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U.S. Code as of:
01/19/04
Section 2803. Maintenance of records and public disclosure
(a) Duty of depository institutions; nature and content of
information
(1) Each depository institution which has a home office or branch
office located within a primary metropolitan statistical area,
metropolitan statistical area, or consolidated metropolitan
statistical area that is not comprised of designated primary
metropolitan statistical areas, as defined by the Department of
Commerce shall compile and make available, in accordance with
regulations of the Board, to the public for inspection and copying
at the home office, and at least one branch office within each
primary metropolitan statistical area, metropolitan statistical
area, or consolidated metropolitan statistical area that is not
comprised of designated primary metropolitan statistical areas in
which the depository institution has an office the number and total
dollar amount of mortgage loans which were (A) originated (or for
which the institution received completed applications), or (B)
purchased by that institution during each fiscal year (beginning
with the last full fiscal year of that institution which
immediately preceded the effective date of this chapter).
(2) The information required to be maintained and made available
under paragraph (1) shall also be itemized in order to clearly and
conspicuously disclose the following:
(A) The number and dollar amount for each item referred to in
paragraph (1), by census tracts for mortgage loans secured by
property located within any county with a population of more than
30,000, within that primary metropolitan statistical area,
metropolitan statistical area, or consolidated metropolitan
statistical area that is not comprised of designated primary
metropolitan statistical areas, otherwise, by county, for
mortgage loans secured by property located within any other
county within that primary metropolitan statistical area,
metropolitan statistical area, or consolidated metropolitan
statistical area that is not comprised of designated primary
metropolitan statistical areas.
(B) The number and dollar amount for each item referred to in
paragraph (1) for all such mortgage loans which are secured by
property located outside that primary metropolitan statistical
area, metropolitan statistical area, or consolidated metropolitan
statistical area that is not comprised of designated primary
metropolitan statistical areas.
For the purpose of this paragraph, a depository institution which
maintains offices in more than one primary metropolitan statistical
area, metropolitan statistical area, or consolidated metropolitan
statistical area that is not comprised of designated primary
metropolitan statistical areas shall be required to make the
information required by this paragraph available at any such office
only to the extent that such information relates to mortgage loans
which were originated or purchased (or for which completed
applications were received) by an office of that depository
institution located in the primary metropolitan statistical area,
metropolitan statistical area, or consolidated metropolitan
statistical area that is not comprised of designated primary
metropolitan statistical areas in which the office making such
information available is located. For purposes of this paragraph,
other lending institutions shall be deemed to have a home office or
branch office within a primary metropolitan statistical area,
metropolitan statistical area, or consolidated metropolitan
statistical area that is not comprised of designated primary
metropolitan statistical areas if such institutions have originated
or purchased or received completed applications for at least 5
mortgage loans in such area in the preceding calendar year.
(b) Itemization of loan data
Any item of information relating to mortgage loans required to be
maintained under subsection (a) of this section shall be further
itemized in order to disclose for each such item -
(1) the number and dollar amount of mortgage loans which are
insured under title II of the National Housing Act [12 U.S.C.
1707 et seq.] or under title V of the Housing Act of 1949 [42
U.S.C. 1471 et seq.] or which are guaranteed under chapter 37 of
title 38;
(2) the number and dollar amount of mortgage loans made to
mortgagors who did not, at the time of execution of the mortgage,
intend to reside in the property securing the mortgage loan;
(3) the number and dollar amount of home improvement loans; and
(4) the number and dollar amount of mortgage loans and
completed applications involving mortgagors or mortgage
applicants grouped according to census tract, income level,
racial characteristics, and gender.
(c) Period of maintenance
Any information required to be compiled and made available under
this section, other than loan application register information
under subsection (j) of this section, shall be maintained and made
available for a period of five years after the close of the first
year during which such information is required to be maintained and
made available.
(d) Duration of disclosure requirements
Notwithstanding the provisions of subsection (a)(1) of this
section, data required to be disclosed under this section for 1980
and thereafter shall be disclosed for each calendar year. Any
depository institution which is required to make disclosures under
this section but which has been making disclosures on some basis
other than a calendar year basis shall make available a separate
disclosure statement containing data for any period prior to
calendar year 1980 which is not covered by the last full year
report prior to the 1980 calendar year report.
