
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: 12USC4581]

 
                       TITLE 12--BANKS AND BANKING
 
              CHAPTER 46--GOVERNMENT SPONSORED ENTERPRISES
 
         SUBCHAPTER I--SUPERVISION AND REGULATION OF ENTERPRISES
 
                     Part B--Authority of Secretary
 
                 subpart 3--enforcement of housing goals
 
Sec. 4581. Cease-and-desist proceedings


(a) Grounds for issuance

    The Secretary may issue and serve a notice of charges under this 
section upon an enterprise if, in the determination of the Secretary--
        (1) the enterprise has failed to submit a housing plan that 
    substantially complies with section 4566(c) of this title within the 
    applicable period;
        (2) the enterprise is engaging or has engaged, or the Secretary 
    has reasonable cause to believe that the enterprise is about to 
    engage, in any failure to make a good faith effort to comply with a 
    housing plan for the enterprise submitted and approved under section 
    4566(c) of this title; or
        (3) the enterprise has failed to submit the information required 
    under subsection (m) or (n) of section 1723a of this title, 
    subsection (e) or (f) of section 1456 of this title, or section 4567 
    of this title.

(b) Procedure

                        (1) Notice of charges

        Each notice of charges shall contain a statement of the facts 
    constituting the alleged conduct and shall fix a time and place at 
    which a hearing will be held to determine on the record whether an 
    order to cease and desist from such conduct should issue.

                        (2) Issuance of order

        If the Secretary finds on the record made at such hearing that 
    any conduct specified in the notice of charges has been established 
    (or the enterprise consents pursuant to section 4582(a)(4) of this 
    title), the Secretary may issue and serve upon the enterprise an 
    order requiring the enterprise to (A) submit a housing plan in 
    compliance with section 4566(c) of this title, (B) comply with the 
    housing plan, or (C) provide the information required under 
    subsection (m) or (n) of section 1723a of this title, subsection (e) 
    or (f) of section 1456 of this title, or section 4567 of this title.

(c) Effective date

    An order under this section shall become effective upon the 
expiration of the 30-day period beginning on the service of the order 
upon the enterprise (except in the case of an order issued upon consent, 
which shall become effective at the time specified therein), and shall 
remain effective and enforceable as provided in the order, except to the 
extent that the order is stayed, modified, terminated, or set aside by 
action of the Secretary or otherwise, as provided in this subpart.

(d) Transition period limitation

    The Secretary may not impose any cease-and-desist order under this 
section for any failure by an enterprise, during the 2-year period 
beginning on the \1\ January 1, 1993, to comply with an approved housing 
plan, unless the Secretary determines that the enterprise has 
intentionally failed to make a good faith effort to comply with the 
approved plan.
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    \1\ So in original.
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(Pub. L. 102-550, title XIII, Sec. 1341, Oct. 28, 1992, 106 Stat. 3964.)

                  Section Referred to in Other Sections

    This section is referred to in sections 4582, 4583, 4584 of this 
title.
