Page:United States Statutes at Large Volume 122.djvu/2732

 12 2 STA T . 2 709PUBLIC LA W 110 – 2 8 9 —J UL Y3 0, 2008 ‘ ‘ (1)the e n te rp r is eh a s f ai l e d t o s ubm it a report under se c tion 1 327, follo w in g a notice of such failure, an opportunit y for comment by the enterprise, and a final determination by the D irector ‘‘(2) the enterprise has failed to submit the information re q uired under subsection (m) or (n) of section 3 09 of the F ederal N ational M ortgage A ssociation C harter Act, or sub - section (e) or (f) of section 307 of the Federal H ome L oan Mortgage Corporation Act; ‘‘(3) solely with respect to the housing goals established under sections 1332(a) and 1333(a)(1), the enterprise has failed to submit a housing plan that complies with section 133 6 (c) within the applicable period; or ‘‘( 4 ) solely with respect to the housing goals established under sections 1332(a) and 1333(a)(1), the enterprise has failed to comply with a housing plan under section 1336(c) . ‘‘(b) PROCEDU RE. — ‘‘(1) NO TI CEO F C HA R G E S .— E ach notice of charges issued under this section shall contain a statement of the facts consti- tuting the alleged conduct and shall fi x a time and place at which a hearing will be held to determine on the record whether an order to cease and desist from such conduct should issue. ‘‘(2) I SSUA N CE OF ORDER.—If the Director finds on the record made at a hearing described in paragraph (1) that any conduct specified in the notice of charges has been established (or the enterprise consents pursuant to section 1342(a)(4)), the Director may issue and ser v e upon the enterprise an order requiring the enterprise to— ‘‘(A) submit a report under section 1327; ‘‘( B ) solely with respect to the housing goals established under sections 1332(a) and 1333(a)(1), submit a housing plan in compliance with section 1336(c); ‘‘(C) solely with respect to the housing goals established under sections 1332(a) and 1333(a)(1), comply with the housing plan in compliance with section 1336(c); or ‘‘(D) provide the information required under subsection (m) or (n) of section 309 of the Federal National Mortgage Association Charter Act, or subsection (e) or (f) of section 307 of the Federal Home Loan Mortgage Corporation Act. ‘‘(c) EFFECTI V E DATE.—An order under this section shall become effective upon the expiration of the 30-day period beginning on the date of service of the order upon the enterprise (except in the case of an order issued upon consent, which shall become effective at the time specified therein), and shall remain effective and enforceable as provided in the order, except to the extent that the order is stayed, modified, terminated, or set aside by action of the Director or otherwise, as provided in this subpart. ’ ’. (d) CIVI L MONE Y PENALTIES.— (1) R E P EAL.— S ection 134 5 of the Federal Housing Enter- prises Financial Safety and Soundness Act of 1992 (12 U .S.C. 45 8 5) is hereby repealed. (2) CIVIL M ONEY PENALTIES.— T he Federal Housing Enter- prises Financial Safety and Soundness Act of 1992 is amended by inserting after section 1344 the following

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