Page:United States Statutes at Large Volume 88 Part 2.djvu/413

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[88 STAT. 1729]
[88 STAT. 1729]
PUBLIC LAW 93-000—MMMM. DD, 1975

88 STAT. ]

PUBLIC LAW 93-533-DEC. 22, 1974

1729

(2) to deposit in any such escrow account in any month beginning after the date of settlement a sum (for the purpose of assuring payment of taxes and insurance premiums with respect to the property) in excess of one-twelfth of the total amount of the estimated taxes and insurance premiums which will become due and payable during the twelve-month period beginning on the first day of such month, except that in the event the lender determines there will be a deficiency on the due date he shall not be prohibited from requiring additional monthly deposits in such escrow account of pro rata portions of the deficiency corresponding to the number of months from the date of the lender's determmation of such deficiency to the date upon which such taxes and insurance premiums become due and payable. LIMITATIONS A N D DISCLOSURES W I T H RESPECT TO CERTAIN FEDERALLY RELATED MORTGAGE LOANS

SEC. 11. (a) The Federal Deposit Insurance Act is amended by adding at the end thereof the following new section: "SEC. 25. (a) No insured bank, or mutual savings or cooperative bank ^^ "^^ isaib. which is not an insured bank, shall make any federally related mortgage loan to any agent, trustee, nominee, or other person acting in a fiduciary capacity without the prior condition that the identity of the person receiving the beneficial interest of such loan shall at all times be revealed to the bank. At the request of the Corporation, the bank Report, shall report to the Corporation on the identity of such person and the nature and amount of the loan, discount, or other extension of credit. " (b) In addition to other available remedies, this section may be enforced with respect to mutual savings and cooperative banks which are not insured banks in accordance with section 8 of this Act, and for such purpose such mutual savings and cooperative banks shall be held and considered to be State nonmember insured banks and the appropriate Federal agency with respect to such mutual savings and cooperative banks shall be the Federal Deposit Insurance Corporation." (b) Title IV of the National Housing Act is amended by adding at the end thereof the following new section: "SEC. 413. No insured institution shall make any federally related ^^ ^^^ ^^^°^mortgage loan to any agent, trustee, nominee, or other person acting in a fiduciary capacity without the prior condition that the identity of the person receiving the beneficial interest of such loan shall at all times be revealed to the institution. At the request of the Federal Home Loan Bank Board, the insured institution shall report to the Board on the identity of such person and the nature and amount of the loan." (c) The Federal Deposit Insurance Corporation or the Federal ^^ ^^^ ^^^^^ Home Loan Bank Board as appropriate may by regulation exempt classes or types of transactions from the provisions added by this section if the Corporation or the Board determines that the purposes of such provisions would not be advanced materially by their application to such transactions. F E E FOR PREPARATION OF T R U T H - I N - L E N D I N G A N D UNIFORM SETTLEMENT STATEMENTS

SEC. 12. No fee shall be imposed or charge made upon any other 12 USC 2610. person (as a part of settlement costs or othewise) by a lender in connection with a federally related mortgage loan made by it (or a loan for the purchase of a mobile home), for or on account of the preparation and submission by such lender of the statement or statements required (in connection with such loan) by sections 4 and 6 of this Act or by the Truth in Lending Act. le use leoi

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note.