Page:United States Statutes at Large Volume 106 Part 4.djvu/35

 PUBLIC LAW 102-485—OCT. 23, 1992 106 STAT. 2771 Public Law 102-485 102d Congress An Act To facilitate recoveryfromrecent disasters by providing greaterflexibilityfor depository institutions and their regulators, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the 'depository Institutions Disaster ReliefAct ofl992''. SEC. 2. APPRAISAL REQUIREMENTS. Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3331 et seq.) is amended by adding at the end the following new section: 'nSEC. 1123. EMERGENCY EXCEPTIONS FOR DISASTER AREAS. "(a) IN GENERAL.—Each Federal financial institutions regulatory agency may, by regulation or order, make exceptions to this title, and to standards prescribed pursuant to this title, for transactions involving institutions for which the agency is the primary Federal regulator with respect to real property located within a disaster area if the agency— "(1) makes the exception not later than 30 months after the date on which the President determines, pursuant to section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, that a mtgor disaster exists in the area; and "(2) determines that the exception— "(A) would facilitate recovery from the mcyor disaster; and ''(B) is consistent with safety and soundness, "(b) 3-YEAR LIMIT ON EXCEPTIONS.—Any exception made under this section shall expire not later than 3 years after the date of the determination referred to in subsection (a)(D- "(c) PUBLICATiON REQUIRED.—Any Federal financial institutions regulatory agency shall publish in the Federal Register a statement that^ "(1) describes any exception made under this section; and "(2) explains how the exception— "(A) would facilitate recovery from the msgor disaster; and "(B) is consistent with safety and soundness, "(d) DISASTER AREA DEFINED. —For purposes of this section, the term 'disaster area' means an area in which the President, pursuant to section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, has determined that a major disaster exists.". Oct. 23, 1992 [H.R. 6050] Depository Institutions Disaster Relief Act of 1992. 12 USC 1811 note. 12 USC 3352. Federal Register, publication.

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