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8000 - Miscellaneous Statutes and Regulations
{{2-29-08 p.8675}}
GARN-ST GERMAIN DEPOSITORY INSTITUTIONS ACT OF 1982
An Act
To revitalize the housing industry by strengthening the financial
stability of home mortgage lending institutions and ensuring the
availability of home mortgage loans.
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SHORT TITLE
SECTION 1. This Act may be cited as the "Garn-St
Germain Depository Institutions Act of 1982".
[Codified to 12 U.S.C. 226 note]
[Source: Section 1 of the Act of October 15, 1982 (Pub. L. No.
97-320; 96 Stat. 1469), effective October 15, 1982]
TITLE I—DEPOSIT INSURANCE FLEXIBILITY
SHORT TITLE
SEC. 101. This title may be cited as the "Deposit
Insurance Flexibility Act".
[Codified to 12 U.S.C. 1811 note]
[Source: Section 101 of title I of the Act of October 15, 1982
(Pub. L. No. 97-320; 96 Stat. 1469), effective October 15, 1982]
EDITOR'S NOTE
This act amends sections 3(q) and (t); 4; 7(a), (d) and
(j); 8(a) and (o); 10(b); 11(c) and (g); 12(a); 13(c), (e), (f), (g)
and (h); 18(c) and (j); and 26 of the Federal Deposit Insurance Act (12
U.S.C. 1813(q) and (t); 1814; 1817(a), (d) and (j); 1818(a) and (o);
1820(b), 1821(c) and (g); 1822(a); 1823(c), (f), (g) and (h); 1828(c)
and (j); and 1831c, respectively).
Section 118 of this act amends sections 2(i), 3(d) and
4(c) of the Bank Holding Company Act of 1956 (12 U.S.C. 1841(i),
1842(d) and 1843(c), respectively).
* * * * *
TITLE II—NET WORTH CERTIFICATES
SHORT TITLE
SEC. 201. This title may be cited as the "Net Worth
Certificate Act".
[Codified to 12 U.S.C. 1811 note]
[Source: Section 201 of title II of the Act of October 15, 1982
(Pub. L. No. 97-320; 96 Stat. 1489), effective October 15, 1982]
* * * * *
EDITOR'S NOTE
Section 203 of this act amends section 13 of the Federal
Deposit Insurance Act (12 U.S.C. 1823) by adding a new subsection
(i).
REPORTS TO CONGRESS
SEC. 204. The Federal Home Loan Bank Board and the Board
of Directors of the Federal Deposit Insurance Corporation shall each
transmit an annual report to each House of the Congress specifying the
types and amounts of net worth certificates purchased from each
depository institution and the conditions imposed on each such
depository institution.
[Codified to 12 U.S.C. 1823 note]
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[Source: Section 204 of title II of the Act of October 15,
1982 (Pub. L. No. 97-320; 96 Stat. 1495), effective October 15, 1982]
GOVERNMENT ACCOUNTABILITY OFFICE AUDIT
SEC. 205. The Comptroller General of the United States
shall conduct on a semiannual basis an audit of the net worth
certificate programs of the Federal Deposit Insurance Corporation and
the Federal Home Loan Bank Board. A report on each such audit shall be
transmitted to each House of the Congress.
[Codified to 12 U.S.C. 1823 note]
[Source: Section 205 of title II of the Act of October 15,
1982 (Pub. L. No. 97-320; 96 Stat. 1495), effective October 15, 1982;
amended by section 8(b) of the Act of July 7, 2004 (Pub. L. No.
108--171; 118 Stat. 814), effective July 7, 2004]
REPEAL
SEC. 206. On October 13, 1991, section 406(f)(5) of the
National Housing Act and section 13(i) of the Federal Deposit Insurance
Act are repealed.
[Codified to 12 U.S.C. 1729, 1823]
[Source: Section 206 of title II of the Act of October 15,
1982 (Pub. L. No. 97-320; 96 Stat. 1496), effective October 15, 1982,
as amended by section 6(b) of the Act of October 8, 1985 (Pub. L. No.
99-120; 99 Stat. 504), effective October 8, 1985; the Act of April 24,
1986 (Pub. L. 99-278; 100 Stat. 397), effective April 24, 1986; the Act
of August 27, 1986 (Pub. L. No. 99-400; 100 Stat. 902), effective
August 27, 1986; the Act of October 8, 1986 (Pub. L. No. 99-452; 100
Stat. 1140), effective October 8, 1986; and section 509(b) of title V
of the Act of August 10, 1987 (Pub. L. No. 100-86; 101 Stat. 635),
effective August 10, 1987]
* * * * *
TITLE III—THRIFT INSTITUTIONS RESTRUCTURING
SHORT TITLE
SEC. 301. This title may be cited as the "Thrift
Institutions Restructuring Act".
