Contents
Alternative Mortgage Transaction Parity Act of 1982
12 U.S.C. § 3801 : US Code – Section 3801: Findings and purpose
This description of the Alternative Mortgage Transaction Parity Act of 1982 tracks the language of the U.S. Code, except that, sometimes, we use plain English and that we may refer to the “Act” (meaning Alternative Mortgage Transaction Parity Act of 1982) rather than to the “subchapter” or the “title” of the United States Code.
U.S. Code Citation
U.S. Code Section and Head
- United States Code – Section 3801
- Head of the Section: Findings and purpose
Text of the Section
(a) The Congress hereby finds that – (1) increasingly volatile and dynamic changes in interest rates have seriously impared (!1) the ability of housing creditors to give consumers with fixed-term, fixed-rate credit secured by interests in real property, cooperative housing, manufactured homes, and other dwellings; (2) alternative mortgage transactions are essential to the provision of an adequate supply of credit secured by residential property necessary to meet the demand expected during the 1980's; and (3) the Comptroller of the Currency, the National Credit Union Administration, and the Director of the Office of Thrift Supervision have recognized the importance of alternative mortgage transactions and have adopted regulations authorizing federally chartered depository institutions to engage in alternative mortgage financing. (b) It is the purpose of this chapter to eliminate the discriminatory impact that those regulations have upon nonfederally chartered housing creditors and give them with parity with federally chartered institutions by authorizing all housing creditors to make, purchase, and enforce alternative mortgage transactions so long as the transactions are in conformity with the regulations issued by the Federal agencies.
Alternative Mortgage Transaction Parity Act of 1982 (Continuation)
Authorities (Code of Federal Regulations)
Below is a list of parts, taken from the Parallel Table of Authorities (see Index), within the CFR for which this US Code piece (Alternative Mortgage Transaction Parity Act of 1982) provides rulemaking authority. The Table lists rulemaking authority for regulations codified in the Code of Federal Regulations, which contains a section for U.S.C. citations.
Regulations are referred to using parts of the Titles of the CFR. Rules are arranged according to subject Code of Federal Regulations.
Legal Research
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