12 U.S.C. § 3352 — Emergency exceptions for disaster areas
submitted 34 years ago by Pub. L. 101-73 to r/title-12-BANKS-AND-BANKING · 220 words · no verdicts yet
This section lets Federal financial regulators create temporary exceptions for certain disaster-area real-estate transactions. It limits those exceptions to three years and requires publication of their reasons.
(a) Each Federal financial institutions regulatory agency may, by regulation or order, make exceptions to this chapter and its standards for transactions involving institutions it primarily regulates, concerning real property in a “disaster area,” if it acts within 30 months after the President determines that a major disaster exists and finds that the exception would help recovery and is consistent with safety and soundness. (b) An exception expires no later than three years after that presidential determination. (c) The agency must publish in the Federal Register a description of each exception and explain how it helps recovery and remains consistent with safety and soundness. (d) “Disaster area” means an area where the President has determined under 42 U.S.C. 5170 that a major disaster exists.
Each Federal financial institutions regulatory agency may, by regulation or order, make exceptions to this chapter, and to standards prescribed pursuant to this chapter, for transactions involving institutions for which the agency is the primary Federal regulator with respect to real property located within a disaster area if the agency—
makes the exception not later than 30 months after the date on which the President determines, pursuant to section 5170 of title 42, that a major disaster exists in the area; and
determines that the exception—
would facilitate recovery from the major disaster; and
is consistent with safety and soundness.
Any exception made under this section shall expire not later than 3 years after the date of the determination referred to in subsection (a)(1).
Any Federal financial institutions regulatory agency shall publish in the Federal Register a statement that—
describes any exception made under this section; and
explains how the exception—
would facilitate recovery from the major disaster; and
is consistent with safety and soundness.
For purposes of this section, the term “disaster area” means an area in which the President, pursuant to section 5170 of title 42, has determined that a major disaster exists.
Source credit: (Pub. L. 101–73, title XI, § 1123, as added Pub. L. 102–485, § 2, Oct. 23, 1992, 106 Stat. 2771.)
- 1992Enacted · Pub. L. 101-73 · 106 Stat. 2771
A history note hasn’t been published yet. The record shows enactment by Pub. L. 101-73 on 1992-10-23.
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