Page:United States Statutes at Large Volume 101 Part 3.djvu/568

 101 STAT. 1866

Loans.

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Loans.

PUBLIC LAW 100-242—FEB. 5, 1988

"(B) to inform the public of the availability of the homeownership counseling. "(4) ELIGIBILITY FOR COUNSELING.—A homeowner shall be eligible for homeownership counseling under this subsection if— "(A) the home loan is secured by property that is the principal residence (as defined by the Secretary) of the ^.. ^ homeowner; "(B) the home loan is not assisted under title V of the Housing Act of 1949; and "(C) the homeowner is, or is expected to be, unable to make payments, correct a home loan delinquency within a reasonable time, or resume full home loan payments due to a reduction in the income of the homeowner because of^ "(i) an involuntary loss of, or reduction in, the employment of the homeowner, the self-employment of , the homeowner, or income from the pursuit of the occupation of the homeowner; or "(ii) any similar loss or reduction experienced by y any person who contributes to the income of the homeowner. "(5) NOTIFICATION OF AVAILABILITY OF HOMEOWNERSHIP COUN-

SEUNG REQUIREMENT.—The Creditor of a delinquent home loan shall notify an eligible homeowner of the availability of any homeownership counseling offered by the creditor. As a supplement to the counseling provided by the creditor, the creditor shall notify the homeowner of the availability of 1 of the following: "(A) Homeownership counseling provided by nonprofit organizations approved by the Secretary and experienced in the provision of homeownership counseling. "(B) A list of the nonprofit organizations, approved by the Secretary and experienced in the provision of homeownership counseling, that can be obtained by calling a toll-free " telephone number at the Department of Housing and ' Urban Development. "(C) Homeownership counseling provided by the Adminis'' trator of Veterans' Affairs for loans insured or guaranteed under chapter 37 of title 38, United States Code. "(6) DEFINITIONS.—For purposes of this subsection: "(A) The term 'creditor' means a person or entity that is servicing a home loan on behalf of itself or another person or entity. "(B) The term 'eligible homeowner' means a homeowner eligible for counseling under paragraph (4). "(C) The term 'home loan' means a loan secured by a mortgage or lien on residential property. "(D) The term 'homeowner' means a person who is obligated under a home loan. "(E) The term 'residential property' means a 1-family residence, including a 1-family unit in a condominium project, a membership interest and occupancy agreement in a cooperative housing project, and a manufactured home and the lot on which the home is situated. "(7) REGULATIONS.—The Secretary shall issue any regulations that are necessary to carry out this subsection. "(8)

AUTHORIZATION OF APPROPRIATIONS.—There

are

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thorized to be appropriated to carry out this subsection

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