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12 U.S.C. · Banks and Banking
12 U.S.C. § 4115

Timetable for approval of plan of action

Ch. 42 — LOW-INCOME HOUSING PRESERVATION AND RESIDENT HOMEOWNERSHIP
Title 12 U.S.C. ● ACTIVE Primary Source Ch. 42
Statutory Text

12 U.S.C. § 4115 — Timetable for approval of plan of action

U.S.C. Title 12 - BANKS AND BANKING 12 U.S.C. United States Code, 2023 Edition Title 12 - BANKS AND BANKING CHAPTER 42 - LOW-INCOME HOUSING PRESERVATION AND RESIDENT HOMEOWNERSHIP SUBCHAPTER I - PREPAYMENT OF MORTGAGES INSURED UNDER NATIONAL HOUSING ACT Sec. 4115 - Timetable for approval of plan of action From the U.S. Government Publishing Office, www.gpo.gov

§4115. Timetable for approval of plan of action

(a) Notification of deficiencies 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. (b) Notification of approval (1) In general 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— (A) the reasons for withholding approval; and (B) the actions that could be taken to meet the criteria for approval. (2) Opportunity to revise The Secretary shall subsequently give the owner a reasonable opportunity to revise the plan of action and seek approval. (c) Delayed 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.

(Pub. L. 100–242, title II, §225, as added Pub. L. 101–625, title VI, §601(a), Nov. 28, 1990, 104 Stat. 4266.)

Source: uscode.house.gov — public domain Official Source ↗
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12 U.S.C. § 4115
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The statutory text of 12 U.S.C. § 4115 is reproduced from the official United States Code as published by the Office of the Law Revision Counsel of the U.S. House of Representatives (uscode.house.gov).
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Ch. 42 — LOW-INCOME HOUSING PRESERVATION AND RESIDENT HOMEOWNERSHIP
12 U.S.C. § 410112 U.S.C. § 410212 U.S.C. § 410312 U.S.C. § 410412 U.S.C. § 410512 U.S.C. § 410612 U.S.C. § 410712 U.S.C. § 410812 U.S.C. § 410912 U.S.C. § 411012 U.S.C. § 411112 U.S.C. § 411212 U.S.C. § 411312 U.S.C. § 411412 U.S.C. § 411512 U.S.C. § 411612 U.S.C. § 411712 U.S.C. § 411812 U.S.C. § 411912 U.S.C. § 412012 U.S.C. § 412112 U.S.C. § 412212 U.S.C. § 412312 U.S.C. § 412412 U.S.C. § 412512 U.S.C. § 414112 U.S.C. § 414212 U.S.C. § 414312 U.S.C. § 414412 U.S.C. § 4145
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