Home Mortgage Disclosure Act, December 31, 1975. https://fraser.stlouisfed.org/title/1038, accessed on May 9, 2025.

Title: Home Mortgage Disclosure Act

Author: United States. Congress
Date: December 31, 1975
Page 1
image-container-0 PUBLIC LAW 94-200—DEC. 31, 1975 89 STAT. 1124 Public Law 94-200 94th Congress An Act Dec. 61, 1975 rp^^ extend the authority for the flexible regulation of interest rates on deposits [S. 1281] and share accounts in depository institutions, to extend the National Com- mission on Electronic Fund Transfers, and to provide for home mortgage disclosure. Depository institutions, interest rates; National Commission on Electronic Fund Transfers, extension; home mortgage disclosure. 12 use 461 note. 12 use 461 note. 12 use 2403. Be it enacted hy the Senate and House of Representatives of the United States of America in Congress assembled, TITLE I—REGULATIOX OF INTEREST RATES SEC. 101. Section 7 of the Act of September 21, 1966 (Public Law 89-597), is amended by striking out "December 31,1975-' and inserting in lieu thereof "March 1,1977*'. SEC. 102. (a) An interest rate differential for any category of deposits or accounts which is in effect on December 10, 1975, between (1) any bank (other than a savings bank) the deposits of which are insured by the Federal Deposit Insurance Corporation and (2) any savings and loan, building and loan, or homestead association (includ- ing cooperative banks) the deposits or accounts of which are insured by the Federal Savings and Loan Insurance Corporation or any mutual savings bank as defined in section 3(f) of the Federal Deposit Insur- ance Act (12 U.S.C. 1813(j)) may not be eliminated or reduced unless—• (A) written notification is given by the Board of Governors of the Federal Reserve System to the Congress; and (B) the House of Representatives and the Senate approve, by concurrent resolution, the proposed elimination or reduction of the interest rate differential. (b) In the case of the elimination or reduction of any interest rate differential under subsection (a) with respect to any category of deposits or accounts between (1) any bank (other than a savings bank) the deposits of which are insured by the Federal Deposit Insur- ance Corporation and (2) any savings and loan, building and loan, or homestead association (including cooperative banks) the deposits or accounts of which are insured by the Federal Savings and Loan Insur- ance Corporation or any mutual savings bank as defined in section 3(f) of the Federal Deposit Insurance Act (12 U.S.C. 1813(f)), the maximum rate of interest which shall be established for such cate- gory of deposits for banks (other than savings banks) the deposits of which are insured by the Federal Deposit Insurance Corporation shall be equal to the highest rate of interest which savings and loan associa- tions the deposits or accounts of which are insured by the Federal Savings and Loan Insurance Corporation were permitted to charge for such category of deposits immediately prior to the elimination or reduction of such interest rate differential. TITLE II—ELECTRONIC FUND TRANSFERS SEC. 201. Section 203(b) of title II of the Act of October 28, 1974 (Public Law 93^95), is amended by— (1) striking out "within one year of its findings and recommen- dations" and inserting in lieu thereof "within one year of the date
image-container-1 PUBLIC LAW 94-200—DEC. 31, 1975 89 STAT. 1125 of the confirmation by the Senate of the Chairperson or the appointment by the President of an acting Chairperson"; and (2) striking out "not later than two years after the date of enactment of this Act" and inserting in lieu thereof "not later than two years after the date of the confirmation by the Senate of the Chairperson or the appointment by the President of an acting Chairperson". TITLE III—HOME MORTGAGE DISCLOSURE Home Mortgage Disclosure Act of SHORT TITLE 1975. SEC. 301. This title may be cited as the "Home Mortgage Disclosure 12 USC 2801 Act of 1975". note- FINDINGS AND PURPOSES SEC. 302. (a) The Congress finds that some depository institutions 12 USC 2801. have sometimes contributed to the decline of certain geographic areas by their failure pursuant to their chartering responsibilities to provide adequate home financing to qualified applicants on reasonable terms and conditions. (b) The purpose of this title is to provide the citizens and public officials of the United States with sufficient information to enable them to determine whether depository institutions are filling their obliga- tions to serve the housing needs of the communities and neighborhoods in which they are located and to assist public officials in their determi- nation of the distribution of public sector investments in a manner designed to improve the private investment environment. (c) N^othing ill this title is intended to, nor shall it be construed to, encourage unsound lending practices or the allocation of credit. DEFINITIONS SEC. 303. For purposes of this title— 12 USC 2802. (1) the term "mortgage loan" means a l6an which is secured by residential real property or a home improvement loan; (2) the term "depository institution" means any commercial bank, savings bank, savings and loan association, building and loan association, or homestead association (including cooperative banks) or credit union which makes federally related mortgage loans as determined by the Board; (3) the term "Board" means the Board of Governors of the Fed- eral Reserve System; and (4) the term "Secretary" means the Secretary of Housing and Urban Development. MAINTENANCE OF RECORDS AND PUBLIC DISCLOSURE SEC. 304. (a)(1) Each depository institution which has a home 12 USC 2803., office or branch office located within a standard metropolitan statistical area, as defined by the Office of Management and Budget shall compile and make available, in accordance with regulations of the Board, to the public for inspection and copying at the home office, and at at least one branch office within each standard metropolitan statistical area in which the depository institution has an office the number and total dollar amount of mortgage loans which were (A) originated, or (B) purchased by that institution during each fiscal year (beginning with the last full fiscal year of that institution which immediately preceded the effective date of this title). 57-194 O - 77 - 75
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Date: December 31, 1975
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Other Titles:
  • An Act to Extend the Authority for the Flexible Regulation of Interest Rates on Deposits and Share Accounts in Depository Institutions, to Extend the National Commission on Electronic Fund Transfers, and to Provide for Home Mortgage Disclosure
  • Public Law 94-200, 94th Congress, S. 1281
Note:
89 Stat. 1125.
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