A bill to determine the time at which payments of premium charges are to be made by financial institutions or other mortgagees in connection with the mortgage and loan insurance programs established under titles I, II, IV, VII, VIII, IX, X, and XI of the National Housing Act.

Summary

Amends the National Housing Act to require the Secretary of Housing and Urban Development to require that payments of loan or mortgage insurance premium charges by a financial institution, other mortgagee, or agent thereof to the Federal government, made in connection with specified loan or mortgage insurance programs under such Act, be made promptly upon their receipt from the borrower. Allows the Secretary to approve payment of such premiums on an annual basis if the financial institution, mortgagee, or agent thereof pays interest, at a rate specified by the Secretary, to the insurance fund for the period beginning 20 days after receipt from the borrower and ending upon payment of the premiums to the Federal government.

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1 official file

• Introduced in House

  summary · EN · 15 April 1980

  Open at official source

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