12 U.S.C. § 1462a — Administrative provisions
submitted 93 years ago by Pub. L. 101-73 to r/title-12-BANKS-AND-BANKING · 238 words · no verdicts yet
The appropriate federal banking agency receives specified former Federal Home Loan Bank Board powers, and federal banking laws do not override protected state homestead exemptions.
(a) Under subtitle A of title III of the Dodd-Frank Act, the appropriate Federal banking agency* has powers that belonged to the Federal Home Loan Bank Board or its Chairman the day before the 1989 Act, except powers transferred by that Act to the FDIC, Federal Housing Finance Board, Resolution Trust Corporation*, or Freddie Mac, and powers created under a law that Act repealed. (b) This chapter and other laws administered by the agency do not override a state* constitutional homestead exemption, its implementing statute in effect September 29, 1994, or a later amendment to such a provision, when it protects a homestead from foreclosure or forced sale for debts. The protection does not cover a purchase-money obligation, homestead taxes, or an obligation for work or materials used to improve the homestead.
In accordance with subtitle A of title III of the Dodd-Frank Wall Street Reform and Consumer* Protection Act, the appropriate Federal banking agency* shall have all powers which—
were vested in the Federal Home Loan Bank Board (in the Board’s capacity as such) or the Chairman of such Board on the day before the date of the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 [Aug. 9, 1989]; and
were not—
transferred to the Federal Deposit Insurance Corporation*, the Federal Housing Finance Board, the Resolution Trust Corporation, or the Federal Home Loan Mortgage Corporation pursuant to any amendment made by such Act; or
established under any provision of law repealed by such Act.
No provision of this chapter or any other provision of law administered by the appropriate Federal banking agency shall be construed as superseding any homestead provision of any State constitution, including any implementing State statute, in effect on September 29, 1994, or any subsequent amendment to such a State constitutional or statutory provision in effect on September 29, 1994, that exempts the homestead of any person* from foreclosure, or forced sale, for the payment of all debts, other than a purchase money obligation relating to the homestead, taxes due on the homestead, or an obligation arising from work and material used in constructing improvements on the homestead.
Source credit: (June 13, 1933, ch. 64, § 3, as added Pub. L. 101–73, title III, § 301, Aug. 9, 1989, 103 Stat. 278; amended Pub. L. 103–325, title III, § 331(c), Sept. 23, 1994, 108 Stat. 2232; Pub. L. 103–328, title I, § 102(b)(5), Sept. 29, 1994, 108 Stat. 2352; Pub. L. 109–351, title VII, § 712, Oct. 13, 2006, 120 Stat. 1994; Pub. L. 111–203, title III, § 369(3), July 21, 2010, 124 Stat. 1558.)
- 1933Enacted · Pub. L. 101-73 · 103 Stat. 278
- 1994Amended · Pub. L. 103-325 · 108 Stat. 2232
- 1994Amended · Pub. L. 103-328 · 108 Stat. 2352
- 2006Amended · Pub. L. 109-351 · 120 Stat. 1994
- 2010Amended · Pub. L. 111-203 · 124 Stat. 1558
A history note hasn’t been published yet. The record shows enactment by Pub. L. 101-73 on 1933-06-13.
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