Home > 106th Congressional Bills > S. 607 (rs) To reauthorize and amend the National Geologic Mapping Act of 1992. [Reported in Senate] ...

S. 607 (rs) To reauthorize and amend the National Geologic Mapping Act of 1992. [Reported in Senate] ...


Google
 
Web GovRecords.org








107th CONGRESS
  1st Session
                                 S. 607

  To amend the National Housing Act to require partial rebates of FHA 
mortgage insurance premiums to certain mortgagors upon payment of their 
                         FHA-insured mortgages.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 23, 2001

 Mr. Allard (for himself and Mr. Gramm) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
  To amend the National Housing Act to require partial rebates of FHA 
mortgage insurance premiums to certain mortgagors upon payment of their 
                         FHA-insured mortgages.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Homeowners Rebate Act of 2001''.

SEC. 2. PAYMENT OF DISTRIBUTIVE SHARES FROM MUTUAL MORTGAGE INSURANCE 
              FUND RESERVES.

    (a) In General.--Section 205(c) of the National Housing Act (12 
U.S.C. 1711(c)) is amended to read as follows:
    ``(c) Distribution of Reserves.--Upon termination of an insurance 
obligation of the Mutual Mortgage Insurance Fund by payment of the 
mortgage insured thereunder, if the Secretary determines (in accordance 
with subsection (e)) that there is a surplus for distribution under 
this section to mortgagors, the Participating Reserve Account shall be 
subject to distribution as follows:
            ``(1) Required distribution.--In the case of a mortgage 
        paid after November 5, 1990, and insured for 7 years or more 
        before such termination, the Secretary shall distribute to the 
        mortgagor a share of such Account in such manner and amount as 
        the Secretary shall determine to be equitable and in accordance 
        with sound actuarial and accounting practice, subject to 
        paragraphs (3) and (4).
            ``(2) Discretionary distribution.--In the case of a 
        mortgage not described in paragraph (1), the Secretary is 
        authorized to distribute to the mortgagor a share of such 
        Account in such manner and amount as the Secretary shall 
        determine to be equitable and in accordance with sound 
        actuarial and accounting practice, subject to paragraphs (3) 
        and (4).
            ``(3) Limitation on amount.--In no event shall the amount 
        of any such distributable share exceed the aggregate scheduled 
        annual premiums of the mortgagor to the year of termination of 
        the insurance.
            ``(4) Application requirement.--The Secretary shall not 
        distribute any share of an eligible mortgagor under this 
        subsection beginning on the date which is 6 years after the 
        date that the Secretary first transmitted written notification 
        of eligibility to the last known address of the mortgagor, 
        unless the mortgagor has applied in accordance with procedures 
        prescribed by the Secretary for payment of the share within the 
        6-year period. The Secretary shall transfer from the 
        Participating Reserve Account to the General Surplus Account 
        any amounts that, pursuant to the preceding sentence, are no 
        longer eligible for distribution.''.
    (b) Determination of Surplus.--Section 205(e) of the National 
Housing Act (12 U.S.C. 1711(e)) is amended by adding at the end the 
following: ``Notwithstanding any other provision of this section, if, 
at the time of such a determination, the capital ratio (as defined in 
subsection (f)) for the Fund is 3.0 percent or greater, the Secretary 
shall determine that there is a surplus for distribution under this 
section to mortgagors.''.
    (c) Retroactive Payments.--
            (1) Timing.--Not later than 3 months after the date of 
        enactment of this Act, the Secretary of Housing and Urban 
        Development shall determine the amount of each distributable 
        share for each mortgage described in paragraph (2) to be paid 
        and shall make payment of such share.
            (2) Mortgages covered.--A mortgage described in this 
        paragraph is a mortgage for which--
                    (A) the insurance obligation of the Mutual Mortgage 
                Insurance Fund was terminated by payment of the 
                mortgage before the date of enactment of this Act;
                    (B) a distributable share is required to be paid to 
                the mortgagor under section 205(c)(1) of the National 
                Housing Act (12 U.S.C. 1711(c)(1)), as amended by 
                subsection (a) of this section; and
                    (C) no distributable share was paid pursuant to 
                section 205(c) of the National Housing Act upon 
                termination of the insurance obligation of such Fund.
                                 <all>

Pages: 1

Other Popular 106th Congressional Bills Documents:

