Page:United States Statutes at Large Volume 89.djvu/1218

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PUBLIC LAW 94-000—MMMM. DD, 1975

89 STAT. 1158

12 USC 2604.

Repeal12 USC 2605. Repeal. 12 USC 2606. 12 USC 2607.

12 USC 2609.

PUBLIC LAW 94-205—JAN. 2, 1976 with regulations of the Secretary, waive his right to have the form made available at such time. Upon the request of the borrower to inspect the form prescribed under this section during the business day immediately preceding the day of settlement, the person who will conduct the settlement shall permit the borrower to inspect those items which are known to such person during such preceding day.". SEC. 4. Section 5 of the Eeal Estate Settlement Procedures Act of 1974 is amended— (1) by redesignating subsections (c) and (d) as subsections (d) and (e), respectively; (2) by inserting after subsection (b) the following new subsection: "(c) Each lender shall include with the booklet a good faith estimate of the amount or range of charges for specific settlement services the borrower is likely to incur in connection with the settlement as prescribed by the Secretary."; (3) by striking out "an application" in the first sentence of subsection (d), as redesignated by paragraph (1) of this section, and inserting in lieu thereof "or for whom it prepares a written application"; and (4) by inserting "or preparation" immediately aft^r "receipt" in the second sentence of subsection (d), as redesignated by paragraph (1) of this section. SEC. 5. Section 6 of the Real Estate Settlement Procedures Act of 1974 is repealed. SEC. 6. Section 7 of the Real Estate Settlement Procedures Act of 1974 is repealed. SEC. 7. Section 8 of the Real Estate Settlement Procedures Act of 1974 is amended in subsection (c) by striking out "or" immediately before " (2)", and by inserting before the period at the end thereof the following: ", or (3) payments pursuant to cooperative brokerage and referral arrangements or agreements between real estate agents and brokers, or (4) such other payments or classes of payments or other transfers as are specified in regulations prescribed by the Secretary, after consultation with the Attorney General, the Administrator of Veterans' Affairs, the Federal Home Loan Bank Board, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Secretary of Agriculture". SEC. 8. Section 10 of the Real Estate Settlement Procedures Act of 1974 is amended to read as follows: a ESCROW ACCOUNTS

"SEC. 10. A lender, in connection with a federally related mortgage loan, may not require the borrower or prospective borrower— " (1) to deposit in any escrow account which may be established in connection with such loan for the purpose of assuring payment of taxes, insurance premiums, or other charges with respect to the property, in connection with the settlement, an aggregate sum (for such purpose) in excess of a sum that will be sufficient to pay such taxes, insurance premiums and other charges attributable to the period beginning on the last date on which each such charge would