Page:United States Statutes at Large Volume 88 Part 2.djvu/411

 STAT. ]

1727

PUBLIC LAW 93-533-DEC. 22, 1974

from a bona fide error notwithstanding the maintenance of procedures adopted to avoid any such error. (c) The provisions of subsection (a) shall be deemed to be satisfied with respect to a borrower or seller in connection with any settlement involving a federally related mortgage loan if the disclosure required by subsection (a) is provided at any time prior to settlement and the prospective borrower or seller, as the case may be, executes, under terms and conditions prescribed by regulations to be issued by the Secretary after consultation with the appropriate Federal agencies, a waiver of the requirement that the disclosure be provided at least twelve calendar days prior to such settlement. In issuing such regulations, the Secretary shall take into account the need to protect the borrower's and the seller's right to a timely disclosure. d) With respect to any particular transaction involving a federally related mortgage loan, no borrower shall maintain an action or separate actions against any lender under both the provisions of this section and the provisions of section 130 of the Consumer Credit Protection Act (15 U.S.C. 1640). (e) The provisions of this Act shall supersede the provisions of section 121(c) of the Consumer Credit Protection Act insofar as the latter applies to federally related mortgage loans as defined in this Act.

15 USC 1631.

DISCLOSURE o r PREVIOUS SELLING PRICE OF EXISTING REAL PROPERTY

SEC. 7. (a) No lender shall make any commitment for a federally related mortgage loan on a residence on which construction has been completed more than twelve months prior to the date of such commitment unless it has confirmed that the following information has been disclosed in Avriting by the seller or his agent to the buyer— (1) the name and address of the present owner of the property being sold; (2) the date the property was acquired by the present owner (the year only if the property was acquired more than two years previously); and (3) if the seller has not owned the property for at least two years prior to the date of the loan application and has not used the property as a place of residence, the date and purchase price of the last arm's length transfer of the property, a list of any subsequent improvements made to the property (excluding maintenance repairs) and the cost of such improvements. (b) the obligations imposed upon a lender by this section shall be deemed satisfied and a commitment for a federally related mortgage loan may thereafter be made if the lender receives a copy of the written statement provided by the seller to the buyer supplying the information required by subsection (a). (c) Whoever knowingly and willfully provides false information under this section or otherwise willfully fails to comply with its requirements shall be fined not more than $10,000 or imprisoned for not more than one year, or both. PROHIBITION

AGAINST K I C K B A C K S

AND U N E A R N E D

12 USC 2606.

Noncompliance, penalty.

FEES

SEC. 8. (a) No person shall give and no person shall accept any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise, that business incident to or a part of a real estate settlement service involving a federally related mortgage loan shall be referred to any person. (b) No person shall give and no person shall accept any portion, split, or percentage of any charge made or received for the rendering

12 USC 2607.

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