§ 1422. Definitions

Footnotes

1. 1 See References in Text note below.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1932

   Federal Home Loan Bank Act

   Pub. L. 72–522 § 2 · 47 Stat. 725

   Enacted · 12 U.S.C. § 1422

   July 22, 1932, ch. 522, § 2, 47 Stat. 725

   Source evidence

   Code source credit
   July 22, 1932, ch. 522, § 2, 47 Stat. 725

   Enacted provision · exact public law section
   Sec. 2. definitions As used in this Act— (1) The term “board” means the Federal Home Loan Bank “Board.” Board. (2) The term “Federal Home Loan Bank” means a bank established “Federal Home Loan Bank.” by the board under authority of this Act. (3) The term “State” includes the District of Columbia, Puerto “State.” Rico, the Virgin Islands of the United States, and the Territories of Alaska and Hawaii. (4) The term “member” (except when used in reference to a “Member,” exception. member of the board) means any institution which has subscribed for the stock of a Federal Home Loan Bank. (5) The term “home mortgage loan” means a loan made by a “Home mortgage loan.” member or a nonmember borrower upon the security of a home mortgage. (6) The term “home mortgage” means a first mortgage upon real “Home mortgage.” estate, in fee simple, or leasehold under a renewable lease for not less than ninety-nine years, upon which there is located a dwelling for not more than three families, and shall include, in addition to first mortgages, such classes of first liens as are commonly given to secure advances on real estate by institutions authorized under this Act to become members, under the laws of the State in which the real estate is located, together with the credit instruments, if any, secured thereby. (7) “Unpaid principal.” The term “unpaid principal,” when used in respect of a loan secured by a home mortgage means the principal thereof less the sum of (1) payments made on such principal, and (2) in cases where shares or stock are pledged as security for the loan, the payments made on such shares or stock plus earnings or dividends apportioned or credited thereon. (8) “Amortized” or “installment” home mortgage loan. An “amortized” or “installment” home mortgage loan shall, for the purposes of this Act, be a home mortgage loan to be repaid or liquidated in not less than eight years by means of regular weekly, monthly, or quarterly payments made directly in reduction of the debt or upon stock or shares pledged as collateral for the repayment of such loan. (9) “Nonmember borrower.” The term “nonmember borrower” includes an institution authorized to secure advances from a Federal Home Loan Bank under the provisions of section 6 (e).

2. 1934

   Public Law not identified

   Struck and inserted · 12 U.S.C. § 1422(6)

   Subsec. (6). Act June 27, 1934, struck out “first” before “mortgage” and inserted “or (2) under a lease having a period of not less than fifty years to run from the date the mortgage was executed”

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code amendment note
   Subsec. (6). Act June 27, 1934, struck out “first” before “mortgage” and inserted “or (2) under a lease having a period of not less than fifty years to run from the date the mortgage was executed”.

3. 1935

   Public Law not identified

   Substituted · 12 U.S.C. § 1422(6)

   Subsec. (6). Act May 28, 1935, substituted “four families” for “three families”

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code amendment note
   Subsec. (6). Act May 28, 1935, substituted “four families” for “three families”.

4. 1952

   Public Law not identified

   Inserted · 12 U.S.C. § 1422(3)

   Subsec. (3). Act July 14, 1952, inserted “Guam,”

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code amendment note
   Subsec. (3). Act July 14, 1952, inserted “Guam,”.

5. 1959

   Alaska Omnibus Act

   Pub. L. 86–70 § 9(a) · 73 Stat. 141

   Substituted · 12 U.S.C. § 1422(3)

   Pub. L. 86–70 substituted “Territory of Hawaii” for “Territories of Alaska and Hawaii”

   Source evidence

   Code amendment note
   Subsec. (3). Pub. L. 86–70 substituted “Territory of Hawaii” for “Territories of Alaska and Hawaii”.

   Enacted provision · exact public law section
   (a) Paragraph (3) of section 2 of the Federal Home Loan 47 Stat. 725. Bank Act, as amended (12 U.S.C. 1422(3)), is further amended by striking out the words “Territories of Alaska and Hawaii” and inserting in lieu thereof the words “Territory of Hawaii”.

