12-U.S.C.-1709-1A
§1709-1A – §1709-1A. State Constitutional and Legal Limits Upon Interest Chargeable On Loans, Mortgages, Or Other Interim Financing Arrangements; Applicability; Covered Arrangements
Pathway
Title 12 > Chapter 13 > Subchapter II > Section 1709-1a
Details
- Reference: Section 1709-1a
- Legend: §1709-1A – §1709-1A. State Constitutional and Legal Limits Upon Interest Chargeable On Loans, Mortgages, Or Other Interim Financing Arrangements; Applicability; Covered Arrangements
- USCode Year: 2013
Provision Content
(a) The provisions of the constitution of any State expressly limiting the amount of interest which may be charged, taken, received, or reserved by certain classes of lenders and the provisions of any law of that State expressly limiting the amount of interest which may be charged, taken, received, or reserved shall not apply to—
(1) any loan or mortgage which is secured by a one- to four-family dwelling and which is (A) insured under title I or II [12 U.S.C. 1702 et seq. or 1707 et seq.] of the National Housing Act, or (B) insured, guaranteed, or made under chapter 37 of title 38; or
(2) any temporary construction loan or other interim financing if at the time such loan is made or financing is arranged, the intention to obtain permanent financing substantially by means of loans or mortgages so insured, guaranteed, or made is declared.
(b) The provisions of this section shall apply to such loans, mortgages, or other interim financing made or executed in any State until the effective date (after June 30, 1976) of a provision of law of that State limiting the amount of interest which may be charged, taken, received, or reserved on such loans, mortgages, or financing.
(Pub. L. 94–324, §8, June 30, 1976, 90 Stat. 722.)
References in Text
The National Housing Act, referred to in subsec. (a)(1), is act June 27, 1934, ch. 847, 48 Stat. 1246, as amended. Titles I and II of the National Housing Act are classified generally to subchapters I (§1702 et seq.) and II (§1707 et seq.), respectively, of this chapter. 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 Veterans Housing Amendments Act of 1976, and not as part of the National Housing Act which comprises this chapter.
Effective Date
Section effective June 30, 1976, see section 9(a) of Pub. L. 94–324, set out as a note under section 3701 of Title 38, Veterans’ Benefits.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-1706D in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-1706D, 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.-1702 in the Legal Encyclopedia: Mortgage
In this entry about 12-U.S.C.-1702, 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.-1701Z-9 in the Legal Encyclopedia: Housing
In this entry about 12-U.S.C.-1701Z-9, 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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