-CITE-

12 USC CHAPTER 29 - HOME MORTGAGE DISCLOSURE 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 29 - HOME MORTGAGE DISCLOSURE

.

-HEAD-

CHAPTER 29 - HOME MORTGAGE DISCLOSURE

-MISC1-

Sec.

2801. Congressional findings and declaration of purpose.

(a) Findings of Congress.

(b) Purpose of chapter.

(c) Construction of chapter.

2802. Definitions.

2803. Maintenance of records and public disclosure.

(a) Duty of depository institutions; nature and

content of information.

(b) Itemization of loan data.

(c) Period of maintenance.

(d) Duration of disclosure requirements.

(e) Format for disclosures.

(f) Data disclosure system; operation, etc.

(g) Exceptions.

(h) Submission to agencies.

(i) Exemption from certain disclosure requirements.

(j) Loan application register information.

(k) Disclosure of statements by depository

institutions.

(l) Prompt disclosures.

(m) Opportunity to reduce compliance burden.

2804. Enforcement.

(a) Regulations.

(b) Powers of certain other agencies.

(c) Violations of this chapter deemed violations of

certain other provisions.

2805. Relation to State laws.

2806. Research and improved methods; authorization of

appropriations; recommendations to Congressional committees.

2807. Report.

2808. Effective date.

(a) In general.

(b) CPI adjustments.

2809. Compilation of aggregate data.

(a) Commencement; scope of data and tables.

(b) Staff and data processing resources.

(c) Availability to public.

2810. Disclosure by Secretary; commencement, scope, etc.

2811. Repealed.

-CITE-

12 USC Sec. 2801 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 29 - HOME MORTGAGE DISCLOSURE

-HEAD-

Sec. 2801. Congressional findings and declaration of purpose

-STATUTE-

(a) Findings of Congress

The Congress finds that some depository institutions have

sometimes contributed to the decline of certain geographic areas by

their failure pursuant to their chartering responsibilities to

provide adequate home financing to qualified applicants on

reasonable terms and conditions.

(b) Purpose of chapter

The purpose of this chapter is to provide the citizens and public

officials of the United States with sufficient information to

enable them to determine whether depository institutions are

filling their obligations to serve the housing needs of the

communities and neighborhoods in which they are located and to

assist public officials in their determination of the distribution

of public sector investments in a manner designed to improve the

private investment environment.

(c) Construction of chapter

Nothing in this chapter is intended to, nor shall it be construed

to, encourage unsound lending practices or the allocation of

credit.

-SOURCE-

(Pub. L. 94-200, title III, Sec. 302, Dec. 31, 1975, 89 Stat.

1125.)

-MISC1-

SHORT TITLE

Section 301 of title III of Pub. L. 94-200 provided that: ''This

title (this chapter) may be cited as the 'Home Mortgage Disclosure

Act of 1975'.''

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12 USC Sec. 2802 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 29 - HOME MORTGAGE DISCLOSURE

-HEAD-

Sec. 2802. Definitions

-STATUTE-

For purposes of this chapter -

(1) the term ''mortgage loan'' means a loan which is secured by

residential real property or a home improvement loan;

(2) the term ''depository institution'' -

(A) means -

(i) any bank (as defined in section 1813(a)(1) of this

title);

(ii) any savings association (as defined in section

1813(b)(1) of this title); and

(iii) any credit union,

which makes federally related mortgage loans as determined by

the Board; and

(B) includes any other lending institution (as defined in

paragraph (4)) other than any institution described in

subparagraph (A);

(3) the term ''completed application'' means an application in

which the creditor has received the information that is regularly

obtained in evaluating applications for the amount and type of

credit requested;

(4) the term ''other lending institutions'' means any person

engaged for profit in the business of mortgage lending;

(5) the term ''Board'' means the Board of Governors of the

Federal Reserve System; and

(6) the term ''Secretary'' means the Secretary of Housing and

Urban Development.

-SOURCE-

(Pub. L. 94-200, title III, Sec. 303, Dec. 31, 1975, 89 Stat. 1125;

Pub. L. 100-242, title V, Sec. 565(a)(1), Feb. 5, 1988, 101 Stat.

1945; Pub. L. 101-73, title XII, Sec. 1211(d), (e), Aug. 9, 1989,

103 Stat. 525.)

-MISC1-

AMENDMENTS

1989 - Par. (2). Pub. L. 101-73, Sec. 1211(d), amended par. (2)

generally. Prior to amendment, par. (2) read as follows: ''the

term 'depository institution' means any commercial bank, savings

bank, savings and loan association, building and loan association,

homestead association (including cooperative banks) or credit union

which makes federally related mortgage loans as determined by the

Board, mortgage banking subsidiary of a bank holding company or

savings and loan holding company, or savings and loan service

corporation that originates or purchases mortgage loans;''.

Pars. (3) to (6). Pub. L. 101-73, Sec. 1211(e), added pars. (3)

and (4) and redesignated former pars. (3) and (4) as (5) and (6),

respectively.

1988 - Par. (2). Pub. L. 100-242 struck out ''or'' before

''homestead association'' and inserted before semicolon at end '',

mortgage banking subsidiary of a bank holding company or savings

and loan holding company, or savings and loan service corporation

that originates or purchases mortgage loans''.

EFFECTIVE DATE OF 1989 AMENDMENT

Section 1211(k) of Pub. L. 101-73 provided that: ''The amendments

made by this section (amending this section and sections 2803,

2804, 2807, and 2810 of this title) shall apply to each calendar

year beginning after December 31, 1989.''

EFFECTIVE DATE OF 1988 AMENDMENT

Section 565(a)(4) of Pub. L. 100-242, as amended by Pub. L.

100-628, title X, Sec. 1087(a), Nov. 7, 1988, 102 Stat. 3280,

provided that: ''The amendments made by this subsection (amending

sections 2802, 2803, and 2810 of this title) shall be applicable to

the portion of calendar year 1988 that begins August 19, 1988, and

to each calendar year beginning after December 31, 1988.''

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 2803, 2808 of this title.

