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the State or, in the case of optometric care or treatment, is under the professional supervision of persons. licensed to practice optometry in the State, or, in the case of dental diagnosis or treatment, is under the professional supervision of persons licensed to practice dentistry in the State, or, in the case of podiatric care or treatment, is under the professional supervision of persons licensed to practice podiatry in the State) and which is primarily for the provision of such health services by a medical or dental group.

(2) The term "medical practice facility" means an adequately equipped facility in which not more than four persons licensed to practice medicine in the State where the facility is located can provide, as may be appropriate, preventive, diagnostic, and treatment services, and which is situated in a rural area or small town, or in a low-income section of an urban area, in which there exists, as determined by the Secretary, a critical shortage of physicians. As used in this paragraph

(A) the term "small town" means any town, village, or city having a population of not more than 10,000 inhabitants according to the most recent available data compiled by the Bureau of the Census; and

(B) the term "low-income section of an urban area" means a section of a larger urban area in which the median family income is substantially lower, as determined by the Secretary, than the median family income for the area as a whole.

(3) The term "medical or dental group" means a partnership or other association or group of persons licensed to practice medicine, osteopathy,2 or surgery in the State, or of persons licensed to practice optometry in the State, or of persons licensed to practice dentistry in the State, or of persons licensed to practice podiatry in the State,2 or of any combination of such persons, who, as their principal professional activity and as a group responsibility, engage or undertake to engage in the coordinated practice of their profession primarily in one or more group practice facilities, and who (in this connection) share common overhead expenses (if and to the extent such expenses are paid by members of the group), medical and other records, and substantial portions of the equipment and the professional, technical, and administrative staffs, and which partnership or association or group is composed of at least such professional personnel and make available at least such health services as may be provided in regulations prescribed under this title.

(4) The term "group practice unit or organization" means

(A) a private nonprofit agency or organization undertaking to provide, directly or through arrangements with a medical or dental group, comprehensive medical care, osteopathic care,3 optometric care, dental care, or podiatric care, or any combination

3

1 Sec. 312(a) (6) of Housing and Community Developemnt Act of 1974, Public Law 93-383, 88 Stat. 633, approved August 22, 1974, redesignated paragraphs (2) through (8) as paragraphs (3) through (9) and inserted a new paragraph (2).

2 Sec. 312(b) (2) of Housing and Community Development Act of 1974, Public Law 93-383, 88 Stat. 633, approved August 22, 1974, inserted ", osteopathy," after "practice medicine" in part. (2) as redesignated by subsec. (a) (6) of this section; and inserted after "dentistry in the State," "or of persons licensed to practice podiatry in the State,". 3 Sec. 312(b)(3) of Housing and Community Development Act of 1974, Public Law 93-383, 88 Stat. 633, approved August 22, 1974 inserted the words "osteopathic care," after "comprehensive medical care," in par. (3) (A) (as so redesignated); and inserted the words "or podiatric care," after the words "dental care," in par. (3)(A) (as so redesignated).

thereof, which may include hospitalization, to members or subscribers primarily on a group practice prepayments basis; or

(B) a private nonprofit agency or organization established for the purpose of improving the availability of medical, optometric, osteopathic, or dental or podiatric care in the community or having some function or functions related to the provision of such care, which will, through lease or other arrangement, make the group practice facility with respect to which assistance has been requested under this title available to a medical or dental group for use by it.

(5) The term "nonprofit organization" means a corporation, association, foundation, trust, or other organization not part of the net earnings of which inures, or may lawfully inure, to the benefit of any private shareholder or individual except, in the case of an organization the purposes of which include the provision of personal health services to its members or subscribers or their dependents under a plan of such organization for the provision of such services to them (which plan may include the provision of other services or insurance benefits to them), through the provision of such health services (or such other services or insurance benefits) to such members or subscribers or dependents under such plan.

(6) The term "State" includes the Commonwealth of Puerto Rico, Guam, the Virgin Islands, American Samoa, and the District of Columbia.

(7) The term "mortgage" means a first mortgage on real estate in fee simple, or on the interest of either the lessor or lessee thereof (A) under a lease for not less than ninety-nine years which is renewable, or (B) under a lease having a period of not less than fifty years to run from the date the mortgage was executed. The term "first mortgage" means such classes of first liens as are commonly given to secure advances (including but not limited to advances during construction) on, or the unpaid purchase price of, real estate under the laws of the State in which the real estate is located, together with the credit instrument or instruments, if any, secured thereby, and any mortgage may be in the form of one or more trust mortgages or mortgage indentures or deeds of trust, securing notes, bonds, or other credit instruments, and, by the same instrument or by a separate instrument, may create a security interest in initial equipment, whether or not attached to the realty.

