Page:United States Statutes at Large Volume 96 Part 1.djvu/831

 PUBLIC LAW 97-253—SEPT. 8, 1982

96 STAT. 789

EFFECTIVE DATES

SEC. 193. (a) Except as provided in subsection (b), this subtitle and " USC 2012 note, ^ the amendments made by this subtitle shall take effect on the date of the enactment of this subtitle. (b) Sections 180 and 188 shall take effect on October 1, 1982. TITLE II—BANKING TREATMENT OF FHA SINGLE-FAMILY MORTGAGE INSURANCE PREMIUMS

SEC. 201. (a) Section 203(b) of the National Housing Act is amended by— (1) inserting after "150 per centum of such median price" in the first sentence of paragraph (2) the following: ": Provided, That the foregoing maximum mortgage amounts may be increased by the amount of the mortgage insurance premium paid at the time the mortgage is insured"; and (2) inserting after "cost of acquisition" in paragraph (9) the following: "(excluding the mortgage insurance premium paid at the time the mortgage is insured)". (b) Section 203(c) of such Act is amended by inserting the following before the period at the end of the fourth sentence: ": Provided, That with respect to mortgages (1) for which the Secretary requires, at the time the mortgage is insured, the payment of a single premium charge to cover the total premium obligation for the insurance of the mortgage, and (2) on which the principal obligation is paid before the number of years on which the premium with respect to a particular mortgage was based, or the property is sold subject to the mortgage or is sold and the mortgage is assumed prior to such time, the Secretary shall provide for refunds, where appropriate, of a portion of the premium paid and shall provide for appropriate allocation of the premium cost among the mortgagors over the term of the mortgage, in accordance with procedures established by the Secretary which take into account sound financial and actuarial considerations". (c) Section 213(b)(2) of such Act is amended by inserting after "exceeded by not to exceed 90 per centum in such an area" the following: ": Provided further. That the foregoing maximum mortgage amounts may be increased by the amount of the mortgage insurance premium paid at the time the mortgage is insured". (d) Section 221(d) of such Act is amended by— (1) inserting after "in any geographical area where he finds that cost levels so require" in paragraph (2)(A) the following: ": Provided further. That the foregoing maximum mortgage amounts may be increased by the amount of the mortgage insurance premium paid at the time the mortgage is insured"; (2) inserting after "of its acquisition cost" in paragraph (2)(B)(i)(2) the following: "(excluding the mortgage insurance premium paid at the time the mortgage is insured)"; and (3) striking out "mortgage insurance premium," in paragraph (2)(B)(i)(2). (e) Section 234(c) of such Act is amended by inserting after "onefamily house price in the area, as determined by the Secretary" in clause (A) of the third sentence thereof the following: ": Provided, That the foregoing maximum mortgage amounts may be increased

12 USC 1709.

12 USC I7i5e.

12 USC 1715/.

12 USC I7l5y.

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