-CITE-

12 USC Sec. 2803 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 29 - HOME MORTGAGE DISCLOSURE

-HEAD-

Sec. 2803. Maintenance of records and public disclosure

-STATUTE-

(a) Duty of depository institutions; nature and content of

information

(1) Each depository institution which has a home office or branch

office located within a primary metropolitan statistical area,

metropolitan statistical area, or consolidated metropolitan

statistical area that is not comprised of designated primary

metropolitan statistical areas, as defined by the Department of

Commerce shall compile and make available, in accordance with

regulations of the Board, to the public for inspection and copying

at the home office, and at least one branch office within each

primary metropolitan statistical area, metropolitan statistical

area, or consolidated metropolitan statistical area that is not

comprised of designated primary metropolitan statistical areas in

which the depository institution has an office the number and total

dollar amount of mortgage loans which were (A) originated (or for

which the institution received completed applications), or (B)

purchased by that institution during each fiscal year (beginning

with the last full fiscal year of that institution which

immediately preceded the effective date of this chapter).

(2) The information required to be maintained and made available

under paragraph (1) shall also be itemized in order to clearly and

conspicuously disclose the following:

(A) The number and dollar amount for each item referred to in

paragraph (1), by census tracts for mortgage loans secured by

property located within any county with a population of more than

30,000, within that primary metropolitan statistical area,

metropolitan statistical area, or consolidated metropolitan

statistical area that is not comprised of designated primary

metropolitan statistical areas, otherwise, by county, for

mortgage loans secured by property located within any other

county within that primary metropolitan statistical area,

metropolitan statistical area, or consolidated metropolitan

statistical area that is not comprised of designated primary

metropolitan statistical areas.

(B) The number and dollar amount for each item referred to in

paragraph (1) for all such mortgage loans which are secured by

property located outside that primary metropolitan statistical

area, metropolitan statistical area, or consolidated metropolitan

statistical area that is not comprised of designated primary

metropolitan statistical areas.

For the purpose of this paragraph, a depository institution which

maintains offices in more than one primary metropolitan statistical

area, metropolitan statistical area, or consolidated metropolitan

statistical area that is not comprised of designated primary

metropolitan statistical areas shall be required to make the

information required by this paragraph available at any such office

only to the extent that such information relates to mortgage loans

which were originated or purchased (or for which completed

applications were received) by an office of that depository

institution located in the primary metropolitan statistical area,

metropolitan statistical area, or consolidated metropolitan

statistical area that is not comprised of designated primary

metropolitan statistical areas in which the office making such

information available is located. For purposes of this paragraph,

other lending institutions shall be deemed to have a home office or

branch office within a primary metropolitan statistical area,

metropolitan statistical area, or consolidated metropolitan

statistical area that is not comprised of designated primary

metropolitan statistical areas if such institutions have originated

or purchased or received completed applications for at least 5

mortgage loans in such area in the preceding calendar year.

(b) Itemization of loan data

Any item of information relating to mortgage loans required to be

maintained under subsection (a) of this section shall be further

itemized in order to disclose for each such item -

(1) the number and dollar amount of mortgage loans which are

insured under title II of the National Housing Act (12 U.S.C.

1707 et seq.) or under title V of the Housing Act of 1949 (42

U.S.C. 1471 et seq.) or which are guaranteed under chapter 37 of

title 38;

(2) the number and dollar amount of mortgage loans made to

mortgagors who did not, at the time of execution of the mortgage,

intend to reside in the property securing the mortgage loan;

(3) the number and dollar amount of home improvement loans; and

(4) the number and dollar amount of mortgage loans and

completed applications involving mortgagors or mortgage

applicants grouped according to census tract, income level,

racial characteristics, and gender.

(c) Period of maintenance

Any information required to be compiled and made available under

this section, other than loan application register information

under subsection (j) of this section, shall be maintained and made

available for a period of five years after the close of the first

year during which such information is required to be maintained and

made available.

(d) Duration of disclosure requirements

Notwithstanding the provisions of subsection (a)(1) of this

section, data required to be disclosed under this section for 1980

and thereafter shall be disclosed for each calendar year. Any

depository institution which is required to make disclosures under

this section but which has been making disclosures on some basis

other than a calendar year basis shall make available a separate

disclosure statement containing data for any period prior to

calendar year 1980 which is not covered by the last full year

report prior to the 1980 calendar year report.

(e) Format for disclosures

Subject to subsection (h) of this section, the Board shall

prescribe a standard format for the disclosures required under this

section.

(f) Data disclosure system; operation, etc.

The Federal Financial Institutions Examination Council, in

consultation with the Secretary, shall implement a system to

facilitate access to data required to be disclosed under this

section. Such system shall include arrangements for a central

depository of data in each primary metropolitan statistical area,

metropolitan statistical area, or consolidated metropolitan

statistical area that is not comprised of designated primary

metropolitan statistical areas. Disclosure statements shall be

made available to the public for inspection and copying at such

central depository of data for all depository institutions which

are required to disclose information under this section (or which

are exempted pursuant to section 2805(b) of this title) and which

have a home office or branch office within such primary

metropolitan statistical area, metropolitan statistical area, or

consolidated metropolitan statistical area that is not comprised of

designated primary metropolitan statistical areas.

(g) Exceptions

The requirements of subsections (a) and (b) of this section shall

not apply with respect to mortgage loans that are -

(1) made (or for which completed applications are received) by

any mortgage banking subsidiary of a bank holding company or

savings and loan holding company or by any savings and loan

service corporation that originates or purchases mortgage loans;

and

(2) approved (or for which completed applications are received)

by the Secretary for insurance under title I or II of the

National Housing Act (12 U.S.C. 1702 et seq., 1707 et seq.).