(8) The term "mortgagee" means the original lender under a mortgage, and his or its successors and assigns, and includes the holders of credit instruments issued under a trust mortgage or deed of trust pursuant to which such holders act by and through a trustee named therein.

(9) The term "mortgagor" means the original borrower under a mortgage and his or its successors and assigns.

1 Sec. 312(b) (4) of Housing and Community Development Act of 1974, Public Law 93-383, 88 Stat. 633. approved August 22, 1974, inserted the word "osteopathic." after the word "optometric," and the words "or podiatric" after the word "dental" in para. (3) (B) as so redesignated.

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FHA AND VA INTEREST RATES AND COMMISSION TO

STUDY

Excerpts from Public Law 90-301

[82 Stat. 113, 12 U.S.C. 1709-1]

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AN ACT to amend chapter 37 of title 38 to the United States Code with respect to the veterans' home loan program, to amend the National Housing Act with respect to interest rates on insured mortgages, and for other purposes.

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SEC. 3. (a) Notwithstanding the provisions of sections 203 (b) (5), 207 (c) (3), 213 (d), 220 (d) (4), 220 (h) (2) (iii), 221 (d) (5), 231 (c) (6), 232(d) (3) (B), 234(f), 235 (j) (2) (C), 236 (j) (4) (B), 240 (c) (4), 241 (b) (3), 242 (d) (3) (B),1 and 1101 (c) (4) of the National Housing Act regarding the maximum interest rates which the Secretary of Housing and Urban Development may establish for certain mortgage insurance programs authorized by that Act, the Secretary is authorized, until June 30, 1977,2 to set the maximum interest rates for such programs at not to exceed such per centum per annum on the amount of the principal obligation outstanding at any time as he finds necessary to meet the mortgage market, and during that time the interest rates so set shall be deemed to be for all purposes the interest rates in effect under the provisions of said section 203 (b) (5) and the other sections referred to above: Provided, That in determining the rate to be applicable for the said section 203(b) (5) program, the Secretary shall consult with the Administrator of Veterans' Affairs regarding the rate which the Administrator considers necessary to meet the mortgage market for guaranteed or insured home loans to veterans under chapter 37 of title 38, United States Code. Notwithstanding the provisions of section 2(b) of the National Housing Act regarding the maximum interest rate which may be established for obligations with respect to which insurance is granted to financial institutions under section 2 of such Act, the Secretary of Housing and Urban Development is also authorized, until the date specified in the preceding sentence, to set the maximum interest rate for obligations with respect to which insurance

1 Sec. 315, Housing and Urban Development Act of 1968, Public Law 90-448, approved August 1, 1968, 82 Stat. 476, 512, added "235(j) (2) (C), 236 (j) (4) (B), 240 (c) (4), 241(b) (3), 242(d) (3) (B)".

2 Sec. 3 of Public Law 91-78, approved September 30, 1969, 83 Stat. 125, substituted "January 1, 1970", for "October 1, 1969"; sec. 401, Housing and Urban Development Act of 1969, Public Law 91-152, approved December 24, 1969, 83 Stat. 379, 394, substituted "October 1, 1970", for "January 1, 1970": sec. 601, Emergency Home Finance Act of 1970, Public Law 91-351, approved July 24, 1970, 84 Stat. 450, 461, substituted "January 1, 1972" for "October 1, 1970"; sec. 1 of Public Law 92-213, approved December 22. 1971, 85 Stat. 775, substituted "June 30, 1972" for "January 1, 1972"; and sec. 1 of Public Law 92-335, approved July 1, 1972, 86 Stat. 405, substituted "June 30, 1973" for "June 30, 1972". Sec. 2 of Public Law 93-85, approved August 10, 1973, 87 Stat. 220, substituted "October 1, 1973" for "June 30, 1973"; sec. 3 of Public Law 93-117, approved October 2, 1973, 87 Stat. 421, substituted "October 1, 1974" for "October 1, 1973". Sec. 317 of Housing and Community Development Act of 1974, Public Law 93-383, 88 Stat. 633. approved August 22, 1974, substituted "June 30, 1977" for "October 1, 1974".

is granted under such section, at such level as he finds necessary to meet the loan market.1

SEC. 4. (a) The Congress finds that the national goal of "a decent home and a suitable living environment for every American family" cannot be reached unless there is an adequate supply of mortgage credit at rates of interest the American family can afford; that in recent years this credit has been available only at unreasonably high rates of interest, up as much as 50 per centum in the last three years; that for a moderate income family the cost of financing a home now is greater than the combined cost of land, labor, and construction material; that under existing constitutional arrangements our monetary and fiscal policies seem to be inadequate to cope with these high finance charges; that many financial institutions tend to withdraw from the mortgage market during tight money periods; that the purpose of Government ceilings seems to be thwarted by insidious discount points; that there exists in the public and private sections of the economy the resources and capabilities necessary to eliminate the problems; and that new and more effective ways should be explored to exploit the power of Government and the economic resources of our Nation to resolve this difficult problem.

