Page:United States Statutes at Large Volume 88 Part 2.djvu/414

 1730

PUBLIC LAW 93-533-DEC. 22, 1974 ESTABLISHMENT

12 USC 2611.

OX DEMONSTRATION BASIS OF LAND RECORDATION SYSTEM

Report to ongress.

PARCEL

gj,^. 23. The Secretary shall establish and place in operation on a demonstration basis, in representative political subdivisions (selected by him) in various areas of the United States, a model system or systems fo,r the recordation of land title information in a manner and form calculated to facilitate and simplify land transfers and mortgage transactions and reduce the cost thereof, with a view to the possible development (utilizing the information and experience gained under this section) of a nationally uniform system of land parcel recordation. REPORT OF THE SECRETARY ON N E C E S S I T Y FOR CONGRESSIONAL ACTION

Report to °iTusc'26i2.

[88 STAT.

FURTHER

§£<-_ 14_ (a) The Secretary, after consultation with the Administrator of Veterans' Affairs, the Federal Deposit Insurance Corporation, and the Federal Home Loan Bank Board, and after such study, investigation, and hearings (at which representatives of consumers groups shall be allowed to testify) as he deems appropriate, shall, not less than three years nor more than five years from the effective date of this Act, report to the Congress on whether, in view of the implementation of the provisions of this Act imposing certain requirements and prohibiting ce,rtain practices in connection with real estate settlements, there is any necessity for further legislation in this area. (b) If the Secretary concludes that there is necessity for further Icgislation, he shall report to the Congress on the specific practices or problems that should be the subject of such legislation and the corrective measures that need to be taken. In addition, the Secretary shall include in his report— (1) recommendations on the desirability of requiring lenders of federally related mortgage loans to bear the costs of particular real estate settlement services that would otherwise be paid for by borrowers; (2) recommendations on whether Federal regulation of the charges for real estate settlement services in federally related mortgage transactions is necessary and desirable, and, if he concludes that such regulation is necessary and desirable, a description and analysis of the regulatory scheme he believes Congress should adopt; and (3) recommendations on the ways in which the Federal Government can assist and encourage local governments to modernize their methods for the recordation of land title information, including the feasibility of providing financial assistance or incentives to local governments that seek to adopt one of the model systems developed by the Secretary in accordance with the provisions of section 13 of this Act. DEMONSTRATION TO DETERMINE F E A S I B I L I T Y OF I N C L U D I N G STATEMENT S OF SETTLEMENT COSTS I N SPECIAL INFORMATION BOOKLETS

12 USC 2613.

cfrTresV"

gj,^ 25. The Secretary shall, on a demonstration basis in selected housing market areas, have prepared and included in the special information booklets required to be furnished under section 5 of this Act, statements of the range of costs for specific settlement services in such aTcas. Not later than June 30, 1976, the Secretary shall transmit to the Congress a full report on the demonstration conducted under this section. Such report shall contain the Secretary's assessment of the

