12 U.S.C. § 4115
Timetable for approval of plan of action
United States · Title 12 — BANKS AND BANKING · Status: effective
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- Citation
- 12 U.S.C. § 4115, Timetable for approval of plan of action, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/438650
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Full text
Not later than 60 days after receipt of a plan of action, the Secretary shall notify the owner in writing of any deficiencies that prevent the plan of action from being approved. If deficiencies are found, such notice shall describe alternative ways in which the plan may be revised to meet the criteria for approval.
Not later than 180 days after receipt of a plan of action, or such longer period as the owner requests, the Secretary shall notify the owner in writing whether the plan of action, including any revisions, is approved. If approval is withheld, the notice shall describe—
The Secretary shall subsequently give the owner a reasonable opportunity to revise the plan of action and seek approval.
If the Secretary does not approve a plan of action within the period under subsection (b), the Secretary shall provide incentives and assistance under this subchapter in the amount that the owner would have received if the Secretary had complied with such time limitations. The preceding sentence shall not apply if the plan of action was not approved because of deficiencies. An owner may bring an action in the appropriate Federal district court to enforce this subsection.
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.
- Housing and Community Development Act of 1987House: no recorded tallySenate: no recorded tally
- Cranston-Gonzalez National Affordable Housing ActHouse: no recorded tallySenate: 93–6