12 USC Ch. 27: Front Matter
From Title 12-BANKS AND BANKINGCHAPTER 27-REAL ESTATE SETTLEMENT PROCEDURES
CHAPTER 27-REAL ESTATE SETTLEMENT PROCEDURES
Sec.
2601.
Congressional findings and purpose.
2602.
Definitions.
2603.
Uniform settlement statement.
2604.
Special information booklets.
(a)
Distribution by Secretary to lenders to help borrowers.
(b)
Form and detail; cost elements, standard settlement form, escrow accounts, selection of persons for settlement services; consideration of differences in settlement procedures.
(c)
Estimate of charges.
(d)
Distribution by lenders to loan applicants at time of receipt or preparation of applications.
(e)
Printing and distribution by lenders of booklets approved by Secretary.
2605.
Servicing of mortgage loans and administration of escrow accounts.
(a)
Disclosure to applicant relating to assignment, sale, or transfer of loan servicing.
(b)
Notice by transferor of loan servicing at time of transfer.
(c)
Notice by transferee of loan servicing at time of transfer.
(d)
Treatment of loan payments during transfer period.
(e)
Duty of loan servicer to respond to borrower inquiries.
(f)
Damages and costs.
(g)
Administration of escrow accounts.
(h)
Preemption of conflicting State laws.
(i)
Definitions.
(j)
Transition.
2606.
Exempted transactions.
2607.
Prohibition against kickbacks and unearned fees.
(a)
Business referrals.
(b)
Splitting charges.
(c)
Fees, salaries, compensation, or other payments.
(d)
Penalties for violations; joint and several liability; treble damages; actions for injunction by Secretary and by State officials; costs and attorney fees; construction of State laws.
2608.
Title companies; liability of seller.
2609.
Limitation on requirement of advance deposits in escrow accounts.
(a)
In general.
(b)
Notification of shortage in escrow account.
(c)
Escrow account statements.
(d)
Penalties.
2610.
Prohibition of fees for preparation of truth-in-lending, uniform settlement, and escrow account statements.
2611.
Land parcel recordation system; establishment on demonstration basis.
2612.
Report of Secretary on necessity for further Congressional action.
(a)
Administrative consultations; study, investigation, and hearings; time of submission.
(b)
Scope of report; specific practices or problems and corrective measures; cost burden for real estate settlement services; Federal regulation of charges and regulatory scheme; local government recordation of land title information and Federal assistance for development of a model system.
2613.
Demonstration to determine feasibility of including statements of settlement costs in special information booklets; report to Congress.
2614.
Jurisdiction of courts; limitations.
2615.
Contracts and liens; validity.
2616.
State laws unaffected; inconsistent Federal and State provisions.
2617.
Authority of Secretary.
Chapter Referred to in Other Sections
This chapter is referred to in title 15 section 1638; title 42 sections 3541, 4012a, 8232.