1994 US Code
Title 12 - BANKS AND BANKING
CHAPTER 11 - FEDERAL HOME LOAN BANKS
Sec. 1422 - Definitions

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§1422. Definitions

As used in this chapter—

(1) Board.—The term “Board” means the Federal Housing Finance Board established under section 1422a of this title.

(2)(A) Bank.—The term “Federal Home Loan Bank” or “Bank” means a bank established under the authority of this chapter.

(B) Bank system.—The term “Federal Home Loan Bank System” means the Federal Home Loan Banks under the supervision of the Board.

(3) The term “State” includes the District of Columbia, Guam, Puerto Rico, and the Virgin Islands of the United States.

(4) The term “member” means any institution which has subscribed for the stock of a Federal Home Loan Bank.

(5) The term “home mortgage loan” means a loan made by a member upon the security of a home mortgage.

(6) The term “home mortgage” means a mortgage upon real estate, in fee simple, or on a leasehold (1) under a lease for not less than ninety-nine years which is renewable or (2) under a lease having a period of not less than fifty years to run from the date the mortgage was executed, upon which is located, or which comprises or includes, one or more homes or other dwelling units, all of which may be defined by the Board and shall include, in addition to first mortgages, such classes of first liens as are commonly given to secure advances on real estate by institutions authorized under this chapter to become members, under the laws of the State in which the real estate is located, together with the credit instruments, if any, secured thereby.

(7) The term “unpaid principal,” when used in respect of a loan secured by a home mortgage means the principal thereof less the sum of (1) payments made on such principal, and (2) in cases where shares or stock are pledged as security for the loan, the payments made on such shares or stock plus earnings or dividends apportioned or credited thereon.

(8) An “amortized” or “installment” home mortgage loan shall, for the purposes of this chapter, be a home mortgage loan to be repaid or liquidated in not less than eight years by means of regular weekly, monthly, or quarterly payments made directly in reduction of the debt or upon stock or shares pledged as collateral for the repayment of such loan.

(9) Savings association.—The term “savings association” has the meaning given to such term in section 1813 of this title.

(10) Chairperson.—The term “Chairperson” means the Chairperson of the Board.

(11) Secretary.—The term “Secretary” means the Secretary of Housing and Urban Development.

(12) Insured depository institution.—The term “insured depository institution” means—

(A) an insured depository institution (as defined in section 1813 of this title), and

(B) except as used in sections 1441a and 1441b of this title, an insured credit union (as defined in section 1752 of this title).

(July 22, 1932, ch. 522, §2, 47 Stat. 725; June 27, 1934, ch. 847, §507, 48 Stat. 1264; May 28, 1935, ch. 150, §1, 49 Stat. 293; July 14, 1952, ch. 723, §10(c), 66 Stat. 604; June 25, 1959, Pub. L. 86–70, §9(a), 73 Stat. 142; July 12, 1960, Pub. L. 86–624, §5(a), 74 Stat. 411; Oct. 9, 1962, Pub. L. 87–779, §2(a), 76 Stat. 779; Aug. 9, 1989, Pub. L. 101–73, title VII, §§701(a), 710(b)(1), 103 Stat. 411, 418.)

Amendments

1989—Pars. (1), (2). Pub. L. 101–73, §701(a)(1), added pars. (1) and (2) and struck out former pars. (1) and (2) which defined “board” and “Federal Home Loan Bank”.

Par. (4). Pub. L. 101–73, §701(a)(2), which directed amendment of par. (4) by striking out “(except when used in reference to the member of the Board)” after “ ‘member’ ”, was executed by striking out “(except when used in reference to a member of the board)” as the probable intent of Congress.

Par. (5). Pub. L. 101–73, §710(b)(1), struck out “or a nonmember borrower” after “member”.

Pars. (9) to (12). Pub. L. 101–73, §701(a)(3), added pars. (9) to (12) and struck out former par. (9) which read as follows: “The term ‘nonmember borrower’ includes an institution authorized to secure advances from a Federal Home Loan Bank under the provisions of subsection (e) of section 1426 of this title.”

1962—Subsec. (6). Pub. L. 87–779 substituted “upon which is located, or which comprises or includes, one or more homes or other dwelling units, all of which may be defined by the Board” for “upon which there is located a dwelling for not more than four families”.

1960—Subsec. (3). Pub. L. 86–624 struck out reference to Territory of Hawaii.

1959—Subsec. (3). Pub. L. 86–70 substituted “Territory of Hawaii” for “Territories of Alaska and Hawaii”.

1952—Subsec. (3). Act July 14, 1952, inserted “Guam,”.

1935—Subsec. (6). Act May 28, 1935, substituted “four families” for “three families”.

1934—Subsec. (6). Act June 27, 1934, struck out “first” before “mortgage” and inserted “or (2) under a lease having a period of not less than fifty years to run from the date the mortgage was executed”.

Section Referred to in Other Sections

This section is referred to in sections 248, 461, 1424, 1735f–7a of this title; title 18 section 20.