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U.S. Code as of:
01/19/04
Section 1428. Examination of State laws, regulations, and procedures; studies of values, etc.
The Board shall cause to be made from time to time examinations
of the laws of the various States of the United States and the
regulations and procedure thereunder governing conditions under
which institutions of the kinds which may become members or
nonmember borrowers under this chapter are permitted to be formed
or to do business, or relating to the conveying or recording of
land titles, or to homestead and other rights, or to the
enforcement of the rights of holders of mortgages on lands securing
loans, or otherwise. If any such examination shall indicate, in the
opinion of the Board, that under the laws of any such State or the
regulations or procedure thereunder there would be inadequate
protection to a Federal Home Loan Bank in making or collecting
advances under this chapter, the Board may withhold or limit the
operation of any Federal Home Loan Bank in such State until
satisfactory conditions of law, regulation, or procedure shall be
established. In any State where State examination of members or
nonmember borrowers is deemed inadequate for the purposes of the
Federal Home Loan Banks, the Board shall establish such
examination, all or part of the cost of which may be considered as
part of the cost of making advances in such State. The banks and/or
the Board may make studies of trends of home and other property
values, methods of appraisals, and other subjects such as they may
deem useful for the general guidance of their policies and
operations and those of institutions authorized to secure advances.
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