12 U.S.C. § 1831b
(a) Identity of beneficiary interest as condition for a loan; report to Corporation
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, insured branch, or bank. At the request of the Corporation, the insured depository institution, insured branch, or bank 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.
(b) Enforcement; bank status
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 1818 of this title, 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.
12 U.S.C. § 1831b
EDITORIAL NOTES
AMENDMENTS1994-Subsec. (a). Pub. L. 103-325 substituted "the insured depository institution, insured branch, or bank" for "the bank" in two places. 1989- Pub. L. 101-73 substituted references to insured depository institutions for references to insured banks wherever appearing in this section.1978-Subsec. (a). Pub. L. 95-369 inserted "insured branch of a foreign bank" after "No insured bank".
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATESection effective 180 days after Dec. 22, 1974, see section 20 of Pub. L. 93-533 set out as a note under section 2601 of this title.
EXEMPTIONS; REGULATIONS Pub. L. 93-533 §11(c), Dec. 22, 1974, 88 Stat. 1729, provided that: "The Federal Deposit Insurance Corporation or the Federal Home Loan Bank Board as appropriate may by regulation exempt classes or types of transactions from the provisions added by this section [enacting this section and section 1730f of this title] if the Corporation or the Board determines that the purposes of such provisions would not be advanced materially by their application to such transactions."
- 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.
- credit
- The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.
- person
- The term "person" means an individual, partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity.