Page:United States Statutes at Large Volume 89.djvu/1217

 PUBLIC LAW 94-205—JAN. 2, 1976

89 STAT. 1157

Public Law 94-205 94th Congress An Act To amend the Real Estate Settlement Procedures Act of 1974.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Real Estate Settlement Procedures Act Amendments of 1975". SEC- 2. Section 3(1) of the Real Estate Settlement Procedures Act of 1974 is amended— (1) by inserting "(other than temporary financing such as a construction loan)" immediately after "includes any loan"; (2) by inserting "a first lien on" immediately after "is secured by" in subparagraph (A); (3) by striking out "is eligible for purchase by" in subparagraph (B) (iii) and inserting in lieu thereof "is intended to be sold by the originating lender to"; (4) by striking out "or" the first time it appears in subparagraph (B) (iii); (5) by striking out "from any" and "could" in subparagraph (B) (iii) and inserting in lieu thereof "a" and "is to", respectively; and (6) by inserting the following immediately before the semicolon at the end ot subparagraph (B) (iv): ", except that for the purpose of this Act, the term 'creditor' does not include any agency or instrumentality of any State". SEC. 3. Section 4 of the Real Estate Settlement Procedures Act of 1974 is amended— (1) by inserting " (a) " immediately before "The Secretary" in the first sentence; (2) by striking out the words "minimum" and "unavoidable" in the parenthetical phrase in the first sentence; (3) by striking out the last sentence thereof and inserting in lieu thereof the following new sentences: "The Secretary may, by regulation, permit the deletion from the form prescribed under this section of items which are not, under local laws or customs, applicable in any locality, except that such regulation shall require that the numerical code prescribed by the Secretary be retained in forms to be used in all localities. Nothing in this section may be. construed to require that that part of the standard form which relates to the borrower's transaction be furnished to the seller, or to require that that part of the standard form which relates to the seller be furnished to the borrower."; and (4) by adding at the end thereof the following new subsection: "(b) The form prescribed under this section shall be completed and made available for inspection by the borrower at or before settlement by the person conducting the settlement, except that (1) the Secretary may exempt from the requirements of this section settlements occurring in localities where the final settlement statement is not customarily provided at or before the date of settlement, or settlements where such requirements are impractical and (2) the borrower may, in accordance

Jan. 2, 1976 [S. 2327] Real Estate Settlement Procedures Act Amendments of 1975. 12 USC 2601 note. 12 USC 2602.

12 USC 2603.

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