Sec. 312. General powers; authorized and prohibited activities
343 words·~2 min read·
/bill/115/hr/6746/ih/section-312A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Exchange may— adopt and use a corporate seal; determine a State whose law will govern the corporate business activities of the Exchange; adopt, amend, and repeal by-laws; sue or be sued, subject to section 334 (relating to judicial review); make contracts, incur liabilities, and borrow money; purchase, receive, hold, and use real and personal property and other assets necessary for the conduct of its operations; elect or appoint directors, officers, employees and agents, subject to section 311(d); and upon receipt of the Director’s prior written approval, establish subsidiaries or affiliates that shall be subject to the same rights, duties and responsibilities as the Exchange.
In addition to the general powers under subsection (a), the Exchange shall— develop standards and disclosures related to originating, pooling, and securitizing residential mortgage loans in accordance with subtitle B; develop standards and disclosures related to servicing residential mortgage loans in accordance with subtitle B; operate and maintain the Platform and establish fees for use of the Platform; establish basic rules for use of the Platform; establish the Repository and establish fees for registration of mortgage-related documents and maintenance and use of data of the Repository, in accordance with subtitle C; perform any other service or engage in any other activity that the Director determines, by regulation or order, to be incidental to the activities enumerated in this subsection; and establish fees for the provision of other related or incidental services not inconsistent with the purposes of this subtitle.
The Exchange may not— own, originate, aggregate, issue, service, insure, or guarantee any residential mortgage or other financial instrument that is associated with a residential mortgage; guarantee timely payment of principal or interest on any mortgage-related security; adopt access rules or fees for the Platform the effect of which is to discriminate against loan originators, aggregators, or issuers based on size, composition, business line, or loan volume; or perform any service or engage in any activity other than those authorized under this subtitle, unless such activity has been determined by the Director to be incidental to an authorized activity.