§ 4642. Reporting of fraudulent loans
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/usc/title-12/section-4642A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Requirement to report The Director shall require a regulated entity to submit to the Director a timely report upon discovery by the regulated entity that it has purchased or sold a fraudulent loan or financial instrument, or suspects a possible fraud relating to the purchase or sale of any loan or financial instrument. The Director shall require each regulated entity to establish and maintain procedures designed to discover any such transactions.
(b)Protection from liability for reports Any regulated entity that, in good faith, makes a report pursuant to subsection (a), and any entity-affiliated party, that, in good faith, makes or requires another to make any such report, shall not be liable to any person under any provision of law or regulation, any constitution, law, or regulation of any State or political subdivision of any State, or under any contract or other legally enforceable agreement (including any arbitration agreement) for such report or for any failure to provide notice of such report to the person who is the subject of such report or any other persons identified in the report.
(Pub. L. 102–550, title XIII, § 1379E, as added Pub. L. 110–289, div. A, title I, § 1115, July 30, 2008, 122 Stat. 2681.)
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- Pub. L. 102–550, title XIII, § 1379E
- Pub. L. 110–289, div. A, title I, § 1115
- 122 Stat. 2681
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§ 4642
Reporting of fraudulent loans
Fed. Reg.×3
C.F.R.×1
Stat. Comp.×1
Stat.×1
Pub. L.Pub. L. 102–550, title XIII, § 1379E
Pub. L.Pub. L. 110–289, div. A, title I, § 1115
Stat.122 Stat. 2681
Cites 3Cited by 6 across 4 sources