(h) Submission to agencies

The data required to be disclosed under subsection (b)(4) of this

section shall be submitted to the appropriate agency for each

institution reporting under this chapter. Notwithstanding the

requirement of subsection (a)(2)(A) of this section for disclosure

by census tract, the Board, in cooperation with other appropriate

regulators, including -

(1) the Office of the Comptroller of the Currency for national

banks and Federal branches and Federal agencies of foreign banks;

(2) the Director of the Office of Thrift Supervision for

savings associations;

(3) the Federal Deposit Insurance Corporation for banks insured

by the Federal Deposit Insurance Corporation (other than members

of the Federal Reserve System), mutual savings banks, insured

State branches of foreign banks, and any other depository

institution described in section 2802(2)(A) of this title which

is not otherwise referred to in this paragraph;

(4) the National Credit Union Administration Board for credit

unions; and

(5) the Secretary of Housing and Urban Development for other

lending institutions not regulated by the agencies referred to in

paragraphs (1) through (4),

shall develop regulations prescribing the format for such

disclosures, the method for submission of the data to the

appropriate regulatory agency, and the procedures for disclosing

the information to the public. These regulations shall also

require the collection of data required to be disclosed under

subsection (b)(4) of this section with respect to loans sold by

each institution reporting under this chapter, and, in addition,

shall require disclosure of the class of the purchaser of such

loans. Any reporting institution may submit in writing to the

appropriate agency such additional data or explanations as it deems

relevant to the decision to originate or purchase mortgage loans.

(i) Exemption from certain disclosure requirements

The requirements of subsection (b)(4) of this section shall not

apply with respect to any depository institution described in

section 2802(2)(A) of this title which has total assets, as of the

most recent full fiscal year of such institution, of $30,000,000 or

less.

(j) Loan application register information

(1) In general

In addition to the information required to be disclosed under

subsections (a) and (b) of this section, any depository

institution which is required to make disclosures under this

section shall make available to the public, upon request, loan

application register information (as defined by the Board by

regulation) in the form required under regulations prescribed by

the Board.

(2) Format of disclosure

(A) Unedited format

Subject to subparagraph (B), the loan application register

information described in paragraph (1) may be disclosed by a

depository institution without editing or compilation and in

the format in which such information is maintained by the

institution.

(B) Protection of applicant's privacy interest

The Board shall require, by regulation, such deletions as the

Board may determine to be appropriate to protect -

(i) any privacy interest of any applicant, including the

deletion of the applicant's name and identification number,

the date of the application, and the date of any

determination by the institution with respect to such

application; and

(ii) a depository institution from liability under any

Federal or State privacy law.

(C) Census tract format encouraged

It is the sense of the Congress that a depository institution

should provide loan register information under this section in

a format based on the census tract in which the property is

located.

(3) Change of form not required

A depository institution meets the disclosure requirement of

paragraph (1) if the institution provides the information

required under such paragraph in the form in which the

institution maintains such information.

(4) Reasonable charge for information

Any depository institution which provides information under

this subsection may impose a reasonable fee for any cost incurred

in reproducing such information.

(5) Time of disclosure

The disclosure of the loan application register information

described in paragraph (1) for any year pursuant to a request

under paragraph (1) shall be made -

(A) in the case of a request made on or before March 1 of the

succeeding year, before April 1 of the succeeding year; and

(B) in the case of a request made after March 1 of the

succeeding year, before the end of the 30-day period beginning

on the date the request is made.

(6) Retention of information

Notwithstanding subsection (c) of this section, the loan

application register information described in paragraph (1) for

any year shall be maintained and made available, upon request,

for 3 years after the close of the 1st year during which such

information is required to be maintained and made available.

(7) Minimizing compliance costs

In prescribing regulations under this subsection, the Board

shall make every effort to minimize the costs incurred by a

depository institution in complying with this subsection and such

regulations.

(k) Disclosure of statements by depository institutions

(1) In general

In accordance with procedures established by the Board pursuant

to this section, any depository institution required to make

disclosures under this section -

(A) shall make a disclosure statement available, upon

request, to the public no later than 3 business days after the

institution receives the statement from the Federal Financial

Institutions Examination Council; and

(B) may make such statement available on a floppy disc which

may be used with a personal computer or in any other media

which is not prohibited under regulations prescribed by the

Board.

(2) Notice that data is subject to correction after final review

Any disclosure statement provided pursuant to paragraph (1)

shall be accompanied by a clear and conspicuous notice that the

statement is subject to final review and revision, if necessary.

(3) Reasonable charge for information

Any depository institution which provides a disclosure

statement pursuant to paragraph (1) may impose a reasonable fee

for any cost incurred in providing or reproducing such statement.

(l) Prompt disclosures

(1) In general

Any disclosure of information pursuant to this section or

section 2809 of this title shall be made as promptly as possible.

(2) Maximum disclosure period

(A) 6- and 9-month maximum periods

Except as provided in subsections (j)(5) and (k)(1) of this

section and regulations prescribed by the Board and subject to

subparagraph (B), any information required to be disclosed for

any year beginning after December 31, 1992, under -

(i) this section shall be made available to the public

before September 1 of the succeeding year; and

(ii) section 2809 of this title shall be made available to

the public before December 1 of the succeeding year.

(B) Shorter periods encouraged after 1994

With respect to disclosures of information under this section

or section 2809 of this title for any year beginning after

December 31, 1993, every effort shall be made -

(i) to make information disclosed under this section

available to the public before July 1 of the succeeding year;

and

(ii) to make information required to be disclosed under

section 2809 of this title available to the public before

September 1 of the succeeding year.

(3) Improved procedure

The Federal Financial Institutions Examination Council shall

make such changes in the system established pursuant to

subsection (f) of this section as may be necessary to carry out

the requirements of this subsection.

(m) Opportunity to reduce compliance burden

(1) In general

(A) Satisfaction of public availability requirements

A depository institution shall be deemed to have satisfied

the public availability requirements of subsection (a) of this

section if the institution compiles the information required

under that subsection at the home office of the institution and

provides notice at the branch locations specified in subsection

(a) of this section that such information is available from the

home office of the institution upon written request.

(B) Provision of information upon request

Not later than 15 days after the receipt of a written request

for any information required to be compiled under subsection

(a) of this section, the home office of the depository

institution receiving the request shall provide the information

pertinent to the location of the branch in question to the

person requesting the information.

(2) Form of information

In complying with paragraph (1), a depository institution

shall, in the sole discretion of the institution, provide the

person requesting the information with -

(A) a paper copy of the information requested; or

(B) if acceptable to the person, the information through a

form of electronic medium, such as a computer disk.

-SOURCE-

(Pub. L. 94-200, title III, Sec. 304, Dec. 31, 1975, 89 Stat. 1125;

Pub. L. 96-399, title III, Sec. 340(a), Oct. 8, 1980, 94 Stat.

