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Code · BILL · 113th Congress · H.R. 3550 (Introduced in House) — To stabilize the housing and banking sectors by eliminating policies that distort markets and facilitate risky lendin... · Sec. 151

Sec. 151. Termination of FHA insurance authority

1,863 words·~8 min read·/bill/113/hr/3550/ih/section-151·

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Effective upon the expiration of the 5-year period beginning on the date of the enactment of this Act, the Secretary of Housing and Urban Development may not insure, guarantee, or make any mortgage or other loan pursuant to any of the following provisions of law: Titles I, II, V, VI, VII, VIII, IX, and XI of the National Housing Act ( 12 U.S.C. 1702 et seq. , 1707 et seq., 1731a et seq., 1736 et seq., 1747 et seq., 1748 et seq., 1750 et seq., 1749aaa et seq.). Section 106 of the Energy Policy Act of 1992 ( 12 U.S.C. 1701z–16 ) or section 513 of the Housing and Community Development Act of 1992 ( Public Law 102–550 ; 106 Stat. 3786).
Section 201 of the Housing and Community Development Amendments of 1978 ( 12 U.S.C. 1715z–1a ). Section 184 of the Housing and Community Development Act of 1992 ( 12 U.S.C. 1715z–13a ). Section 184A of the Housing and Community Development Act of 1992 ( 12 U.S.C. 1715z–13b ). Section 542 of the Housing and Community Development Act of 1992 ( 12 U.S.C. 1715z–22 ). Effective upon the expiration of the period referred to in subsection (a), the provisions of law specified in such subsection are repealed.
Effective upon the expiration of the period referred to in subsection (a), all FHA functions are transferred to the Secretary of the Treasury, but only to the extent necessary to fulfill outstanding obligations of the Department of Housing and Urban Development under such provisions and windup the business of the Department of Housing and Urban Development under such provisions. The Secretary of the Treasury shall— complete the disposition and resolution of FHA functions in accordance with this section; and resolve all FHA functions that are transferred to the Secretary under subsection (c).
All FHA functions that are transferred to the Secretary under subsection
(c)shall terminate on the date all obligations of the FHA, and all obligations of others to the FHA, in effect immediately before the expiration of the period referred to in subsection
(a)have been satisfied, as determined by the Secretary of the Treasury. Upon making the determination described in paragraph (2), the Secretary of the Treasury shall report the determination to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. The Secretary of the Treasury shall be responsible for the implementation of this section, including— the administration and wind-up of all FHA functions transferred to the Secretary under subsection (c); the administration and wind-up of any outstanding obligations of the Federal Government under any programs terminated by this section; and taking such other actions as may be necessary to wind-up any outstanding affairs of the FHA. Effective upon the expiration of the period referred to in subsection (a), there are transferred to the Department of the Treasury all individuals, who— immediately before such expiration, were officers or employees of the Department of Housing and Urban Development; and in their capacity as such an officer or employee, performed functions that are transferred to the Secretary under subsection (c). Except as otherwise provided by law, a Federal official to whom a function is transferred by this section, for purposes of performing the function and subject to subsection (c), exercise all authorities under any other provision of law that were available with respect to the performance of that function to the official responsible for the performance of the function immediately before the effective date of the transfer of the function under this section. Except as otherwise provided in this section so much of the personnel, property, records, and unexpended balances of appropriations, allocations, and other funds employed, used, held, available, or to be made available in connection with a function transferred to an official or agency by this section shall be available to the official or the head of that agency, respectively, at such time or times as the Director of the Office of Management and Budget directs for use in connection with the functions transferred. Except as otherwise expressly prohibited by law, an official to whom functions are transferred under this section (including the head of any office to which functions are transferred under this section) may delegate any of the functions so transferred to such officers and employees of the office of the official as the official may designate, and may authorize successive redelegations of such functions as may be necessary or appropriate. No delegation of functions under this subsection or under any other provision of this section shall relieve the official to whom a function is transferred under this section of responsibility for the administration of the function. If necessary, the Secretary of the Treasury shall make any determination of the functions that are transferred under this section. The Secretary of the Treasury, at such time or times as the Secretary shall provide, may make such determinations as may be necessary with regard to the functions transferred by this section, and to make such additional incidental dispositions of personnel, assets, liabilities, grants, contracts, property, records, and unexpended balances of appropriations, authorizations, allocations, and other funds held, used, arising from, available to, or to be made available in connection with such functions, as may be necessary to carry out the provisions of this section. Notwithstanding the repeals under subsection (b), the Secretary may insure, guarantee, or make any mortgage for which a commitment to insure, guarantee, or make was made before the effective date of such repeals under the provision of law repealed. Any such mortgage shall be subject to the terms of the provisions of law repealed as in effect immediately before such repeal. Any mortgage insurance, funds, or activities subject, before repeal, to a provision of law repealed by subsection