6. 1960

   Hawaii Omnibus Act

   Pub. L. 86–624 § 5(a) · 74 Stat. 411

   Struck · 12 U.S.C. § 1422(3)

   Pub. L. 86–624 struck out reference to Territory of Hawaii

   Source evidence

   Code amendment note
   Subsec. (3). Pub. L. 86–624 struck out reference to Territory of Hawaii.

   Enacted provision · exact public law section
   (a) Paragraph (3) of section 2 of the Federal Home Loan 47 Stat. 725; 73 Stat. 142. 12 USC 1422. Bank Act, as amended, is further amended by striking out the words “the Virgin Islands of the United States, and the Territory of Hawaii” and by inserting in lieu thereof the words “and the Virgin Islands of the United States”.

7. 1962

   Pub. L. 87–779 § 2(a) · 76 Stat. 778

   Substituted · 12 U.S.C. § 1422(6)

   Pub. L. 87–779 substituted “upon which is located, or which comprises or includes, one or more homes or other dwelling units, all of which may be defined by the Board” for “upon which there is located a dwelling for not more than four families”

   Source evidence

   Code amendment note
   Subsec. (6). Pub. L. 87–779 substituted “upon which is located, or which comprises or includes, one or more homes or other dwelling units, all of which may be defined by the Board” for “upon which there is located a dwelling for not more than four families”.

   Enacted provision · exact public law section
   (a) Paragraph (6) of section 2 of the Federal Home Loan Federal Home Loan Bank Act, amendment. 48 Stat. 1754; 49 Stat. 293. 12 USC 1422. Bank Act is amended by striking out “upon which there is located a dwelling for not more than four families” and inserting in lieu thereof “upon which is located, or which comprises or includes, one or more homes or other dwelling units, nil of which may be defined by the Board”.

8. 1989

   Financial Institutions Reform, Recovery, and Enforcement Act of 1989

   Pub. L. 101–73 § 701(a)(1) · 103 Stat. 183

   1. Added · 12 U.S.C. § 1422(1); 12 U.S.C. § 1422(2)

      Pub. L. 101–73, § 701(a)(1), added pars. (1) and (2)

   2. Struck · 12 U.S.C. § 1422(1); 12 U.S.C. § 1422(2)

      Pub. L. 101–73, § 701(a)(1), struck out former pars. (1) and (2) which defined “board” and “Federal Home Loan Bank”

   Source evidence

   Code amendment note
   Pars. (1), (2). Pub. L. 101–73, § 701(a)(1), added pars. (1) and (2) and struck out former pars. (1) and (2) which defined “board” and “Federal Home Loan Bank”.

   Enacted provision · exact public law section
   (1) by striking paragraphs (1) and (2) and inserting the following: “(1) Board.— The term ‘Board’ means the Federal Housing Finance Board established under section 2A. “(2) (A) Bank.— The term ‘Federal Home Loan Bank’ or ‘Bank’ means a bank established under the authority of the Federal Home Loan Bank Act. “(B) Bank system.— The term ‘Federal Home Loan Bank System’ means the Federal Home Loan Banks under the supervision of the Board.”;

9. 1989

   Financial Institutions Reform, Recovery, and Enforcement Act of 1989

   Pub. L. 101–73 § 701(a)(2) · 103 Stat. 183

   Struck · 12 U.S.C. § 1422(4)

   Pub. L. 101–73, § 701(a)(2), which directed amendment of par. (4) by striking out “(except when used in reference to the member of the Board)” after “ ‘member’ ”, was executed by striking out “(except when used in reference to a member of the board)” as the probable intent of Congress

   Source evidence

   Code amendment note
   Par. (4). Pub. L. 101–73, § 701(a)(2), which directed amendment of par. (4) by striking out “(except when used in reference to the member of the Board)” after “ ‘member’ ”, was executed by striking out “(except when used in reference to a member of the board)” as the probable intent of Congress.

