Page:United States Statutes at Large Volume 106 Part 5.djvu/326

 106 STAT. 3964 PUBLIC LAW 102-550—OCT. 28, 1992 (b)(3) that a housing plan is required. The regulations shall provide that the Secretary may extend the deadline to the extent that the Secretary determines necessary. Any extension of the deadline shall be in writing and for a time certain. (4) APPROVAL.— The Secretary shall review each housing plan submitted under this subsection and, not later than 30 days after submission of the plan, approve or disapprove the plan. The Secretary may extend the period for approval or disapproval for a single additional 30-day period if the Secretary determines it necessary. The Secretary shall approve any plan that the Secretary determines is likely to succeed, and conforms with the Federal National Mortgage Association Charter Act or the Federal Home Loan Mortage Corporation Act (as applicable), this title, and any other applicable laws and regulations. (5) NOTICE OF APPROVAL AND DISAPPROVAL. —The Secretary shall provide written notice to any enterprise submitting a housing plan of the approval or disapproval of the plan (which shall include the reasons for any disapproval of the plan) and of any extension of the period for approval or disapproval. (6) RESUBMISSION.—If the initial housing plan suomitted by an enterprise is disapproved, the enterprise shall submit an amended plan acceptable to the Secretary within 30 days or such longer period that the Secretary determines is in the public interest. 12 USC 4567. SEC. 1337. REPORTS DURING TRANSITION. Each enterprise shall submit to the Secretary, the Committee on Banking, Finance and Urban Affairs of the House of Representatives, and the Committee on Banking, Housing, and Urban Affairs of the Senate, a report for each transitional housing goal for the enterprise under section 1332(d), 1333(d), or 1334(d), describing the actions the enterprise plans to take to meet such goal. Each such report shall be submitted within 45 days after the establishment of the goal for which the report is submitted. 12 USC 4562 SEC. 1338. EFFECTIVE DATE OF TRANSITION GOALS. "°^ The housing goals established under sections 1332(d), 1333(d), and 1334(d) shall not become effective until January 1, 1993. Subpart C—Enforcement of Housing Goals 12 USC 4581. SEC. 1341. CEASE-AND-DESIST PROCEEDINGS. (a) GROUNDS FOR ISSUANCE. — The Secretary may issue and serve a notice of charges under this section upon an enterprise if, in the determination of the Secretary— (1) the enterprise has failed to submit a housing plan that substantially complies with section 1336(c) within the applicable period; (2) the enterprise is engaging or has engaged, or the Secretary has reasonable cause to believe that the enteiprise is about to engage, in any failure to make a good faith effort to comply with a housing plan for the enterprise submitted and approved tuider section 1336(c); or (3) the enterprise has failed to submit the information required under subsection (m) or (n) of section 309 of the Federal National Mortgage Association Charter Act, subsection

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