§ 1735d. Payment of insurance benefits in cash or debentures; borrowing money from Treasury to make payments

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. 1934

   Housing and Urban Development Act of 1965

   Pub. L. 89–117 title II § 215 · 79 Stat. 451

   Enacted · 12 U.S.C. § 1735d

   June 27, 1934, ch. 847, title V, § 520, as added Pub. L. 89–117, title II, § 215, Aug. 10, 1965, 79 Stat. 472

   Source evidence

   Code source credit
   June 27, 1934, ch. 847, title V, § 520, as added Pub. L. 89–117, title II, § 215, Aug. 10, 1965, 79 Stat. 472

   Enacted provision · exact public law section
   Sec. 215. optional cash payment of insurance benefits Title V of the National Housing Act is amended by adding at the end thereof (after the new section added by section 214 of this Act) the following new section: “Sec. 520. “optional cash payment of insurance benefits (a) Notwithstanding any other provisions of this Act with respect to the payment of insurance benefits, the Commissioner is authorized, in his discretion, to pay in cash or in debentures any insurance claim or part thereof which is paid on or after the date of the enactment of the Housing and Urban Development Act of 1965 on a mortgage or a loan which was insured under any section of this Act either before or after such date. I f payment is made in cash, it shall be in an amount equivalent to the face amount of the debentures that would otherwise, lie issued plus an amount equivalent to the interest which the debentures would have earned, computed to a date to be established pursuant to regulations issued by the Commissioner. “(b) The Commissioner is authorized to borrow from the Treasury from time to time such amounts as the Commissioner shall determine are necessary to make payments in cash (in lieu of issuing debentures guaranteed by the United States, as provided in this Act) pursuant to the provisions of this section. Notes or other obligations issued by the Commissioner in borrowing under this subsection shall be subject to such terms and conditions as the Secretary of the Treasury may prescribe. Each sum borrowed pursuant to this subsection shall bear interest at. a rate determined by the Secretary of the Treasury, taking into consideration the average market yield on outstanding marketable obligations of the United States of comparable maturities during the month preceding the issuance of such notes or other obligations.”

2. 1967

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

   Substituted · 12 U.S.C. § 1735d(a); 12 U.S.C. § 1735d(b)

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

   Source evidence

   Code amendment note
   Subsecs. (a), (b). 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”;

3. 1968

   Urban Property Protection and Reinsurance Act of 1968

   Pub. L. 90–448 title XI § 1104 · 82 Stat. 476

   Changed · 12 U.S.C. § 1735d(b)

   Pub. L. 90–448 empowered the Secretary to borrow to make payments for reinsured losses under subchapter IX–C of this chapter, and limited such borrowing to $250,000,000 or such further sum as Congress may determine

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 90–448 empowered the Secretary to borrow to make payments for reinsured losses under subchapter IX–C of this chapter, and limited such borrowing to $250,000,000 or such further sum as Congress may determine.

   Enacted provision · exact public law section
   Sec. 1104. financing Section 520(b) of the National Housing Act is amended by inserting “(1) ” after “necessary” in the first sentence, and by striking out the period at the end of such sentence and inserting in lieu thereof “, and (2) to make payments for reinsured losses under title XII of this Act: Provided, however, That borrowings to make payments for reinsured losses under title XII shall be limited to $250,000,000 or such further sum as the Congress, by joint resolution, may from time to time determine.”

4. 1970

   Housing and Urban Development Act of 1970

   Pub. L. 91–609 title VI § 604 · 84 Stat. 1770

   Changed · 12 U.S.C. § 1735d(b)(2)

   Pub. L. 91–609 provided for making payments for directly insured losses and made limitation provision applicable to such payments

   Source evidence

   Code amendment note
   Subsec. (b)(2). Pub. L. 91–609 provided for making payments for directly insured losses and made limitation provision applicable to such payments.

   Enacted provision · exact public law section
   Sec. 604. conforming amendment Clause (2) of the first sentence of section 520(b) of the National Housing Act is amended by inserting “and directly insured” 79 Stat. 473; 82 Stat. 566. 12 USC 1735d. after “reinsured” wherever it appears.

4 of 4 references resolved to an enrolled provision