1 S. 3271 (is) To require increased waste prevention and recycling measures to be incorporated in the daily operations of Federal agencies, and for other purposes. [Introduced in Senate] ...
2 S. 1418 (rfh) To provide for the holding of court at Natchez, Mississippi, in the same manner as court is held at Vicksburg, Mississippi, and for other purposes. [Referred in House] ...
3 H.R. 1605 (rh) To designate the United States courthouse building located at 402 North Walnut Street and Prospect Avenue in Harrison, Arkansas, as the ``Judge J. Smith Henley Federal Building''. [Reported in House] ...
4 H.R. 4280 (ih) To amend the Public Health Service Act with respect to the operation by the National Institutes of Health of an experimental program to stimulate competitive research. [Introduced in House] ...
5 S.Con.Res. 108 (ats) Designating the week beginning on April 30, 2000, and ending on May 6, 2000, as ``National Charter Schools Week''. [Agreed to Senate] ...
6 H.R. 5168 (ih) To amend the Public Health Service Act with respect to the compensation rules under the National Vaccine Injury Compensation Program for vaccines administered before the effective date of such program. [Introduced in House] ...
7 S. 2311 (rs) To revise and extend the Ryan White CARE Act programs under title XXVI [Reported in Senate] ...
8 S. 407 (is) To reduce gun trafficking by prohibiting bulk purchases of handguns. [Introduced in Senate] ...
9 S. 2499 (is) To extend the deadline for commencement of construction of a hydroelectric project in the State of Pennsylvania. [Introduced in Senate] ...
10 S. 1868 (is) To improve the safety of shell eggs. [Introduced in Senate] ...
11 H.R. 2129 (ih) To amend the Federal Food, Drug, and Cosmetic Act to provide for uniform food safety warning notification requirements, and for other purposes. [Introduced in House] ...
12 H.R. 1122 (ih) To amend the Internal Revenue Code of 1986 to more accurately codify the depreciable life of printed wiring board and printed wiring assembly equipment. [Introduced in House] ...
13 H.R. 3127 (ih) To amend the Internal Revenue Code of 1986 to eliminate the complexities of the estate tax deduction for family-owned business and farm interests by increasing the unified estate and gift tax credit to $3,000,000 for all taxpayers. [Introdu...
14 H.R. 2439 (ih) To ensure the efficient allocation of telephone numbers. [Introduced in House] ...
15 H.R. 2488 (rh) To amend the Internal Revenue Code of 1986 to reduce individual income [Reported in House] ...
16 H.Res. 62 (ih) Expressing concern over the escalating violence, the gross violations of human rights, and the ongoing attempts to overthrow a democratically elected government in Sierra Leone. [Introduced in House] ...
17 H.Res. 314 (ih) Expressing the sense of the House of Representatives that all parties involved in negotiating the compensation for the Nazi slave and forced labor victims should achieve a settlement that is fair and equitable to all claimants. [Introduced...
18 H.R. 1729 (ih) To designate the Federal facility located at 1301 Emmet Street in Charlottesville, Virginia, as the ``Pamela B. Gwin Hall''. [Introduced in House] ...
19 H.Res. 295 (eh) [Engrossed in House] ...
20 H.R. 2957 (ih) To amend the Federal Water Pollution Control Act to authorize funding to carry out certain water quality restoration projects for Lake Pontchartrain Basin, Louisiana, and for other purposes. [Introduced in House] ...
21 H.R. 66 (eh) To preserve the cultural resources of the Route 66 corridor and to authorize the Secretary of the Interior to provide assistance. [Engrossed in House] ...
22 S. 2902 (is) To revise the definition of advanced service, and for other purposes. [Introduced in Senate] ...
23 H.R. 660 (enr) For the private relief of Ruth Hairston by waiver of a filing deadline for appeal from a ruling relating to her application for a survivor annuity. [Enrolled bill] ...
24 S. 632 (is) To provide assistance for poison prevention and to stabilize the funding of regional poison control centers. [Introduced in Senate] ...
25 H.R. 4734 (ih) To establish a National Center for Military Deployment Health Research to provide an independent means for the conduct and coordination of research into issues relating to the deployment of members of the Armed Forces overseas, and for othe...
26 H.R. 2981 (enr) To extend energy conservation programs under the Energy Policy and Conservation Act through March 31, 2000. [Enrolled bill] ...
27 H.Res. 306 (eh) [Engrossed in House] ...
28 H.R. 2497 (ih) To amend the Internal Revenue Code of 1986 to exclude from gross income gain on the sale or exchange of farmland which by covenant is restricted to use as farmland and to exclude the value of such farmland from estate taxes. [Introduced in...
29 S. 3194 (enr) To designate the facility of the United States Postal Service located at 431 North George Street in Millersville, Pennsylvania, as the ``Robert S. Walker Post Office''. [Enrolled bill] ...
30 S. 1504 (is) To improve health care quality and reduce health care costs by establishing a National Fund for Health Research that would significantly expand the Nation's investment in medical research. [Introduced in Senate] ...


Other Documents:

106th Congressional Bills Records and Documents

GovRecords.org presents information on various agencies of the United States Government. Even though all information is believed to be credible and accurate, no guarantees are made on the complete accuracy of our government records archive. Care should be taken to verify the information presented by responsible parties. Please see our reference page for congressional, presidential, and judicial branch contact information. GovRecords.org values visitor privacy. Please see the privacy page for more information.
House Rules:

104th House Rules
105th House Rules
106th House Rules

Congressional Bills:

104th Congressional Bills
105th Congressional Bills
106th Congressional Bills
107th Congressional Bills
108th Congressional Bills

Supreme Court Decisions

Supreme Court Decisions

Additional

1995 Privacy Act Documents
1997 Privacy Act Documents
1994 Unified Agenda
2004 Unified Agenda

Congressional Documents:

104th Congressional Documents
105th Congressional Documents
106th Congressional Documents
107th Congressional Documents
108th Congressional Documents

Congressional Directory:

105th Congressional Directory
106th Congressional Directory
107th Congressional Directory
108th Congressional Directory

Public Laws:

104th Congressional Public Laws
105th Congressional Public Laws
106th Congressional Public Laws
107th Congressional Public Laws
108th Congressional Public Laws

Presidential Records

1994 Presidential Documents
1995 Presidential Documents
1996 Presidential Documents
1997 Presidential Documents
1998 Presidential Documents
1999 Presidential Documents
2000 Presidential Documents
2001 Presidential Documents
2002 Presidential Documents
2003 Presidential Documents
2004 Presidential Documents

Home Executive Judicial Legislative Additional Reference About Privacy