VALIDITY OF CONTRACTS AND LIENS SEC. 17. [12 U.S.C. 2615] Nothing in this Act shall affect the validity or enforceability of any sale or contract for the sale of real property or any loan, loan agreement, mortgage, or lien made or arising in connection with a federally related mortgage loan. RELATION TO STATE LAWS SEC. 18. [12 U.S.C. 2616] This Act does not annul, alter, or affect, or exempt any person subject to the provisions of this Act from complying with, the laws of any State with respect to settlement practices, except to the extent that those laws are inconsistent with any provision of this Act, and then only to the extent of the inconsistency. The Secretary is authorized to determine whether such inconsistencies exist. The Secretary may not determine that any State law is inconsistent with any provision of this Act if the Secretary determines that such laws gives greater protection to the consumer. In making these determinations the Secretary shall consult with the appropriate Federal agencies. AUTHORITY OF THE SECRETARY SEC. 19. [12 U.S.C. 2617] (a) The Secretary is authorized to prescribe such rules and regulations, to make such interpretations, and to grant such reasonable exemptions for classes of transactions, as may be necessary to achieve the purposes of this Act. (b) No provision of this Act or the laws of any State imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule, regulation, or interpretation thereof by the Secretary or the Attorney General, notwithstanding that after such act or omission has occurred, such rule, regulation, or interpretation is amended, rescinded, or determined by judicial or other authority to be invalid for any reason. (c)(1) The Secretary may investigate any facts, conditions, practices, or matters that may be deemed necessary or proper to aid in the enforcement of the provisions of this Act, in prescribing of rules and regulations thereunder, or in securing information to serve as a basis for recommending further legislation concerning real estate settlement practices. To aid in the investigations, the Secretary is authorized to hold such hearings, administer such oaths, and require by subpena the attendance and testimony of such witnesses and production of such documents as the Secretary deems advisable. (2) Any district court of the United States within the jurisdiction of which an inquiry is carried on may, in the case of contumacy or refusal to obey a subpena of the Secretary issued under this section, issue an order requiring compliance therewith; and any failure to obey such order of the court may be punished by such court as a contempt thereof. (d) DELAY OF EFFECTIVENESS OF RECENT FINAL REGULATION RELATING TO PAYMENTS TO EMPLOYEES.— (1) IN GENERAL.-The amendment to part 3500 of title 24 of the Code of Federal Regulations contained in the final regulation prescribed by the Secretary and published in the Federal Register on June 7, 1996, which will, as of the effective date of such amendment (A) eliminate the exemption for payments by an employer to employees of such employer for referral activities which is currently codified as section 3500.14(g)(1)(vii) of such title 24; and (B) replace such exemption with a more limited exemption in new clauses (vii), (viii), and (ix) of section 3500.14 of such title 24, shall not take effect before July 31, 1997. (2) CONTINUATION OF PRIOR RULE.-The regulation codified as section 3500.14(g)(1)(vii) of title 24 of the Code of Federal Regulations, relating to employer-employee payments, as in effect on May 1, 1996, shall remain in effect until the date the amendment referred to in paragraph (1) takes effect in accordance with such paragraph. (3) PUBLIC NOTICE OF EFFECTIVE DATE.-The Secretary shall provide public notice of the date on which the amendment referred to in paragraph (1) will take effect in accordance with such paragraph not less than 90 days and not more than 180 days before such effective date. EFFECTIVE DATE SEC. 20. [12 U.S.C. 2601 note] The provisions of this Act, and the amendments made thereby, shall become effective one hundred and eighty days after the date of the enactment of this Act.1 The date of enactment was December 22, 1974. SIMPLIFICATION OF DISCLOSURES UNDER REAL EXCERPT FROM TITLE II OF DIVISION A OF OMNIBUS CONSOLIDATED APPROPRIATIONS ACT, 1997 (ECONOMIC GROWTH AND REGU LATORY PAPERWORK REDUCTION ACT OF 1996) [Public Law 104–208; 110 Stat. 3009–398; 12 U.S.C. 2601 note] SEC. 2101. [12 U.S.C. 2601 note] SIMPLIFICATION AND UNIFICATION OF DISCLOSURES REQUIRED UNDER RESPA AND TILA FOR MORTGAGE TRANSACTIONS. (a) IN GENERAL.