1657; Pub. L. 98-181, title VII, Sec. 701(a), Nov. 30, 1983, 97

Stat. 1266; Pub. L. 100-242, title V, Sec. 565(a)(2), 570(h), Feb.

5, 1988, 101 Stat. 1945, 1950; Pub. L. 101-73, title XII, Sec.

1211(a)-(c)(2)(C), (f), (i), (j), Aug. 9, 1989, 103 Stat. 524-526;

Pub. L. 102-242, title II, Sec. 212(a)(1), Dec. 19, 1991, 105 Stat.

2299; Pub. L. 102-550, title IX, Sec. 932(a), (b), Oct. 28, 1992,

106 Stat. 3889, 3891; Pub. L. 104-208, div. A, title II, Sec.

2225(b), Sept. 30, 1996, 110 Stat. 3009-416.)

-REFTEXT-

REFERENCES IN TEXT

For the effective date of this chapter, referred to in subsec.

(a)(1), see section 2808 of this title.

The National Housing Act, referred to in subsecs. (b)(1) and

(g)(1), is act June 27, 1934, ch. 847, 48 Stat. 1246, as amended.

Titles I and II of the National Housing Act are classified

generally to subchapters I (Sec. 1702 et seq.) and II (Sec. 1707 et

seq.), respectively, of chapter 13 of this title. For complete

classification of this Act to the Code, see section 1701 of this

title and Tables.

The Housing Act of 1949, referred to in subsec. (b)(1), is act

July 15, 1949, ch. 338, 63 Stat. 413, as amended. Title V of the

Housing Act of 1949 is classified generally to subchapter III (Sec.

1471 et seq.) of chapter 8A of Title 42, The Public Health and

Welfare. For complete classification of this Act to the Code, see

Short Title note set out under section 1441 of Title 42 and Tables.

-MISC2-

AMENDMENTS

1996 - Subsec. (m). Pub. L. 104-208 added subsec. (m).

1992 - Subsec. (c). Pub. L. 102-550, Sec. 932(b), inserted '',

other than loan application register information under subsection

(j) of this section,'' after ''under this section''.

Subsecs. (j) to (l). Pub. L. 102-550, Sec. 932(a), added subsecs.

(j) to (l).

1991 - Subsec. (h)(1). Pub. L. 102-242, Sec. 212(a)(1)(A), added

par. (1) and struck out former par. (1) which read as follows:

''the Comptroller of the Currency for national banks;''.

Subsec. (h)(3). Pub. L. 102-242, Sec. 212(a)(1)(B), added par.

(3) and struck out former par. (3) which read as follows: ''the

Federal Deposit Insurance Corporation for banks insured by the

Federal Deposit Insurance Corporation (other than members of the

Federal Reserve System), mutual savings banks, and any other

depository institution described in section 2802(2)(A) of this

title which is not otherwise referred to in this paragraph;''.

1989 - Subsec. (a)(1). Pub. L. 101-73, Sec. 1211(c)(1), inserted

''(or for which the institution received completed applications)''

after ''originated''.

Subsec. (a)(2). Pub. L. 101-73, Sec. 1211(c)(2)(A), inserted

''(or for which completed applications were received)'' after

''originated or purchased'' in last sentence.

Pub. L. 101-73, Sec. 1211(f), inserted at end ''For purposes of

this paragraph, other lending institutions shall be deemed to have

a home office or branch office within a primary metropolitan

statistical area, metropolitan statistical area, or consolidated

metropolitan statistical area that is not comprised of designated

primary metropolitan statistical areas if such institutions have

originated or purchased or received completed applications for at

least 5 mortgage loans in such area in the preceding calendar

year.''

Subsec. (b)(4). Pub. L. 101-73, Sec. 1211(a), added par. (4).

Subsec. (e). Pub. L. 101-73, Sec. 1211(i), substituted ''Subject

to subsection (h) of this section, the Board'' for ''The Board''.

Subsec. (g)(1). Pub. L. 101-73, Sec. 1211(c)(2)(B), inserted

''(or for which completed applications are received)'' after

''made''.

Subsec. (g)(2). Pub. L. 101-73, Sec. 1211(c)(2)(C), inserted

''(or for which completed applications are received)'' after

''approved''.

Subsec. (h). Pub. L. 101-73, Sec. 1211(b), added subsec. (h).

Subsec. (i). Pub. L. 101-73, Sec. 1211(j), added subsec. (i).

1988 - Subsec. (a)(1). Pub. L. 100-242, Sec. 570(h), substituted

''at least one branch'' for ''at at least one branch''.

Subsec. (g). Pub. L. 100-242, Sec. 565(a)(2), added subsec. (g).

1983 - Subsecs. (a), (f). Pub. L. 98-181 substituted ''primary

metropolitan statistical area, metropolitan statistical area, or

consolidated metropolitan statistical area that is not comprised of

designated primary metropolitan statistical areas'' for ''standard

metropolitan statistical area'' wherever appearing.

1980 - Subsec. (a)(1). Pub. L. 96-399, Sec. 340(a)(1),

substituted ''Department of Commerce'' for ''Office of Management

and Budget''.

Subsec. (a)(2)(A). Pub. L. 96-399, Sec. 340(a)(2), revised

applicable factors so as to include mortgage loans in a census

tract, or by a county, and exclude readily available and reasonably

costing census tracts, or by ZIP code.

Subsecs. (d) to (f). Pub. L. 96-399, Sec. 340(a)(3), added

subsecs. (d) to (f).

EFFECTIVE DATE OF 1992 AMENDMENT

Section 932(c) of Pub. L. 102-550 provided that: ''The amendments

made by subsections (a) and (b) (amending this section) shall apply

with respect to information disclosed under section 304 of the Home

Mortgage Disclosure Act of 1975 (this section) for any year which

ends after the date of the enactment of this Act (Oct. 28, 1992).''

EFFECTIVE DATE OF 1989 AMENDMENT

Amendment by Pub. L. 101-73 applicable to each calendar year

beginning after Dec. 31, 1989, see section 1211(k) of Pub. L.

101-73, set out as a note under section 2802 of this title.

