Title 12 — Banks and Banking

Chapter 34A — Appraisal Subcommittee of Federal Financial Institutions Examination Council

§ 3352. Emergency exceptions for disaster areas

Statutory text

In general

Each Federal financial institutions regulatory agency may, by regulation or order, make exceptions to this chapter, and to standards prescribed pursuant to this chapter, for transactions involving institutions for which the agency is the primary Federal regulator with respect to real property located within a disaster area if the agency—

makes the exception not later than 30 months after the date on which the President determines, pursuant to section 5170 of title 42, that a major disaster exists in the area; and

determines that the exception—

would facilitate recovery from the major disaster; and

is consistent with safety and soundness.

3-year limit on exceptions

Any exception made under this section shall expire not later than 3 years after the date of the determination referred to in subsection (a)(1).

Publication required

Any Federal financial institutions regulatory agency shall publish in the Federal Register a statement that—

describes any exception made under this section; and

explains how the exception—

would facilitate recovery from the major disaster; and

is consistent with safety and soundness.

“Disaster area” defined

For purposes of this section, the term “disaster area” means an area in which the President, pursuant to section 5170 of title 42, has determined that a major disaster exists.

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.

1992
Financial Institutions Reform, Recovery, and Enforcement Act of 1989
Pub. L. 101–73 title XI § 1123 · 103 Stat. 183
Enacted · 12 U.S.C. § 3352
(Pub. L. 101–73, title XI, § 1123, as added Pub. L. 102–485, § 2, Oct. 23, 1992, 106 Stat. 2771.)
Source evidence
Code source credit
(Pub. L. 101–73, title XI, § 1123, as added Pub. L. 102–485, § 2, Oct. 23, 1992, 106 Stat. 2771.)

0 of 1 references resolved to an enrolled provision · 1 partial

Credits

(Pub. L. 101–73, title XI, § 1123, as added Pub. L. 102–485, § 2, Oct. 23, 1992, 106 Stat. 2771.)