[Codified to 12 U.S.C. 1461 note]
[Source: Section 301 of title III of the Act of October 15, 1982
(Pub. L. No. 97-320; 96 Stat. 1496), effective October 15, 1982]
* * * * *
EDITOR'S NOTE
This act amends section 2(c) of the Bank Holding Company
Act of 1956 (12 U.S.C. 1841(c)) and section 204 of the Depository
Institutions Deregulation Act of 1980 (12 U.S.C. 3503).
* * * * *
TITLE IV—PROVISIONS RELATING TO NATIONAL AND MEMBER
BANKS
EDITOR'S NOTE
Title IV amends sections 2(c), 3(e), 4(a) and 8(b) of
the Bank Holding Company Act of 1956 (12 U.S.C. 1841(c), 1842(e),
1843(a) and 1847(b)); section 106(b) of the Bank Holding Company Act
Amendments of 1970 (12 U.S.C. 1972); section 205(2) of the Depository
Institution Management Interlocks Act (12 U.S.C. 3204(2)); sections
7(k), 8(b), (e), (f), (g), (i), (j) and (q), 10(b) and 18(j) of the
Federal Deposit Insurance Act (12 U.S.C. 1817(k), 1818(b), (e), (f),
(g), (i), (j) and (q), 1820(b) and 1828(j), respectively); section
1006(b) of the Federal Financial Inststitutions Examination Council Act
of 1978 (12 U.S.C. 3305); sections 19(b), 22(h) and 23A of the Federal
Reserve Act (12 U.S.C. 461, 375b and 371c, respectively); section 5200
of the Revised Statutes (12 U.S.C. 84); and sections 1112 and 1114(b)
of the Right to Financial Privacy Act of 1978 (12 U.S.C. 3412 and
3414(b)).
* * * * *
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TITLE VI—PROPERTY, CASUALTY, LIFE INSURANCE ACTIVITIES
OF BANK HOLDING COMPANIES
AMENDMENT TO THE BANK HOLDING COMPANY ACT OF 1956
EDITOR'S NOTE
Title VI amends section 4(c)(8) of the Bank Holding Company
Act of 1956 (12 U.S.C. 1843(c)).
TITLE VII—MISCELLANEOUS
EDITOR'S NOTE
Title VII amends section 2(a) of Public Law 93-100 (NOW
Accounts) (12 U.S.C. 1832), sections 1 to 7 of the Bank Service
Corporation Act (12 U.S.C. 1861 to 1867), sections 3(a) and (l)
and 5(a) of the Federal Deposit Insurance Act (12 U.S.C. 1813(a) and
(l) and 1815(a), respectively), section 19(b) of the Federal
Reserve Act (12 U.S.C. 461), section 8(c) of the International Banking
Act of 1978 (12 U.S.C. 3106), and sections 603 and 604 of the
Neighborhood Reinvestment Corporation Act (42 U.S.C. 8102 and 8103).
INSURANCE STUDY
SEC. 712. (a) The Federal Deposit Insurance Corporation,
the Federal Savings and Loan Insurance Corporation, and the National
Credit Union Administration Board shall each conduct a study of--
(1) the current system of deposit insurance and its impact on the
structure and operations of depository institutions;
(2) the feasibility of providing depositors the option to
purchase additional deposit insurance covering deposits in excess of
the general limit provided by law and the capabilities of the private
insurance system, either directly or through reinsurance, to provide
risk coverage in excess of the general statutory limit;
(3) the feasibility of basing deposit insurance premiums on the
risk posed by either the insured institution or the category or size of
the depository institution rather than the present flat rate system;
(4) the impact of expanding coverage of insured deposits upon the
operations of the insurance funds, including the possibility of
increased or undue risk to the funds;
(5) the feasibility of revising the deposit insurance system to
provide even greater protection for smaller depositors while fostering
a greater degree of discipline with respect to large depositors;
(6) the adequacy of existing public disclosure regarding the
condition and business practices of insured depository institutions,
and providing an assessment of changes which may be needed to assure
adequate public disclosure;
(7) the feasibility of consolidating the three separate insurance
funds; and
(8) other related issues.
(b) A report containing the results of each of the studies carried
out under subsection (a) shall be transmitted to the Committee on
Banking, Finance and Urban Affairs of the House of Representatives and
to the Committee on Banking, Housing, and Urban Affairs of the Senate
not later than six months after the date of enactment of this Act.
