§ 4581. Cease and desist proceedings

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. 2008

   Federal Housing Enterprises Financial Safety and Soundness Act of 1992

   Pub. L. 102–550 title XIII § 1341 · 106 Stat. 3672

   Enacted · 12 U.S.C. § 4581

   (Pub. L. 102–550, title XIII, § 1341, as added Pub. L. 110–289, div. A, title I, § 1130(c)(2), July 30, 2008, 122 Stat. 2708.)

   Source evidence

   Code source credit
   (Pub. L. 102–550, title XIII, § 1341, as added Pub. L. 110–289, div. A, title I, § 1130(c)(2), July 30, 2008, 122 Stat. 2708.)

   Enacted provision · exact public law section
   SEC. 1341. CEASE-AND-DESIST PROCEEDINGS. (a) Grounds for Issuance.— The Secretary may issue and serve a notice of charges under this section upon an enterprise if, in the determination of the Secretary— (1) the enterprise has failed to submit a housing plan that substantially complies with section 1336(c) within the applicable period; (2) the enterprise is engaging or has engaged, or the Secretary has reasonable cause to believe that the enterprise is about to engage, in any failure to make a good faith effort to comply with a housing plan for the enterprise submitted and approved under section 1336(c); or (3) the enterprise has failed to submit the information required under subsection (m) or (n) of section 309 of the Federal National Mortgage Association Charter Act, subsection (e) (e) or (f) of section 307 of the Federal Home Loan Mortgage Corporation Act, or sect ion 1337 of this title. (b) Procedure.— (1) Notice of charges.— Each notice of charges shall contain a statement of the facts constituting the alleged conduct and shall fix a time and place at which a hearing will be held to determine on the record whether an order to cease and desist from such conduct should issue. (2) Issuance of order.— If the Secretary finds on the record made at such hearing that any conduct specified in the notice of charges has been established (or the enterprise consents pursuant to section 1342(a)(4)), the Secretary may issue and serve upon the enterprise an order requiring the enterprise to (A) submit a housing plan in compliance with section 1336(c), (B) comply with the housing plan, or (C) provide the information required under subsection (m) or (n) of section 309 of the Federal National Mortgage Association Charter Act, subsection (e) or (f) of section 307 of the Federal Home Loan Mortgage Corporation Act, or section 1337 of this title. (c) Effective Date.— An order under this section shall become effective upon the expiration of the 30-day period beginning on the service of the order upon the enterprise (except in the case of an order issued upon consent, which shall become effective at the time specified therein), and shall remain effective and enforce-able as provided in the order, except to the extent that the order is stayed, modified, terminated, or set aside by action of the Secretary or otherwise, as provided in this subpart. (d) Transition Period Limitation.— The Secretary may not impose any cease-and-desist order under this section for any failure by an enterprise, during the 2-year period beginning on the January 1, 1993, to comply with an approved housing plan, unless the Secretary determines that the enterprise has intentionally failed to make a good faith effort to comply with the approved plan.

1 of 1 references resolved to an enrolled provision