12 U.S.C. 1701It is the intent of Congress that no sale of a dwelling on which a mortgage is insured under the National Housing Act, as amended [ et seq.], shall be financed, while such mortgage is so insured, at an interest rate higher than that prescribed by the Secretary of Housing and Urban Development. It is the further intent of Congress that no such sale shall be made, while such mortgage is so insured, on terms less favorable to the purchaser as to amortization, retirement, foreclosure, or forfeiture than those contained in such mortgage.
Apr. 20, 1950, ch. 9464 Stat. 81Pub. L. 90–19, § 8(e)81 Stat. 22(, title V, § 508, ; , , .)
Editorial Notes
References in Text
act June 27, 1934, ch. 84748 Stat. 1246section 1701 of this titleThe National Housing Act, as amended, referred to in text, is , , which is classified principally to this chapter (§ 1701 et seq.). For complete classification of this Act to the Code, see and Tables.
Codification
Section was enacted as part of the Housing Act of 1950, and not as part of the National Housing Act which comprises this chapter.
Amendments
Pub. L. 90–191967— substituted “Secretary of Housing and Urban Development” for “Federal Housing Commissioner”.