42 U.S.C. § 292j — Powers and responsibilities of Secretary

submitted 82 years ago by Pub. L. 102-408 to r/title-42-THE-PUBLIC-HEALTH-AND-WELFARE · 408 words · no verdicts yet

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This section gives the Secretary broad authority to run the loan insurance program — writing regulations, suing and being sued, setting loan and insurance contract terms, and modifying or enforcing loans as needed to protect the government's interests. The Secretary must also prepare an annual budget and keep separate accounts for this program.

(a) In general To carry out this subpart, the Secretary is authorized to: (1) write whatever regulations are needed to carry out this subpart's purposes; (2) sue and be sued in any U.S. district court — those courts have jurisdiction over these cases no matter the dollar amount involved, and a case survives even if the person holding the office of Secretary changes or the office is vacant. No attachment, injunction, garnishment, or similar order can be issued against the Secretary or property the Secretary controls. This doesn't exempt this subpart's cases from sections 517 and 547 of title 28; (3) include in federal loan insurance contracts whatever terms, conditions, and promises about repaying principal, paying interest, the Secretary's and lenders' rights, what happens on default, and other matters the Secretary decides are necessary to achieve this subpart's goals. The Secretary can later modify any such term if necessary to protect the government's financial interest; (4) subject to this subpart's specific limits, agree to modify any insured loan's note or other document — including changes to the interest rate or payment timing; (5) enforce, pay, settle, waive, or release any right, title, claim, lien, or demand connected to these loans, however it was acquired — including any equity interest or right of redemption. (b) Annual budget; accounts For the money involved in this subpart, the Secretary must: (1) prepare and submit an annual budget, the same way wholly government-owned corporations do under chapter 91 of title 31; and (2) keep a complete, separate set of accounts for insurance under this subpart.

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

(a) In general

In the performance of, and with respect to, the functions, powers, and duties vested in the Secretary by this subpart, the Secretary is authorized as follows:

(1)

To prescribe such regulations as may be necessary to carry out the purposes of this subpart.

(2)

To sue and be sued in any district court of the United States. Such district courts shall have jurisdiction of civil actions arising under this subpart without regard to the amount in controversy, and any action instituted under this subsection by or against the Secretary shall survive notwithstanding any change in the person occupying the office of Secretary or any vacancy in that office. No attachment, injunction, garnishment, or other similar process, mesne or final, shall be issued against the Secretary or property under the control of the Secretary. Nothing herein shall be constructed to except litigation arising out of activities under this subpart from the application of sections 517 and 547 of title 28.

(3)

To include in any contract for Federal loan insurance such terms, conditions, and covenants relating to repayment of principal and payments of interest, relating to his obligations and rights and to those of eligible lenders, and borrowers in case of default, and relating to such other matters as the Secretary determines to be necessary to assure that the purposes of this subpart will be achieved. Any term, condition, and covenant made pursuant to this paragraph or any other provisions of this subpart may be modified by the Secretary if the Secretary determines that modification is necessary to protect the financial interest of the United States.

(4)

Subject to the specific limitations in the subpart, to consent to the modification of any note or other instrument evidencing a loan which has been insured by him under this subpart (including modifications with respect to the rate of interest, time of payment of any installment of principal and interest or any portion thereof, or any other provision).

(5)

To enforce, pay, compromise, waive, or release any right, title, claim, lien, or demand, however acquired, including any equity or any right or 1 redemption.

(b) Annual budget; accounts

The Secretary shall, with respect to the financial operations arising by reason of this subpart—

(1)

prepare annually and submit a budget program as provided for wholly owned Government corporations by chapter 91 of title 31; and

(2)

maintain with respect to insurance under this subpart an integral set of accounts.

Source credit: (July 1, 1944, ch. 373, title VII, § 711, as added Pub. L. 102–408, title I, § 102, Oct. 13, 1992, 106 Stat. 2007.)

history & why it existsrecord from the source credit

1944Enacted · Pub. L. 102-408 · 106 Stat. 2007

A history note hasn’t been published yet. The record shows enactment by Pub. L. 102-408 on 1944-07-01.

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