12 U.S.C. § 1735a — Prepayment of mortgages by nonprofit educational institutions; refunds
submitted 92 years ago by Pub. L. 88-560 to r/title-12-BANKS-AND-BANKING · 117 words · no verdicts yet
This section sets rules about Prepayment of mortgages by nonprofit educational institutions; refunds. It also states the conditions, exceptions, procedures, and definitions included in those rules.
(a) Even if another provision of this chapter says otherwise, no adjusted premium charge must be collected in connection with the payment in full, before maturity, of any mortgage insured under this chapter, if the mortgagor certifies to the Secretary that the loan was paid in full by or on behalf of a nonprofit educational institution which intends to use the property for educational purposes. (b) The Secretary must refund any adjusted premium charge collected after July 1, 1962 , and before September 2, 1964 , in connection with the payment in full, before maturity, of any mortgage insured under this chapter, if the mortgagor under that mortgage makes the certification prescribed by subsection (a).
Notwithstanding any other provision of this chapter, no adjusted premium charge shall be collected in connection with the payment in full, prior to maturity, of any mortgage insured under this chapter, if the mortgagor certifies to the Secretary that the loan was paid in full by or on behalf of a nonprofit educational institution which intends to use the property for educational purposes.
The Secretary shall refund any adjusted premium charge collected subsequent to July 1, 1962, and prior to September 2, 1964, in connection with the payment in full, prior to maturity, of any mortgage insured under this chapter, if the mortgagor under such mortgage makes the certification prescribed by subsection (a).
Source credit: (June 27, 1934, ch. 847, title V, § 517, as added Pub. L. 88–560, title I, § 120, Sept. 2, 1964, 78 Stat. 782; amended Pub. L. 90–19, § 1(a)(3), May 25, 1967, 81 Stat. 17.)
- 1934Enacted · Pub. L. 88-560 · 78 Stat. 782
- 1967Amended · Pub. L. 90-19 · 81 Stat. 17
A history note hasn’t been published yet. The record shows enactment by Pub. L. 88-560 on 1934-06-27.
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