§ 1735. Payment of certain funds to Treasury

Statutory text

The following funds shall be deemed an indebtedness to the United States of the particular insurance fund involved, and the Secretary is authorized and directed to pay the amount of such indebtedness to the Secretary of the Treasury, with simple interest thereon from the date the funds were advanced to the date of final payment at a rate determined by the Secretary of the Treasury, taking into consideration the average rate on outstanding marketable obligations of the United States from the date the funds were advanced until the date of final payment—

funds made available to the Secretary pursuant to the provisions of sections 1705 and 1708 of this title, exclusive of amounts heretofore refunded, (a) for carrying out this subchapter and section 484d of title 48 with respect to mortgages insured under section 1709 of this title where such funds were credited to the general reinsurance account in the Mutual Mortgage Insurance Fund, and (b) for the payment of salaries and expenses with respect to mortgage insurance under sections 1713 and 1715a of this title where such funds were credited to the Housing Insurance Fund;

funds made available to the Secretary pursuant to sections 1737 and 1748a 1 of this title; and

funds made available to the Secretary by the Secretary of the Treasury pursuant to section 1747i ¹ of this title.

Payments to the Secretary of the Treasury under this section shall be made in such amounts and at such times as the Secretary determines, after consultations with the Secretary of the Treasury, that funds are available for that purpose, taking into consideration the continued solvency of the funds involved. All payments made pursuant to this section shall be covered into the Treasury as miscellaneous receipts.

Footnotes

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.

1934
June 27, 1934, ch. 847, title V, § 516, as added June 30, 1953, ch. 170, § 9, 67 Stat. 123 · 67 Stat. 123
Enacted · 12 U.S.C. § 1735
June 27, 1934, ch. 847, title V, § 516, as added June 30, 1953, ch. 170, § 9, 67 Stat. 123
Source evidence
Code source credit
June 27, 1934, ch. 847, title V, § 516, as added June 30, 1953, ch. 170, § 9, 67 Stat. 123
1967
Pub. L. 90–19 § 1(a)(3) · 81 Stat. 17
Substituted · 12 U.S.C. § 1735
Pub. L. 90–19 substituted “Secretary” for “Commissioner” wherever appearing
Source evidence
Code amendment note
Pub. L. 90–19 substituted “Secretary” for “Commissioner” wherever appearing.
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”;
1984
Housing and Community Development Technical Amendments Act of 1984
Pub. L. 98–479 title II § 204(a)(21) · 98 Stat. 2218
Inserted · 12 U.S.C. § 1735
Pub. L. 98–479 inserted “Payment of certain funds to Treasury” as section catchline
Source evidence
Code amendment note
Pub. L. 98–479 inserted “Payment of certain funds to Treasury” as section catchline.
Enacted provision · exact public law section
(21) The National Housing Act is amended by inserting the following 12 USC 1735. section heading for section 516: “payment of certain funds to treasury”.

2 of 3 references resolved to an enrolled provision · 1 partial

Editorial Notes

References in Text

Section 1715a of this title, referred to in par. (1), in the original was a reference to section 210 of the National Housing Act (June 27, 1934, ch. 847, § 210, as added Feb. 3, 1938, ch. 13, § 3, 52 Stat. 22), which was repealed by act June 3, 1939, ch. 175, § 13, 53 Stat. 807. See note set out under section 1715a.

Section 484d of title 48, referred to in text, which authorized the Federal Housing Commissioner to prescribe a higher maximum for the principal obligation of mortgages, was omitted from the Code.

Sections 1737, 1747i, and 1748a of this title, referred to in text, were repealed by Pub. L. 89–117, title II, § 1108(aa), Aug. 10, 1965, 79 Stat. 507.

Amendments1967–1984 · 2 rounds

1984

Pub. L. 98–479 inserted “Payment of certain funds to Treasury” as section catchline.

1967

Pub. L. 90–19 substituted “Secretary” for “Commissioner” wherever appearing.

Credits

1934–1984 · 3 acts

1934June 27, 1934, ch. 847, title V, § 516, as added June 30, 1953, ch. 170, § 9, 67 Stat. 123
1967amended Pub. L. 90–19, § 1(a)(3), May 25, 1967, 81 Stat. 17
1984Pub. L. 98–479, title II, § 204(a)(21), Oct. 17, 1984, 98 Stat. 2232.

Show as published

(June 27, 1934, ch. 847, title V, § 516, as added June 30, 1953, ch. 170, § 9, 67 Stat. 123; amended Pub. L. 90–19, § 1(a)(3), May 25, 1967, 81 Stat. 17; Pub. L. 98–479, title II, § 204(a)(21), Oct. 17, 1984, 98 Stat. 2232.)