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transaction, the Association may institute a claim against the excess collateral, or against any assurance in lieu of excess collateral, or may, pursuant to section 306(g) of the National Housing Act, extinguish all the ownership, control, or other interest of the issuer in the pooled mortgages, by letter directed to the issuer and making the mortgages the absolute property of the Association, subject only to unsatisfied rights therein of the holders of the securities, or the Association may do both. $ 1665.15 Fees.

The Association may impose application and guaranty fees, which may vary for straight pass-through and modified pass-through issuances.

Subpart B-Bond-Type Securities $ 1665.21 General.

(a) In addition to the “pass-through" securities dealt with in subpart A of this part, the Association is authorized by section 306(g) of the National Housing Act, upon such terms and conditions as it may deem appropriate, to guarantee the timely payment of principal of and interest on securities of the “bond-type" which are based on and backed by a trust or pool composed of mortgages which are insured by the Federal Housing Administration the Farmers' Home Administration, or insured or guaranteed by the Veterans' Administration. The Association's guaranty of mortgagebacked securities is backed by the full faith and credit of the United States.

(b) Sections 1665.21 through 1665.35 deal with such “bond-type" securities and do not purport to set forth all the procedures and requirements that apply to the issuance and guaranty of such securities. All such transactions are governed by the specific terms and provisions of the contracts entered into by the parties. Further information may be obtained from the Government National Mortgage Association, 451 Seventh Street SW., Washington, D.C. 20414. $ 1665.23 Eligible issuers.

Any corporation, trust, partnership, or other entity with a net worth in assets acceptable to the Association of $50 million or more, and which has the capability to assemble acceptable and eligible mortgages in sufficient quantity to support required minimum issuances

of securities, may be approved for a guaranty by the Association. Further, the Association reserves the right to limit the number of issuers in the interest of conducting an orderly market of securities of this type. § 1665.25 Securities.

(a) Instruments. Securities to be issued pursuant to the provisions of this subpart may be in registered or bearer form. Each security shall have terms acceptable to the Association and shall specify its principal amount, the interest rate, and the maturity date, and the securities may include call provisions and other characteristics depending on current market conditions.

(b) Issue amount. Until further authorization is given, each issue of guaranteed securities must be in a minimum face amount of $100 million, and no single maturity of an issue may be in face amount less than $100 million unless the total issue exceeds $200 million. The total of the outstanding principal balances of the mortgages upon which any issue is originally based and backed must be at least equal to 100 percent of the face amount of the issue of guaranteed securities. Such ratio as may be required by the governing trust arrangements, between mortgages and other pooled assets and securities outstanding at any one time, shall be maintained, subject to adjustment with the approval of the Association in accord with such trust arrangements.

(c) Face amount of securities. The face amount of any security cannot be less than $25,000. (d) Transferability. Securities

are transferable but, if registered, are transferable, as to the Association and the issuer, only on the books of a fiscal agent as shall be agreed upon by the Association and the issuer.

(e) Treasury approval. Issues of $100 million or larger will be subject to approval of the Secretary of the Treasury. § 1665.27 Mortgages.

Guaranteed securities issued under these provisions must be based on and backed by mortgages pooled under trust arrangements satisfactory to the Association. Such mortgages must:

(a) Be insured under the National Housing Act or title V of the Housing Act of 1949, or insured or guaranteed under

or

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the Servicemen's Readjustment Act of (6) Segregation of the cash and other 1944 or chapter 37 of title 38, United assets flowing or resulting from the States Code.

pooled mortgages; (b) Have been insured or guaranteed (7) Reinvestment of accumulations of no longer than 12 months prior to the proceeds from the pooled mortgages and date on which the Association issues its other assets to the extent necessary to commitment to guarantee the securities; provide adequately for the payment of RA and

securities; (c) Meet such other standards of ac

(8) Notification to the Association of ceptability and eligibility as may be any impending default of any payment prescribed by the Association from time of the securities, in order that the Asto time for the issue of mortgage-backed sociation may make timely payments securities of the bond type. But with

thereon; respect to any particular issue of securi- (9) It is expected that the trustee and ties, the related mortgages shall meet issuer or issuers, together or separately, only such standards as may be in effect may contract out, consistent with cusor imposed at the time of the issuance tomary and accepted practices, some or of the related commitment to guarantee. all of the responsibilities with respect to

all the foregoing. § 1665.29 Trust arrangements.

