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Title 12 Part 1010 → Subpart C → §1010.552

Title 12 → Chapter X → Part 1010 → Subpart C → §1010.552

Electronic Code of Federal Regulations e-CFR

Title 12 Part 1010 → Subpart C → §1010.552

e-CFR data is current as of October 18, 2019

Title 12Chapter XPart 1010Subpart C → §1010.552


Title 12: Banks and Banking
PART 1010—LAND REGISTRATION (REGULATION J)
Subpart C—Certification of Substantially Equivalent State Law


§1010.552   Previously accepted state filings.

(a) Materials filed with a state and accepted by the HUD Secretary as a Statement of Record prior to January 1, 1981, pursuant to 24 CFR 1010.52 through 1010.59 (as published in the Federal Register on April 10, 1979) may continue in effect. However, developers must comply with the applicable amendments to the Federal act and the regulations thereunder. In particular, see §§1010.558 and 1010.559, which require that the Property Report and contracts or agreements contain notice of purchaser's revocation rights. In addition, see 15 U.S.C. 1703(a)(2)(D), which provides that it is unlawful to make any representations with regard to the developer's obligation to provide or complete roads, water, sewers, gas, electrical facilities or recreational amenities, unless the developer is obligated to do so in the contract.

(b) If any such filing becomes inactive or suspended under the laws of the state, the registration with the Director shall be ineffective from that time.

(c) Such Statement of Record may be suspended pursuant to §1010.45.

(d) The Director may refuse to accept any particular filing under this section when it is determined that acceptance is not in the public interest.

(e) The Director may require such changes, additional information, documents or certification as the Director determines to be reasonably necessary or appropriate in the public interest.

[76 FR 79489, Dec. 21, 2011, as amended at 81 FR 29118, May 11, 2016]


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