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12 USC Section 2617
Authority of Secretary
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 27, 1998]
[Document not affected by Public Laws enacted between
January 27, 1998 and November 30, 1998]
[CITE: 12USC2617]
TITLE 12 - BANKS AND BANKING
CHAPTER 27 - Real Estate Settlement Procedures
Sec. 2617. Authority of Secretary
(a) Issuance of regulations; exemptions
The Secretary is authorized to prescribe such rules and regulations,
to make such interpretations, and to grant such reasonable exemptions
for classes of transactions, as may be necessary to achieve the purposes
of this chapter.
(b) Liability for acts done in good faith in conformity with rule,
regulation, or interpretation
No provision of this chapter or the laws of any State imposing any
liability shall apply to any act done or omitted in good faith in
conformity with any rule, regulation, or interpretation thereof by the
Secretary or the Attorney General, notwithstanding that after such act
or omission has occurred, such rule, regulation, or interpretation is
amended, rescinded, or determined by judicial or other authority to be
invalid for any reason.
(c) Investigations; hearings; failure to obey order; contempt
or matters that may be deemed necessary or proper to aid in the
enforcement of the provisions of this chapter, in prescribing of rules
and regulations thereunder, or in securing information to serve as a
basis for recommending further legislation concerning real estate
settlement practices. To aid in the investigations, the Secretary is
authorized to hold such hearings, administer such oaths, and require by
subpena the attendance and testimony of such witnesses and production of
such documents as the Secretary deems advisable.
(2) Any district court of the United States within the jurisdiction
of which an inquiry is carried on may, in the case of contumacy or
refusal to obey a subpena of the Secretary issued under this section,
issue an order requiring compliance therewith; and any failure to obey
such order of the court may be punished by such court as a contempt
thereof.
(d) Delay of effectiveness of recent final regulation relating to
payments to employees
The amendment to part 3500 of title 24 of the Code of Federal
Regulations contained in the final regulation prescribed by the
Secretary and published in the Federal Register on June 7, 1996,
which will, as of the effective date of such amendment--
employees of such employer for referral activities which is
currently codified as section 3500.14(g)(1)(vii) of such title
24; and
(B) replace such exemption with a more limited exemption in
new clauses (vii), (viii), and (ix) of section 3500.14 of such
title 24,
(2) Continuation of prior rule
The regulation codified as section 3500.14(g)(1)(vii) of title
24 of the Code of Federal Regulations, relating to employer-employee
payments, as in effect on May 1, 1996, shall remain in effect until
the date the amendment referred to in paragraph (1) takes effect in
accordance with such paragraph.
(3) Public notice of effective date
The Secretary shall provide public notice of the date on which
the amendment referred to in paragraph (1) will take effect in
accordance with such paragraph not less than 90 days and not more
than 180 days before such effective date.
(Pub. L. 93-533, Sec. 19, as added Pub. L. 94-205, Sec. 10, Jan. 2,
1976, 89 Stat. 1159; amended Pub. L. 98-181, title IV, Sec. 461(e), Nov.
30, 1983, 97 Stat. 1232; Pub. L. 104-208, div. A, title II,
Sec. 2103(f), Sept. 30, 1996, 110 Stat. 3009-401.)
Amendments
1983--Subsec. (c). Pub. L. 98-181 added subsec. (c).
Effective Date of 1983 Amendment
461(f) of Pub. L. 98-181, set out as a note under section 2602 of this
title.
Effective Date
set out as an Effective Date of 1976 Amendment note under section 2602
of this title.
Section Referred to in Other Sections
This section is referred to in section 2606 of this title.