 22.)
References in Text
The National Housing Act, as amended, referred to in text, is act June 27, 1934, ch. 847, 48 Stat. 1246, as amended, which is classified principally to this chapter (§1701 et seq.). For complete classification of this Act to the Code, see section 1701 of this title and Tables.
Codification
Section was enacted as part of the Housing Act of 1950, and not as part of the National Housing Act which comprises this chapter.
Amendments
1967—Pub. L. 90–19 substituted Secretary of Housing and Urban Development for Federal Housing Commissioner.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-1701A in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-1701A, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-1701H in the Legal Encyclopedia: Mortgage
In this entry about 12-U.S.C.-1701H, find legal reference material, bibliographies and premiere content related to mortgage in the American Encyclopedia of Law, presenting a comprehensive view of the United States mortgage-specific issues, written by authorities in the field.
12-U.S.C.-1701G-5B in the Legal Encyclopedia: Housing
In this entry about 12-U.S.C.-1701G-5B, find legal reference material, bibliographies and premiere content related to housing in the American Encyclopedia of Law, presenting a comprehensive view of the United States housing-specific issues, written by authorities in the field.
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