(b) There is hereby established a commission to study mortgage interest rates and to make recommendations to assure the availability of an adequate supply of mortgage credit at a reasonable cost to the consumer (hereinafter referred to as the "Commission") which shall be comprised of fifteen members as follows:

(1) The chairman and ranking minority member of the Banking and Currency Committee of the United States Senate.

(2) The chairman and ranking minority member of the Banking and Currency Committee of the House of Representatives.

(3) The chairman and the ranking minority member of the Committee on Veterans' Affairs of the House of Representatives.

(4) Two members appointed by the President of the Senate, one from the majority party and one from the minority party other than those referred to in paragraph (1).

(5) Two members appointed by the Speaker of the House of Rẹpresentatives, one from the majority party and one from the minority party other than those referred to in paragraphs (2) and (3).

(6) Five members appointed by the President, at least three of whom will be public members representing the consumer.

(c) A vacancy in the Commission shall not affect its powers, but shall be filled in the same manner as the original appointment.

(d) The Chairman of the Commission shall be designated by the President.

(e) Eight members of the Commission shall constitute a quorum, but a lesser number may conduct hearings.

(f) The Commission shall undertake a comprehensive study and make recommendations on

(1) The necessity for statutory or administrative controls over interest rates in connection with Government-assisted mortgages;

1 This sentence added by sec. 203 of the Flood Disaster Protection Act of 1973, Public Law 93-234, 87 Stat. 975. approved December 3, 1973. Sec. 309 (e) of the Housing and Community Development Act of 1974, Public Law 93-383, approved August 22, 1974, 88 Stat. 633, deleted after section, "and which represent loans and advances of credit made for the purpose of financing purchases of mobile homes,".

(2) The appropriate level for such interest rates to enable low- and moderate-income families to afford decent housing;

(3) Ways to assure the availability of an adequate supply of mortgage credit to produce the volume of housing required to meet the goals set forth in housing and urban development laws; and

(4) The institutional changes, through legislation, administration, or tax incentives, that can be made among the Nation's financial institutions to encourage them to make available larger share of capital funds for home financing purposes. (g) The1 Commission shall make an interim report not later than July 1, 1969, and shall make a final report of its study and recommendations not later than August 1, 1969, so as to enable the President, Congress, and the Secretary of Housing and Urban Development to take necessary action before October 1, 1969, when the authorization for the increase in interest rates above present statutory ceilings will expire.

(h) The Commission is authorized to secure directly from any department, bureau, agency, board, commission, office, independent establishment, or instrumentality of the executive branch of the Federal Government information, suggestions, estimates and statistics for the purposes of its work; and each department bureau, agency, board, commission, office, independent etablishment, or instrumentality is authorized to furnish such information, suggestions, estimates, and statistics to the extent permitted by law and within available funds. (i) The members of the Commission specified in paragraphs (1) through (5) of subsection (b) shall serve without additional compensation. The members of the Commission appointed under paragraph (6) of subsection (b) shall receive $75 per diem when engaged in the performance of the duties of the Commission. All members of the Commission shall receive reimbursement for necessary traveling and subsistence expenses incurred by them in the performance of the duties of the Commission.

(j) The Secretary of Housing and Urban Development shall designate the Executive Director of the Commission. Financial and administrative services (including those relating to budgeting, accounting, financial reporting, personnel, and procurement) shall be provided the Commission by the Department of Housing and Urban Development, for which payment shall be made in advance, or by reimbursement, from funds of the Commission in such amounts as may be agreed upon by the Chairman of the Commission and said Department.

(k) The Commission shall have power to appoint and fix the compensation of such additional personnel as may be necessary to carry out its duties, without regard to the provisions of the civil service laws and the Classification Act of 1949.

(1) The Commission may also procure, without regard to the civil service laws and the Classification Act of 1949, temporary and intermittent services to the same extent as is authorized for the executive

1 The original termination date (April 1, 1969) for the final report of the Commission was extended to July 1, 1969, by Public Law 91-9, approved April 11, 1969, 83 Stat. 7, and subsequently extended to August 1, 1969, by Public Law 91-38, approved July 1, 1969, 83 Stat. 43.

2 Public Law 90-565, approved October 12, 1968, 82 Stat. 1001, made technical corrections in this subsection.

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