EFFECTIVE DATE OF 1988 AMENDMENT

Amendment by section 565(a)(2) of Pub. L. 100-242 applicable to

the portion of calendar year 1988 that begins Aug. 19, 1988, and to

each calendar year beginning after Dec. 31, 1988, see section

565(a)(4) of Pub. L. 100-242, as amended, set out as a note under

section 2802 of this title.

EVALUATION AND REPORT ON FEASIBILITY AND DESIRABILITY OF

ESTABLISHING A UNIFIED SYSTEM FOR ENFORCING FAIR LENDING LAWS AND

REGULATIONS

Evaluation of status and effectiveness of data collection and

analysis systems involving fair lending, etc., and report thereof,

see section 340(e) of Pub. L. 96-399, set out as a note under

section 3305 of this title.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 2807, 2809, 2810 of this

title.

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12 USC Sec. 2804 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 29 - HOME MORTGAGE DISCLOSURE

-HEAD-

Sec. 2804. Enforcement

-STATUTE-

(a) Regulations

The Board shall prescribe such regulations as may be necessary to

carry out the purposes of this chapter. These regulations may

contain such classifications, differentiations, or other

provisions, and may provide for such adjustments and exceptions for

any class of transactions, as in the judgment of the Board are

necessary and proper to effectuate the purposes of this chapter,

and prevent circumvention or evasion thereof, or to facilitate

compliance therewith.

(b) Powers of certain other agencies

Compliance with the requirements imposed under this chapter shall

be enforced under -

(1) section 1818 of this title, in the case of -

(A) national banks, and Federal branches and Federal agencies

of foreign banks, by the Office of the Comptroller of the

Currency;

(B) member banks of the Federal Reserve System (other than

national banks), branches and agencies of foreign banks (other

than Federal branches, Federal agencies, and insured State

branches of foreign banks), commercial lending companies owned

or controlled by foreign banks, and organizations operating

under section 25 or 25(a) (FOOTNOTE 1) of the Federal Reserve

Act (12 U.S.C. 601 et seq., 611 et seq.), by the Board; and

(FOOTNOTE 1) See References in Text note below.

(C) banks insured by the Federal Deposit Insurance

Corporation (other than members of the Federal Reserve System),

mutual savings banks as defined in section 1813(f) of this

title, insured State branches of foreign banks, and any other

depository institution not referred to in this paragraph or

paragraph (2) or (3) of this subsection, by the Board of

Directors of the Federal Deposit Insurance Corporation;

(2) section 1818 of this title, by the Director of the Office

of Thrift Supervision, in the case of a savings association the

deposits of which are insured by the Federal Deposit Insurance

Corporation;

(3) the Federal Credit Union Act (12 U.S.C. 1751 et seq.), by

the Administrator of the National Credit Union Administration

with respect to any credit union; and

(4) other lending institutions, by the Secretary of Housing and

Urban Development.

The terms used in paragraph (1) that are not defined in this

chapter or otherwise defined in section 1813(s) of this title shall

have the meaning given to them in section 3101 of this title.

(c) Violations of this chapter deemed violations of certain other

provisions

For the purpose of the exercise by any agency referred to in

subsection (b) of this section of its powers under any Act referred

to in that subsection, a violation of any requirement imposed under

this chapter shall be deemed to be a violation of a requirement

imposed under that Act. In addition to its powers under any

provision of law specifically referred to in subsection (b) of this

section, each of the agencies referred to in that subsection may

exercise, for the purpose of enforcing compliance with any

requirement imposed under this chapter, any other authority

conferred on it by law.

-SOURCE-

(Pub. L. 94-200, title III, Sec. 305, Dec. 31, 1975, 89 Stat. 1126;

Pub. L. 101-73, title VII, Sec. 744(p)(1), title XII, Sec. 1211(g),

Aug. 9, 1989, 103 Stat. 440, 526; Pub. L. 102-242, title II, Sec.

212(a)(2), Dec. 19, 1991, 105 Stat. 2299.)

-REFTEXT-

REFERENCES IN TEXT

Section 25 of the Federal Reserve Act, referred to in subsec.

(b)(1)(B), is classified to subchapter I (Sec. 601 et seq.) of

chapter 6 of this title. Section 25(a) of the Federal Reserve Act,

which is classified to subchapter II (Sec. 611 et seq.) of chapter

6 of this title, was renumbered section 25A of that act by Pub. L.

102-242, title I, Sec. 142(e)(2), Dec. 19, 1991, 105 Stat. 2281.

The Federal Credit Union Act, referred to in subsec. (b)(3), is

act June 26, 1934, ch. 750, 48 Stat. 1216, as amended, which is

classified generally to chapter 14 (Sec. 1751 et seq.) of this

title. For complete classification of this Act to the Code, see

section 1751 of this title and Tables.

-MISC2-

AMENDMENTS

1991 - Subsec. (b). Pub. L. 102-242, Sec. 212(a)(2)(B), inserted

at end ''The terms used in paragraph (1) that are not defined in

this chapter or otherwise defined in section 1813(s) of this title

shall have the meaning given to them in section 3101 of this

title.''

Subsec. (b)(1). Pub. L. 102-242, Sec. 212(a)(2)(A), added par.

(1) and struck out former par. (1) which read as follows: ''section

1818 of this title, in the case of -

''(A) national banks, by the Comptroller of the Currency;

''(B) member banks of the Federal Reserve System, other than

national banks, by the Board;

''(C) banks insured by the Federal Deposit Insurance

Corporation (other than members of the Federal Reserve System)

and mutual savings banks as defined in section 1813(f) of this

title and any other depository institution not referred to in

this paragraph or paragraph (2) or (3) of this subsection, by the

Board of Directors of the Federal Deposit Insurance

Corporation;''.

1989 - Subsec. (b)(2). Pub. L. 101-73, Sec. 744(p)(1), amended

par. (2) generally. Prior to amendment, par. (2) read as follows:

''section 1464(d) of this title, section 1730 of this title, and

sections 1426(i) and 1437 of this title, by the Federal Home Loan

Bank Board (acting directly or through the Federal Savings and Loan

Insurance Corporation) in the case of any institution subject to

any of those provisions; and''.

