Page:United States Statutes at Large Volume 124.djvu/2200

 124 STAT. 2174 PUBLIC LAW 111–203—JULY 21, 2010 SEC. 1449. ACCOUNTABILITY AND TRANSPARENCY FOR GRANT RECIPI- ENTS. Section 106 of the Housing and Urban Development Act of 1968 (12 U.S.C. 1701x), as amended by the preceding provisions of this subtitle, is amended by adding at the end the following: ‘‘(i) ACCOUNTABILITY FOR RECIPIENTS OF COVERED ASSIST- ANCE.— ‘‘(1) TRACKING OF FUNDS.—The Secretary shall— ‘‘(A) develop and maintain a system to ensure that any organization or entity that receives any covered assist- ance uses all amounts of covered assistance in accordance with this section, the regulations issued under this section, and any requirements or conditions under which such amounts were provided; and ‘‘(B) require any organization or entity, as a condition of receipt of any covered assistance, to agree to comply with such requirements regarding covered assistance as the Secretary shall establish, which shall include— ‘‘(i) appropriate periodic financial and grant activity reporting, record retention, and audit require- ments for the duration of the covered assistance to the organization or entity to ensure compliance with the limitations and requirements of this section, the regulations under this section, and any requirements or conditions under which such amounts were provided; and ‘‘(ii) any other requirements that the Secretary determines are necessary to ensure appropriate administration and compliance. ‘‘(2) MISUSE OF FUNDS.—If any organization or entity that receives any covered assistance is determined by the Secretary to have used any covered assistance in a manner that is materi- ally in violation of this section, the regulations issued under this section, or any requirements or conditions under which such assistance was provided— ‘‘(A) the Secretary shall require that, within 12 months after the determination of such misuse, the organization or entity shall reimburse the Secretary for such misused amounts and return to the Secretary any such amounts that remain unused or uncommitted for use; and ‘‘(B) such organization or entity shall be ineligible, at any time after such determination, to apply for or receive any further covered assistance. The remedies under this paragraph are in addition to any other remedies that may be available under law. ‘‘(3) COVERED ASSISTANCE.—For purposes of this subsection, the term ‘covered assistance’ means any grant or other financial assistance provided under this section.’’. SEC. 1450. UPDATING AND SIMPLIFICATION OF MORTGAGE INFORMA- TION BOOKLET. Section 5 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2604) is amended— (1) in the section heading, by striking ‘‘SPECIAL’’ and inserting ‘‘HOME BUYING’’; (2) by striking subsections (a) and (b) and inserting the following new subsections: Definition. Deadline. Reimbursement. Reports. Records.