12 U.S.C. § 1735f–5 — Prohibition against discrimination on account of sex in extension of mortgage assistance; consideration of combined income of husband and wife for purpose of extending mortgage credit; definitions
submitted 92 years ago by Pub. L. 93-383 to r/title-12-BANKS-AND-BANKING · 315 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
No federally related mortgage loan, or Federal insurance, guaranty, or other assistance in connection therewith (under this chapter or any other Act), shall be denied to any person* on account of sex; and every person engaged in making mortgage loans secured by residential real property shall consider without prejudice the combined income of both husband and wife for the purpose of extending mortgage credit* in the form of a federally related mortgage loan to a married couple or either member thereof.
For purposes of subsection (a), the term “federally related mortgage loan” means any loan which—
is secured by residential real property designed principally for the occupancy of from one to four families; and
is made in whole or in part by any lender the deposits or accounts of which are insured by any agency of the Federal Government, or is made in whole or in part by any lender which is itself regulated by any agency of the Federal Government; or
is made in whole or in part, or insured, guaranteed, supplemented, or assisted in any way, by the Secretary of Housing and Urban Development or any other officer or agency of the Federal Government or under or in connection with a housing or urban development program administered by the Secretary of Housing and Urban Development or a housing or related program administered by any other such officer or agency; or
is eligible for purchase by the Federal National Mortgage Association, the Government National Mortgage Association, or the Federal Home Loan Mortgage Corporation, or from any financial institution from which it could be purchased by the Federal Home Loan Mortgage Corporation; or
is made in whole or in part by any “creditor”, as defined in section 1602(f) 1 of title 15, who makes or invests in residential real estate loans aggregating more than $1,000,000 per year.
Source credit: (June 27, 1934, ch. 847, title V, § 527, as added Pub. L. 93–383, title VIII, § 808(a), Aug. 22, 1974, 88 Stat. 728; amended Pub. L. 98–479, title II, § 204(a)(22), Oct. 17, 1984, 98 Stat. 2233.)
- 1934Enacted · Pub. L. 93-383 · 88 Stat. 728
- 1984Amended · Pub. L. 98-479 · 98 Stat. 2233
A history note hasn’t been published yet. The record shows enactment by Pub. L. 93-383 on 1934-06-27.
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