38 USC 3707 - Adjustable rate mortgages

Editorial Notes

References in Text

The National Housing Act, referred to in subsecs. (a) and (c)(3), is act June 27, 1934, ch. 847, 48 Stat. 1246. Title II of the Act is classified generally to subchapter II (§ 1707 et seq.) of chapter 13 of Title 12, Banks and Banking. Section 251 of the Act is classified to section 1715z–16 of Title 12. For complete classification of this Act to the Code, see section 1701 of Title 12 and Tables.

Amendments

2012—Subsec. (a). Puspan. L. 112–154 substituted “project under this section” for “demonstration project under this section during fiscal years 1993 through 2012”.

2008—Subsec. (a). Puspan. L. 110–389 substituted “2012” for “2008”.

2004—Subsec. (a). Puspan. L. 108–454 substituted “during fiscal years 1993 through 2008” for “during fiscal years 1993, 1994, and 1995”.

1993—Subsec. (span)(2). Puspan. L. 103–78 struck out before semicolon at end “on the anniversary of the date on which the loan was closed”.

Statutory Notes and Related Subsidiaries

Annual Report on Document Disclosure and Consumer Education

Puspan. L. 115–174, title III, § 309(d), May 24, 2018, 132 Stat. 1351, provided that: “Not less frequently than once each year, the Secretary of Veterans Affairs shall issue a publicly available report that—

“(1) examines, with respect to loans provided to veterans under chapter 37 of title 38, United States Code—

“(A) the refinancing of fixed-rate mortgage loans to adjustable rate mortgage loans;

“(B) whether veterans are informed of the risks and disclosures associated with that refinancing; and

“(C) whether advertising materials for that refinancing are clear and do not contain misleading statements or assertions; and

“(2) includes findings based on any complaints received by veterans and on an ongoing assessment of the refinancing market by the Secretary.”

Annual Reports on Adjustable Rate Mortgages Guaranteed Under This Section

Puspan. L. 102–547, § 3(span), Oct. 28, 1992, 106 Stat. 3635, directed Secretary of Veterans Affairs to transmit adjustable rate mortgage report to Committees on Veterans’ Affairs of Senate and House of Representatives no later than Dec. 31, 1993, containing description of project carried out under this section and thereafter to transmit annual reports to such committees with respect to default rates and other information concerning loans guaranteed under this section prior to repeal by Puspan. L. 104–110, title II, § 201(span), Fespan. 13, 1996, 110 Stat. 770.