12 U.S.C. § 1749aaa
Insurance of mortgages
United States · Title 12 — BANKS AND BANKING · Status: effective
Cite this
- Citation
- 12 U.S.C. § 1749aaa, Insurance of mortgages, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/437892
- Permanent ID
ys:prov:437892@1- SHA-256
1adc394664c4cf808a5e2080f09b75c056c73df962ed3c9ca74dd42bbc33b6df
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
The Secretary is authorized (1) to insure mortgages (including advances on such mortgages during construction), upon such terms and conditions as he may prescribe, in accordance with the provisions of this subchapter, and (2) to make commitments for the insuring of such mortgages prior to the date of their execution or disbursement thereon.
To be eligible for insurance under this subchapter, the mortgage shall (1) be executed by a mortgagor that is a group practice unit or organization or other mortgagor approved by the Secretary, (2) be made to and held by a mortgagee approved by the Secretary as responsible and able to service the mortgage properly, and (3) cover a property or project which is approved for mortgage insurance prior to the beginning of construction or rehabilitation and is designed for use as a group practice facility or medical practice facility which the Secretary finds will be constructed in an economical manner, will not be of elaborate or extravagant design or materials, and will be adequate and suitable for carrying out the purposes of this subchapter. No mortgage shall be insured under this subchapter unless it is shown to the satisfaction of the Secretary that the applicant would be unable to obtain the mortgage loan without such insurance on terms comparable to those specified in subsection (c).
The mortgage shall—
Any contract of insurance executed by the Secretary under this subchapter shall be conclusive evidence of the eligibility of the mortgage for insurance, and the validity of any contract for insurance so executed shall be incontestable in the hands of an approved mortgagee from the date of the execution of such contract, except for fraud or misrepresentation on the part of such approved mortgagee.
Each mortgage insured under this subchapter shall contain an undertaking (in accordance with regulations prescribed under this subchapter and in force at the time the mortgage is approved for insurance) to the effect that, except as authorized by the Secretary and the mortgagee, the property will be used as a group practice facility or medical practice facility until the mortgage has been paid in full or the contract of insurance otherwise terminated.
No mortgage shall be insured under this subchapter unless the mortgagor and the mortgagee certify (1) that they will keep such records relating to the mortgage transaction and indebtedness, to the construction of the facility covered by the mortgage, and to the use of such facility as a group practice facility or medical practice facility as are prescribed by the Secretary at the time of such certification, (2) that they will make such reports as may from time to time be required by the Secretary pertaining to such matters, and (3) that the Secretary shall have access to and the right to examine and audit such records.
Legislative history
The public laws that enacted or amended this section. Tallies are for the whole bill as it passed each chamber — often an omnibus covering far more than this provision — not a vote on this section alone. The law that originally enacted this section predates the public laws loaded here, so only later amendments are listed.
- Joint resolution to provide for a temporary extension of the authority of the Secretary of Housing and Urban Development with respect to the insurance of loans and mortgages, and for other purposes.House: no recorded tallySenate: no recorded tally
- Joint resolution to extend the authority of the Secretary of Housing and Urban Development with respect to the insurance of loans and mortgages, to extend authorizations under laws relating to housing and urban development, and for other purposes.House: no recorded tallySenate: no recorded tally
- Housing and Community Development Act of 1974House: no recorded tallySenate: no recorded tally
- Joint resolution to provide for a temporary extension of certain Federal Housing Administration mortgage insurance and related authorities and of the national flood insurance program, and for other purposes.House: no recorded tallySenate: no recorded tally
- Joint resolution to provide for a temporary extension of certain Federal Housing Administration mortgage insurance and related authorities and of the national flood insurance program, and for other purposes.House: no recorded tallySenate: no recorded tally
- Housing and Community Development Act of 1977House: no recorded tallySenate: no recorded tally
- To provide for a temporary extension of certain Federal Housing Administration mortgage insurance and related authorities, of the national flood insurance program, of the crime insurance and riot reinsurance programs, of certain rural housing authorities, and for other purposes.House: no recorded tallySenate: no recorded tally
- Housing and Community Development Amendments of 1978House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for a temporary extension of certain Federal Housing Administration authorities, and for other purposes.House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for a temporary extension of certain Federal Housing Administration authorities, and for other purposes.House: no recorded tallySenate: no recorded tally
- Housing and Community Development Amendments of 1979House: no recorded tallySenate: no recorded tally
- A joint resolution providing for a temporary extension of certain Federal Housing Administration authorities and for rural housing authorities.House: no recorded tallySenate: no recorded tally
- Housing and Community Development Act of 1980House: no recorded tallySenate: no recorded tally
- Omnibus Budget Reconciliation Act of 1981House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the temporary extension of certain insurance programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the temporary extension of certain insurance programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the temporary extension of certain insurance programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- Supplemental Appropriations Act, 1984House: no recorded tallySenate: no recorded tally
- Housing and Community Development Technical Amendments Act of 1984House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the temporary extension of certain programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the temporary extension of certain programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the temporary extension of certain programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the temporary extension of certain programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- Consolidated Omnibus Budget Reconciliation Act of 1985House: no recorded tallySenate: no recorded tally
- FHA and GNMA Credit Commitment Assistance Act of 1986House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the temporary extension of certain programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- An original joint resolution to provide for the extension of certain programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the extension of certain programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the extension of certain programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the extension of certain programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the temporary extension of certain programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the temporary extension of certain programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- Housing and Community Development Act of 1987House: no recorded tallySenate: no recorded tally