Statutes, codes, and regulations
United States Code
Title 12 - BANKS AND BANKINGChapter 13 - NATIONAL HOUSING
Subchapter V - MISCELLANEOUS
Section 1735f-10 - Change of mortgagee status

12 U.S.C. § 1735f-10

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Current through P.L. 118-78 (published on www.congress.gov on 07/30/2024)
Section 1735f-10 - Change of mortgagee status

(a) Notification

Upon the occurrence of any action described in subsection (b), an approved mortgagee shall immediately submit to the Secretary, in writing, notification of such occurrence.

(b) Actions

The actions described in this subsection are as follows:

(1) The debarment, suspension or a Limited Denial of Participation (LDP), or application of other sanctions, other exclusions, fines, or penalties applied to the mortgagee or to any officer, partner, director, principal, manager, supervisor, loan processor, loan underwriter, or loan originator of the mortgagee pursuant to applicable provisions of State or Federal law.

(2) The revocation of a State-issued mortgage loan originator license issued pursuant to the S.A.F.E. Mortgage Licensing Act of 2008 ( 12 U.S.C. 5101 et seq.) or any other similar declaration of ineligibility pursuant to State law.

12 U.S.C. § 1735f-10

June 27, 1934, ch. 847, title V, §532, as added Pub. L. 111-22 §203(e), May 20, 2009, 123 Stat. 1647.

EDITORIAL NOTES

REFERENCES IN TEXTThe S.A.F.E. Mortgage Licensing Act of 2008, referred to in subsec. (b)(2), is title V of div. A of Pub. L. 110-289, 122 Stat. 2810, also known as the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, which is classified generally to chapter 51 (§5101 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 5101 of this title and Tables.

PRIOR PROVISIONSA prior section 1735f-10, act June 27, 1934, ch. 847, title V, §532, as added Pub. L. 97-35 §339G, Aug. 13, 1981, 95 Stat. 418, which related to purchaser-broker arrangement payments for insurance purposes, was repealed by section 203(e) of Pub. L. 111-22.

Director
The term "Director" means the Director of the Bureau.
State
The term "State" means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands or any federally recognized Indian tribe, as defined by the Secretary of the Interior under section 5131(a) of title 25.