12 U.S.C. § 1735f–12 | Assurance of adequate processing of applications for loan and mortgage insurance

(a)

State offices

In order to ensure the adequate processing of applications for insurance of loans and mortgages under this chapter, the Secretary shall maintain not less than one office in each State to carry out the provisions of this chapter.

(b)

Expedited procedure for RTC properties

To assist the Resolution Trust Corporation in disposing of the property to which it acquires title and to ensure the timely processing of applications for insurance of loans and mortgages under this chapter that will be used to purchase multifamily residential property from the Resolution Trust Corporation, the Secretary shall establish an expedited procedure for considering such applications.

June 27, 1934, ch. 847 Pub. L. 100–242, title IV, § 418Feb. 5, 1988101 Stat. 1912 Pub. L. 102–550, title V, § 512(a)Oct. 28, 1992106 Stat. 3786(, title V, § 534, as added , , ; amended , , .)

Editorial Notes

Amendments

Pub. L. 102–5501992— designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).

Statutory Notes and Related Subsidiaries

Regulations

Pub. L. 102–550, title V, § 512(b)Oct. 28, 1992106 Stat. 3786

Oct. 28, 1992section 553 of title 5“The procedure referred to in the amendment made by subsection (a) [amending this section] shall be established through interim and final regulations issued by the Secretary. The Secretary shall issue interim regulations implementing the procedure not later than the expiration of the 90-day period beginning on the date of the enactment of this Act [], which shall be effective upon issuance. The Secretary shall issue final regulations after notice and opportunity for public comment pursuant to the provisions of , United States Code (notwithstanding subsections (a)(2), (b)(B), and (d)(3) of such section).”

, , , provided that: