PUBLIC LAW 94-200—DEC. 31, 1975
89 STAT. 1125
of the confirmation by the Senate of the Chairperson or the appointment by the President of an acting Chairperson"; and (2) striking out "not later than two years after the date of enactment of this Act" and inserting in lieu thereof "not later than two years after the date of the confirmation by the Senate of the Chairperson or the appointment by the President of an acting Chairperson". TITLE III—HOME MORTGAGE DISCLOSURE SHORT TITLE
Home Mortgage Disclosure Act of 1975.
SEC. 301. This title may be cited as the "Home Mortgage Disclosure 12 USC 2801 Act of 1975". noteFINDINGS AND PURPOSES
SEC. 302. (a) The Congress finds that some depository institutions 12 USC 2801. have sometimes contributed to the decline of certain geographic areas by their failure pursuant to their chartering responsibilities to provide adequate home financing to qualified applicants on reasonable terms and conditions. (b) The purpose of this title is to provide the citizens and public officials of the United States with sufficient information to enable them to determine whether depository institutions are filling their obligations to serve the housing needs of the communities and neighborhoods in which they are located and to assist public officials in their determination of the distribution of public sector investments in a manner designed to improve the private investment environment. (c) N^othing ill this title is intended to, nor shall it be construed to, encourage unsound lending practices or the allocation of credit. DEFINITIONS
SEC. 303. For purposes of this title— 12 USC 2802. (1) the term "mortgage loan" means a l6an which is secured by residential real property or a home improvement loan; (2) the term "depository institution" means any commercial bank, savings bank, savings and loan association, building and loan association, or homestead association (including cooperative banks) or credit union which makes federally related mortgage loans as determined by the Board; (3) the term "Board" means the Board of Governors of the Federal Reserve System; and (4) the term "Secretary" means the Secretary of Housing and Urban Development. M A I N T E N A N C E OF RECORDS AND PUBLIC DISCLOSURE
SEC. 304. (a)(1) Each depository institution which has a home 12 USC 2803., office or branch office located within a standard metropolitan statistical area, as defined by the Office of Management and Budget shall compile and make available, in accordance with regulations of the Board, to the public for inspection and copying at the home office, and at at least one branch office within each standard metropolitan statistical area in which the depository institution has an office the number and total dollar amount of mortgage loans which were (A) originated, or (B) purchased by that institution during each fiscal year (beginning with the last full fiscal year of that institution which immediately preceded the effective date of this title).
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