12 U.S.C. § 2617 — Authority of Bureau

submitted 50 years ago by Pub. L. 93-533 to r/title-12-BANKS-AND-BANKING · 510 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Bureau may issue rules, interpretations, and exemptions needed to carry out this chapter. The section also protects good-faith compliance, gives investigation and subpoena powers, and delays a specified 1996 regulation until July 31, 1997 or a later announced date.

(a) Regulations and exemptions. The Bureau may issue rules and regulations, make interpretations, and grant reasonable exemptions for classes of transactions when needed to achieve this chapter’s purposes. (b) Good-faith compliance. This chapter and State laws imposing liability do not apply to an act or omission done in good faith and in conformity with a Bureau or Attorney General rule, regulation, or interpretation, even if that rule, regulation, or interpretation is later amended, rescinded, or found invalid. (c) Investigations and hearings. (1) The Secretary may investigate facts, conditions, practices, or matters needed to enforce this chapter, make its rules and regulations, or obtain information for possible further legislation about real-estate settlement practices. To help investigate, the Bureau may hold hearings, administer oaths, and subpoena witnesses and documents it considers advisable. (2) A United States district court in the area of an inquiry may order compliance when someone refuses to obey a Bureau subpoena. Disobeying that order may be punished as contempt. (d) Delay of effectiveness of recent final regulation relating to payments to employees. (1) The 1996 final regulation amendment to part 3500 of title 24, published June 7, 1996, may not take effect before July 31, 1997 if it would (A) eliminate the then-current exemption in section 3500.14(g)(1)(vii) for employer payments to employees for referral activities, and (B) replace it with the narrower exemptions in new clauses (vii), (viii), and (ix) of section 3500.14. (2) The employer-employee-payment regulation in effect May 1, 1996 remains in effect until that amendment takes effect. (3) The Secretary must publicly announce the amendment’s effective date between 90 and 180 days before that date.

the actual law source: uscode.house.gov ↗public domain

(a) Issuance of regulations; exemptions

The Bureau is authorized to prescribe such rules and regulations, to make such interpretations, and to grant such reasonable exemptions for classes of transactions, as may be necessary to achieve the purposes of this chapter.

(b) Liability for acts done in good faith in conformity with rule, regulation, or interpretation

No provision of this chapter or the laws of any State imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule, regulation, or interpretation thereof by the Bureau or the Attorney General, notwithstanding that after such act or omission has occurred, such rule, regulation, or interpretation is amended, rescinded, or determined by judicial or other authority to be invalid for any reason.

(1)

The Secretary 1 may investigate any facts, conditions, practices, or matters that may be deemed necessary or proper to aid in the enforcement of the provisions of this chapter, in prescribing of rules and regulations thereunder, or in securing information to serve as a basis for recommending further legislation concerning real estate settlement practices. To aid in the investigations, the Bureau is authorized to hold such hearings, administer such oaths, and require by subpena the attendance and testimony of such witnesses and production of such documents as the Bureau deems advisable.

(2)

Any district court of the United States within the jurisdiction of which an inquiry is carried on may, in the case of contumacy or refusal to obey a subpena of the Bureau issued under this section, issue an order requiring compliance therewith; and any failure to obey such order of the court may be punished by such court as a contempt thereof.

(d) Delay of effectiveness of recent final regulation relating to payments to employees

(1) In general

The amendment to part 3500 of title 24 of the Code of Federal Regulations contained in the final regulation prescribed by the Secretary and published in the Federal Register on June 7, 1996, which will, as of the effective date of such amendment—

(A)

eliminate the exemption for payments by an employer to employees of such employer for referral activities which is currently codified as section 3500.14(g)(1)(vii) of such title 24; and

(B)

replace such exemption with a more limited exemption in new clauses (vii), (viii), and (ix) of section 3500.14 of such title 24,

shall not take effect before July 31, 1997.

(2) Continuation of prior rule

The regulation codified as section 3500.14(g)(1)(vii) of title 24 of the Code of Federal Regulations, relating to employer-employee payments, as in effect on May 1, 1996, shall remain in effect until the date the amendment referred to in paragraph (1) takes effect in accordance with such paragraph.

(3) Public notice of effective date

The Secretary shall provide public notice of the date on which the amendment referred to in paragraph (1) will take effect in accordance with such paragraph not less than 90 days and not more than 180 days before such effective date.

Source credit: (Pub. L. 93–533, § 19, as added Pub. L. 94–205, § 10, Jan. 2, 1976, 89 Stat. 1159; amended Pub. L. 98–181, title I [title IV, § 461(e)], Nov. 30, 1983, 97 Stat. 1232; Pub. L. 104–208, div. A, title II, § 2103(f), Sept. 30, 1996, 110 Stat. 3009–401; Pub. L. 111–203, title X, § 1098(11), July 21, 2010, 124 Stat. 2104.)

history & why it existsrecord from the source credit

1976Enacted · Pub. L. 93-533 · 89 Stat. 1159
1983Amended · Pub. L. 98-181 · 97 Stat. 1232
1996Amended · Pub. L. 104-208 · 110 Stat. 3009
2010Amended · Pub. L. 111-203 · 124 Stat. 2104

A history note hasn’t been published yet. The record shows enactment by Pub. L. 93-533 on 1976-01-02.

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