[Not codified]
[Source: Section 712 of title VII of the Act of October
15, 1982 (Pub. L. No. 97--320; 96 Stat. 1544), effective October 15,
1982]
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TITLE VIII—ALTERNATIVE MORTGAGE TRANSACTIONS
SHORT TITLE
SEC. 801. This title may be cited as the "Alternative
Mortgage Transaction Parity Act of 1982".
[Codified to 12 U.S.C. 3801 note]
[Source: Section 801 of title VIII of the Act of October 15, 1982
(Pub. L. No. 97--320; 96 Stat. 1545), effective October 15, 1982]
FINDINGS AND PURPOSE
SEC. 802. (a) The Congress hereby finds that--
(1) increasingly volatile and dynamic changes in interest rates
have seriously impaired the ability of housing creditors to provide
consumers with fixed-term, fixed-rate credit secured by interests in
real property, cooperative housing, manufactured homes, and other
dwellings;
(2) alternative mortgage transactions are essential to the
provision of an adequate supply of credit secured by residential
property necessary to meet the demand expected during the 1980's; and
(3) the Comptroller of the Currency, the National Credit Union
Administration, and the Director of the Office of Thrift Supervision
have recognized the importance of alternative mortgage transactions and
have adopted regulations authorizing federally chartered depository
institutions to engage in alternative mortgage financing.
(b) It is the purpose of this title to eliminate the discriminatory
impact that those regulations have upon nonfederally chartered housing
creditors and provide them with parity with federally chartered
institutions by authorizing all housing creditors to make, purchase,
and enforce alternative mortgage transactions so long as the
transactions are in conformity with the regulations issued by the
Federal agencies.
[Codified to 12 U.S.C. 3801]
[Source: Section 802 of title VIII of the Act of October 15, 1982
(Pub. L. No. 97--320; 96 Stat. 1545), effective October 15, 1982; as
amended by section 744(c) of title VII of the Act of August 9, 1989
(Pub. L. No. 101--73; 103 Stat. 438), effective August 9, 1989]
DEFINITIONS
SEC. 803. As used in this title--
(1) the term "alternative mortgage transaction" means a loan
or credit sale secured by an interest in residential real property, a
dwelling, all stock allocated to a dwelling unit in a residential
cooperative housing corporation, or a residential manufactured home (as
that term is defined in section 603(6) of the National Manufactured
Home Construction and Safety Standards Act of 1974)--
(A) in which the interest rate or finance charge may be adjusted
or renegotiated;
(B) involving a fixed-rate, but which implicitly permits rate
adjustments by having the debt mature at the end of an interval shorter
than the term of the amortization schedule; or
(C) involving any similar type of rate, method of determining
return, term, repayment, or other variation not common to traditional
fixed-rate, fixed-term transactions, including without limitation,
transactions that involve the sharing of equity or appreciation;
described and defined by applicable regulation; and
(2) the term "housing creditor" means--
(A) a depository institution, as defined in
section 501(a)(2) of the
Depository Institutions Deregulation and Monetary Control Act of 1980;
(B) a lender approved by the Secretary of Housing and Urban
Development for participation in any mortgage insurance program under
the National Housing Act;
{{6-30-05 p.8679}}
(C) any person who regularly makes loans, credit sales, or
advances secured by interests in properties referred to in paragraph
(1); or
(D) any transferee of any of them.
A person is not a "housing creditor" with respect to a specific
alternative mortgage transaction if, except for this title, in order to
enter into that transaction, the person would be required to comply
with licensing requirements imposed under State law, unless such person
is licensed under applicable State law and such person remains, or
becomes, subject to the applicable regulatory requirements and
enforcement mechanisms provided by State law.
[Codified to 12 U.S.C. 3802]
[Source: Section 803 of title VIII of the Act of October 15, 1982
(Pub. L. No. 97-320; 96 Stat. 1545), effective October 15, 1982]
ALTERNATIVE MORTGAGE AUTHORITY
SEC. 804. (a) In order to prevent discrimination against
State-chartered depository institutions, and other nonfederally
chartered housing creditors, with respect to making, purchasing, and
enforcing alternative mortgage transactions, housing creditors may
make, purchase, and enforce alternative mortgage transactions, except
that this section shall apply--
(1) with respect to banks, only to transactions made in
accordance with regulations governing alternative mortgage transactions
as issued by the Comptroller of the Currency for national banks, to the
extent that such regulations are authorized by rulemaking authority
granted to the Comptroller of the Currency with regard to national
banks under laws other than this section;
(2) with respect to credit unions, only to transactions made in
accordance with regulations governing alternative mortgage transactions
as issued by the National Credit Union Administration Board for Federal
credit unions, to the extent that such regulations are authorized by
rulemaking authority granted to the National Credit Union
Administration with regard to Federal credit unions under laws other
than this section; and
(3) with respect to all other housing creditors, including
without limitation, savings and loan associations, mutual savings
banks, and savings banks, only to transactions made in accordance with
regulations governing alternative mortgage transactions as issued by
the Director of the Office of Thrift Supervision for federally
chartered savings and loan associations, to the extent that such
regulations are authorized by rulemaking authority granted to the
Director of the Office of Thrift Supervision with regard to federally
chartered savings and loan associations under laws other than this
section.
