Page:United States Statutes at Large Volume 114 Part 5.djvu/945

 PUBLIC LAW 106-569—DEC. 27, 2000 114 STAT. 2959 SEC. 406. DEFINITIONS. (a) REFINANCED. — Section 6(c)(l)(B)(ii) of the Homeowners Protection Act of 1998 (12 U.S.C. 4905(c)(l)(B)(ii)) is amended by inserting after "refinanced" the following: "(under the meaning given such term in the regulations issued by the Board of Governors of the Federal Reserve System to carry out the Truth in Lending Act (15 U.S.C. 1601 et seq.))". (b) MIDPOINT OF THE AMORTIZATION PERIOD. —Section 2 of the Homeowners Protection Act of 1998 (12 U.S.C. 4901) is amended by inserting after paragraph (6) (as added by the preceding provisions of this title) the following new paragraph: "(7) MIDPOINT OF THE AMORTIZATION PERIOD. —The term 'midpoint of the amortization period' means, with respect to a residential mortgage transaction, the point in time that is halfway through the period that begins upon the first day of the amortization period established at the time a residential mortgage transaction is consummated and ends upon the completion of the entire period over which the mortgage is scheduled to be amortized.". (c) ORIGINAL VALUE.— Section 2(12) of the Homeowners Protection Act of 1998 (12 U.S.C. 4901(10)) (as so redesignated by the preceding provisions of this title) is amended— (1) by inserting "transaction" after "a residential mortgage"; and (2) by adding at the end the following new §fentence: "In the case of a residential mortgage transaction for refinancing the principal residence of the mortgagor, such term means only the appraised value relied upon by the mortgagee to approve the refinance transaction.". (d) PRINCIPAL RESIDENCE.— Section 2 of the Homeowners Protection Act of 1998 (12 U.S.C. 4901) is amended— (1) in paragraph (14) (as so redesignated by the preceding provisions of this title) by striking "primary" and inserting " principal"; and (2) in paragraph (15) (as so redesignated by the preceding provisions of this title) by striking "primary and inserting "principal". TITLE V—NATIVE AMERICAN HOMEOWNERSHIP Subtitle A—Native American Housing SEC. 501. LANDS TITLE REPORT COMMISSION. 25 irSC 4043 (a) ESTABLISHMENT.— Subject to sums being provided in advance in appropriations Acts, there is established a Commission to be known as the Lands Title Report Commission (hereafter in this section referred to as the "Commission") to facilitate home loan mortgages on Indian trust lands. The Commission will be subject to oversight by the Committee on Banking and Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. (b) MEMBERSHIP. —

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