
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document affected by Public Law 107-73 Section 215]
[CITE: 12USC1715z-12]

 
                       TITLE 12--BANKS AND BANKING
 
                      CHAPTER 13--NATIONAL HOUSING
 
                    SUBCHAPTER II--MORTGAGE INSURANCE
 
Sec. 1715z-12. Single-family mortgage insurance on Hawaiian home 
        lands
        

(a) One- to four-family residence; eligibility

    The Secretary, subject to such conditions as the Secretary may 
prescribe, may insure under any provision of this subchapter that 
authorizes such insurance, a mortgage covering a property upon which 
there is located a one- to four-family residence, without regard to any 
limitation in this chapter relating to marketability of title or any 
other limitation in this chapter that the Secretary determines is 
contrary to promoting the availability of such insurance on Hawaiian 
home lands, if--
        (1) the mortgage is executed by a native Hawaiian on property 
    located within Hawaiian home lands covered under a homestead lease 
    issued under section 207(a) of the Hawaiian Homes Commission Act, 
    1920, or under the corresponding provision of the Constitution of 
    the State of Hawaii adopted under section 4 of the Act entitled ``An 
    Act to provide for the admission of the State of Hawaii into the 
    Union'', approved March 18, 1959 (73 Stat. 5);
        (2) the property will be used as the principal residence of the 
    mortgagor; and
        (3) the Department of Hawaiian Home Lands of the State of Hawaii 
    (A) is a comortgagor; (B) guarantees to reimburse the Secretary for 
    any mortgage insurance claim paid in connection with a property on 
    Hawaiian home lands; or (C) offers other security acceptable to the 
    Secretary.

(b) Construction advances

    Notwithstanding any other provision of this chapter, the Secretary 
may, with respect to mortgages eligible for insurance under subsection 
(a) of this section, insure and make commitments to insure advances made 
during construction if the Secretary determines that the proposed 
construction is otherwise acceptable and that no feasible financing 
alternative is available.

(c) Insurance of mortgage as obligation of General Insurance Fund

    Notwithstanding any other provision of this chapter, the insurance 
of a mortgage using the authority contained in this section shall be the 
obligation of the General Insurance Fund established in section 1735c of 
this title. The mortgagee shall be eligible to receive the benefits of 
insurance as provided in section 1710 of this title with respect to 
mortgages insured pursuant to this section, except that (1) all 
references in section 1710 of this title to the Mutual Mortgage 
Insurance Fund or the Fund shall be construed to refer to the General 
Insurance Fund; and (2) all references in section 1710 of this title to 
section 1709 of this title shall be construed to refer to the section 
under which the mortgage is insured.

(d) ``Native Hawaiian'' and ``Hawaiian home lands'' defined

    For purposes of this section:
        (1) The term ``native Hawaiian'' means any descendant of not 
    less than one-half part of the blood of the races inhabiting the 
    Hawaiian Islands before January 1, 1778 (or, in the case of an 
    individual who succeeds a spouse or parent in an interest in a lease 
    of Hawaiian home lands, such lower percentage as may be established 
    for such succession under section 209 of the Hawaiian Homes 
    Commission Act, 1920, or under the corresponding provision of the 
    Constitution of the State of Hawaii adopted under section 4 of the 
    Act entitled ``An Act to provide for the admission of the State of 
    Hawaii into the Union'', approved March 18, 1959 (73 Stat. 5)).
        (2) The term ``Hawaiian home lands'' means all lands given the 
    status of Hawaiian home lands under section 204 of the Hawaiian 
    Homes Commission Act, 1920, or under the corresponding provision of 
    the Constitution of the State of Hawaii adopted under section 4 of 
    the Act entitled ``An Act to provide for the admission of the State 
    of Hawaii into the Union'', approved March 18, 1959 (73 Stat. 5).

(June 27, 1934, ch. 847, title II, Sec. 247, as added Pub. L. 98-181, 
title IV, Sec. 421, Nov. 30, 1983, 97 Stat. 1213; amended Pub. L. 100-
202, Sec. 101(f) [title I, Sec. 101], Dec. 22, 1987, 101 Stat. 1329-187, 
1329-191; Pub. L. 100-242, title IV, Secs. 413(a), (b), 429(h), Feb. 5, 
1988, 101 Stat. 1906, 1919; Pub. L. 100-628, title X, Sec. 1065, Nov. 7, 
1988, 102 Stat. 3275.)

                       References in Text

    The Hawaiian Homes Commission Act, 1920, referred to in subsecs. 
(a)(1) and (d), is act July 9, 1921, ch. 42, 42 Stat. 108, as amended. 
Sections 204, 207, and 209 of that Act were classified to sections 698, 
701, and 703 of Title 48, Territories and Insular Possessions, and were 
omitted from the Code.
    Section 4 of the Act entitled ``An Act to provide for the admission 
of the State of Hawaii into the Union'', approved Mar. 18, 1959 (73 
Stat. 5), referred to in subsecs. (a)(1) and (d), is section 4 of Pub. 
L. 86-3, Mar. 18, 1959, 73 Stat. 5, which is set out as a note preceding 
section 491 of Title 48.


                               Amendments

    1988--Subsec. (a)(2). Pub. L. 100-242, Sec. 429(h), substituted 
``mortgagor'' for ``Mortgagor''.
    Subsecs. (c), (d). Pub. L. 100-628 clarified amendment by Pub. L. 
100-242, Sec. 413(a), (b).
    Pub. L. 100-242, Sec. 413(a), (b), made amendment identical to Pub. 
L. 100-202. See 1987 Amendment note below.
    1987--Subsec. (c). Pub. L. 100-202 added subsec. (c). Former subsec. 
(c) redesignated (d).
    Subsec. (d). Pub. L. 100-202 extended subsec. (c)(1) term ``native 
Hawaiian'' to include in the case of succession in an interest in a 
lease of Hawaiian homelands any descendant of a percentage less than 
one-half of the blood of the races inhabiting the Hawaiian Islands 
before Jan. 1, 1778, as may be established under statute or constitution 
for succession; and redesignated subsec. (c), including such par. (1), 
as subsec. (d).

                  Section Referred to in Other Sections

    This section is referred to in section 1709 of this title.
