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Automobile Fraud: § 32711 Relationship to State law

Except to the extent that State law is inconsistent with this chapter, this chapter does not—

(1) affect a State law on disconnecting, altering, or tampering with an odometer with intent to defraud; or

(2) exempt a person from complying with that law.

Automobile Fraud: A.1.4.9 1998 Amendments

March 12, 1998. Senate passes its version of H.R. 2400, 105th Cong. (1998).

May 22, 1998. Conference version of H.R. 2400 passes House, accompanied by H.R. Conf. Rep. No. 105-550 (1998). See in particular page 522.

June 9, 1998. Title VII: National Highway Traffic Safety Administration Reauthorization Act of 1998, of Transportation Equity Act for the 21st Century, Pub. L. No. 105-178, § 7105, 112 Stat. 107 (1998) enacted.

Automobile Fraud: § 32705 Disclosure requirements on transfer of motor vehicles

(a)(1) Disclosure requirements.—Under regulations prescribed by the Secretary of Transportation that include the way in which information is disclosed and retained under this section, a person transferring ownership of a motor vehicle shall give the transferee the following written disclosure:

(A) Disclosure of the cumulative mileage registered on the odometer.

Automobile Fraud: A.1.4.3 1976 Amendments

The original Act relied primarily on private enforcement. The United States Attorney General was given injunctive powers under 15 U.S.C. § 1990 but they were apparently little used. The Department of Transportation and state attorneys general had no enforcement powers. As a result, in 1975, amendments were proposed primarily to strengthen public enforcement of the Act.

Home Foreclosures: 24 C.F.R. § 206.23 Shared appreciation.

(a) Additional interest based on net appreciated value. Any mortgage for which the mortgagee has chosen the shared premium option (§ 206.107) may provide for shared appreciation. At the time the mortgage becomes due and payable or is paid in full, whichever occurs first, the borrower shall pay an additional amount of interest equal to a percentage of any net appreciated value of the property during the life of the mortgage.

Home Foreclosures: 24 C.F.R. § 206.136 Conditions for assignment.

(a) In order for a HECM to be eligible for assignment, the following must be met:

(1) Priority of mortgage to liens. The mortgage is prior to all mechanics' and materialmen's liens, regardless of when such liens attach, and prior to all liens and encumbrances, or defects which may arise based on any act or omission by the mortgagee except such liens or other matters as may have been approved by the Commissioner.

Home Foreclosures: 24 C.F.R. § 206.55 Deferral of due and payable status for Eligible Non–Borrowing Spouses.

(a) Deferral Period. If the last surviving borrower predeceases an Eligible Non–Borrowing Spouse, and if the requirements of paragraph (d) of this section are satisfied, the due and payable status will be deferred for as long as the Eligible Non–Borrowing Spouse continues to meet the Qualifying Attributes in paragraph (c) of this section and the requirements of paragraphs (d) and (e) of this section.

(b) End of Deferral Period.

Home Foreclosures: 24 C.F.R. § 206.57 Cure provision enabling reinstatement of Deferral Period.

(a) When the mortgagee is required by § 206.55(b)(2) to provide an Eligible Non–Borrowing Spouse with 30 days to cure the default, this section shall apply.

(b) If the default is cured within the 30–day timeframe, the Deferral Period shall be reinstated, unless:

(1) The mortgagee has reinstated the Deferral Period within the past two years immediately preceding the current notification to the Eligible Non–Borrowing Spouse that the mortgage is due and payable;

Home Foreclosures: 24 C.F.R. § 206.209 Prepayment.

(a) No charge or penalty. The borrower may repay a mortgage in full or prepay a mortgage in part without charge or penalty at any time, regardless of any limitations on repayment or prepayment stated in a mortgage.

(b) Insurance and condemnation proceeds. If insurance or condemnation proceeds are paid to the mortgagee, the principal limit and the outstanding loan balance shall be reduced by the amount of the proceeds not applied to restoration or repair of the damaged property.

Home Foreclosures: 24 C.F.R. § 206.140 Inspection and preservation of properties.

The mortgagee, upon learning that a property subject to a mortgage insured under this part is vacant or abandoned, shall be responsible for the inspection of such property at least monthly, if the loan is in a due and payable status. When a mortgage is in due and payable status and efforts to reach the borrower or applicable party by telephone within that period have been unsuccessful, the mortgagee shall be responsible for a visual inspection of the security property to determine whether the property is vacant.

Home Foreclosures: 24 C.F.R. § 206.59 Obligations of mortgagee.

(a) Certifications and disclosures at closing. At closing, the mortgagee shall obtain the appropriate certification from each borrower identified as married as well as from each identified Non–Borrowing Spouse. When a HECM borrower has identified an Ineligible Non–Borrowing Spouse, the mortgagee shall also disclose the amount of mortgage proceeds that would have been available under the HECM if he or she were an Eligible Non–Borrowing Spouse.

Home Foreclosures: 24 C.F.R. § 206.141 Property condition.

(a) Condition at time of transfer. When the mortgage is assigned to the Commissioner or the property is sold by the mortgagee, the property shall be undamaged by fire, earthquake, flood, or tornado, except as set forth in this subpart.

(b) Damage to property by waste. The mortgagee shall not be liable for damage to the property by waste committed by the borrower, its heirs, successors or assigns in connection with mortgage insurance claims.

Home Foreclosures: 24 C.F.R. § 206.3 Definitions.

As used in this part, the following terms shall have the meaning indicated.

Bona fide tenant means a tenant of the property who is not a mortgagor, borrower, a spouse or child of a mortgagor or borrower, or any other member of a mortgagor's or borrower's family.

Borrower means a mortgagor who is an original borrower under the HECM Loan Agreement and Note. The term does not include successors or assigns of a borrower.

Home Foreclosures: 24 C.F.R. § 206.201 Mortgage servicing generally; sanctions.

(a) General. This subpart identifies servicing practices that the Commissioner considers acceptable mortgage servicing practices of lending institutions servicing mortgages insured by the Commissioner. Failure to comply with this subpart shall not be a basis for denial of the insurance benefits, but a pattern of refusal or failure to comply will be cause for withdrawal of FHA mortgagee approval.

Home Foreclosures: 24 C.F.R. § 206.123 Claim procedures in general.

(a) Claims. Mortgagees may submit claims for the payment of the mortgage insurance benefits if:

(1) The conditions of § 206.107(a)(1) pertaining to the optional assignment of the mortgage by the mortgagee have been met and the mortgagee assigns the mortgage to the Commissioner;

(2) The mortgagee is unable or unwilling to make the payments under the mortgage and assigns the mortgage to the Commissioner pursuant to the Commissioner's demand, as provided in § 206.121(b);

Home Foreclosures: 24 C.F.R. § 206.39 Principal residence.

(a) The property must be the principal residence of each borrower, and if applicable, Eligible Non-Borrowing Spouse, at closing.

(b) HECM for Purchase. For HECM for Purchase transactions, each borrower, and if applicable, Eligible Non-Borrowing Spouse, must occupy the property within 60 days from the date of closing.

[82 Fed. Reg. 7117 (Jan. 19, 2017)]