12 U.S.C. § 1462a - Administrative provisions

• Cite as: 12 U.S.C. § 1462a

(a) Powers

In accordance with subtitle A of title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the appropriate Federal banking agency shall have all powers which-

(1) were vested in the Federal Home Loan Bank Board (in the Board's capacity as such) or the Chairman of such Board on the day before the date of the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 [Aug. 9, 1989]; and

(2) were not-

(A) transferred to the Federal Deposit Insurance Corporation, the Federal Housing Finance Board, the Resolution Trust Corporation, or the Federal Home Loan Mortgage Corporation pursuant to any amendment made by such Act; or

(B) established under any provision of law repealed by such Act.

(b) State homestead provisions

No provision of this chapter or any other provision of law administered by the appropriate Federal banking agency shall be construed as superseding any homestead provision of any State constitution, including any implementing State statute, in effect on September 29, 1994, or any subsequent amendment to such a State constitutional or statutory provision in effect on September 29, 1994, that exempts the homestead of any person from foreclosure, or forced sale, for the payment of all debts, other than a purchase money obligation relating to the homestead, taxes due on the homestead, or an obligation arising from work and material used in constructing improvements on the homestead.

Cite as 12 U.S.C. § 1462a

Source: June 13, 1933, ch. 64, §3, as added Pub. L. 101-73, title III, §301, Aug. 9, 1989, 103 Stat. 278; amended Pub. L. 103-325, title III, §331(c), Sept. 23, 1994, 108 Stat. 2232; Pub. L. 103-328, title I, §102(b)(5), Sept. 29, 1994, 108 Stat. 2352; Pub. L. 109-351, title VII, §712, Oct. 13, 2006, 120 Stat. 1994; Pub. L. 111-203, title III, §369(3), July 21, 2010, 124 Stat. 1558.

Notes from the Office of Law Revision Counsel

current through 7/7/2021

EDITORIAL NOTES

REFERENCES IN TEXT

The Dodd-Frank Wall Street Reform and Consumer Protection Act, referred to in subsec. (a), is Pub. L. 111-203, 124 Stat. 1376. Subtitle A (§§311-319) of title III of the Act enacted part A (§5411 et seq.) of subchapter III of chapter 53 and sections 4b and 16 of this title, amended sections 1, 11, 248, 481, 482, 1813, and 1820 of this title and section 3502 of Title 44, Public Printing and Documents, and enacted provisions set out as notes under sections 1 and 16 of this title. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of this title and Tables.