§ 1711. General Surplus and Participating Reserve Accounts

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. 1934

   National Housing Act.”

   Pub. L. 73–847 · 48 Stat. 1246

   Enacted · 12 U.S.C. § 1711

   June 27, 1934, ch. 847, title II, § 205, 48 Stat. 1250

   Source evidence

   Code source credit
   June 27, 1934, ch. 847, title II, § 205, 48 Stat. 1250

2. 1935

   Public Law not identified

   Substituted · 12 U.S.C. § 1711(f)

   Subsec. (f). Act May 28, 1935, substituted “annual premium charge” for “premium charge” in first sentence

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

   Source evidence

   Code amendment note
   Subsec. (f). Act May 28, 1935, substituted “annual premium charge” for “premium charge” in first sentence.

3. 1938

   Public Law not identified

   1. Amended · 12 U.S.C. § 1711(a)(f)

      Subsecs. (a) to (f). Act Feb. 3, 1938, amended provisions generally, and among other changes

   2. Struck · 12 U.S.C. § 1711(a)(f)

      Subsecs. (a) to (f). Act Feb. 3, 1938, struck out subsec. (f)

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

   Source evidence

   Code amendment note
   Subsecs. (a) to (f). Act Feb. 3, 1938, amended provisions generally, and among other changes, struck out subsec. (f).

4. 1939

   Public Law not identified

   Inserted · 12 U.S.C. § 1711(b)

   Subsec. (b). Act June 3, 1939, inserted “prior to July 1, 1939”

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

   Source evidence

   Code amendment note
   Subsec. (b). Act June 3, 1939, inserted “prior to July 1, 1939”.

5. 1953

   Public Law not identified

   Inserted · 12 U.S.C. § 1711(c)

   Subsec. (c). Act June 30, 1953, inserted sentence relating to semi-annual transfer of group accounts, and, in remainder of section, changed the provisions relating to settlement of accounts

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

   Source evidence

   Code amendment note
   Subsec. (c). Act June 30, 1953, inserted sentence relating to semi-annual transfer of group accounts, and, in remainder of section, changed the provisions relating to settlement of accounts.

6. 1967

   Pub. L. 90–19 § 1(a)(3) · 81 Stat. 17

   Substituted · 12 U.S.C. § 1711

   Pub. L. 90–19 substituted “Secretary” for “Commissioner” wherever appearing in subsecs. (a) to (d) of this section

   Source evidence

   Code amendment note
   Pub. L. 90–19 substituted “Secretary” for “Commissioner” wherever appearing in subsecs. (a) to (d) of this section.

   Enacted provision · exact public law section
   (1) by striking out “Federal Housing Administration” each place it appears and inserting in lieu thereof “Department of Housing and Urban Development”;

7. 1990

   Omnibus Budget Reconciliation Act of 1990

   Pub. L. 101–508 § 2104 · 104 Stat. 1388

   Added · 12 U.S.C. § 1711(e)

   Pub. L. 101–508, § 2104, added subsec. (e)

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 101–508, § 2104, added subsec. (e).

   Enacted provision · exact public law section
   SEC. 2104. MUTUAL MORTGAGE INSURANCE FUND DISTRIBUTIONS. Section 205 of the National Housing Act (12 U.S.C. 1711) is amended by adding at the end the following new subsection: “(e) In determining whether there is a surplus for distribution to mortgagors under this section, the Secretary shall take into account the actuarial status of the entire Fund.”.

8. 1990

   Omnibus Budget Reconciliation Act of 1990

   Pub. L. 101–508 § 2105 · 104 Stat. 1388

   Added · 12 U.S.C. § 1711(f)(h)

   Pub. L. 101–508, § 2105, added subsecs. (f) to (h)

   Source evidence

   Code amendment note
   Subsecs. (f) to (h). Pub. L. 101–508, § 2105, added subsecs. (f) to (h).

