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FDIC Law, Regulations, Related Acts

[Main Tabs]     [Table of Contents - 8000]     [Index]     [Previous Page]     [Next Page]     [Search] 8000 - Miscellaneous Statutes and Regulations {{6-30-06 p.8740.51}} HOUSING AND URBAN DEVELOPMENT ACT OF 1968   Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Housing and Urban Development Act of 1968." * * * * * TITLE I—LOWER INCOME HOUSING * * * * * SEC. 106. ASSISTANCE WITH RESPECT TO HOUSING FOR LOW- AND MODERATE-INCOME FAMILIES * * * * *   (c)  Grants for Homeownership Counseling Organizations * *  *  *  *     (5)  notification of availability of homeownership counseling.—       (A)  IN GENERAL.--         (i)  REQUIREMENT.--Except as provided in subparagraph (C), the creditor of a loan (or proposed creditor) shall provide notice under clause (ii) to (I) any eligible homeowner who fails to pay any amount by the date the amount is due under a home loan, and (II) any applicant for a mortgage described in paragraph (4).         (ii)  CONTENT.--Notification under this subparagraph shall--           (I)  notify the homeowner or mortgage applicant of the availability of any homeownership counseling offered by the creditor (or proposed creditor);           (II)  if provided to an eligible mortgage applicant, state that completion of a counseling program is required for insurance pursuant to section 203 of the National Housing Act; and           (III)  notify the homeowner or mortgage applicant of the availability of homeownership counseling provided by nonprofit organizations approved by the Secretary and experienced in the provision of homeowership counseling, or provide the toll-free telephone number described in subparagraph (D)(i); and           (IV)  notify the homeowner by a statement or notice, written in plain English by the Secretary of Housing and Urban Development, in consultation with the Secretary of Defense and the Secretary of the Treasury, explaining the mortgage and foreclosure rights of servicemembers, and the dependents of such servicemembers, under the Servicemembers Civil Relief Act (50 U.S.C. App. 501 et seq.), including the toll-free military one source number to call if servicemembers, or the dependents of such servicemembers, require further assistance.       (B)  DEADLINE FOR NOTIFICATION.--The notification required in subparagraph (A) shall be made--         (i)  in a manner approved by the Secretary; and         (ii)  before the expiration of the 45-day period beginning on the date on which the failure referred to in such subparagraph occurs.       (C)  NOTIFICATION.--Notification under subparagraph (A) shall not be required with respect to any loan for which the eligible homeowner pays the amount overdue before the expiration of the 45-day period under subparagraph (B)(ii).         (i)  insured or guaranteed under chapter 37 of title 38, United States Code; or         (ii)  for which the eligible homeowner pays the amount overdue before the expiration of the 45-day period under subparagraph (B)(ii).       (D)  ADMINISTRATION AND COMPLIANCE.--The Secretary shall, to the extent of amounts approved in appropriation Acts, enter into an agreement with an appropriate private entity under which the entity will-- {{6-30-06 p.8740.52}}         (i)  operate a toll-free telephone number through which any eligible homeowner can obtain a list of nonprofit organizations that--           (I)  are approved by the Secretary and experienced in the provision of homeownership counseling; and           (II)  serve the area in which the residential property of the homeowner is located;         (ii)  monitor the compliance of creditors with the requirements of subparagraphs (A) and (B); and         (iii)  report to the Secretary not less than annually regarding the extent of compliance of creditors with the requirements of subparagraphs (A) and (B).       (E)  REPORT.--The Secretary shall submit a report to the Congress not less than annually regarding the extent of compliance of creditors with the requirements of subparagraphs (A) and (B) and the effectiveness of the entity monitoring such compliance. The Secretary shall also include in the report any recommendations for legislative action to increase the authority of the Secretary to penalize creditors who do not comply with such requirements. [Codified to 12 U.S.C. 1701x(c)] [Source:  Section 106(c) of title I of the Act of August 1, 1968 (Pub. L. No. 90--448; 82 Stat. 490), effective August 1, 1968; as added by section 169(b) of title I of the Act of February 5, 1988 (Pub. L. No. 100-242; 101 Stat. 1865), effective February 5, 1988; as amended by section 577(b)(3) of title V of the Act of November 28, 1990 (Pub. L. No. 101--625; 104 Stat. 4239), effective November 28, 1990; section 162(b)(5) and (6) of title I of the Act of October 28, 1992 (Pub. L. No. 102--550; 106 Stat. 3720), effective October 28, 1992; section 594(b) of title V of the Act of October 21, 1998 (Pub. L. No. 105--276; 112 Stat. 2656), effective October 21, 1998; section 688(a) of title VI of the Act of January 6, 2006 (Pub. L. No. 109--163; 119 Stat. 3336), effective date shall take effect 150 days (June 5, 2006) after the date of the enactment of this Act] [The page following this is 8761.] [Main Tabs]     [Table of Contents - 8000]     [Index]     [Previous Page]     [Next Page]     [Search]

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