Page:United States Statutes at Large Volume 122.djvu/2918

 12 2 STA T . 2 895PUBLIC LA W 11 0– 289 —J UL Y3 0, 2008 (b)SAFETY A ND S OU NDNE S S R E Q U IR E M ENTS .—Par a g ra ph ( 3 ) ofsecti o n149 (b)isa m en d edb y adding at the end the fo l lo w ing new s u bparagraph

‘( E ) SAFETY AND SOUNDNESS REQUIREMENTS FOR FED - ERA LH OME LOAN B AN K S.— C lause (i v ) of subparagraph ( A ) shall not apply to any guarantee by a F ederal home loan ban k unless such bank meets safety and soundness collat- eral re q uirements for such guarantees which are at least as stringent as such requirements which apply under regu- lations applicable to such guarantees by Federal home loan banks as in effect on April 9 ,20 0 8 . ’ ’. (c) EFFE C TI V E D ATE.— T he amendments made by this section shall apply to guarantees made after the date of the enactment of this Act. SEC.3024 . MODIF IC AT IO N OF RUL ES P ERTAININ G TO FIRPTA NONFOR - EIGN AFFIDA V ITS. (a) I N G ENERAL.—Subsection (b) of section 144 5 (relating to e x emptions) is amended by adding at the end the following: ‘‘(9) ALTERNATIVE P ROCEDURE FOR FURNISHIN G NONFOREIGN AFFIDAVIT.—For purposes of paragraphs (2) and ( 7 )— ‘‘(A) IN GENERAL.—Paragraph (2) shall be treated as applying to a transaction if, in connection with a disposition ofa U nited States real property interest— ‘‘(i) the affidavit specified in paragraph (2) is fur- nished to a qualified substitute, and ‘‘(ii) the qualified substitute furnishes a statement to the transferee stating, under penalty of per j ury, that the qualified substitute has such affidavit in his possession. ‘‘( B ) REGULATIONS.—The Secretary shall prescribe such regulations as may be necessary or appropriate to carry out this paragraph.’’. (b) Q UALIFIED SUBSTITUTE.—Subsection (f) of section 1445 (relating to definitions) is amended by adding at the end the fol- lowing new paragraph: ‘‘( 6 ) QUALIFIED SUBSTITUTE.—The term ‘qualified substitute’ means, with respect to a disposition of a United States real property interest— ‘‘(A) the person (including any attorney or title com- pany) responsible for closing the transaction, other than the transferor’s agent, and ‘‘(B) the transferee’s agent.’’. (c) E X EMPTION N OT TO APPLY IF K NO W LEDGE OR NOTICE THAT AFFIDAVIT OR STATEMENT IS FALSE.— (1) IN GENERAL.—Paragraph (7) of section 1445(b) (relating to special rules for paragraphs (2) and (3)) is amended to read as follows: ‘‘(7) SPECIAL RULES FOR PARAGRAPHS (2) ,( 3 ),AND( 9 ).—Para- graph (2), (3), or (9) (as the case may be) shall not apply to any disposition— ‘‘(A) if— ‘‘(i) the transferee or qualified substitute has actual knowledge that the affidavit referred to in such para- graph, or the statement referred to in paragraph (9)(A)(ii), is false, or 26USC149note.

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