§ 1457. Prohibited activities; penalties for violations by organizations, officers and members of organizations, and individuals

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. 1970

   Emergency Home Finance Act of 1970

   Pub. L. 91–351 title III § 308 · 84 Stat. 450

   Enacted · 12 U.S.C. § 1457

   Pub. L. 91–351, title III, § 308, July 24, 1970, 84 Stat. 456

   Source evidence

   Code source credit
   Pub. L. 91–351, title III, § 308, July 24, 1970, 84 Stat. 456

   Enacted provision · exact public law section
   Sec. 308. penal provisions (a) Except as expressly authorized by statute of the United States, no individual or organization (except the Corporation) shall use the term “Federal Home Loan Mortgage Corporation”, or any combination of words including the words “Federal”, and “Home Loan”, and “Mortgage”, as a name or part thereof under which any individual or organization does any business, but this sentence shall not make unlawful the use of any name under which business is being done on the date of the enactment of this Act. No individual or organization shall use or display (1) any sign, device, or insigne prescribed or approved by the Corporation for use or display by the Corporation or by members of the Federal home loan banks, (2) any copy, reproduction, or colorable imitation of any such sign, device, or insigne, or (3) any sign, device, or insigne reasonably calculated to convey the impression that it is a sign, device, or insigne used by the Corporation or prescribed or approved by the Corporation, contrary’ to regulations of the Corporation prohibiting, or limiting or restricting, such use or display by such individual or organization. An organization violating this subsection shall for each violation be punished by a tine of not more than $10,000. An officer or member of an organization participating or knowingly acquiescing in any violation of this subsection shall be punished by a fine of not more than $5,000 or imprisonment for not more than one year, or both. An individual violating this subsection shall for each violation be punished as set forth in the sentence next preceding this sentence. (b) The provisions of sections 215, 607, 658, 1011, and 1014 of title 18 of the United States Code are extended to apply to and with respect 62 Stat. 694–752; 76 Stat. 1125; 65 Stat. 718. to the Corporation, and for the purposes of such section 658 the term “any property mortgaged or pledged”, as used therein, shall without limitation on its generality include any property subject to mortgage, pledge, or lien acquired by the Corporation by assignment or otherwise. (c) The term “bank examiner or assistant examiner”, as used in section 655 of such title 18, shall include any examiner or assistant examiner who is an officer or employee of the Corporation and any person who makes or participates in the making of any examination of or for the Corporation. (d) The term “bank”, as used in subsection (f) of section 2113 of such title 18, shall be deemed to include the Corporation, and any building 64 Stat. 395. used in whole or in part by the Corporation shall be deemed to be used in whole or in part as a bank, within the meaning of such section 2113. (e) The terms “agency” and “agencies” shall be deemed to include the Corporation wherever used with reference to an agency or agencies of the United States in sections 201, 202, 203, 205, 207, 208, 200, 286, 287, 371, 506, 595, 602, 641, 654, 701, 872, 1001, 1002, 1016, 1017, 1361, 1505, and 2073 of such title 18. Any officer or employee of the Corporation 76 Stat. 1119; 62 Stat. 698–795; 65 Stat. 720; 76 Stat. 551. 65 Stat. 718. shall be deemed to be a person mentioned in section 602 of such title 18 within the meaning of sections 603 and 606 of such title. (f) The terms “obligation or other security” and “obligations or other securities”, wherever used (with or without the words “of the United States”) in sections 471 to 476, both inclusive, and section 492 of such title 18, arc extended to include any obligation or other security 62 Stat. 705; 65 Stat. 122. of or issued by the Corporation. Any reference in sections 474, 494, 495, and 642 of such title 18 to the United States Code, except in a territorial sense, or to the Secretary’ of the Treasury is hereby extended to include the Corporation. Section 477 of such title 18 is extended to apply with respect to section 476 of such title as extended by the first sentence of this subsection (f), and for this purpose the term “United States” as used in such section 476 shall include the Corporation.

2. 1984

   Housing and Community Development Technical Amendments Act of 1984

   Pub. L. 98–479 title II § 204(h) · 98 Stat. 2218

   Substituted · 12 U.S.C. § 1457(f)

   Pub. L. 98–479 substituted “United States” for “United States Code” before “, except in a territorial sense”

   Source evidence

   Code amendment note
   Subsec. (f). Pub. L. 98–479 substituted “United States” for “United States Code” before “, except in a territorial sense”.

   Enacted provision · exact public law section
   (h) Section 308(f) of the Federal Home Loan Mortgage Corporation Act is amended by striking out “United States Code” and inserting 12 USC 1457. in lieu thereof “United States”.

3. 1989

   Financial Institutions Reform, Recovery, and Enforcement Act of 1989

   Pub. L. 101–73 title VII § 731(k) · 103 Stat. 183

   1. Struck · 12 U.S.C. § 1457

      Pub. L. 101–73 struck out subsection (a) designation before “Except as expressly”

   2. Struck · 12 U.S.C. § 1457

      Pub. L. 101–73 struck out subsecs. (b) to (f) relating to applicability of criminal provisions of title 18, and defining terms construing such applicability

   Source evidence

   Code amendment note
   Pub. L. 101–73 struck out subsection (a) designation before “Except as expressly”, and struck out subsecs. (b) to (f) relating to applicability of criminal provisions of title 18, and defining terms construing such applicability.

   Enacted provision · exact public law section
   (k) Penal Provisions.— Section 308 of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1457) is amended— (1) in subsection (a), by striking the subsection designation; and (2) by striking subsections (b), (c), (d), (e), and (f).

4 of 4 references resolved to an enrolled provision