In (a) The pool of mortgages, together

$ 1665.31 Guaranty. with all proceeds thereof and all other With respect to bond-type securities, assets backing each issue of "bond-type"

the Association will guarantee the timely

PART securities, shall be held and administered payment of principal of and interest on by a corporate trustee which is subject to such securities, subject to the terms and Federal or State regulation and which is

conditions thereof. The agreements and acceptable to the Association. The issuer

contracts among the parties will provide of the securities may qualify as trustee;

upon default of the issuer for the right (b) The trust agreement which will be

of the Association, pursuant to section

306(g) of the National Housing Act, to executed by the issuer, the trustee and the Association and which may be re

take title to the mortgages and other

assets that are subject to the trust aropened subject to the approval of the

rangements, and to proceed against other Association, will provide for:

assets of the issuer to the extent neces-part 8 (1) The issuance of the securities, in- sary to satisfy its own claims and the cluding the size or other ceilings of the righti; of the holders of securities then 10 A issuance or issuances, the nature and outstanding. Such action by the Assoprovisions of the securities, the principles ciation shall be taken subject to an acand methods of sale and distribution, and counting to the issuer. other material matters pertaining to § 1665.33 Fees. issuance; (2) Conveyance

The Association may impose applicathe pooled mort

tion and guaranty fees, which may vary gages to the trustee, in trust, to provide

with relation to the size or risk of the the base and backing for the securities

guaranty transaction undertaken. and otherwise for purposes of the trust arrangements, and custody of mortgage

Subpart (Miscellaneous Provisions documents;

f 1665.35 Audits and reports. (3) Administration of the trust, to include servicing and retirement of the

The Association may at any time audit securities, and servicing of the mort

the books and examine the records of New at gages through their payment or other

any issuer, mortgage servicer, trustee, or liquidation;

agent or other person bearing on its (4) Principles and methods with re

guaranty of mortgage-backed securities

, spect to reporting requirements, the han

and may require periodic reports from

such persons. dling of losses realized from the pooled mortgages, defaults by the issuer, and

§ 1665.37 Applications. other appropriate matters;

(5) Timely payment of principal and interest in accord with the terms of secu

submitted to the Association's home office rities issued;

located at 451 Seventh Street SW.,

Washington, D.C. 20414. 554

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50

CHAPTER V-OFFICE OF INTERSTATE LAND SALES REGISTRATION, DEPARTMENT OF HOUSING

AND URBAN DEVELOPMENT

Part 1700 Introduction. 1710 Land registration.

PART 1700—INTRODUCTION

Subpart A-Authority and Organization Sec. - 1700.1 Scope of authority and purpose.

1700.5 Authority of Secretary.
1700.10 Delegation of authority.
1700.15 Establishment of office.
1700.20 Administrator.
1700.25 Principal divisions.
1700.30 Public information.

Subpart BDelegations of Basic Authority and

Functions 1700.75 Administrator of the Office of In

terstate Land Sales Registration

and Deputy 1700.80 Director of the Examination Divi

sion, Office of Interstate Land

Sales Registration and Deputy. 1700.85 Director of the Administrative Pro

ceedings Division, Office of Interstate Land Sales Registration and

Deputy. 1700.90 Acting Administrator.

AUTHORITY: The provisions of this part 1700 issued under sec. 1419, 82 Stat. 598, 12 U.S.C. 1718.

SOURCE: The provisions of this Part 1700 appear at 34 F.R. 5722, Mar. 27, 1969, unless otherwise noted. Subpart A-Authority and

Organization $ 1700.1 Scope of authority and pur

pose. A land developer is required by the Interstate Land Sales Full Disclosure Act, Title XIV of Public Law 90-448, 82 Stat. 590, enacted on August 1, 1968 (hereafter in this part referred to as the Act)

to make full disclosure in the sale or lease of certain undeveloped, subdivided land. The Act makes it unlawful (except with respect to certain exempted transactions) for any developer to sell or lease, by use of the mail or by any means in interstate commerce, any such land offered as part of a common promotional plan unless the land is registered with the Secretary of Housing and Urban Development and a printed property report is furnished to the purchaser or lessee in advance of the signing of an agreement for sale or lease. $ 1700.5 Authority of Secretary.

