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6500 - Consumer Protection
HOME MORTGAGE DISCLOSURE ACT OF 1975
To extend the authority for the flexible regulation of interest rates on deposits and share accounts in depositoryinstitutions, to extend the National Commission on Electronic Fund Transfers, and to provide for home mortgagedisclosure.
Be it enacted by the Senate and House of Representatives of the United States of America in Congressassembled,
TITLE III—HOME MORTGAGE DISCLOSURE
SHORT TITLESEC. 301. This title may be cited as the "Home Mortgage Disclosure Act of 1975".
[Codified to 12 U.S.C. 2801 note] [Source: Section 301 of title III of the Act of December 31, 1975 (Pub. L. No. 94--200; 89 Stat. 1125), effectiveJune 28, 1976]
FINDINGS AND PURPOSESSEC. 302. (a) The Congress finds that some depository institutions have sometimes contributed to the declineof certain geographic areas by their failure pursuant to their chartering responsibilities to provide adequate homefinancing to qualified applicants on reasonable terms and conditions.(b) The purpose of this title is to provide the citizens and public officials of the United States with sufficientinformation to enable them to determine whether depository institutions are filling their obligations to serve thehousing needs of the communities and neighborhoods in which they are located and to assist public officials intheir determination of the distribution of public sector investments in a manner designed to improve the privateinvestment environment.(c) Nothing in this title is intended to, nor shall it be construed to, encourage unsound lending practices or theallocation of credit.
[Codified to 12 U.S.C. 2801] [Source: Section 302 of title III of the Act of December 31, 1975 (Pub. L. No. 94--200; 89 Stat. 1125), effectiveJune 28, 1976]
DEFINITIONSSEC. 303. For the purposes of this title--(1) the term "mortgage loan" means a loan which is secured by residential real property or a homeimprovement loan;(2) the term "depository institution"--(A) means--(i) any bank (as defined insection 3(a)(1) of the Federal Deposit Insurance Act);(ii) any savings association (as defined in section 3(b)(1) of the Federal Deposit Insurance Act); 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 insubparagraph (A);
Each depositor insured to at least $250,000 per insured bank through 12/31/2013
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