(b)shall continue to be governed by the provision as in effect immediately before repeal. Subsections
(a)and
(b)shall not affect the validity of any right, duty, or obligation of the United States, the Secretary of Housing and Urban Development, or any other person, which— arises under any provision of law repealed by subsection (b); and existed immediately before the effective date of such repeals. All orders, determinations, rules, regulations, permits, grants, loans, contracts, agreements, certificates, licenses, and privileges— that have been issued, made, granted, or allowed to become effective by the Secretary of Housing and Urban Development, any officer or employee of any office transferred by this section, or any other Government official, or by a court of competent jurisdiction, in the performance of any function that is transferred by this section, and that are in effect upon the expiration of the period referred to in subsection
(a)(or become effective after such date pursuant to their terms as in effect upon such expiration), shall continue in effect according to their terms until modified, terminated, superseded, set aside, or revoked in accordance with law by the President, any other authorized official, a court of competent jurisdiction, or operation of law. This section shall not affect any proceedings or any application for any benefits, service, license, permit, certificate, or financial assistance pending upon the expiration of the period referred to in subsection
(a)before an office transferred by this section, but such proceedings and applications shall be continued. Orders shall be issued in such proceedings, appeals shall be taken therefrom, and payments shall be made pursuant to such orders, as if this section had not been enacted, and orders issued in any such proceeding shall continue in effect until modified, terminated, superseded, or revoked by a duly authorized official, by a court of competent jurisdiction, or by operation of law. Nothing in this paragraph shall be considered to prohibit the discontinuance or modification of any such proceeding under the same terms and conditions and to the same extent that such proceeding could have been discontinued or modified if this section had not been enacted. No action or other proceeding commenced by or against the Secretary of Housing and Urban Development in connection with functions transferred to the Secretary of the Treasury under subsection
(c)shall abate by reason of the enactment of this section, except that the Secretary of the Treasury shall be substituted for the Secretary of Housing and Urban Development as a party to any such action or proceeding. This section shall not affect suits commenced before the expiration of the period referred to in subsection (a), and in all such suits, proceeding shall be had, appeals taken, and judgments rendered in the same manner and with the same effect as if this section had not been enacted. If any Government officer in the official capacity of such officer is party to a suit with respect to a function of the officer, and under this section such function is transferred to any other officer or office, then such suit shall be continued with the other officer or the head of such other office, as applicable, substituted or added as a party. Except as otherwise provided by this section, any statutory requirements relating to notice, hearings, action upon the record, or administrative or judicial review that apply to any function transferred by this section shall apply to the exercise of such function by the head of the Federal agency, and other officers of the agency, to which such function is transferred by this section. Existing appropriations and funds available for the performance of functions, programs, and activities terminated pursuant to this section shall remain available, for the duration of their period of availability, for necessary expenses in connection with the termination and resolution of such functions, programs, and activities. Upon the expiration of all contracts and agreements with respect to such functions, programs, and activities, any unexpended balances of the funds referred to in this subsection shall be deposited in the Treasury as miscellaneous receipts. Any reference in any other Federal law, Executive order, rule, regulation, or delegation of authority, or any document of or pertaining to a department or office from which a function is transferred by this section— to the head of such department or office is deemed to refer to the head of the department or office to which the function is transferred; or to such department or office is deemed to refer to the department or office to which the function is transferred. For purposes of this section, the following definitions shall apply: The term FHA means the Secretary of Housing and Urban Development, but only to the extent of the operations, authority, and functions of the Secretary pursuant to the provisions of law repealed by subsection (b). The term FHA functions means functions under the provisions of law repealed by subsection
(b)that, immediately before the effective date of such repeals, are authorized to be performed by the Secretary of Housing and Urban Development or any officer or employee of the Department of Housing and Urban Development, or any office of the Department of Housing and Urban Development. The term function includes any duty, obligation, power, authority, responsibility, right, privilege, activity, or program. The term office includes any office, administration, agency, bureau, institute, council, unit, organizational entity, or component thereof.
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7 references not yet in our index
  • 12 USC 1701z–16
  • Pub. L. 102-550
  • 106 Stat. 3786
  • 12 USC 1715z–1a
  • 12 USC 1715z–13a
  • 12 USC 1715z–13b
  • 12 USC 1715z–22
Citation graph
cites case law
Sec. 151
Termination of FHA insurance authority
U.S.C.§ 1702
Cite12 USC 1701z–16
Pub. L.Pub. L. 102-550
Stat.106 Stat. 3786
Cite12 USC 1715z–1a
Cite12 USC 1715z–13a
Cites 8 · showing 6Cited by 0 across 0 sources
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