2018 US Code
Title 12 - Banks and Banking
Chapter 46 - Government Sponsored Enterprises
Subchapter III - Enforcement Provisions
Sec. 4642 - Reporting of fraudulent loans
| 12 U.S.C. § 4642 (2018) |
| §4642. Reporting of fraudulent loans |
|
(a) Requirement to report
The Director shall require a regulated entity to submit to the Director a timely report upon discovery by the regulated entity that it has purchased or sold a fraudulent loan or financial instrument, or suspects a possible fraud relating to the purchase or sale of any loan or financial instrument. The Director shall require each regulated entity to establish and maintain procedures designed to discover any such transactions. (b) Protection from liability for reportsAny regulated entity that, in good faith, makes a report pursuant to subsection (a), and any entity-affiliated party, that, in good faith, makes or requires another to make any such report, shall not be liable to any person under any provision of law or regulation, any constitution, law, or regulation of any State or political subdivision of any State, or under any contract or other legally enforceable agreement (including any arbitration agreement) for such report or for any failure to provide notice of such report to the person who is the subject of such report or any other persons identified in the report. |
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(Pub. L. 102–550, title XIII, §1379E, as added Pub. L. 110–289, div. A, title I, §1115, July 30, 2008, 122 Stat. 2681.) |
| United States Code, 2018 Edition, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 12 - BANKS AND BANKING CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES SUBCHAPTER III - ENFORCEMENT PROVISIONS Sec. 4642 - Reporting of fraudulent loans |
| section 4642 |
| 2018 |
| January 14, 2019 |
| No |
| standard |
| 122 Stat. 2681 |
| Public Law 102-550, Public Law 110-289 |
