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Home Foreclosures: 24 C.F.R. § 203.605 Loss mitigation performance

(a) Duty to mitigate. Before four full monthly installments due on the mortgage have become unpaid, the mortgagee shall evaluate on a monthly basis all of the loss mitigation techniques provided at § 203.501 to determine which is appropriate. Based upon such evaluations, the mortgagee shall take the appropriate loss mitigation action. Documentation must be maintained for the initial and all subsequent evaluations and resulting loss mitigation actions.

Home Foreclosures: 24 C.F.R. § 203.606 Pre-foreclosure review

(a) Before initiating foreclosure, the mortgagee must ensure that all servicing requirements of this subpart have been met. The mortgagee may not commence foreclosure for a monetary default unless at least three full monthly installments due under the mortgage are unpaid after application of any partial payments that may have been accepted but not yet applied to the mortgage account.

Home Foreclosures: Amendment History

[July 15, 1949, ch. 338, tit. V, § 502, 63 Stat. 433; Pub. L. No. 87-70, tit. VIII, § 801(b), 75 Stat. 186 (June 30, 1961); Pub. L. No. 87-723, § 4(a)(2), 76 Stat. 671 (Sept. 28, 1962); Pub. L. No. 89-117, tit. X, § 1002, 79 Stat. 497 (Aug. 10, 1965); Pub. L. No. 89-754, tit. VIII, § 802, 80 Stat. 1282 (Nov. 3, 1966); Pub. L. No. 93-383, tit. V, § 505(b), 88 Stat. 693 (Aug. 22, 1974); Pub. L. No. 95-128, tit. V, § 502(a), 91 Stat. 1139 (Oct. 12, 1977); Pub. L. No. 96-153, tit. V, § 503, 93 Stat. 1134 (Dec. 21, 1979); Pub. L. No. 96-399, tit. V, § 514(a), 94 Stat. 1671 (Oct. 8, 1980); Pub.

Home Foreclosures: Amendment History

[July 15, 1949, ch. 338, tit. V, § 502, 63 Stat. 433; Pub. L. No. 87-70, tit. VIII, § 801(b), 75 Stat. 186 (June 30, 1961); Pub. L. No. 87-723, § 4(a)(2), 76 Stat. 671 (Sept. 28, 1962); Pub. L. No. 89-117, tit. X, § 1002, 79 Stat. 497 (Aug. 10, 1965); Pub. L. No. 89-754, tit. VIII, § 802, 80 Stat. 1282 (Nov. 3, 1966); Pub. L. No. 93-383, tit. V, § 505(b), 88 Stat. 693 (Aug. 22, 1974); Pub. L. No. 95-128, tit. V, § 502(a), 91 Stat. 1139 (Oct. 12, 1977); Pub. L. No. 96-153, tit. V, § 503, 93 Stat. 1134 (Dec. 21, 1979); Pub. L. No. 96-399, tit. V, § 514(a), 94 Stat. 1671 (Oct. 8, 1980); Pub.

Student Loan Law: Sample Pleadings, Letters, and Discovery Requests

A variety of sample pleadings, letters, and discovery requests related to a range of student loan and school misconduct issues are available under the Pleadings and Discovery category in this treatise’s online companion materials. There are many issues covered in these documents, including:

Student Loan Law: Introduction

Reprinted below are selected regulations for the Direct Loan, Federal Family Education Loan (FFEL), and Perkins Loan programs, as well as selected regulations regarding institutional eligibility requirements, student assistance general provisions, debt collection procedures, and private student loans. Selected regulatory history is available under the Primary Sources category in this treatise’s online companion materials.

Automobile Fraud: Listing of Provisions

TITLE 49. TRANSPORTATION

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Chapter V. National Highway Traffic Safety Administration, Department of Transportation

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Part 580—Odometer Disclosure Requirements

Sec.

580.1 Scope.

580.2 Purpose.

580.3 Definitions.

580.4 Security of physical documents, electronic titles and electronic powers of attorney.

580.5 Disclosure of odometer information.

Automobile Fraud: § 580.1 Scope.

This part prescribes rules requiring transferors and lessees of motor vehicles to make electronic or written disclosure to transferees and lessors respectively, concerning the odometer mileage and its accuracy as directed by sections 408(a) and (e) of the Motor Vehicle Information and Cost Savings Act as amended, 49 U.S.C. 32705(a) and (c).

Automobile Fraud: § 580.2 Purpose.

The purpose of this part is to provide transferees of motor vehicles with odometer information to assist them in determining a vehicle’s condition and value by making the disclosure of a vehicle’s mileage a condition of title and by requiring lessees to disclose to their lessors the vehicle’s mileage at the time the lessee returns the vehicle to the lessor.