Subsec. (b)(4). Pub. L. 101-73, Sec. 1211(g), added par. (4).

EFFECTIVE DATE OF 1989 AMENDMENT

Amendment by section 1211(g) of Pub. L. 101-73 applicable to each

calendar year beginning after Dec. 31, 1989, see section 1211(k) of

Pub. L. 101-73, set out as a note under section 2802 of this title.

-CITE-

12 USC Sec. 2805 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 29 - HOME MORTGAGE DISCLOSURE

-HEAD-

Sec. 2805. Relation to State laws

-STATUTE-

(a) This chapter does not annul, alter, or affect, or exempt any

State chartered depository institution subject to the provisions of

this chapter from complying with the laws of any State or

subdivision thereof with respect to public disclosure and

recordkeeping by depositor institutions, except to the extent that

those laws are inconsistent with any provision of this chapter, and

then only to the extent of the inconsistency. The Board is

authorized to determine whether such inconsistencies exist. The

Board may not determine that any such law is inconsistent with any

provision of this chapter if the Board determines that such law

requires the maintenance of records with greater geographic or

other detail than is required under this chapter, or that such law

otherwise provides greater disclosure than is required under this

chapter.

(b) The Board may by regulation exempt from the requirements of

this chapter any State chartered depository institution within any

State or subdivision thereof if it determines that, under the law

of such State or subdivision, that institution is subject to

requirements substantially similar to those imposed under this

chapter, and that such law contains adequate provisions for

enforcement. Notwithstanding any other provision of this

subsection, compliance with the requirements imposed under this

subsection shall be enforced under -

(1) section 1818 of this title in the case of national banks,

by the Comptroller of the Currency; and

(2) section 1818 of this title, by the Director of the Office

of Thrift Supervision in the case of a savings association the

deposits of which are insured by the Federal Deposit Insurance

Corporation.

-SOURCE-

(Pub. L. 94-200, title III, Sec. 306, Dec. 31, 1975, 89 Stat. 1127;

Pub. L. 100-628, title X, Sec. 1087(b), Nov. 7, 1988, 102 Stat.

3280; Pub. L. 101-73, title VII, Sec. 744(p)(2), Aug. 9, 1989, 103

Stat. 440.)

-MISC1-

AMENDMENTS

1989 - Subsec. (b)(2). Pub. L. 101-73 amended par. (2)

generally. Prior to amendment, par. (2) read as follows: ''section

1464(d) of this title in the case of any institution subject to

that provision, by the Federal Home Loan Bank Board.''

1988 - Subsec. (b)(1), (2). Pub. L. 100-628 substituted

''section'' for ''Section''.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 2803, 2809, 2810 of this

title.

-CITE-

12 USC Sec. 2806 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 29 - HOME MORTGAGE DISCLOSURE

-HEAD-

Sec. 2806. Research and improved methods; authorization of

appropriations; recommendations to Congressional committees

-STATUTE-

(a)(1) The Director of the Office of Thrift Supervision, with the

assistance of the Secretary, the Director of the Bureau of the

Census, the Comptroller of the Currency, the Board of Governors of

the Federal Reserve System, the Federal Deposit Insurance

Corporation, and such other persons as the Director of the Office

of Thrift Supervision deems appropriate, shall develop, or assist

in the improvement of, methods of matching addresses and census

tracts to facilitate compliance by depository institutions in as

economical a manner as possible with the requirements of this

chapter.

(2) There is authorized to be appropriated such sums as may be

necessary to carry out this subsection.

(3) The Director of the Office of Thrift Supervision is

authorized to utilize, contract with, act through, or compensate

any person or agency in order to carry out this subsection.

(b) The Director of the Office of Thrift Supervision shall

recommend to the Committee on Banking, Finance and Urban Affairs of

the House of Representatives and the Committee on Banking, Housing,

and Urban Affairs of the Senate such additional legislation as the

Director of the Office of Thrift Supervision deems appropriate to

carry out the purpose of this chapter.

-SOURCE-

(Pub. L. 94-200, title III, Sec. 307, Dec. 31, 1975, 89 Stat. 1127;

Pub. L. 100-628, title X, Sec. 1087(c), Nov. 7, 1988, 102 Stat.

3280; Pub. L. 101-73, title VII, Sec. 744(p)(3), Aug. 9, 1989, 103

Stat. 440.)

-MISC1-

AMENDMENTS

1989 - Subsecs. (a)(1), (3), (b). Pub. L. 101-73 substituted

''Director of the Office of Thrift Supervision'' for ''Federal Home

Loan Bank Board'' wherever appearing.

1988 - Subsec. (b). Pub. L. 100-628 substituted ''Committee on

Banking, Finance and Urban Affairs of the House of

Representatives'' for ''Committee on Banking, Currency and Housing

of the House of Representatives'' and inserted a comma after

Housing in the phrase ''Committee on Banking, Housing, and Urban

Affairs of the Senate''.

-CHANGE-

CHANGE OF NAME

Committee on Banking, Finance and Urban Affairs of House of

Representatives treated as referring to Committee on Banking and

Financial Services of House of Representatives by section 1(a) of

Pub. L. 104-14, set out as a note preceding section 21 of Title 2,

The Congress. Committee on Banking and Financial Services of House

of Representatives abolished and replaced by Committee on Financial

Services of House of Representatives, and jurisdiction over matters

relating to securities and exchanges and insurance generally

transferred from Committee on Energy and Commerce of House of

Representatives by House Resolution No. 5, One Hundred Seventh

Congress, Jan. 3, 2001.

-CITE-

12 USC Sec. 2807 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 29 - HOME MORTGAGE DISCLOSURE

-HEAD-

Sec. 2807. Report

-STATUTE-

The Board, in consultation with the Secretary of Housing and

Urban Development, shall report annually to the Congress on the

utility of the requirements of section 2803(b)(4) of this title.

-SOURCE-

(Pub. L. 94-200, title III, Sec. 308, Dec. 31, 1975, 89 Stat. 1128;

Pub. L. 98-181, title VII, Sec. 701(b), Nov. 30, 1983, 97 Stat.

1266; Pub. L. 101-73, title XII, Sec. 1211(h), Aug. 9, 1989, 103

Stat. 526.)

