Page:United States Statutes at Large Volume 122.djvu/2731

 12 2 STA T . 2 708PUBLIC LA W 110 – 28 9—J UL Y3 0, 2008 ‘ ‘ (B)suf f ic i ently s p ecific t o en ab let h e D i r ector to m on - itor compliance perio d ically . ‘‘( 3 )D EADLIN E FORSUBM ISSION. —T he Director shall estab- lish a deadline for an enterprise to submit a housin g plan to the Director ,w hich may not be more than 45 days after the enterprise is pro v ided notice. The Director may e x tend the deadline to the extent that the Director determines nec- essary. A ny extension of the deadline shall be in writing and for a time certain. ‘‘(4) A P PRO V AL.—The Director shall review each submission by an enterprise, including a housing plan submitted under this subsection, and, not later than 3 0 days after submission, approve or disapprove the plan or other action. The Director may extend the period for approval or disapproval for a single additional 30-day period if the Director determines it necessary. The Director shall approve any plan that the Director deter- mines is li k ely to succeed, and conforms with the F ederal N ational M ortgage Association C harter Act or the Federal H ome L oan Mortgage Corporation Act (as applicable), this title, and any other applicable provision of law. ‘‘(5) NO T I C E OF APPROVAL AND DISAPPROVAL.—The Director 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 ) R ESUBMISSION.— I f the initial housing plan submitted by an enterprise under this section is disapproved, the enter- prise shall submit an amended plan acceptable to the Director not later than 1 5 days after such disapproval, or such longer period that the Director determines is in the public interest. ‘‘( 7 ) CEASE AND DESIST ORDERS CIVIL MONE Y PENALTIES.— S olely with respect to the housing goals established under sections 133 2 (a) and 1333(a)(1), if the Director re q uires an enterprise to submit a housing plan under this subsection and the enterprise refuses to submit such a plan, submits an unacceptable plan, or fails to comply with the plan, the Director may issue a cease and desist order in accordance with section 1341, impose civil money penalties in accordance with section 1345, exercise other appropriate enforcement authority or seek other appropriate actions. ’ ’. (b) CONFORMIN G AMENDMENT.—The heading for subpart C of part 2 of subtitle A of the Federal Housing E nterprises Financial Safety and Soundness Act of 1 9 92 is amended to read as follows

‘ SubpartC—Enfo r cem ent ’ ’ . (c) CEASE AND DESIST P ROCEEDINGS .— (1) REPEAL.—Section 1341 of the Federal Housing Enter- prises Financial Safety and Soundness Act of 1992 (12 U .S.C. 45 8 1) is hereby repealed. (2) CEASE AND DESIST PROCEEDINGS.—The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 is amended by inserting before section 1342 the following: ‘ ‘ SEC.134 1. CE A SEA ND DES I S TPRO CEEDIN G S. ‘‘(a) G ROUNDS FOR ISSUANCE.—The Director may issue and serve a notice of charges under this section upon an enterprise if the Director determines that— 12USC458 1 .Deadlin e. R e v ie w . Deadline.

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