If, under any law of the United States, loans and mortgages insured under title I or title II of the National Housing Act are exempt from the application of the provisions of any State constitution or law (1) limiting the rate or amount of interest, discount points, or other charges which may be charged, taken, received, or reserved by lenders, (2) restricting the manner of calculating such interest (including prohibition of the charging of interest on interest), or (3) requiring a minimum amortization of principal, then loans guaranteed or insured under this chapter are also exempt from the application of such provisions.
Pub. L. 96–128, title IV, § 401(a)93 Stat. 986Pub. L. 97–66, title V, § 501(b)95 Stat. 1032Pub. L. 102–83, § 5(a)105 Stat. 406(Added , , , § 1828; amended , , ; renumbered § 3728, , , .)
Editorial Notes
References in Text
act June 27, 1934, ch. 84748 Stat. 1246section 1701 of Title 12The National Housing Act, referred to in text, is , . Titles I and II of the Act are classified generally to subchapters I (§ 1702 et seq.) and II (§ 1707 et seq.), respectively, of chapter 13 of Title 12, Banks and Banking. For complete classification of this Act to the Code, see and Tables.
Amendments
Pub. L. 102–83section 1828 of this title1991— renumbered as this section.
Pub. L. 97–661981— designated as cl. (1) existing provisions relating to the limiting of rates or amounts of interest, discount points, or other charges which may be charged, taken, received, or reserved by lenders, and added cls. (2) and (3).
Statutory Notes and Related Subsidiaries
Effective Date of 1981 Amendment
Pub. L. 97–66section 701(b)(1) of Pub. L. 97–66section 1114 of this titleAmendment by effective , see , set out as a note under .
Effective Date
section 601(b) of Pub. L. 96–128section 1114 of this titleSection effective , see , set out as an Effective Date of 1979 Amendment note under .