(e) Format for disclosures
Subject to subsection (h) of this section, the Board shall
prescribe a standard format for the disclosures required under this
section.
(f) Data disclosure system; operation, etc.
The Federal Financial Institutions Examination Council, in
consultation with the Secretary, shall implement a system to
facilitate access to data required to be disclosed under this
section. Such system shall include arrangements for a central
depository of data in each primary metropolitan statistical area,
metropolitan statistical area, or consolidated metropolitan
statistical area that is not comprised of designated primary
metropolitan statistical areas. Disclosure statements shall be made
available to the public for inspection and copying at such central
depository of data for all depository institutions which are
required to disclose information under this section (or which are
exempted pursuant to section 2805(b) of this title) and which have
a home office or branch office within such primary metropolitan
statistical area, metropolitan statistical area, or consolidated
metropolitan statistical area that is not comprised of designated
primary metropolitan statistical areas.
(g) Exceptions
The requirements of subsections (a) and (b) of this section shall
not apply with respect to mortgage loans that are -
(1) made (or for which completed applications are received) by
any mortgage banking subsidiary of a bank holding company or
savings and loan holding company or by any savings and loan
service corporation that originates or purchases mortgage loans;
and
(2) approved (or for which completed applications are received)
by the Secretary for insurance under title I or II of the
National Housing Act [12 U.S.C. 1702 et seq., 1707 et seq.].
(h) Submission to agencies
The data required to be disclosed under subsection (b)(4) of this
section shall be submitted to the appropriate agency for each
institution reporting under this chapter. Notwithstanding the
requirement of subsection (a)(2)(A) of this section for disclosure
by census tract, the Board, in cooperation with other appropriate
regulators, including -
(1) the Office of the Comptroller of the Currency for national
banks and Federal branches and Federal agencies of foreign banks;
(2) the Director of the Office of Thrift Supervision for
savings associations;
(3) the Federal Deposit Insurance Corporation for banks insured
by the Federal Deposit Insurance Corporation (other than members
of the Federal Reserve System), mutual savings banks, insured
State branches of foreign banks, and any other depository
institution described in section 2802(2)(A) of this title which
is not otherwise referred to in this paragraph;
(4) the National Credit Union Administration Board for credit
unions; and
(5) the Secretary of Housing and Urban Development for other
lending institutions not regulated by the agencies referred to in
paragraphs (1) through (4),
shall develop regulations prescribing the format for such
disclosures, the method for submission of the data to the
appropriate regulatory agency, and the procedures for disclosing
the information to the public. These regulations shall also require
the collection of data required to be disclosed under subsection
(b)(4) of this section with respect to loans sold by each
institution reporting under this chapter, and, in addition, shall
require disclosure of the class of the purchaser of such loans. Any
reporting institution may submit in writing to the appropriate
agency such additional data or explanations as it deems relevant to
the decision to originate or purchase mortgage loans.
(i) Exemption from certain disclosure requirements
The requirements of subsection (b)(4) of this section shall not
apply with respect to any depository institution described in
section 2802(2)(A) of this title which has total assets, as of the
most recent full fiscal year of such institution, of $30,000,000 or
less.
(j) Loan application register information
(1) In general
In addition to the information required to be disclosed under
subsections (a) and (b) of this section, any depository
institution which is required to make disclosures under this
section shall make available to the public, upon request, loan
application register information (as defined by the Board by
regulation) in the form required under regulations prescribed by
the Board.
(2) Format of disclosure
(A) Unedited format
Subject to subparagraph (B), the loan application register
information described in paragraph (1) may be disclosed by a
depository institution without editing or compilation and in
the format in which such information is maintained by the
institution.
(B) Protection of applicant's privacy interest
The Board shall require, by regulation, such deletions as the
Board may determine to be appropriate to protect -
(i) any privacy interest of any applicant, including the
deletion of the applicant's name and identification number,
the date of the application, and the date of any
determination by the institution with respect to such
application; and
(ii) a depository institution from liability under any
Federal or State privacy law.
