Sec. 1123. EMERGENCY EXCEPTIONS FOR DISASTER AREAS
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## SEC. 1123 EMERGENCY EXCEPTIONS FOR DISASTER AREAS **[**[12 U.S.C. 3352](/us/usc/t12/s3352)**]** ###
(a)In General Each Federal financial institutions regulatory agency may, by regulation or order, make exceptions to this title, and to standards prescribed pursuant to this title, for transactions involving institutions for which the agency is the primary Federal regulator with respect to real property located within a disaster area if the agency— ####
(1)makes the exception not later than 30 months after the date on which the President determines, pursuant to section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, that a major disaster exists in the area; and ####
(2)determines that the exception— #####
(A)would facilitate recovery from the major disaster; and #####
(B)is consistent with safety and soundness. ###
(b)3-Year Limit on Exceptions Any exception made under this section shall expire not later than 3 years after the date of the determination referred to in subsection (a)(1). ###
(c)Publication Required Any Federal financial institutions regulatory agency shall publish in the Federal Register a statement that— ####
(1)describes any exception made under this section; and ####
(2)explains how the exception— #####
(A)would facilitate recovery from the major disaster; and #####
(B)is consistent with safety and soundness. ###
(d)Disaster Area Defined For purposes of this section, the term “**disaster area**” means an area in which the President, pursuant to section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, has determined that a major disaster exists.
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Sec. 1123
EMERGENCY EXCEPTIONS FOR DISASTER AREAS
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