   Enacted provision · exact public law section
   SEC. 2105. ACTUARIAL SOUNDNESS OF MUTUAL MORTGAGE INSURANCE FUND. Section 205 of the National Housing Act (12 U.S.C. 1711), as amended by the preceding provisions of this Act, is further amended by adding at the end the following new subsections: “(f) (1) The Secretary shall ensure that the Mutual Mortgage Insurance Fund attains a capital ratio of not less than 1.25 percent within 24 months after the date of the enactment of this subsection and maintains such ratio thereafter, subject to paragraph (2). “(2) The Secretary shall endeavor to ensure that the Mutual Mortgage Insurance Fund attains a capital ratio of not less than 2.0 percent within 10 years after the date of the enactment of this subsection, and shall ensure that the Fund maintains at least such capital ratio at all times thereafter. “(3) Upon the expiration of the 24-month period beginning on the date of the enactment of this subsection, the Secretary shall submit to the Congress a report describing the actions the Secretary will take to ensure that the Mutual Mortgage Insurance Fund attains the capital ratio required under paragraph (2). “(4) For purposes of this subsection: “(A) The term ‘capital’ means the economic net worth of the Mutual Mortgage Insurance Fund, as determined by the Secretary under the annual audit required under section 538. “(B) The term ‘capital ratio’ means the ratio of capital to unamortized insurance-in-force. “(C) The term ‘economic net worth’ means the current cash available to the Fund, plus the net present value of all future cash inflows and outflows expected to result from the outstanding mortgages in the Fund. “(D) The term ‘unamortized insurance-in-force’ means the remaining obligation on outstanding mortgages which are obligations of the Mutual Mortgage Insurance Fund, as estimated by the Secretary. “(g) The Secretary shall provide for an independent actuarial study of the Mutual Mortgage Insurance Fund to be conducted annually and shall report annually to the Congress regarding the financial status of the Fund. “(h) (1) If, pursuant to the independent annual actuarial study of the Mutual Mortgage Insurance Fund required under subsection (g), the Secretary determines that the Mutual Mortgage Insurance Fund is not meeting the operational goals under paragraph (2), the Secretary may not issue distributions, and may, by regulation, propose and implement any adjustments to the insurance premiums under section 203(c) or section 2103(b) of the Omnibus Budget Reconciliation Act of 1990. Upon determining that a premium change is appropriate under the preceding sentence, the Secretary shall immediately notify Congress of the proposed change and the reasons for the change. Any such premium change shall not take effect before the expiration of the 90-day period beginning upon such notification. “(2) The operational goals referred to in paragraph (1) shall be— “(A) maintaining an adequate capital ratio; “(B) meeting the needs of homebuyers with low downpayments and first-time homebuyers by providing access to mortgage credit; “(C) minimizing the risk to the Fund and to homeowners from homeowner default; and “(D) avoiding adverse selection.”.

9. 1992

   Housing and Community Development Act of 1992

   Pub. L. 102–550 title V § 508(a) · 106 Stat. 3672

   Inserted · 12 U.S.C. § 1711(c)

   Pub. L. 102–550 inserted at end “The Secretary shall not distribute any share to an eligible mortgagor under this subsection beginning on the date which is 6 years after the date the Secretary first transmitted written notification of eligibility to the last known address of the mortgagor, unless the mortgagor has applied in accordance with procedures prescribed by the Secretary for payment of the share within the 6-year period. The Secretary shall transfer any amounts no longer eligible for distribution under the previous sentence from the Participating Reserve Account to the General Surplus Account.”

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 102–550 inserted at end “The Secretary shall not distribute any share to an eligible mortgagor under this subsection beginning on the date which is 6 years after the date the Secretary first transmitted written notification of eligibility to the last known address of the mortgagor, unless the mortgagor has applied in accordance with procedures prescribed by the Secretary for payment of the share within the 6-year period. The Secretary shall transfer any amounts no longer eligible for distribution under the previous sentence from the Participating Reserve Account to the General Surplus Account.”

   Enacted provision · exact public law section
   (a) Distribution of Shares.— Section 205(c) of the National Housing Act (12 U.S.C. 1711(c)) is amended by adding at the end the following two new sentences: “The Secretary shall not distribute any share to an eligible mortgagor under this subsection beginning on the date which is 6 years after the date the Secretary first transmitted written notification of eligibility to the last known address of the mortgagor, unless the mortgagor has applied in accordance with procedures prescribed by the Secretary for payment of the share within the 6-year period. The Secretary shall transfer any amounts no longer eligible for distribution under the previous sentence from the Participating Reserve Account to the General Surplus Account.”.

10. 2008

    Building American Homeownership Act of 2008

    Pub. L. 110–289 div. B title I § 2118(c)(1) · 122 Stat. 2654

    Struck · 12 U.S.C. § 1711(g); 12 U.S.C. § 1711(h)

    Pub. L. 110–289 struck out subsecs. (g) and (h) which related to annual independent audit of Mutual Mortgage Insurance Fund and adjustment of premiums, respectively

    Source evidence

    Code amendment note
    Subsecs. (g), (h). Pub. L. 110–289 struck out subsecs. (g) and (h) which related to annual independent audit of Mutual Mortgage Insurance Fund and adjustment of premiums, respectively.

    Enacted provision · exact public law section
    (1) in section 205 (12 U.S.C. 1711), by striking subsections (g) and (h); and

5 of 11 references resolved to an enrolled provision · 1 partial · 5 unresolved