12 U.S.C. § 1428 — Examination of State laws, regulations, and procedures; studies of values, etc.
submitted 94 years ago by ch. 522 to r/title-12-BANKS-AND-BANKING · 258 words · no verdicts yet
This section requires examinations of state laws and procedures affecting Federal Home Loan Banks and their borrowers. It permits limits on bank operations when protection is inadequate and permits studies useful to bank policies and operations.
The Director* must cause to be made from time to time examinations of the laws of the various States of the United States and the regulations and procedure under it governing conditions under which institutions of the kinds which may become members or nonmember borrowers under this chapter are permitted to be formed or to do business, or relating to the conveying or recording of land titles, or to homestead and other rights, or to the enforcement of the rights of holders of mortgages on lands securing loans, or otherwise. If any the examination must indicate, in the opinion of the Director, that under the laws of any the State* or the regulations or procedure under it there would be inadequate protection to a Federal Home Loan Bank* in making or collecting advances under this chapter, the Director may withhold or limit the operation of any Federal Home Loan Bank* in the State until satisfactory conditions of law, regulation, or procedure must be established. In any State where State examination of members or nonmember borrowers is treated inadequate for the purposes of the Federal Home Loan Banks, the Director must establish the examination, all or part of the cost of which may be considered as part of the cost of making advances in the State. The banks and/or the Director may make studies of trends of home and other property values, methods of appraisals, and other subjects the as they may deem useful for the general guidance of their policies and operations and those of institutions authorized to secure advances.
The Director* shall cause to be made from time to time examinations of the laws of the various States of the United States and the regulations and procedure thereunder governing conditions under which institutions of the kinds which may become members or nonmember borrowers under this chapter are permitted to be formed or to do business, or relating to the conveying or recording of land titles, or to homestead and other rights, or to the enforcement of the rights of holders of mortgages on lands securing loans, or otherwise. If any such examination shall indicate, in the opinion of the Director, that under the laws of any such State* or the regulations or procedure thereunder there would be inadequate protection to a Federal Home Loan Bank* in making or collecting advances under this chapter, the Director may withhold or limit the operation of any Federal Home Loan Bank* in such State until satisfactory conditions of law, regulation, or procedure shall be established. In any State where State examination of members or nonmember borrowers is deemed inadequate for the purposes of the Federal Home Loan Banks, the Director shall establish such examination, all or part of the cost of which may be considered as part of the cost of making advances in such State. The banks and/or the Director may make studies of trends of home and other property values, methods of appraisals, and other subjects such as they may deem useful for the general guidance of their policies and operations and those of institutions authorized to secure advances.
Source credit: (July 22, 1932, ch. 522, § 8, 47 Stat. 731; Pub. L. 101–73, title VII, § 701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412; Pub. L. 110–289, div. A, title II, § 1204(8), (9), July 30, 2008, 122 Stat. 2786.)
- 1932Enacted · Act of July 22, 1932, ch. 522 · 47 Stat. 731
- 1989Amended · Pub. L. 101-73 · 103 Stat. 412
- 2008Amended · Pub. L. 110-289 · 122 Stat. 2786
A history note hasn’t been published yet. The record shows enactment by ch. 522 on 1932-07-22.
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