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1000 - Federal Deposit Insurance Act
{{10-31-94 p.1327}}
SEC. 25 (a) No insured depository institution, insured branch of a
foreign bank, or mutual savings or cooperative bank which is not an
insured depository institution, shall make any federally related
mortgage loan to any agent, trustee, nominee, or other person acting in
a fiduciary capacity without the prior condition that the identity of
the person receiving the beneficial interest of such loan shall at all
times be revealed to the insured depository institution. At the request
of the Corporation, the insured depository institution shall report to
the Corporation on the identity of such person and the nature and
amount of the loan, discount, or other extension of credit.
[Codified to 12 U.S.C. 1831b(a)]
[Source: Section 2[25(a)] of the Act of September 21, 1950 (Pub.
L. No. 797), as added by section 11(a) of the Act of December 22, 1974
(Pub. L. No. 93--533; 88 Stat. 1729), effective June 20, 1975, and as
amended by section 6(c)(30) of the Act of September 17, 1978 (Pub. L.
No. 95--369; 92 Stat. 620), effective September 17, 1978; section
201(a)(1) of title II of the Act of August 9, 1989 (Pub. L. No.
101--73; 103 Stat. 187), effective August 9, 1989; section 602(a)(55)
of title VI of the Act of September 23, 1994 (Pub. L. No. 103--325; 108
Stat. 2290), effective September 23, 1994]
(b) In addition to other available remedies, this section may be
enforced with respect to mutual savings and cooperative banks which are
not insured depository institutions in accordance with
section 8 of this Act, and for
such purpose such mutual savings and cooperative banks shall be held
and considered to be State nonmember insured banks and the appropriate
Federal agency with respect to such mutual savings and cooperative
banks shall be the Federal Deposit Insurance Corporation.
[Codified to 12 U.S.C. 1831b(b)]
[Source: Section 2[25(b)] of the Act of September 21, 1950 (Pub.
L. No. 797), as added by section 11(a) of the Act of December 22, 1974
(Pub. L. No. 93--533; 88 Stat. 1729), effective June 20, 1975, and as
amended by section 201(a)(1) of title II of the Act of August 9, 1989
(Pub. L. No. 101--73; 103 Stat. 187), effective August 9,
1989]
NOTES AND DECISIONS
Derivation. Section 25 derives from section 11(a) of the Act
of December 22, 1974 (Pub. L. No. 93--533; 88 Stat. 1729), effective
June 20, 1975.
Definition of terms. The terms used in section 25 of the
Federal Deposit Insurance Act are defined in section 3 of the Real
Estate Settlement Procedures Act of 1974 (12 U.S.C. 2602), appearing
under the "Miscellaneous Statutes and Regulations" tabcard.
Authority of FDIC to exempt classes or types of transactions from
the provisions of section 25. Section 11(c) of the Act of
December 22, 1974 (Pub. L. No. 93--533; 88 Stat. 1729), effective June
20, 1975, provides in part as follows:
"(c) The Federal Deposit Insurance Corporation...
may by regulation exempt classes or types of transactions from the
provisons [of section 25 of the Federal Deposit Insurance Act] if the
Corporation... determines that the purposes
of such provisions would not be advanced materially by their
application to such transactions."
[The page following this is 1333.]
{{10-31-94 p.1333}}
SEC. 26 [Repealed]
[Source: Section 2[26] of the Act of September 21, 1950 (Pub.
L. No. 797), as added by section 1205 of title XII of the Act of
November 10, 1978 (Pub. L. No. 95--630; 92 Stat. 3711), effective March
10, 1979; as amended by section 113(p) of title I of the Act of October
15, 1982 (Pub. L. No. 97--320; 96 Stat. 1474), effective October 15,
1982; section 3 of the Act of January 12, 1983 (Pub. L. No. 97--457; 96
Stat. 2507), effective January 12, 1983; repealed by section 602(f)(1)
of title VI of the Act of September 23, 1994 (Pub. L. No. 103--325; 108
Stat. 2292), effective September 23, 1994]
[The page following this is 1339.]
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