-MISC1-

AMENDMENTS

1989 - Pub. L. 101-73 amended section generally. Prior to

amendment, section read as follows:

''(a) The Board, in consultation with the Secretary of Housing

and Urban Development, is authorized and directed to carry out a

study to determine the feasibility and usefulness of requiring

depository institutions located outside primary metropolitan

statistical areas, metropolitan statistical areas, or consolidated

metropolitan statistical areas that are not comprised of designated

primary metropolitan statistical areas, as defined by the Office of

Management and Budget, to make disclosures comparable to those

required by this chapter.

''(b) A report on the study under this section shall be

transmitted to the Congress not later than three years after

December 31, 1975.''

1983 - Subsec. (a). Pub. L. 98-181 substituted ''primary

metropolitan statistical areas, metropolitan statistical areas, or

consolidated metropolitan statistical areas that are not comprised

of designated primary metropolitan statistical areas'' for

''standard metropolitan statistical areas''.

EFFECTIVE DATE OF 1989 AMENDMENT

Amendment by Pub. L. 101-73 applicable to each calendar year

beginning after Dec. 31, 1989, see section 1211(k) of Pub. L.

101-73, set out as a note under section 2802 of this title.

-CITE-

12 USC Sec. 2808 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 29 - HOME MORTGAGE DISCLOSURE

-HEAD-

Sec. 2808. Effective date

-STATUTE-

(a) In general

This chapter shall take effect on the one hundred and eightieth

day beginning after December 31, 1975. Any institution specified in

section 2802(2)(A) of this title which has total assets as of its

last full fiscal year of $10,000,000 or less is exempt from the

provisions of this chapter. The Board, in consultation with the

Secretary, may exempt institutions described in section 2802(2)(B)

of this title that are comparable within their respective

industries to institutions that are exempt under the preceding

sentence (as determined without regard to the adjustment made by

subsection (b) of this section).

(b) CPI adjustments

(1) In general

Subject to paragraph (2), the dollar amount applicable with

respect to institutions described in section 2802(2)(A) of this

title under the 2d sentence of subsection (a) of this section

shall be adjusted annually after December 31, 1996, by the annual

percentage increase in the Consumer Price Index for Urban Wage

Earners and Clerical Workers published by the Bureau of Labor

Statistics.

(2) 1-time adjustment for prior inflation

The first adjustment made under paragraph (1) after September

30, 1996, shall be the percentage by which -

(A) the Consumer Price Index described in such paragraph for

the calendar year 1996, exceeds

(B) such Consumer Price Index for the calendar year 1975.

(3) Rounding

The dollar amount applicable under paragraph (1) for any

calendar year shall be the amount determined in accordance with

subparagraphs (A) and (B) of paragraph (2) and rounded to the

nearest multiple of $1,000,000.

-SOURCE-

(Pub. L. 94-200, title III, Sec. 309, Dec. 31, 1975, 89 Stat. 1128;

Pub. L. 102-242, title II, Sec. 224(a), Dec. 19, 1991, 105 Stat.

2307; Pub. L. 102-550, title XVI, Sec. 1604(a)(15), Oct. 28, 1992,

106 Stat. 4083; Pub. L. 104-208, div. A, title II, Sec. 2225(a),

Sept. 30, 1996, 110 Stat. 3009-415.)

-MISC1-

AMENDMENTS

1996 - Pub. L. 104-208 designated existing provisions as subsec.

(a), inserted heading, inserted ''(as determined without regard to

the adjustment made by subsection (b) of this section)'' before

period at end, and added subsec. (b).

1992 - Pub. L. 102-550, Sec. 1604(a)(15), amended directory

language of Pub. L. 102-242, Sec. 224(a). See 1991 Amendment note

below.

1991 - Pub. L. 102-242, Sec. 224(a), as amended by Pub. L.

102-550, Sec. 1604(a)(15), struck out ''depository'' before

''institution'', inserted ''specified in section 2802(2)(A) of this

title'' after ''institution'', and inserted at end: ''The Board, in

consultation with the Secretary, may exempt institutions described

in section 2802(2)(B) of this title that are comparable within

their respective industries to institutions that are exempt under

the preceding sentence.''

EFFECTIVE DATE OF 1992 AMENDMENT

Amendment by Pub. L. 102-550 effective as if included in the

Federal Deposit Insurance Corporation Improvement Act of 1991, Pub.

L. 102-242, as of Dec. 19, 1991, see section 1609(a) of Pub. L.

102-550, set out as a note under section 191 of this title.

EFFECTIVE DATE OF 1991 AMENDMENT

Section 224(b) of Pub. L. 102-242 provided that: ''This section

(amending this section) shall become effective on January 1,

1992.''

-CITE-

12 USC Sec. 2809 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 29 - HOME MORTGAGE DISCLOSURE

-HEAD-

Sec. 2809. Compilation of aggregate data

-STATUTE-

(a) Commencement; scope of data and tables

Beginning with data for calendar year 1980, the Federal Financial

Institutions Examination Council shall compile each year, for each

primary metropolitan statistical area, metropolitan statistical

area, or consolidated metropolitan statistical area that is not

comprised of designated primary metropolitan statistical areas,

aggregate data by census tract for all depository institutions

which are required to disclose data under section 2803 of this

title or which are exempt pursuant to section 2805(b) of this

title. The Council shall also produce tables indicating, for each

primary metropolitan statistical area, metropolitan statistical

area, or consolidated metropolitan statistical area that is not

comprised of designated primary metropolitan statistical areas,

aggregate lending patterns for various categories of census tracts

grouped according to location, age of housing stock, income level,

and racial characteristics.

(b) Staff and data processing resources

The Board shall provide staff and data processing resources to

the Council to enable it to carry out the provisions of subsection

(a) of this section.

(c) Availability to public

The data and tables required pursuant to subsection (a) of this

section shall be made available to the public by no later than

December 31 of the year following the calendar year on which the

data is based.

-SOURCE-

(Pub. L. 94-200, title III, Sec. 310, as added Pub. L. 96-399,

title III, Sec. 340(c), Oct. 8, 1980, 94 Stat. 1658; amended Pub.

