U.S. Code » Title 12 » Chapter CHAPTER 13— NATIONAL HOUSING › Subchapter SUBCHAPTER II— MORTGAGE INSURANCE › Subtitle “subtitle b— prepayment of mortgages insured under national housing act

12 U.S.C. § 221

GENERAL PREPAYMENT LIMITATION.

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“(a)Prior Approval of Plan of Action.—An owner of eligible low income housing may prepay, and a mortgagee may accept prepayment of, a mortgage on such housing only in accordance with a plan of action approved by the Secretary of Housing and Urban Development under this subtitle. An insurance contract with respect to eligible low-income housing may be terminated pursuant to section 229 of the National Housing Act [12 U.S.C. 1715t] only in accordance with a plan of action approved by the Secretary under this subtitle.“(b)Alternative Prepayment Moratorium.—In the event any court of the United States or any State invalidates the requirements established in this subtitle (1) an owner of eligible low income housing located in the geographic area subject to the jurisdiction of such court may not prepay, and a mortgagee may not accept prepayment of, a mortgage on such housing during the 2-year period following the date of such invalidation, and (2) an insurance contract with respect to eligible low-income housing located in the geographic area subject to the jurisdiction of such court may not be terminated pursuant to section 229 of the National Housing Act [12 U.S.C. 1715t] during the 2-year period following the date of such invalidation.
Notes of Decisions
Cited in 72 cases (11 in the last 5 years), 1928–2026 · leading case: First Agric. Nat'l Bank of Berkshire Cnty. v. State Tax Comm'n, 392 U.S. 339 (1968).
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First Agric. Nat'l Bank of Berkshire Cnty. v. State Tax Comm'n, 392 U.S. 339 (1968). · cites it 4× “251 , as amended, 12 U. S. C. § 221 et seq., and by subsequent developments with respect both to the Federal Reserve System and to national banks.”
Am. Bankers Ass'n v. United States, 932 F.3d 1375 (Fed. Cir. 2019). “See 12 U.S.C. §§ 221 -522. This opinion cites to the original 1913 Act, which is the same as the current version except where otherwise noted.”
Amsouth Bank (03-5517) First Tennessee Bank (03-5521) v. George Dale, 386 F.3d 763 (1st Cir. 2004). “6, 38 Stat, 251 (1913) (codified as amended at 12 U.S.C. § 221 et seq.). The regulations in question govern wire transfers on Fedwire, the wire transfer system of the Federal Reserve Banks.”
Texas State Bank v. United States, 423 F.3d 1370 (Fed. Cir. 2005). · cites it 2× “251, codified as amended at 12 U.S.C. §§ 221 et seq. (1913). A principal function of the Federal Reserve System has been to determine and implement monetary policy “so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.”
In Re Novosielski, 992 A.2d 89 (Pa. 2010). “12 U.S.C. § 221 . The powers conferred upon Federal Reserve Banks include “all powers specifically granted by the provisions of [the Federal Reserve Act] and such incidental powers as shall be necessary to carry on the business of banking within the limitations prescribed by…”
Fasano v. Fed. Reserve Bank, 457 F.3d 274 (3rd Cir. 2006). “Federal Reserve Banks Because the nature of Federal Reserve Banks is at issue in this case, we begin by briefly describing their history and function.”
Sylvester Marx v. Centran Corp., 747 F.2d 1536 (6th Cir. 1984). “See 12 U.S.C. § 221 . 10 . The source of the error was explained in Lode : An examination of 12 U.”
United States v. John F. Grismore, 564 F.2d 929 (10th Cir. 1977). “Throughout the trial, and in his appellate brief, defendant emphasizes his religious beliefs against a welfare state which, he says, exists at least in part because of the currency system established by the Federal Reserve Act, 12 U.S.C. § 221 et seq. These beliefs are said to…”
Starr Int'l Co. v. Fed. Reserve Bank, 906 F. Supp. 2d 202 (S.D.N.Y. 2012). · cites it 2× “The Federal Reserve System was established in 1913 by the Federal Reserve Act (FRA), 12 U.S.C. §§ 221 et seq. The FRA “marked the end of a long struggle and was thought to afford the solution of many difficulties,” notably a system of national banks which “provided no central…”
Bozeman Fin. LLC v. Fed. Reserve Bank, 955 F.3d 971 (Fed. Cir. 2020). “See 12 U.S.C. § 221 et seq. Unlike the Postal Service, which was at issue in Re- turn Mail, the Banks’s enabling statute does not establish them as part of an executive agency, but rather each bank is a “body corporate.”
Donald W. Riegle, Jr., Member, U. S. Senate v. Fed. Open Mkt. Comm., 656 F.2d 873 (D.C. Cir. 1981). “ROBB, Circuit Judge: This case presents the question whether a United States Senator has standing to challenge the constitutionality of the procedures established by the Federal Reserve Act, 12 U.S.C. § 221 et seq. (1976) for the appointment of the five Reserve Bank members of…”
Nat'l City Bank of Indiana v. Turnbaugh, 367 F. Supp. 2d 805 (D. Maryland 2005). “, 12 U.S.C. § 221 . Finally, the Commissioner asserts that the OCC exceeded the authority delegated to it by 12 U.”
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