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Code · BILL · 119th Congress · H.R. 4957 (Introduced in House) — To reform rural housing programs, and for other purposes. · Sec. 802

Sec. 802. Release of liability for section 502 guaranteed borrower upon assumption of original loan by new borrower

67 words·~1 min read·/bill/119/hr/4957/ih/section-802·

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Section 502(h)(10) of the Housing Act of 1949 ( 42 U.S.C. 1472(h)(10) ) is amended to read as follows: Upon the transfer of property for which a guaranteed loan under this subsection was made and the assumption of the guaranteed loan by an approved eligible borrower, the original borrower of a guaranteed loan under this subsection shall be relieved of liability with respect to the loan. .
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Sec. 802
Release of liability for section 502 guaranteed borrower upon assumption of original loan by new borrower
U.S.C.§ 1472
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