Page:United States Statutes at Large Volume 124.djvu/2509

 124 STAT. 2483 PUBLIC LAW 111–229—AUG. 11, 2010 Public Law 111–229 111th Congress An Act To increase the flexibility of the Secretary of Housing and Urban Development with respect to the amount of premiums charged for FHA single family housing mortgage insurance, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. MORTGAGE INSURANCE PREMIUMS. (a) FLEXIBILITY.—Subparagraph (B) of section 203(c)(2) of the National Housing Act (12 U.S.C. 1709(c)(2)(B)) is amended— (1) in the matter preceding clause (i)— (A) by striking ‘‘shall’’ and inserting ‘‘may’’; and (B) by striking ‘‘0.50 percent’’ and inserting ‘‘1.5 per- cent’’; and (2) in clause (ii), by striking ‘‘shall be in an amount not exceeding 0.55 percent’’ and inserting ‘‘may be in an amount not exceeding 1.55 percent’’. (b) IMPLEMENTATION.—The Secretary may adjust the amount of any initial or annual premium charged pursuant to subsection (a) through notice published in the Federal Register or mortgagee letter. Such notice or mortgagee letter shall establish the effective date of any premium adjustment therein. SEC. 2. CONGRESSIONAL TESTIMONY. The Assistant Secretary of the Department of Housing and Urban Development who is the Federal Housing Commissioner shall appear before the Committee on Banking, Housing and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives within 270 days after the enactment Deadline. Notice. Federal Register, publication. 12 USC 1709 note. Effective date. Aug. 11, 2010 [H.R. 5981]