-With respect to credit transactions which are subject to the Real Estate Settlement Procedures Act of 1974 and the Truth in Lending Act, the Board of Governors of the Federal Reserve System (hereafter in this section referred to as the "Board") and the Secretary of Housing and Urban Development (hereafter in this section referred to as the "Secretary") shall take such action as may be necessary before the end of the 6-month period beginning on the date of enactment of this Act (1) to simplify and improve the disclosures applicable to such transactions under such Acts, including the timing of the disclosures; and (2) to provide a single format for such disclosures which will satisfy the requirements of each such Act with respect to such transactions. (b) REGULATIONS.-To the extent that it is necessary to prescribe any regulation in order to effect any changes required to be made under subsection (a), the proposed regulation shall be pubEshed in the Federal Register before the end of the 6-month period referred to in subsection (a). & RECOMMENDATIONS FOR LEGISLATION.—If the Board and the Secretary find that legislative action may be necessary or appropriate in order to simplify and unify the disclosure requirements under the Real Estate Settlement Procedures Act of 1974 and the Truth in Lending Act, the Board and the Secretary shall submit a report containing recommendations to the Congress concerning such action a snactment was September 31, 1966. SETTLEMENT COSTS FOR FHA AND VA EXCERPT FROM EMERGENCY HOME FINANCE ACT OF 1970 [Public Law 91-351; 84 Stat. 461; 12 U.S.C. 1710 note] SETTLEMENT COSTS IN THE FINANCING OF FEDERAL HOUSING ADMINISTRATION AND VETERANS' ADMINISTRATION ASSISTED HOUSING SEC. 701. [12 U.S.C. 1710 note] (a) With respect to housing built, rehabilitated, or sold with assistance provided under the National Housing Act or under chapter 37 of title 38, United States Code, the Secretary of Housing and Urban Development and the Administrator of Veterans' Affairs are respectively authorized and directed to prescribe standards governing the amounts of settlement costs allowable in connection with the financing of such housing in any such area. Such standards shall— (1) be established after consultation between the Secretary and the Administrator; (2) be consistent in any area for housing assisted under the National Housing Act and housing assisted under chapter 37 of title 38, United States Code; and (3) be based on the Secretary's and the Administrator's estimates of the reasonable charge for necessary services involved in settlements for particular classes of mortgages and loans. (b) The Secretary and the Administrator shall undertake a joint study and make recommendations to the Congress not later than one year after the date of enactment of this Act1 with respect to legislative and administrative actions which should be taken to reduce mortgage settlement costs and to standardize these costs for all geographic areas. 'The date of enactment was July 24, 1970. MANUFACTURED HOME STANDARDS EXCERPT FROM HOUSING AND COMMUNITY DEVELOPMENT ACT OF 1974 [Public Law 93-383; 88 Stat. 700; 42 U.S.C. 5401 et seq.] TITLE VI-MANUFACTURED HOME CONSTRUCTION AND SAFETY STANDARDS SHORT TITLE SEC. 601. [42 U.S.C. 5401 note] This title may be cited as the "National Manufactured Housing Construction and Safety Standards Act of 1974". STATEMENT OF PURPOSE SEC. 602. [42 U.S.C. 5401] The Congress declares that the purposes of this title are to reduce the number of personal injuries and deaths and the amount of insurance costs and property damage resulting from manufactured home accidents and to improve the quality and durability of manufactured homes. Therefore, the Congress determines that it is necessary to establish Federal construction and safety standards for manufactured homes and to authorize manufactured home safety research and development. DEFINITIONS SEC. 603. [42 U.S.C. 5402] As used in this title, the term(1) "manufactured home construction" means all activities relating to the assembly and manufacture of a manufactured home including but not limited to those relating to durability, quality, and safety; (2) "dealer" means any person engaged in the sale, leasing, or distribution of new manufactured homes primarily to persons who in good faith purchase or lease a manufactured home for purposes other than resale; (3) "defect" includes any defect in the performance, construction, components, or material of a manufactured home that renders the home or any part thereof not fit for the ordinary use for which it was intended; (4) "distributor" means any person engaged in the sale and distribution of manufactured homes for resale; (5) "manufacturer" means any person engaged in manufacturing or assembling manufactured homes, including any person engaged in importing manufactured homes for resale; (6) "manufactured home" means a structure, transportable in one or more sections, which, in the traveling mode, is eight body feet or more in width or forty body feet or more in length, or, when erected on site, is three hundred twenty or more |