12-U.S.C.-1735A

§1735A – Prepayment of Mortgages By Nonprofit Educational Institutions; Refunds

Pathway

Title 12 > Chapter 13 > Subchapter V > Section 1735a

Details

• Reference: Section 1735a
• Legend: §1735A – Prepayment of Mortgages By Nonprofit Educational Institutions; Refunds
• USCode Year: 2013

Provision Content

(a) Notwithstanding any other provision of this chapter, no adjusted premium charge shall be collected in connection with the payment in full, prior to maturity, of any mortgage insured under this chapter, if the mortgagor certifies to the Secretary that the loan was paid in full by or on behalf of a nonprofit educational institution which intends to use the property for educational purposes.

(b) The Secretary shall refund any adjusted premium charge collected subsequent to July 1, 1962, and prior to September 2, 1964, in connection with the payment in full, prior to maturity, of any mortgage insured under this chapter, if the mortgagor under such mortgage makes the certification prescribed by subsection (a) of this section.

(June 27, 1934, ch. 847, title V, §517, as added Pub. L. 88–560, title I, §120, Sept. 2, 1964, 78 Stat. 782; amended Pub. L. 90–19, §1(a)(3), May 25, 1967, 81 Stat. 17.)

Amendments

1967—Subsecs. (a), (b). Pub. L. 90–19 substituted Secretary for Commissioner wherever appearing.

U.S. Encyclopedia of Law Coverage

12-U.S.C.-1731A in the Legal Encyclopedia: Banking Law

In this entry about 12-U.S.C.-1731A, 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.-1749AAA-3 in the Legal Encyclopedia: Insurance

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Part B – Reinsurance Coverage in the Legal Encyclopedia: Housing

In this entry about Part B – Reinsurance Coverage, 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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