U.S. Code > Title 12 > Chapter 13 > Subchapter II > § 1715p - Insurance of advances under open-end mortgages; payment of charges; eligibility and conditions
Current as of: February 2010
The Secretary is authorized and directed to require that in
connection with any property upon which there is located a dwelling
designed principally for a single-family residence or a two-family
residence and which is approved for mortgage insurance under
section 1709 or 1715e of this title with respect to any
property or project of a corporation or trust of the character
described in paragraph (2) of subsection (a) of section 1715e of
this title, or sections 1715k, 1715l, 1715m,(!1) 1715x, 1715y,
1715z(i), 1715z-2,(!1) or 1750b of this title, the seller or
builder or such other person as may be designated by the Secretary
shall agree to deliver, prior to the sale of the property, to the
person purchasing such dwelling for his own occupancy, a written
statement setting forth the amount of the appraised value of the
property as determined by the Secretary. This section shall not
apply in any case where the mortgage involved was insured or the
commitment for such insurance was issued prior to August 2, 1954.
Notwithstanding the first sentence of this section, the Secretary
is authorized to require, in connection with any mortgage where the
mortgage amount is computed on the basis of the Secretary's
estimate of the replacement cost of the property, or on the basis
of any other estimates of the Secretary, that a written statement
setting forth such estimate or estimates, as the case may be, be
furnished under this section in lieu of a written statement setting
forth the amount of the appraised value of the property.
Legislative History ________________________________________________________________________
U.S. Code Provisions: Credit InsuranceState Laws: Credit Insurance
 |
Email
Print