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12 U.S.C. § 3806

Adjustable rate mortgage caps

United States · Title 12 — BANKS AND BANKING · Status: effective

Property & Real Estate
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12 U.S.C. § 3806, Adjustable rate mortgage caps, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/438608
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Full text

Any adjustable rate mortgage loan originated by a creditor shall include a limitation on the maximum interest rate that may apply during the term of the mortgage loan. The Board of Governors of the Federal Reserve System shall prescribe regulations to carry out the purposes of this section. Any violation of this section shall be treated as a violation of the Truth in Lending Act [15 U.S.C. 1601 et seq.] and shall be subject to administrative enforcement under section 108 [15 U.S.C. 1607] or civil damages under section 130 [15 U.S.C. 1640] of such Act, or both. For the purpose of this section— This section shall take effect upon the expiration of 120 days after August 10, 1987.

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.

  • Enacted byPub. L. 100-86(H.R. 27)1987-08-10
    Competitive Equality Banking Act of 1987
    House: no recorded tallySenate: no recorded tally
  • Amended byPub. L. 102-550(H.R. 5334)1992-10-28
    Housing and Community Development Act of 1992
    House: 377–37Senate: no recorded tally