
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC1747k]

 
                       TITLE 12--BANKS AND BANKING
 
                      CHAPTER 13--NATIONAL HOUSING
 
SUBCHAPTER VII--INSURANCE FOR INVESTMENTS IN RENTAL HOUSING FOR FAMILIES 
                           OF MODERATE INCOME
 
Sec. 1747k. Rules and regulations

    The Secretary may make such rules and regulations as may be 
necessary or desirable to carry out the provisions of this subchapter, 
including, without limiting the foregoing, rules and regulations 
relating to the maintenance by the investor of books, records, and 
accounts with respect to the project and the examination of such books, 
records, and accounts by representatives of the Secretary; the 
submission of financial and operating statements and the approval 
thereof; the submission of claims for payments under insurance 
contracts, the proof of the validity of such claims, and the payment or 
disallowance thereof; the increase of the established investment if the 
investor shall make capital improvements or additions to the project; 
the decrease of the established investment if the investor shall sell 
part of the project; and the reduction of the outstanding investment for 
the appropriate operating year or operating years pending the 
restoration of dwelling or nondwelling facilities damaged by fire or 
other casualty. With respect to any investor which is subject to 
supervision or regulation by a State banking, insurance, or other State 
department or agency, the Secretary may, in carrying out any of his 
supervisory and regulatory functions with respect to projects insured 
under this subchapter, utilize, contract with, and act through, such 
department or agency and without regard to section 5 of title 41.

(June 27, 1934, ch. 847, title VII, Sec. 712, as added Aug. 10, 1948, 
ch. 832, title IV, Sec. 401, 62 Stat. 1281; amended Apr. 20, 1950, ch. 
94, title I, Sec. 122, 64 Stat. 59; Pub. L. 90-19, Sec. 1(a)(3), May 25, 
1967, 81 Stat. 17.)


                               Amendments

    1967--Pub. L. 90-19 substituted ``Secretary'' for ``Commissioner'' 
wherever appearing.
    1950--Act Apr. 20, 1950, substituted ``Commissioner'' for 
``Administrator'' wherever appearing.