(C) Census tract format encouraged
It is the sense of the Congress that a depository institution
should provide loan register information under this section in
a format based on the census tract in which the property is
located.
(3) Change of form not required
A depository institution meets the disclosure requirement of
paragraph (1) if the institution provides the information
required under such paragraph in the form in which the
institution maintains such information.
(4) Reasonable charge for information
Any depository institution which provides information under
this subsection may impose a reasonable fee for any cost incurred
in reproducing such information.
(5) Time of disclosure
The disclosure of the loan application register information
described in paragraph (1) for any year pursuant to a request
under paragraph (1) shall be made -
(A) in the case of a request made on or before March 1 of the
succeeding year, before April 1 of the succeeding year; and
(B) in the case of a request made after March 1 of the
succeeding year, before the end of the 30-day period beginning
on the date the request is made.
(6) Retention of information
Notwithstanding subsection (c) of this section, the loan
application register information described in paragraph (1) for
any year shall be maintained and made available, upon request,
for 3 years after the close of the 1st year during which such
information is required to be maintained and made available.
(7) Minimizing compliance costs
In prescribing regulations under this subsection, the Board
shall make every effort to minimize the costs incurred by a
depository institution in complying with this subsection and such
regulations.
(k) Disclosure of statements by depository institutions
(1) In general
In accordance with procedures established by the Board pursuant
to this section, any depository institution required to make
disclosures under this section -
(A) shall make a disclosure statement available, upon
request, to the public no later than 3 business days after the
institution receives the statement from the Federal Financial
Institutions Examination Council; and
(B) may make such statement available on a floppy disc which
may be used with a personal computer or in any other media
which is not prohibited under regulations prescribed by the
Board.
(2) Notice that data is subject to correction after final review
Any disclosure statement provided pursuant to paragraph (1)
shall be accompanied by a clear and conspicuous notice that the
statement is subject to final review and revision, if necessary.
(3) Reasonable charge for information
Any depository institution which provides a disclosure
statement pursuant to paragraph (1) may impose a reasonable fee
for any cost incurred in providing or reproducing such statement.
(l) Prompt disclosures
(1) In general
Any disclosure of information pursuant to this section or
section 2809 of this title shall be made as promptly as possible.
(2) Maximum disclosure period
(A) 6- and 9-month maximum periods
Except as provided in subsections (j)(5) and (k)(1) of this
section and regulations prescribed by the Board and subject to
subparagraph (B), any information required to be disclosed for
any year beginning after December 31, 1992, under -
(i) this section shall be made available to the public
before September 1 of the succeeding year; and
(ii) section 2809 of this title shall be made available to
the public before December 1 of the succeeding year.
(B) Shorter periods encouraged after 1994
With respect to disclosures of information under this section
or section 2809 of this title for any year beginning after
December 31, 1993, every effort shall be made -
(i) to make information disclosed under this section
available to the public before July 1 of the succeeding year;
and
(ii) to make information required to be disclosed under
section 2809 of this title available to the public before
September 1 of the succeeding year.
(3) Improved procedure
The Federal Financial Institutions Examination Council shall
make such changes in the system established pursuant to
subsection (f) of this section as may be necessary to carry out
the requirements of this subsection.
(m) Opportunity to reduce compliance burden
(1) In general
(A) Satisfaction of public availability requirements
A depository institution shall be deemed to have satisfied
the public availability requirements of subsection (a) of this
section if the institution compiles the information required
under that subsection at the home office of the institution and
provides notice at the branch locations specified in subsection
(a) of this section that such information is available from the
home office of the institution upon written request.
(B) Provision of information upon request
Not later than 15 days after the receipt of a written request
for any information required to be compiled under subsection
(a) of this section, the home office of the depository
institution receiving the request shall provide the information
pertinent to the location of the branch in question to the
person requesting the information.
(2) Form of information
In complying with paragraph (1), a depository institution
shall, in the sole discretion of the institution, provide the
person requesting the information with -
(A) a paper copy of the information requested; or
(B) if acceptable to the person, the information through a
form of electronic medium, such as a computer disk.
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