Page:United States Statutes at Large Volume 122.djvu/2866

 12 2 STA T . 2 843PUBLIC LA W 11 0– 28 9—J UL Y 30, 2008 (2)apremiu mi nc rea s e pursuan t t o para g rap h ( 1 )ma yb ema d eon l yi f not less than 30 days prior to such increase ta k ing effect , the S ecretary of H ousing and U rban D e v elop - ment — ( A ) notifies the C ommittee on B anking, Housing, and Urban Affairs of the Senate and the Committee on F inan- cial Services of the House of R epresentatives of such increase and (B) publishes notice of such increase in the Federal Register . (b) WAIVER .— T he Secretary of Housing and Urban Development may w aive the 30-day notice re q uirement under subsection (a)(2), if the Secretary determines that waiting 30-days before increasing premiums would cause substantial damage to the solvency of multi- family housing programs under the N ational Housing Act. SEC.213 1.S AVING S PRO VISION. Any mortgage insured under title I I of the National Housing Act before the date of enactment of this subtitle shall continue to be governed by the laws, regulations, orders, and terms and conditions to which it was sub j ect on the day before the date of the enactment of this subtitle. SEC. 2132. I M P L EMEN T ATION. The Secretary of Housing and Urban Development shall by notice establish any additional requirements that may be necessary to immediately carry out the provisions of this subtitle. The notice shall take effect upon issuance. SEC. 2133. MORATORI U M ON IMPLEMENTATION O F RIS K-B ASE D PRE- MIUMS. (a) I NG ENERA L .—During the 12-month period beginning on O ctober 1, 200 8, the Secretary of Housing and Urban Development shall not take any action to implement or carry out risk-based premiums, which are designed for mortgage lenders to offer bor- rowers an FHA-insured product that provides a range of mortgage insurance premium pricing, based on the risk that the insurance contract represents, as such planned implementation was set forth in the Notice published in the Federal Register on M ay 13, 2008 ( V ol. 7 3, No. 9 3, P ages 27703 through 27711) (effective J uly 1 4, 2008). (b) IN SU RAN C E OF MOR TG AGES UN D ERT H E NATIONAL HOUSING ACT.—During the 12-month period beginning on October 1, 2008, the Secretary of Housing and Urban Development shall not take any action to implement or carry out any other risk-based premium product related to the insurance of any mortgage on a single family residence under title II of the National Housing Act, where the premium price for such new product is based in whole or in part on a borrower ’ s Decision Credit Score, as that term is defined in the Notice described under subsection (a), or any successor thereto. Ef f ectiv e da te . Effective date. R e qu i r e m e n t s . No tification. Effective date. 12USC 1 70 1 note. 12 USC 1701 note. F edera l Re g ister ,p u b lication. Notification.

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