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12 U.S.C. § 1715g — Insurance of mortgage where mortgagor is not occupant of property

submitted 92 years ago by ch. 847 to r/title-12-BANKS-AND-BANKING · 95 words · no verdicts yet

in plain englishAI-generated · not legal advice

Insurance of mortgage where mortgagor is not occupant of property. This section provides that the Secretary is hereby authorized to insure any mortgage otherwise eligible for insurance under any of the provisions of this chapter without regard to any requirement for the occupancy of the mortgagor of the property at the time of insurance, where the Secretary is satisfied that the inability of the mortgagor to meet such requirement is by reason of his entry on active duty in a uniformed service after the filing of an application for insurance and the mortgagor expresses an intent to meet such requirement upon his release from active duty. It also sets the related duties, limits, procedures, and exceptions stated in the section.

The Secretary is hereby authorized to insure any mortgage otherwise eligible for insurance under any of the provisions of this chapter without regard to any requirement for the occupancy of the mortgagor of the property at the time of insurance, where the Secretary is satisfied that the inability of the mortgagor to meet such requirement is by reason of his entry on active duty in a uniformed service after the filing of an application for insurance and the mortgagor expresses an intent to meet such requirement upon his release from active duty.
the actual law source: uscode.house.gov ↗public domain

The Secretary is hereby authorized to insure any mortgage otherwise eligible for insurance under any of the provisions of this chapter without regard to any requirement with respect to the occupancy of the mortgagor of the property at the time of insurance, where the Secretary is satisfied that the inability of the mortgagor to meet such requirement is by reason of his entry on active duty in a uniformed service subsequent to the filing of an application for insurance and the mortgagor expresses an intent to meet such requirement upon his release from active duty.

Source credit: (June 27, 1934, ch. 847, title II, § 216, as added Sept. 1, 1951, ch. 378, title VI, § 607, 65 Stat. 315; amended Pub. L. 90–19, § 1(a)(3), May 25, 1967, 81 Stat. 17; Pub. L. 91–621, § 7(a), Dec. 31, 1970, 84 Stat. 1865; Pub. L. 100–242, title IV, § 406(b)(8), Feb. 5, 1988, 101 Stat. 1901.)

history & why it existsrecord from the source credit
  • 1934Enacted · Act of June 27, 1934, ch. 847 · 65 Stat. 315
  • 1967Amended · Pub. L. 90-19 · 81 Stat. 17
  • 1970Amended · Pub. L. 91-621 · 84 Stat. 1865
  • 1988Amended · Pub. L. 100-242 · 101 Stat. 1901

A history note hasn’t been published yet. The record shows enactment by ch. 847 on 1934-06-27.

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