12 U.S.C. § 1701l

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)

Section 1701l - Limitation on interest rates of insured mortgages; terms of sales

It is the intent of Congress that no sale of a dwelling on which a mortgage is insured under the National Housing Act, as amended [ 12 U.S.C. 1701 et seq.], shall be financed, while such mortgage is so insured, at an interest rate higher than that prescribed by the Secretary of Housing and Urban Development. It is the further intent of Congress that no such sale shall be made, while such mortgage is so insured, on terms less favorable to the purchaser as to amortization, retirement, foreclosure, or forfeiture than those contained in such mortgage.

12 U.S.C. § 1701l

Apr. 20, 1950, ch. 94, title V, §508, 64 Stat. 81; Pub. L. 90-19 §8(e), May 25, 1967, 81 Stat. 22.

EDITORIAL NOTES

REFERENCES IN TEXTThe National Housing Act, as amended, referred to in text, is act June 27, 1934, ch. 847, 48 Stat. 1246, which is classified principally to this chapter (§1701 et seq.). For complete classification of this Act to the Code, see section 1701 of this title and Tables.

CODIFICATIONSection was enacted as part of the Housing Act of 1950, and not as part of the National Housing Act which comprises this chapter.

AMENDMENTS1967- Pub. L. 90-19 substituted "Secretary of Housing and Urban Development" for "Federal Housing Commissioner".