Section 1416(a) of the Act vests authority and responsibility for its administration in the Secretary of Housing and Urban Development (hereafter in this part referred to as the Secretary), and authorizes the Secretary to delegate any of his functions, duties and powers thereunder to employees of the Department of Housing and Urban Development. $ 1700.10 Delegation of authority.

(a) The Secretary has delegated to the Assistant Secretary for Mortgage Credit and Federal Housing Commissioner (hereafter in this part referred to as the Assistant Secretary) all of the authority to exercise the power and authority vested in him under the Act with the exception of the following matters which the Secretary has retained and not redelegated:

(1) The authority to conduct hearings in accordance with 5 U.S.C. 556.

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(2) The authority to issue orders or emptions from public disclosure author- ? determinations after such hearings. ized by 5 U.S.C. 552, as set forth in :

(3) The authority to sue and be sued. § 15.21 of this title, are not applicable at

(b) The Secretary has further author- to information contained in or filed with in ized the Assistant Secretary to redelegate a statement of record. any of the delegated authority to each of the following:

Subpart B-Delegations of Basic (1) To employees under his jurisdic

Authority and Functions tions, and to authorize successive redele

$ 1700.75 Administrator of the Office gations thereof to subordinate

of Interstate Land Sales Registratione employees.

and Deputy. (2) To Regional Administrators and to Deputy Regional Administrators, and

To the position of Administrator of the Inte to authorize successive redelegations

Office of Interstate Land Sales Registra- and thereof to Regional employees.

tion and under his supervision to the the

position of Deputy Administrator, there $ 1700.15 Establishment of office.

are delegated and assigned the followThe Assistant Secretary has estab

ing authorities and responsibilities. lished, as an organizational unit of the

(a) To exercise all powers vested in Department of Housing and Urban De- the Secretary of Housing and Urban Development, the Office of Interstate Land velopment by the Interstate Land Sales Sales Registration to administer the Act.

Full Disclosure Act and delegated to the

Assistant Secretary for Mortgage Credit $ 1700.20 Administrator.

and Federal Housing Commissioner, exThe Office of Interstate Land Sales cept the power of the Assistant Secretary idere Registration is headed by an Adminis- to issue regulations under the act. trator designated by the Assistant (b) To direct the operations of the Secretary.

Examination Division and the Adminis$ 1700.25 Principal divisions.

trative Proceedings Division.

(c) To accept and utilize on a reimThe following Divisions have been bursable basis administrative, fiscal, established within the Office of Inter- technical, and other services of the Fedstate Land Sales Registration:

eral Housing Administration and of the (a) Examination Division.

Office of General Counsel, HUD, and the (b) Administrative Proceedings Divi- Inspection Division, HUD, as may be sion.

necessary to carry out the purposes of kid the $ 1700.30 Public information.

the Interstate Land Sales Full Disclosure

Act. (a) In general. The identifiable records of the Office of Interstate Land

§ 1700.80 Director of the Examination Sales Registration are subject to the

Division, Office of Interstate Land provisions of 5 U.S.C. 552, as imple

Sales Registration and Deputy. mented by Part 15-Public Information,

To the position of Director of the Subtitle A, of this title.

Examination Division, Office of Internatio (b) Availability of information and

state Land Sales Registration, and under records. Information concerning land

his supervision to the position of Deputy sales registrations and copies of state

Director there ments of record may be obtained from

assigned the following authorities and the following address:

responsibilities: Office of Interstate Land Sales Registration,

(a) To receive and examine all state- etund Department of Housing and Urban Devel

ments of record and property reports a Ta opment, 451 Seventh Street SW., Wash

filed under the provisions of the Interington, D.C. 20410.

state Land Sales Full Disclosure Act and In addition, statements of record may

all amendments and corrections to such be reviewed at such address on any busi

statements. ness day from 8:45 a.m. to 5:15 p.m.

