12 U.S.C. § 3802 | Definitions

As used in this chapter—

(1)

section 5402(6) of title 42 the term “alternative mortgage transaction” means a loan or credit sale secured by an interest in residential real property, a dwelling, all stock allocated to a dwelling unit in a residential cooperative housing corporation, or a residential manufactured home (as that term is defined in ), in which the interest rate or finance charge may be adjusted or renegotiated, described and defined by applicable regulation; and

(2)

the term “housing creditor” means—

(A)

a depository institution, as defined in section 501(a)(2) of the Depository Institutions Deregulation and Monetary Control Act of 1980;

(B)

12 U.S.C. 1701 a lender approved by the Secretary of Housing and Urban Development for participation in any mortgage insurance program under the National Housing Act [ et seq.];

(C)

any person who regularly makes loans, credit sales, or advances secured by interests in properties referred to in paragraph (1); or

(D)

any transferee of any of them.

A person is not a “housing creditor” with respect to a specific alternative mortgage transaction if, except for this chapter, in order to enter into that transaction, the person would be required to comply with licensing requirements imposed under State law, unless such person is licensed under applicable State law and such person remains, or becomes, subject to the applicable regulatory requirements and enforcement mechanisms provided by State law.

Pub. L. 97–320, title VIII, § 803Oct. 15, 198296 Stat. 1545 Pub. L. 111–203, title X, § 1083(a)(1)July 21, 2010124 Stat. 2080(, , ; , , .)

Editorial Notes

References in Text

section 501(a)(2) of Pub. L. 96–221Mar. 31, 198094 Stat. 161 section 1735f–7 of this titleSection 501(a)(2) of the Depository Institutions Deregulation and Monetary Control Act of 1980, referred to in par. (2)(A), is , title V, , , which is set out as a note under .

act June 27, 1934, ch. 847 48 Stat. 1246 section 1701 of this titleThe National Housing Act, referred to in par. (2)(B), is , , which is classified principally to chapter 13 (§ 1701 et seq.) of this title. For complete classification of this Act to the Code, see and Tables.

Amendments

Pub. L. 111–203 section 5402(6) of title 42 section 5402(6) of title 422010—Par. (1). substituted “), in which the interest rate or finance charge may be adjusted or renegotiated, described and defined by applicable regulation; and” for “)—

“(A) in which the interest rate or finance charge may be adjusted or renegotiated;

“(B) involving a fixed-rate, but which implicitly permits rate adjustments by having the debt mature at the end of an interval shorter than the term of the amortization schedule; or

“(C) involving any similar type of rate, method of determining return, term, repayment, or other variation not common to traditional fixed-rate, fixed-term transactions, including without limitation, transactions that involve the sharing of equity or appreciation;

described and defined by applicable regulation; and”.

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Pub. L. 111–203, title X, § 1083(b)July 21, 2010124 Stat. 2081

section 3803 of this title“This section [amending this section and and enacting provisions set out as a note under this section] and the amendments made by this section shall become effective on the designated transfer date.”

, , , provided that:

section 5481 of this title[For definition of “designated transfer date”, see .]

Effective Date

Oct. 15, 1982section 807(a) of Pub. L. 97–320 section 3801 of this titleSection effective , see , set out as a note under .

Construction of 2010 Amendment

Pub. L. 111–203, title X, § 1083(c)July 21, 2010124 Stat. 2081

section 3803 of this title 12 U.S.C. 3801“The amendments made by subsection (a) [amending this section and ] shall not affect any transaction covered by the Alternative Mortgage Transaction Parity Act of l982 ( et seq.) and entered into on or before the designated transfer date.”

, , , provided that:

section 5481 of this title[For definition of “designated transfer date”, see .]