§ 2711. Nonapplicability of other laws

Statutory text

Notwithstanding any provision of law which limits the nature, amount, term, form, or rate of interest, or the nature, amount, or form of security of loans or advances of credit, loans, or advances of credit may be made in accordance with the provisions of this chapter without regard to such provision of law.

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.

1975
Pub. L. 94–50 title I § 110 · 89 Stat. 249
Enacted · 12 U.S.C. § 2711
Pub. L. 94–50, title I, § 110, formerly § 112, July 2, 1975, 89 Stat. 254
Source evidence
Code source credit
Pub. L. 94–50, title I, § 110, formerly § 112, July 2, 1975, 89 Stat. 254
Enacted provision · exact public law section
Sec. 110. notification (a) Until one year from the date of enactment of this title, 12 USC 2709. each Federal supervisory agency with respect to financial institutions subject to its jurisdiction, and the Secretary, with respect to other approved mortgagees, shall (1) take appropriate action, not inconsistent with laws relating to the safety or soundness of such institutions or mortgagee, as the case may be, to waive or relax limitations pertaining to the operations of such institutions or mortgagees with respect to mortgage delinquencies in order to cause or encourage forebearance in residential mortgage loan foreclosures, and (2) request each such institution or mortgagee to notify that Federal supervisory agency, the Secretary, and the mortgagor, at least thirty days prior to instituting foreclosure proceedings in connection with any mortgage loan. As “Federal supervisory agency.” used in this title the term “Federal supervisory agency’ means the Board of Governors of the Federal Reserve System, the Board of Directors of the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Federal Home Loan Bank Board, the Federal Savings and Loan Insurance Corporation, and the National Credit Union Administration.
Effective date note
Amendment of section by renumbering section 112 of Pub. L. 94–50 as section 110 of Pub. L. 94–50 effective on the date on which final regulations implementing such amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.

1 of 1 references resolved to an enrolled provision

Editorial Notes

Prior Provisions

A prior section 110 of Pub. L. 94–50, which related to waiver and relaxation by institutions and approved mortgagees of limitations with respect to mortgage delinquencies; notification to Federal supervisory agency prior to foreclosure proceedings, was classified to section 2709 of this title prior to repeal by Pub. L. 111–203, title XIV, § 1496(b)(7), July 21, 2010, 124 Stat. 2209.

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Amendment of section by renumbering section 112 of Pub. L. 94–50 as section 110 of Pub. L. 94–50 effective on the date on which final regulations implementing such amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.

Credits

1975–2010 · 2 acts

1975Pub. L. 94–50, title I, § 110, formerly § 112, July 2, 1975, 89 Stat. 254
2010renumbered § 110, Pub. L. 111–203, title XIV, § 1496(b)(8), July 21, 2010, 124 Stat. 2209.

Show as published

(Pub. L. 94–50, title I, § 110, formerly § 112, July 2, 1975, 89 Stat. 254; renumbered § 110, Pub. L. 111–203, title XIV, § 1496(b)(8), July 21, 2010, 124 Stat. 2209.)