(b) For the purpose of determining the applicability of this
section, an alternative mortgage transaction shall be deemed to be made
in accordance with the applicable regulation notwithstanding the
housing creditor's failure to comply with the regulation, if--
(1) the transaction is in substantial compliance with the
regulation; and
(2) within sixty days of discovering any error, the housing
creditor corrects such error, including making appropriate adjustments,
if any, to the account.
(c) An alternative mortgage transaction may be made by a housing
creditor in accordance with this section, notwithstanding any State
constitution, law, or regulation.
[Codified to 12 U.S.C. 3803]
[Source: Section 804 of title VIII of the Act of October 15, 1982
(Pub. L. No. 97-320; 96 Stat. 1546), effective October 15, 1982; as
amended by section 744(c) of title VII of the Act of August 9, 1989
(Pub. L. No. 101--73; Stat. 438), effective August 9, 1989]
APPLICABILITY
SEC. 805. (a) The provisions of section 804 shall not
apply to any alternative mortgage transaction in any State made on or
after the effective date (if such effective date
{{6-30-05 p.8680}}occurs on or after the effective date of this
title and prior to a date three years after the effective date of this
title) of a State law or a certification that the voters of such State
have voted in favor of any provision, constitutional or otherwise,
which states explicitly and by its terms that such State does not want
the preemption provided in section 804 to apply with respect to
alternative mortgage transactions (or to any class or type of
alternative mortgage transaction) subject to the laws of such State,
except that section 804 shall continue to apply to--
(1) any alternative mortgage transaction undertaken on or after
such date pursuant to an agreement to undertake such alternative
mortgage transaction which was entered into on or after the effective
date of this title and prior to such later date (the "preemption
period"); and
(2) any renewal, extension, refinancing, or other modification of
an alternative mortgage transaction that was entered into during the
preemption period.
(b) An alternative mortgage transaction shall be deemed to have
been undertaken during the preemption period to which this section
applies if it--
(1) is funded or extended in whole or in part during the
preemption period, regardless of whether pursuant to a commitment or
other agreement therefor made prior to that period; or
(2) is a renewal, extension, refinancing, or other modification
of an alternative mortgage transaction entered into before the
preemption period and such renewal, extension, or other modification is
made during such period with the written consent of any person
obligated to repay such credit.
[Codified to 12 U.S.C. 3804]
[Source: Section 805 of title VIII of the Act of October 15, 1982
(Pub. L. No. 97-320; 96 Stat. 1547), effective October 15, 1982, as
amended by section 472 of title IV of the Act of November 30, 1984
(Pub. L. No. 98-181; 97 Stat. 1237), effective November 30, 1984]
RELATION TO OTHER LAW
SEC. 806. Section 501(c)(1) of the Depository Institutions
Deregulation and Monetary Control Act of 1980 shall not apply to
transactions which are subject to this title.
[Codified to 12 U.S.C. 3805]
[Source: Section 806 of title VIII of the Act of October 15, 1982
(Pub. L. No. 97-320; 96 Stat. 1548), effective October 15, 1982]
EFFECTIVE DATE
SEC. 807. (a) This title shall be effective upon
enactment.
(b) Within sixty days of the enactment of this title, the
Comptroller of the Currency, the National Credit Union
Administration, and the Director of the Office of Thrift Supervision
shall identify, describe, and publish those portions or provisions of
their respective regulations that are inappropriate for (and thus
inapplicable to), or that need to be conformed for the use of, the
nonfederally chartered housing creditors to which their respective
regulations apply, including without limitation, making necessary
changes in terminology to conform the regulatory and disclosure
provisions to those more typically associated with various types of
transactions including credit sales.
[Codified to 12 U.S.C. 3801 note]
[Source: Section 807 of title VIII of the Act of October 15, 1982
(Pub. L. No. 97--320; 96 Stat. 1548), effective October 15, 1982; as
amended by section 744(c) of title VII of the Act of August 9, 1989
(Pub. L. No. 101--73; 103 Stat. 438), effective August 9, 1989]
[The page following this is 8685.]
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