[USC07] 12 USC 1735a: Prepayment of mortgages by nonprofit educational institutions; refunds
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12 USC 1735a: Prepayment of mortgages by nonprofit educational institutions; refunds Text contains those laws in effect on April 21, 2019
From Title 12-BANKS AND BANKINGCHAPTER 13-NATIONAL HOUSINGSUBCHAPTER V-MISCELLANEOUS

§1735a. Prepayment of mortgages by nonprofit educational institutions; refunds

(a) Notwithstanding any other provision of this chapter, no adjusted premium charge shall be collected in connection with the payment in full, prior to maturity, of any mortgage insured under this chapter, if the mortgagor certifies to the Secretary that the loan was paid in full by or on behalf of a nonprofit educational institution which intends to use the property for educational purposes.

(b) The Secretary shall refund any adjusted premium charge collected subsequent to July 1, 1962, and prior to September 2, 1964, in connection with the payment in full, prior to maturity, of any mortgage insured under this chapter, if the mortgagor under such mortgage makes the certification prescribed by subsection (a).

(June 27, 1934, ch. 847, title V, §517, as added Pub. L. 88–560, title I, §120, Sept. 2, 1964, 78 Stat. 782 ; amended Pub. L. 90–19, §1(a)(3), May 25, 1967, 81 Stat. 17 .)

Amendments

1967-Subsecs. (a), (b). Pub. L. 90–19 substituted "Secretary" for "Commissioner" wherever appearing.