   Enacted provision · exact public law section
   (2) in paragraph (4) by striking “(except when used in reference to the member of the Board)”; and

10. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 710(b)(1) · 103 Stat. 183

    Struck · 12 U.S.C. § 1422(5)

    Pub. L. 101–73, § 710(b)(1), struck out “or a nonmember borrower” after “member”

    Source evidence

    Code amendment note
    Par. (5). Pub. L. 101–73, § 710(b)(1), struck out “or a nonmember borrower” after “member”.

    Enacted provision · exact public law section
    (1) in sections 2(5) and 4(b), by striking “or a nonmember borrower” wherever it appears;

11. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 701(a)(3) · 103 Stat. 183

    1. Added · 12 U.S.C. § 1422(9)(12)

       Pub. L. 101–73, § 701(a)(3), added pars. (9) to (12)

    2. Struck · 12 U.S.C. § 1422(9)(12)

       Pub. L. 101–73, § 701(a)(3), struck out former par. (9) which read as follows: “The term ‘nonmember borrower’ includes an institution authorized to secure advances from a Federal Home Loan Bank under the provisions of subsection (e) of section 1426 of this title.”

    Source evidence

    Code amendment note
    Pars. (9) to (12). Pub. L. 101–73, § 701(a)(3), added pars. (9) to (12) and struck out former par. (9) which read as follows: “The term ‘nonmember borrower’ includes an institution authorized to secure advances from a Federal Home Loan Bank under the provisions of subsection (e) of section 1426 of this title.”

    Enacted provision · exact public law section
    (3) by striking paragraph (9) and adding at the end the following: “(9) Savings association.— The term ‘savings association’ has the meaning given to such term in section 3 of the Federal Deposit Insurance Act. “(10) Chairperson.— The term ‘Chairperson’ means the Chairperson of the Board. “(11) Secretary.— The term ‘Secretary’ means the Secretary of Housing and Urban Development. “(12) Insured depository institution.— The term ‘insured depository institution’ means— “(A) an insured depository institution (as defined in section 3 of the Federal Deposit Insurance Act), and “(B) except as used in sections 21A and 21B, an insured credit union (as defined in section 101 of the Federal Credit Union Act).”.

12. 1999

    Pub. L. 106–102 § 602(1) · 113 Stat. 1338

    Substituted · 12 U.S.C. § 1422(1)

    Pub. L. 106–102, § 602(1), substituted “terms ‘Finance Board’ and ‘Board’ mean” for “term ‘Board’ means”

    Source evidence

    Code amendment note
    Par. (1). Pub. L. 106–102, § 602(1), substituted “terms ‘Finance Board’ and ‘Board’ mean” for “term ‘Board’ means”.

    Enacted provision · exact public law section
    (1) in paragraph (1), by striking “term ‘Board’ means” and inserting “terms ‘Finance Board’ and ‘Board’ mean”;

13. 1999

    Pub. L. 106–102 § 602(2) · 113 Stat. 1338

    1. Added · 12 U.S.C. § 1422(3)

       Pub. L. 106–102, § 602(2), added par. (3)

    2. Struck · 12 U.S.C. § 1422(3)

       Pub. L. 106–102, § 602(2), struck out former par. (3) which read as follows: “The term ‘State’ includes the District of Columbia, Guam, Puerto Rico, and the Virgin Islands of the United States.”

    Source evidence

    Code amendment note
    Par. (3). Pub. L. 106–102, § 602(2), added par. (3) and struck out former par. (3) which read as follows: “The term ‘State’ includes the District of Columbia, Guam, Puerto Rico, and the Virgin Islands of the United States.”

    Enacted provision · exact public law section
    (2) by striking paragraph (3) and inserting the following: “(3) State.— The term ‘State’, in addition to the States of the United States, includes the District of Columbia, Guam, Puerto Rico, the United States Virgin Islands, American Samoa, and the Commonwealth of the Northern Mariana Islands.”; and

14. 1999

    Pub. L. 106–102 § 602(3) · 113 Stat. 1338

    Added · 12 U.S.C. § 1422(13)

    Pub. L. 106–102, § 602(3), added par. (13)

    Source evidence

    Code amendment note
    Par. (13). Pub. L. 106–102, § 602(3), added par. (13).