(b) To determine the adequacy of dis(c) Nonapplicability of exemptions

closure of statements of record and prop. authorized by 5 U.S.C. 552. Section

erty reports and amendments thereto 1405(d) of the Act specifically provides

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and to effect corrections, additions, and that information contained in or filed

deletions in such statements and reports with any statement of record shall be

deemed necessary to achieve the purmade available to the public. The ex

poses of the Interstate Land Sales Full Disclosure Act.

1 To

moine

(c) To find effective or to recommend other action in connection with nonto the Administrator that he declare not compliance under the Interstate Land effective statements of record filed under Sales Full Disclosure Act and regulations the Interstate Land Sales Full Dis- thereunder. closure Act and to prepare and present evidence in connection with hearings

$ 1700.90 Acting Administrator. and other administrative proceedings The Deputy Administrator, the Direcrelative to statements of record declared tor of the Examination Division, and the not effective.

Director of the Administrative Proceed

ings Division, in the order named, are $ 1700.85 Director of the Administra.

designated by the Administrator to act tive Proceedings Division, Office of

in his place and stead in the event of his Interstate Land Sales Registration and Deputy.

absence or inability to act, having the

title of “Acting Administrator" with the To the position of Director of the Ad

powers, duties and rights delegated te ministrative Proceedings Division, Office the Administrator in § 1700.75. of Interstate Land Sales Registration,

[34 F.R. 7239, May 2, 1969] and under his supervision to the position of Deputy Director, there are delegated

PART 1710-LAND REGISTRATION and assigned the following authorities

Subpart A-General Requirements and responsibilities:

Sec. (a) To receive, examine, and make 1710.1 Definitions. determinations with respect to com

1710.5 General applicability. plaints arising from the alleged failure

1710.10 Exemption.

1710.15 of a developer subject to the Interstate

Exemption advisory opinions.

1710.20 Land Sales Full Disclosure Act to comply

Statement of record and property

report. with the requirements of such Act and

1710.25 State filings. regulations issued thereunder and to

1710.30 Amendments. negotiate resolution of such complaints

1710.35 Payment of fees. and compliance by such developers.

1710.40 Early effective date for sales in (b) To recommend action by the Ad

progress. ministrator to achieve compliance by de- 1710.45 Suspensions. velopers deemed subject to the Act who have not complied with any or all of the

Subpart B-Reporting Requirements requirements of the Act and regulations 1710.101 Claim of exemption-form of afissued thereunder.

firmation. (c) To conduct, on his own initiative 1710.102 Statement of Reservations, Reor in response to information received,

strictions, Taxes, and Assess

ments—format and instructions. reviews to determine the existence of

1710.105 Statement of record-format and such noncompliance and secure compli

instructions. ance with the requirements of the Inter

1710.110 Property report and lease adstate Land Sales Full Disclosure Act and

dendum. re ions thereunder.

1710.115 State property report disclaimer. (d) To recommend suspension by the 1710.120 Statement of record-State filing. Administrator of statements of record on 1710.125 Partial statement of record-reà determination of noncompliance with

quest for exemption. the requirements of the Interstate Land

AUTHORITY: The provisions of this Part Sales Full Disclosure Act and regulations 1710 issued under sec. 1419, 82 Stat. 598, 12 thereunder.

U.S.C. 1718. (e) To recommend action to secure

SOURCE: The provisions of this part 1710 permanent or temporary injunctions or appear at 34 F.R. 5930, Mar. 29, 1969, unless restraining orders to prevent acts or

otherwise noted. practices in violation of the provisions

Subpart A-General Requirements of the Interstate Land Sales Full Disclosure Act and regulations thereunder

§ 1710.1 Definitions. and to require compliance therewith.

As used in this chapter, the following (f) To prepare and present evidence terms shall have the meaning indicated: in connection with hearings or other ad- (a) "Act" means the Interstate Land ministrative proceedings or injunctions Sales Full Disclosure Act, Title XIV of or restraining orders in connection with Public Law 90–448, 82 Stat. 590, enacted suspensions of statements of record or on August 1, 1968.

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