§ 3802. Definitions

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. 1982

   Alternative Mortgage Transaction Parity Act of 1982

   Pub. L. 97–320 title VIII § 803 · 96 Stat. 1469

   Enacted · 12 U.S.C. § 3802

   Pub. L. 97–320, title VIII, § 803, Oct. 15, 1982, 96 Stat. 1545

   Source evidence

   Code source credit
   Pub. L. 97–320, title VIII, § 803, Oct. 15, 1982, 96 Stat. 1545

   Enacted provision · exact public law section
   Sec. 803. definitions As used in this title— 12 USC 3802. (1) the term “alternative mortgage transaction” means a loan or credit sale secured by an interest in residential real property, a dwelling, all stock allocated to a dwelling unit in a residential cooperative housing corporation, or a residential manufactured home (as that term is defined in section 603(6) of the National Manufactured Home Construction and Safety Standards Act of 42 USC 5402. 1974)— (A) in which the interest rate or finance charge may be adjusted or renegotiated; (B) involving a fixed-rate, but which implicitly permits rate adjustments by having the debt mature at the end of an interval shorter than the term of the amortization schedule; or (C) involving any similar type of rate, method of determining return, term, repayment, or other variation not common to traditional fixed-rate, fixed-term transactions, including without limitation, transactions that involve the sharing of equity or appreciation; described and defined by applicable regulation; and (2) the term “housing creditor” means— (A) a depository institution, as defined in section 501(a) (2) of the Depository Institutions Deregulation and Monetary 12 USC 1735f–7 note. Control Act of 1980; (B) a lender approved by the Secretary of Housing and Urban Development for participation in any mortgage insurance 12 USC 1701. program under the National Housing Act; (C) any person who regularly makes loans, credit sales, or advances secured by interests in properties referred to in paragraph (1); or (D) any transferee of any of them. A person is not a “housing creditor” with respect to a specific alternative mortgage transaction if, except for this title, in order to enter into that transaction, the person would be required to comply with licensing requirements imposed under State law, unless such person is licensed under applicable State law and such person remains, or becomes, subject to the applicable regulatory requirements and enforcement mechanisms provided by State law.

2. 2010

   Consumer Financial Protection Act of 2010

   Pub. L. 111–203 title X § 1083(a)(1) · 124 Stat. 1376

   Substituted · 12 U.S.C. § 3802(1)

   Pub. L. 111–203 substituted “section 5402(6) of title 42), in which the interest rate or finance charge may be adjusted or renegotiated, described and defined by applicable regulation; and” for “section 5402(6) of title 42)—

   Source evidence

   Code amendment note
   Par. (1). Pub. L. 111–203 substituted “section 5402(6) of title 42), in which the interest rate or finance charge may be adjusted or renegotiated, described and defined by applicable regulation; and” for “section 5402(6) of title 42)—

   “(A) in which the interest rate or finance charge may be adjusted or renegotiated; “(B) involving a fixed-rate, but which implicitly permits rate adjustments by having the debt mature at the end of an interval shorter than the term of the amortization schedule; or “(C) involving any similar type of rate, method of determining return, term, repayment, or other variation not common to traditional fixed-rate, fixed-term transactions, including without limitation, transactions that involve the sharing of equity or appreciation; described and defined by applicable regulation; and”.

   Enacted provision · exact public law section
   (1) in section 803 (12 U.S.C. 3802(1)), by striking “1974” and all that follows through “described and defined” and inserting the following: “1974), in which the interest rate or finance charge may be adjusted or renegotiated, described and defined”; and

   Effective date note
   Pub. L. 111–203, title X, § 1083(b), July 21, 2010, 124 Stat. 2081, provided that: “This section [amending this section and section 3803 of this title and enacting provisions set out as a note under this section] and the amendments made by this section shall become effective on the designated transfer date.” [For definition of “designated transfer date”, see section 5481 of this title.]

2 of 2 references resolved to an enrolled provision