    Enacted provision · exact public law section
    (3) by adding at the end the following new paragraph: “(13) Community financial institution.— “(A) In general.— The term ‘community financial institution’ means a member— “(i) the deposits of which are insured under the Federal Deposit Insurance Act; and “(ii) that has, as of the date of the transaction at issue, less than $500,000,000 in average total assets, based on an average of total assets over the 3 years preceding that date. “(B) Adjustments.— The $500,000,000 limit referred to in subparagraph (A)(ii) shall be adjusted annually by the Finance Board, based on the annual percentage increase, if any, in the Consumer Price Index for all urban consumers, as published by the Department of Labor.”.

15. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1203(1) · 122 Stat. 2654

    1. Redesignated · 12 U.S.C. § 1422(1)

       Pub. L. 110–289, § 1203(1), (2), redesignated par. (2) as (1)

    2. Struck · 12 U.S.C. § 1422(1)

       Pub. L. 110–289, § 1203(1), (2), struck out former par. (1). Prior to amendment, text read as follows: “The terms ‘Finance Board’ and ‘Board’ mean the Federal Housing Finance Board established under section 1422a of this title.”

    Source evidence

    Code amendment note
    Par. (1). Pub. L. 110–289, § 1203(1), (2), redesignated par. (2) as (1) and struck out former par. (1). Prior to amendment, text read as follows: “The terms ‘Finance Board’ and ‘Board’ mean the Federal Housing Finance Board established under section 1422a of this title.”

    Enacted provision · exact public law section
    (1) by striking paragraphs (1), (10), and (11);

16. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1204(8) · 122 Stat. 2654

    Substituted · 12 U.S.C. § 1422(1)(B)

    Pub. L. 110–289, § 1204(8), substituted “the Director” for “the Board”

    Source evidence

    Code amendment note
    Par. (1)(B). Pub. L. 110–289, § 1204(8), substituted “the Director” for “the Board”.

    Enacted provision · exact public law section
    (8) by striking 12 USC 1422 et al. “the Board” each place that term appears and inserting “the Director”;

17. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1203(2) · 122 Stat. 2654

    Redesignated · 12 U.S.C. § 1422(2)(4)

    Pub. L. 110–289, § 1203(2), redesignated pars. (3) to (5) as (2) to (4), respectively. Former par. (2) redesignated (1)

    Source evidence

    Code amendment note
    Pars. (2) to (4). Pub. L. 110–289, § 1203(2), redesignated pars. (3) to (5) as (2) to (4), respectively. Former par. (2) redesignated (1).

    Enacted provision · exact public law section
    (2) by redesignating paragraphs (2) through (9) as paragraphs (1) through (8), respectively;

18. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1204(8) · 122 Stat. 2654

    Substituted · 12 U.S.C. § 1422(5)

    Pub. L. 110–289, § 1204(8), substituted “the Director” for “the Board”

    Source evidence

    Code amendment note
    Par. (5). Pub. L. 110–289, § 1204(8), substituted “the Director” for “the Board”.

    Enacted provision · exact public law section
    (8) by striking 12 USC 1422 et al. “the Board” each place that term appears and inserting “the Director”;

19. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1203(2) · 122 Stat. 2654

    Redesignated · 12 U.S.C. § 1422(5)

    Pub. L. 110–289, § 1203(2), redesignated par. (6) as (5). Former par. (5) redesignated (4)

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 110–289, § 1203(2), redesignated par. (6) as (5). Former par. (5) redesignated (4).

    Enacted provision · exact public law section
    (2) by redesignating paragraphs (2) through (9) as paragraphs (1) through (8), respectively;

20. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1203(2) · 122 Stat. 2654

    Redesignated · 12 U.S.C. § 1422(6)(9)

    Pub. L. 110–289, § 1203(2), (3), redesignated pars. (7) to (9) and (12) as (6) to (9), respectively. Former par. (6) redesignated (5)

    Source evidence

    Code amendment note
    Pars. (6) to (9). Pub. L. 110–289, § 1203(2), (3), redesignated pars. (7) to (9) and (12) as (6) to (9), respectively. Former par. (6) redesignated (5).