L. 98-181, title VII, Sec. 701(a), Nov. 30, 1983, 97 Stat. 1266.)

-MISC1-

PRIOR PROVISIONS

A prior section 2809, Pub. L. 94-200, title III, Sec. 310, Dec.

31, 1975, 89 Stat. 1128, provided for termination of authority

granted by this chapter, prior to repeal by section 340(b) of Pub.

L. 96-399. See section 2811 of this title.

AMENDMENTS

1983 - Subsec. (a). Pub. L. 98-181 substituted ''primary

metropolitan statistical area, metropolitan statistical area, or

consolidated metropolitan statistical area that is not comprised of

designated primary metropolitan statistical areas'' for ''standard

metropolitan statistical areas'' in two places.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 2803, 2810 of this title.

-CITE-

12 USC Sec. 2810 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 29 - HOME MORTGAGE DISCLOSURE

-HEAD-

Sec. 2810. Disclosure by Secretary; commencement, scope, etc.

-STATUTE-

Beginning with data for calendar year 1980, the Secretary shall

make publicly available data in the Secretary's possession for each

mortgagee which is not otherwise subject to the requirements of

this chapter and which is not exempt pursuant to section 2805(b) of

this title (and for each mortgagee making mortgage loans exempted

under section 2803(g) of this title), with respect to mortgage

loans approved (or for which completed applications are received)

by the Secretary for insurance under title I or II of the National

Housing Act (12 U.S.C. 1702 et seq., 1707 et seq.). Such data to

be disclosed shall consist of data comparable to the data which

would be disclosed if such mortgagee were subject to the

requirements of section 2803 of this title. Disclosure statements

containing data for each such mortgagee for a primary metropolitan

statistical area, metropolitan statistical area, or consolidated

metropolitan statistical area that is not comprised of designated

primary metropolitan statistical areas shall, at a minimum, be

publicly available at the central depository of data established

pursuant to section 2803(f) of this title for such primary

metropolitan statistical area, metropolitan statistical area, or

consolidated metropolitan statistical area that is not comprised of

designated primary metropolitan statistical areas. The Secretary

shall also compile and make publicly available aggregate data for

such mortgagees by census tract, and tables indicating aggregate

lending patterns, in a manner comparable to the information

required to be made publicly available in accordance with section

2809 of this title.

-SOURCE-

(Pub. L. 94-200, title III, Sec. 311, as added Pub. L. 96-399,

title III, Sec. 340(c), Oct. 8, 1980, 94 Stat. 1658; amended Pub.

L. 98-181, title VII, Sec. 701(a), Nov. 30, 1983, 97 Stat. 1266;

Pub. L. 100-242, title V, Sec. 565(a)(3), Feb. 5, 1988, 101 Stat.

1945; Pub. L. 101-73, title XII, Sec. 1211(c)(2)(D), Aug. 9, 1989,

103 Stat. 525.)

-REFTEXT-

REFERENCES IN TEXT

The National Housing Act, referred to in text, is act June 27,

1934, ch. 847, 48 Stat. 1246, as amended. Titles I and II of the

Act are classified generally to subchapters I (Sec. 1702 et seq.)

and II (Sec. 1707 et seq.), respectively, of chapter 13 of this

title. For complete classification of this Act to the Code, see

section 1701 of this title and Tables.

-MISC2-

AMENDMENTS

1989 - Pub. L. 101-73 inserted ''(or for which completed

applications are received)'' after ''approved''.

1988 - Pub. L. 100-242 inserted ''(and for each mortgagee making

mortgage loans exempted under section 2803(g) of this title)''

after ''section 2805(b) of this title''.

1983 - Pub. L. 98-181 substituted ''primary metropolitan

statistical area, metropolitan statistical area, or consolidated

metropolitan statistical area that is not comprised of designated

primary metropolitan statistical areas'' for ''standard

metropolitan statistical areas'' in two places.

EFFECTIVE DATE OF 1989 AMENDMENT

Amendment by Pub. L. 101-73 applicable to each calendar year

beginning after Dec. 31, 1989, see section 1211(k) of Pub. L.

101-73, set out as a note under section 2802 of this title.

EFFECTIVE DATE OF 1988 AMENDMENT

Amendment by Pub. L. 100-242 applicable to the portion of

calendar year 1988 that begins Aug. 19, 1988, and to each calendar

year beginning after Dec. 31, 1988, see section 565(a)(4) of Pub.

L. 100-242, as amended, set out as a note under section 2802 of

this title.

-CITE-

12 USC Sec. 2811 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 29 - HOME MORTGAGE DISCLOSURE

-HEAD-

Sec. 2811. Repealed. Pub. L. 100-242, title V, Sec. 565(b), Feb. 5,

1988, 101 Stat. 1945

-MISC1-

Section, Pub. L. 94-200, title III, Sec. 312, as added Pub. L.

96-399, title III, Sec. 340(c), Oct. 8, 1980, 94 Stat. 1659;

amended Pub. L. 99-120, Sec. 5(c), Oct. 8, 1985, 99 Stat. 504; Pub.

L. 99-156, Sec. 5(c), Nov. 15, 1985, 99 Stat. 817; Pub. L. 99-219,

Sec. 5(c), Dec. 26, 1985, 99 Stat. 1732; Pub. L. 99-267, Sec. 5(c),

Mar. 27, 1986, 100 Stat. 75; Pub. L. 99-272, title III, Sec.

3011(c), Apr. 7, 1986, 100 Stat. 106; Pub. L. 99-289, Sec. 1(b),

May 2, 1986, 100 Stat. 412; Pub. L. 99-345, Sec. 1, June 24, 1986,

100 Stat. 673; Pub. L. 99-430, Sept. 30, 1986, 100 Stat. 986; Pub.

L. 100-122, Sec. 1, Sept. 30, 1987, 101 Stat. 793; Pub. L. 100-154,

Nov. 5, 1987, 101 Stat. 890; Pub. L. 100-170, Nov. 17, 1987, 101

Stat. 914; Pub. L. 100-179, Dec. 3, 1987, 101 Stat. 1018; Pub. L.

100-200, Dec. 21, 1987, 101 Stat. 1327, provided that authority

granted by this chapter was to expire on Mar. 15, 1988.

-CITE-