12-U.S.C.-4642

§4642 – Reporting of Fraudulent Loans

Pathway

Title 12 > Chapter 46 > Subchapter III > Section 4642

Details

• Reference: Section 4642
• Legend: §4642 – Reporting of Fraudulent Loans
• USCode Year: 2013

Provision Content

(a) Requirement to report

The Director shall require a regulated entity to submit to the Director a timely report upon discovery by the regulated entity that it has purchased or sold a fraudulent loan or financial instrument, or suspects a possible fraud relating to the purchase or sale of any loan or financial instrument. The Director shall require each regulated entity to establish and maintain procedures designed to discover any such transactions.

(b) Protection from liability for reports

Any regulated entity that, in good faith, makes a report pursuant to subsection (a), and any entity-affiliated party, that, in good faith, makes or requires another to make any such report, shall not be liable to any person under any provision of law or regulation, any constitution, law, or regulation of any State or political subdivision of any State, or under any contract or other legally enforceable agreement (including any arbitration agreement) for such report or for any failure to provide notice of such report to the person who is the subject of such report or any other persons identified in the report.

(Pub. L. 102–550, title XIII, §1379E, as added Pub. L. 110–289, div. A, title I, §1115, July 30, 2008, 122 Stat. 2681.)

U.S. Encyclopedia of Law Coverage

12-U.S.C.-4638 in the Legal Encyclopedia: Banking Law

In this entry about 12-U.S.C.-4638, 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.-4624 in the Legal Encyclopedia: Government Sponsored Enterprises

In this entry about 12-U.S.C.-4624, find legal reference material, bibliographies and premiere content related to government sponsored enterprises in the American Encyclopedia of Law, presenting a comprehensive view of the United States government sponsored enterprises-specific issues, written by authorities in the field.

Topic Map

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