Us Code § 4642 - Reporting of fraudulent loans

Full text of Us Code United States Code § 4642 — Reporting of fraudulent loans, with citation guidance and answers to common questions.

§ 4642. Reporting of fraudulent loans

(a) Requirement to report

The Director shall require a regulated entity to submit to the Director a timely report upon discovery by the regulated entity that it has purchased or sold a fraudulent loan or financial instrument, or suspects a possible fraud relating to the purchase or sale of any loan or financial instrument. The Director shall require each regulated entity to establish and maintain procedures designed to discover any such transactions.

(b) Protection from liability for reports

Any regulated entity that, in good faith, makes a report pursuant to subsection (a), and any entity-affiliated party, that, in good faith, makes or requires another to make any such report, shall not be liable to any person under any provision of law or regulation, any constitution, law, or regulation of any State or political subdivision of any State, or under any contract or other legally enforceable agreement (including any arbitration agreement) for such report or for any failure to provide notice of such report to the person who is the subject of such report or any other persons identified in the report.

(Pub. L. 102–550, title XIII, §1379E, as added Pub. L. 110–289, div. A, title I, §1115, July 30, 2008, 122 Stat. 2681.)

CHAPTER 47—COMMUNITY DEVELOPMENT BANKING

SUBCHAPTER I—COMMUNITY DEVELOPMENT BANKING AND FINANCIAL INSTITUTIONS

Sec.
4701.
Findings and purposes.
4702.
Definitions.
4703.
Establishment of national Fund for community development banking.
4703a.
Capital investments for neighborhoods disproportionately impacted by the COVID–19 pandemic.
4704.
Applications for assistance.
4705.
Community partnerships.
4706.
Selection of institutions.
4707.
Assistance provided by Fund.
4708.
Training.
4709.
Encouragement of private entities.
4710.
Collection and compilation of information.
4711.
Investment of receipts and proceeds.
4712.
Capitalization assistance to enhance liquidity.
4713.
Incentives for depository institution participation.
4713a.
Guarantees for bonds and notes issued for community or economic development purposes.
4714.
Recordkeeping.
4715.
Special provisions with respect to institutions that are supervised by Federal banking agencies.
4716.
Studies and reports; examination and audit.
4717.
Enforcement.
4718.
Authorization of appropriations.
4719.
Grants to establish loan-loss reserve funds.

        

SUBCHAPTER II—SMALL BUSINESS CAPITAL ENHANCEMENT

4741.
Findings and purposes.
4742.
Definitions.
4743.
Approving States for participation.
4744.
Participation agreements.
4745.
Terms of participation agreements.
4746.
Reports.
4747.
Reimbursement by Fund.
4748.
Reimbursement to Fund.
4749.
Regulations.
4750.
Authorization of appropriations.

        

SUBCHAPTER I—COMMUNITY DEVELOPMENT BANKING AND FINANCIAL INSTITUTIONS

About This Section

12 U.S.C. § 4642 is part of Title 12 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.

This section may be cited in legal writing as 12 U.S.C. § 4642. For the most current official text, including any recent amendments, use the official source links below. Do not rely on this page as the sole authority for legal citation or litigation.

How to Read This Statute

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Sources

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Frequently Asked Questions About Us Code § 4642

What does United States Code § 4642 cover?

Section 4642 ("Reporting of fraudulent loans") is part of the United States Code, the codified statutory law of Us Code. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Us Code § 4642?

A common citation format is "United States Code § 4642" (Us Code). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Us Code law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Us Code official source linked on this page or consult a licensed Us Code attorney.

How does Us Code § 4642 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Us Code can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Us Code.