    Enacted provision · exact public law section
    (2) by redesignating paragraphs (2) through (9) as paragraphs (1) through (8), respectively;

21. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1203(1) · 122 Stat. 2654

    1. Redesignated · 12 U.S.C. § 1422(10)

       Pub. L. 110–289, § 1203(1), (3), redesignated par. (13) as (10)

    2. Struck · 12 U.S.C. § 1422(10)

       Pub. L. 110–289, § 1203(1), (3), struck out former par. (10). Prior to amendment, text read as follows: “The term ‘Chairperson’ means the Chairperson of the Board.”

    Source evidence

    Code amendment note
    Par. (10). Pub. L. 110–289, § 1203(1), (3), redesignated par. (13) as (10) and struck out former par. (10). Prior to amendment, text read as follows: “The term ‘Chairperson’ means the Chairperson of the Board.”

    Enacted provision · exact public law section
    (1) by striking paragraphs (1), (10), and (11);

22. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1211(a) · 122 Stat. 2654

    Substituted · 12 U.S.C. § 1422(10)(A)(ii)

    Pub. L. 110–289, § 1211(a), substituted “$1,000,000,000” for “$500,000,000”

    Source evidence

    Code amendment note
    Par. (10)(A)(ii). Pub. L. 110–289, § 1211(a), substituted “$1,000,000,000” for “$500,000,000”.

    Enacted provision · exact public law section
    (a) Total Asset Requirement.— Paragraph (10) of section 2 of the Federal Home Loan Bank Act (12 U.S.C. 1422(10)), as so redesignated by section 201(3) of this Act, is amended by striking “$500,000,000” each place such term appears and inserting “$1,000,000,000”.

23. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1211(a) · 122 Stat. 2654

    Substituted · 12 U.S.C. § 1422(10)(B)

    Pub. L. 110–289, § 1211(a), substituted “$1,000,000,000” for “$500,000,000”

    Source evidence

    Code amendment note
    Par. (10)(B). Pub. L. 110–289, § 1211(a), substituted “$1,000,000,000” for “$500,000,000”.

    Enacted provision · exact public law section
    (a) Total Asset Requirement.— Paragraph (10) of section 2 of the Federal Home Loan Bank Act (12 U.S.C. 1422(10)), as so redesignated by section 201(3) of this Act, is amended by striking “$500,000,000” each place such term appears and inserting “$1,000,000,000”.

24. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1204(10) · 122 Stat. 2654

    Substituted · 12 U.S.C. § 1422(10)(B)

    Pub. L. 110–289, § 1204(10), substituted “the Director” for “the Finance Board”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 110–289, § 1204(10), substituted “the Director” for “the Finance Board”.

    Enacted provision · exact public law section
    (10) by 12 USC 1422 et al. striking “the Finance Board” each place that term appears and inserting “the Director”;

25. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1203(1) · 122 Stat. 2654

    1. Added · 12 U.S.C. § 1422(11)(13)

       Pub. L. 110–289, § 1203(1), (3), (4), added pars. (11) and (12)

    2. Redesignated · 12 U.S.C. § 1422(11)(13)

       Pub. L. 110–289, § 1203(1), (3), (4), redesignated former pars. (12) and (13) as (9) and (10), respectively

    3. Struck · 12 U.S.C. § 1422(11)(13)

       Pub. L. 110–289, § 1203(1), (3), (4), struck out former par. (11). Prior to amendment, text read as follows: “The term ‘Secretary’ means the Secretary of Housing and Urban Development.”

    Source evidence

    Code amendment note
    Pars. (11) to (13). Pub. L. 110–289, § 1203(1), (3), (4), added pars. (11) and (12), redesignated former pars. (12) and (13) as (9) and (10), respectively, and struck out former par. (11). Prior to amendment, text read as follows: “The term ‘Secretary’ means the Secretary of Housing and Urban Development.”

    Enacted provision · exact public law section
    (1) by striking paragraphs (1), (10), and (11);

29 of 32 references resolved to an enrolled provision · 3 unresolved