2011 US Code
Title 12 - Banks and Banking
Chapter 13 - NATIONAL HOUSING (§§ 1701 - 1750jj)
Section 1701l - Limitation on interest rates of insured mortgages; terms of sales
View Metadata| Publication Title | United States Code, 2006 Edition, Supplement 5, Title 12 - BANKS AND BANKING |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 12 - BANKS AND BANKING CHAPTER 13 - NATIONAL HOUSING Sec. 1701l - Limitation on interest rates of insured mortgages; terms of sales |
| Contains | section 1701l |
| Date | 2011 |
| Laws in Effect as of Date | January 3, 2012 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Apr. 20, 1950, ch. 94, title V, §508, 64 Stat. 81; Pub. L. 90-19, §8(e), May 25, 1967, 81 Stat. 22. |
| Statutes at Large References | 48 Stat. 1246 64 Stat. 81 81 Stat. 22 |
| Public Law References | Public Law 90-19 |
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It is the intent of Congress that no sale of a dwelling on which a mortgage is insured under the National Housing Act, as amended [12 U.S.C. 1701 et seq.], shall be financed, while such mortgage is so insured, at an interest rate higher than that prescribed by the Secretary of Housing and Urban Development. It is the further intent of Congress that no such sale shall be made, while such mortgage is so insured, on terms less favorable to the purchaser as to amortization, retirement, foreclosure, or forfeiture than those contained in such mortgage.
(Apr. 20, 1950, ch. 94, title V, §508, 64 Stat. 81; Pub. L. 90–19, §8(e), May 25, 1967, 81 Stat. 22.)
References in TextThe National Housing Act, as amended, referred to in text, is act June 27, 1934, ch. 847, 48 Stat. 1246, as amended, which is classified principally to this chapter (§1701 et seq.). For complete classification of this Act to the Code, see section 1701 of this title and Tables.
CodificationSection was enacted as part of the Housing Act of 1950, and not as part of the National Housing Act which comprises this chapter.
Amendments1967—Pub. L. 90–19 substituted “Secretary of Housing and Urban Development” for “Federal Housing Commissioner”.
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