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U.S. Code as of:
01/19/04
Section 3352. Emergency exceptions for disaster areas
(a) In general
Each Federal financial institutions regulatory agency may, by
regulation or order, make exceptions to this chapter, and to
standards prescribed pursuant to this chapter, for transactions
involving institutions for which the agency is the primary Federal
regulator with respect to real property located within a disaster
area if the agency -
(1) makes the exception not later than 30 months after the date
on which the President determines, pursuant to section 5170 of
title 42, that a major disaster exists in the area; and
(2) determines that the exception -
(A) would facilitate recovery from the major disaster; and
(B) is consistent with safety and soundness.
(b) 3-year limit on exceptions
Any exception made under this section shall expire not later than
3 years after the date of the determination referred to in
subsection (a)(1) of this section.
(c) Publication required
Any Federal financial institutions regulatory agency shall
publish in the Federal Register a statement that -
(1) describes any exception made under this section; and
(2) explains how the exception -
(A) would facilitate recovery from the major disaster; and
(B) is consistent with safety and soundness.
(d) "Disaster area" defined
For purposes of this section, the term "disaster area" means an
area in which the President, pursuant to section 5170 of title 42,
has determined that a major disaster exists.
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