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Mortgage Lending: TEXAS

Legal Interest Rate: Tex. Const. art. 16, § 11; Tex. Fin. Code Ann. §§ 302.001, 302.002 (West)

Contract Interest Rate: Tex. Const. art. 16, § 11; Tex. Fin. Code Ann. §§ 302.001, 302.002, 303.001 to 303.502 (West)

Second Mortgage Loans: Tex. Fin. Code Ann. § 342.301 (West) (consumer loans)

Appraisers: Tex. Occ. Code Ann. §§ 1103.001 to 1104.253 (West); 22 Tex. Admin. Code §§ 153.1 to 159.205

Mortgage Lending: WASHINGTON

Legal Interest Rate: Wash. Rev. Code § 19.52.010

Contract Interest Rate: Wash. Rev. Code §§ 19.52.010, 19.52.020

Open-End Loans: Wash. Rev. Code §§ 31.04.015 to 31.04.310 (§§ 31.04.015, 31.04.105, 31.04.115) (Consumer Loan Act)

Mortgage Requirements: Wash. Rev. Code §§ 19.144.005 to 19.144.120, 19.149.010, 19.149.020

Reverse Mortgage Loans: Wash. Rev. Code §§ 31.04.500 to 31.04.901

Appraisers: Wash. Rev. Code §§ 18.140.005 to 18.140.900; Wash. Admin. Code §§ 308-125-010 to 308-125-250

Mortgage Lending: WYOMING

Legal Interest Rate: Wyo. Stat. Ann. § 40-14-106

Contract Interest Rate: See rates specified in consumer sections of Wyoming UCCC (Wyo. Stat. Ann. §§ 40-14-101 to 40-14-649)

Uniform Consumer Credit Code (UCCC): Wyo. Stat. Ann. §§ 40-14-101 to 40-14-649 (§ 40-14-318—prepayment penalties; § 40-14-333—balloon payments)

Appraisers: Wyo. Stat. Ann. §§ 33-39-101 to 33-39-225

Mortgage Lending: Listing of Provisions

Title 12—Banks and Banking

Chapter 13—National Housing

Subchapter V—Miscellaneous

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12 U.S.C. § 1735f-5. Prohibition against discrimination on account of sex in extension of mortgage assistance; consideration of combined income of husband and wife for purpose of extending mortgage credit; definitions

Mortgage Lending: Listing of Provisions

Title 12—Banks and Banking

Chapter 13—National Housing

Subchapter V—Miscellaneous

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12 U.S.C. § 1735f-7a. State constitution or laws limiting mortgage interest, discount points, and finance or other charges; exemption for obligations made after March 31, 1980

Mortgage Lending: 12 U.S.C. § 1735f-7a. State constitution or laws limiting mortgage interest, discount points, and finance or other charges; exemption for obligations made after March 31, 1980

(a) Applicability to loan, mortgage, credit sale, or advance; applicability to deposit, account, or obligation

(1) The provisions of the constitution or the laws of any State expressly limiting the rate or amount of interest, discount points, finance charges, or other charges which may be charged, taken, received, or reserved shall not apply to any loan, mortgage, credit sale, or advance which is—

Mortgage Lending: Listing of Provisions

Chapter 16—Federal Deposit Insurance Corporation

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12 U.S.C. § 1831a. Activities of insured State banks

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12 U.S.C. § 1831d. State-chartered insured depository institutions and insured branches of foreign banks

Mortgage Lending: Listing of Provisions

Title 12—Banks and Banking

Chapter I. Comptroller of the Currency, Department of the Treasury

Part 190—Preemption of State Usury Laws2

Sec.

190.1 Authority, purpose and scope.

190.2 Definitions.

190.3 Operation.

190.4 Federally-related residential manufactured housing loans—consumer protection provisions.

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Mortgage Lending: § 190.2 Definitions.

For the purposes of this part, the following definitions apply:

(a) Loans mean any loans, mortgages, credit sales, or advances.

(b) Federally-related loans include any loan:

(1) Made by any lender whose deposits or accounts are insured by any agency of the Federal government;

(2) Made by any lender regulated by any agency of the Federal government;

Mortgage Lending: § 190.3 Operation.

(a) The provisions of the constitution or law of any state expressly limiting the rate or amount of interest, discount points, finance charges, or other charges which may be charged, taken, received, or reserved shall not apply to any Federally-related loan:

(1) Made after March 31, 1980; and

(2) Secured by a first lien on:

(i) Residential real property;

Mortgage Lending: § 190.101 State criminal usury statutes.

(a) Section 501 provides that “the provisions of the constitution or laws of any state expressly limiting the rate or amount of interest, discount points, finance charges, or other charges shall not apply to any” Federally-related loan secured by a first lien on residential real property, a residential manufactured home, or all the stock allocated to a dwelling unit in a residential housing cooperative. 12 U.S.C. 1735f–7 note (Supp. IV 1980).

Mortgage Lending: I.3 Interpretations Concerning State Depository Rate Exportation

This section summarizes letters released by the Federal Deposit Insurance Corporation (FDIC) relating to the preemption of state laws by FDIC-insured state-chartered banks and to the “location” of the state-chartered bank for exportation purposes. The earliest letters by the FDIC dealing with these subjects date from 1981. The full text of these letters are available online as companion material to this treatise. Archived and recently released letters and opinions can be obtained from the FDIC’s website: www.fdic.gov.

Fair Credit Reporting: K.1 Introduction

This Appendix includes model language to be used in settlements over debt and credit related litigation designed to address credit reporting consequences (Appx. K.2 and K.3, infra). There is no better time to clear up a consumer’s credit record than when settling a lawsuit with a creditor that has furnished negative information on the consumer.

Repossessions: A.1 Introduction

This appendix reprints the parts of the Uniform Commercial Code (UCC) text and official comments most often consulted in consumer repossession cases. The UCC is prepared by the American Law Institute (ALI) and the Uniform Law Commission (formerly the National Conference of Commissioners on Uniform State Laws (NCCUSL)). These selected provisions are reprinted with permission.1 Where text or comments have been omitted in this appendix, that omission is marked by three asterisks.