{"identifier":"/us/usc/t12/s3352","title":12,"num":"\u00a7\u202f3352.","heading":"Emergency exceptions for disaster areas","text":"\u00a7\u202f3352.\nEmergency exceptions for disaster areas\n(a)\nIn general\nEach Federal financial institutions regulatory agency may, by regulation or order, make exceptions to this chapter, and to standards prescribed pursuant to this chapter, for transactions involving institutions for which the agency is the primary Federal regulator with respect to real property located within a disaster area if the agency\u2014\n(1) makes the exception not later than 30 months after the date on which the President determines, pursuant to\nsection 5170 of title 42\n(2) determines that the exception\u2014\n(A) would facilitate recovery from the major disaster; and\n(B) is consistent with safety and soundness.\n(b)\n3-year limit on exceptions\nAny exception made under this section shall expire not later than 3 years after the date of the determination referred to in subsection (a)(1).\n(c)\nPublication required\nAny Federal financial institutions regulatory agency shall publish in the Federal Register a statement that\u2014\n(1) describes any exception made under this section; and\n(2) explains how the exception\u2014\n(A) would facilitate recovery from the major disaster; and\n(B) is consistent with safety and soundness.\n(d)\n\u201cDisaster area\u201d defined\nFor purposes of this section, the term \u201cdisaster area\u201d means an area in which the President, pursuant to\nsection 5170 of title 42","url":"https://projectusc.org/usc/t12/s3352.html","content":[{"t":"sec","id":"/us/usc/t12/s3352","children":[{"t":"num","text":"\u00a7\u202f3352."},{"t":"heading","text":"Emergency exceptions for disaster areas"},{"t":"subsec","id":"/us/usc/t12/s3352/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"In general"},{"t":"chapeau","text":"Each Federal financial institutions regulatory agency may, by regulation or order, make exceptions to this chapter, and to standards prescribed pursuant to this chapter, for transactions involving institutions for which the agency is the primary Federal regulator with respect to real property located within a disaster area if the agency\u2014"},{"t":"para","id":"/us/usc/t12/s3352/a/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" makes the exception not later than 30 months after the date on which the President determines, pursuant to ","children":[{"t":"ref","text":"section 5170 of title 42","href":"/us/usc/t42/s5170","tail":", that a major disaster exists in the area; and"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s3352/a/2","children":[{"t":"num","text":"(2)"},{"t":"chapeau","text":" determines that the exception\u2014"},{"t":"subpara","id":"/us/usc/t12/s3352/a/2/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" would facilitate recovery from the major disaster; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3352/a/2/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" is consistent with safety and soundness.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s3352/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"3-year limit on exceptions"},{"t":"content","children":[{"t":"p","text":"Any exception made under this section shall expire not later than 3 years after the date of the determination referred to in subsection (a)(1).","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s3352/c","children":[{"t":"num","text":"(c)"},{"t":"heading","text":"Publication required"},{"t":"chapeau","text":"Any Federal financial institutions regulatory agency shall publish in the Federal Register a statement that\u2014"},{"t":"para","id":"/us/usc/t12/s3352/c/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" describes any exception made under this section; and","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s3352/c/2","children":[{"t":"num","text":"(2)"},{"t":"chapeau","text":" explains how the exception\u2014"},{"t":"subpara","id":"/us/usc/t12/s3352/c/2/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" would facilitate recovery from the major disaster; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3352/c/2/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" is consistent with safety and soundness.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s3352/d","children":[{"t":"num","text":"(d)"},{"t":"heading","text":"\u201cDisaster area\u201d defined"},{"t":"content","children":[{"t":"p","text":"For purposes of this section, the term \u201cdisaster area\u201d means an area in which the President, pursuant to ","children":[{"t":"ref","text":"section 5170 of title 42","href":"/us/usc/t42/s5170","tail":", has determined that a major disaster exists."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"}]}]}