Automobile Fraud: § 580.5 Disclosure of odometer information.

(a) At the time a physical or electronic title is issued or made available to the transferee, it must contain the mileage disclosed by the transferor when ownership of the vehicle was transferred and contain a space for the information required to be disclosed under paragraphs (c) through (f) of this section at the time of future transfer.

Automobile Fraud: § 580.7 Disclosure of odometer information for leased motor vehicles.

(a) Before executing any transfer of ownership document, each lessor of a leased motor vehicle shall notify the lessee electronically or in writing stating that the lessee is required to provide a written or electronic disclosure to the lessor regarding the mileage. This written or electronic notice shall contain a reference to the federal law and shall state failure to complete the disclosure or providing false information may result in fines and/or imprisonment. Reference may also be made to applicable law of the jurisdiction.

Automobile Fraud: § 580.8 Odometer disclosure statement retention.

(a) Dealers and distributors of motor vehicles who are required by this part to execute an odometer disclosure statement shall retain, except as noted in paragraph (d), for five years a photostat, carbon, other facsimile copy, or electronic copy of each odometer mileage statement which they issue and receive. They shall retain all odometer disclosure statements at their primary place of business in an order appropriate to business requirements and that permits systematic retrieval.

Automobile Fraud: § 580.9 Odometer record retention for auction companies.

Each auction company shall establish and retain in physical or electronic format at its primary place of business in an order appropriate to business requirements and that permits systematic retrieval, for five years following the date of sale of each motor vehicle, the following records:

(a) The name of the most recent owner (other than the auction company);

(b) The name of the transferee;

(c) The vehicle identification number; and

Automobile Fraud: § 580.10 Application for assistance.

(a) A State may apply to NHTSA for assistance in revising its laws to comply with the requirements of 408(d)(1) and (2) of the Motor Vehicle Information and Cost Savings Act, 15 U.S.C. 1988(d)(1) and (2) and §§ 580.4 and 580.5 of this part.

(b) Each application filed under section shall—

(1) Be written in the English language;

Automobile Fraud: § 580.11 Petition for approval of alternate disclosure requirements.

(a) A state may petition NHTSA for approval of disclosure requirements which differ from the disclosure requirements of § 580.5, § 580.6, § 580.7, or § 580.13(f) of this part.

(b) Each petition filed under this section shall—

(1) Be written in the English language;

(2) Be submitted to the Office of Chief Counsel, National Highway Traffic Safety Administration, 1200 New Jersey Avenue SE, W41–326, Washington, DC 20590;

Automobile Fraud: § 580.13 Disclosure of odometer information by power of attorney.

(a) If otherwise permitted by the law of the jurisdiction, the transferor may grant a power of attorney to their transferee for the purpose of mileage disclosure under one of the following conditions:

(1) The transferor’s physical title is held by a lienholder; or

(2) The transferor’s physical title is lost; or

(3) The transferor’s electronic title is held or controlled by a lienholder; or

Automobile Fraud: § 580.14 Power of attorney to review title documents and acknowledge disclosure.

(a) In circumstances where part A of a physical power of attorney form has been used pursuant to § 580.13 of this part, and if otherwise permitted by the law of the jurisdiction, a transferee may grant power of attorney to their transferor to review the physical or electronic title and any physical reassignment documents, if applicable, for mileage discrepancies, and if no discrepancies are found, to acknowledge disclosure on the physical or electronic title.

Automobile Fraud: § 580.15 Certification by person exercising powers of attorney.

(a) A person who exercises a power of attorney under both §§ 580.13 and 580.14 must complete a certification that they disclosed the mileage on the physical or electronic title as it was provided to them on the physical or electronic power of attorney form, and that upon examination of the physical or electronic title and any applicable physical reassignment documents, the mileage disclosure made on the physical or electronic title pursuant to the physical or electronic power of attorney is greater than that previously stated on the physical or electronic title and app

Automobile Fraud: § 580.16 Availability of prior title and power of attorney documents to transferee.

(a) In circumstances in which a power of attorney has been used pursuant to § 580.13, if a subsequent transferee elects to return to their transferor to sign the disclosure on the physical or electronic title and does not give their transferor a power of attorney pursuant to § 580.14, the transferor shall, upon the subsequent transferee’s request, show that transferee a copy of the physical or electronic power of attorney that he they received from their transferor.

Automobile Fraud: § 580.17 Exemptions.

Notwithstanding the requirements of §§ 580.5 and 580.7:

(a) A transferor or a lessee of any of the following motor vehicles need not disclose the vehicle’s odometer mileage:

(1) A vehicle having a Gross Vehicle Weight Rating, as defined in § 571.3 of this title, of more than 16,000 pounds;

(2) A vehicle that is not self-propelled;