CFR > Title 24 > Subtitle B > Chapter XX > Part 3286 > Subpart G – Retailer Responsibilities in Hud-Administered States
Current as of: 2024 | Check for updates
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Other versions
| § 3286.601 | Purpose |
| § 3286.603 | At or before sale |
| § 3286.605 | After sale |
| § 3286.607 | Recordkeeping |
Terms Used In CFR > Title 24 > Subtitle B > Chapter XX > Part 3286 > Subpart G - Retailer Responsibilities in Hud-Administered States
- Contract: A legal written agreement that becomes binding when signed.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
- Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.