§ 3352. Emergency exceptions for disaster areas
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/usc/title-12/section-3352A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)In general Each Federal financial institutions regulatory agency may, by regulation or order, make exceptions to this chapter, and to standards prescribed pursuant to this chapter, 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 5170 of title 42, 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 5170 of title 42, has determined that a major disaster exists.
(Pub. L. 101–73, title XI, § 1123, as added Pub. L. 102–485, § 2, Oct. 23, 1992, 106 Stat. 2771.)
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- Public Law 102–485To facilitate recovery from recent disasters by providing greater flexibility for depository institutions and their regulators, and for other purposes
- Public Law 105–18Making emergency supplemental appropriations for recovery from natural disasters, and for overseas peacekeeping efforts, including those in Bosnia, for the fiscal year ending September 30, 1997, and for other purposes
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- Pub. L. 101–73, title XI, § 1123
- Pub. L. 102–485, § 2
- 106 Stat. 2771
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§ 3352
Emergency exceptions for disaster areas
Fed. Reg.×10
Stat.×2
Stat. Comp.×1
Pub. L.Pub. L. 101–73, title XI, § 1123
Pub. L.Pub. L. 102–485, § 2
Stat.106 Stat. 2771
Cites 4Cited by 13 across 3 sources