{"identifier":"/us/usc/t12/s5602","title":12,"num":"\u00a7\u202f5602.","heading":"Reverse mortgage study and regulations","text":"\u00a7\u202f5602.\nReverse mortgage study and regulations\n(a)\nStudy\nNot later than 1 year after the designated transfer date, the Bureau shall conduct a study on reverse mortgage transactions.\n(b)\nRegulations\n(1)\nIn general\nIf the Bureau determines through the study required under subsection (a) that conditions or limitations on reverse mortgage transactions are necessary or appropriate for accomplishing the purposes and objectives of this title,\n1\n1 See References in Text note below.\n2\n2 So in original. Sentence does not appear to be complete.\n(2)\nIdentified practices and integrated disclosures\nThe regulations prescribed under paragraph (1) may, as the Bureau may so determine\u2014\n(A) identify any practice as unfair, deceptive, or abusive in connection with a reverse mortgage transaction; and\n(B) provide for an integrated disclosure standard and model disclosures for reverse mortgage transactions, consistent with section 4302(d),\n1\n15 U.S.C. 1601\n12 U.S.C. 2601\nsection 1715z\u201320 of this title\n(c)\nRule of construction\nThis section shall not be construed as limiting the authority of the Bureau to issue regulations, orders, or guidance that apply to reverse mortgages prior to the completion of the study required under subsection (a).","url":"https://projectusc.org/usc/t12/s5602.html","content":[{"t":"sec","id":"/us/usc/t12/s5602","children":[{"t":"num","text":"\u00a7\u202f5602."},{"t":"heading","text":"Reverse mortgage study and regulations"},{"t":"subsec","id":"/us/usc/t12/s5602/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"Study"},{"t":"content","children":[{"t":"p","text":"Not later than 1 year after the designated transfer date, the Bureau shall conduct a study on reverse mortgage transactions.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s5602/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Regulations"},{"t":"para","id":"/us/usc/t12/s5602/b/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"In general"},{"t":"content","children":[{"t":"p","text":"If the Bureau determines through the study required under subsection (a) that conditions or limitations on reverse mortgage transactions are necessary or appropriate for accomplishing the purposes and objectives of this title,","children":[{"t":"ref","text":"1"},{"t":"num","text":"1","tail":"\u202fSee References in Text note below."},{"t":"text","text":"\u202fSee References in Text note below.","tail":" including protecting borrowers with respect to the obtaining of reverse mortgage loans for the purpose of funding investments, annuities, and other investment products and the suitability of a borrower in obtaining a reverse mortgage for such purpose."},{"t":"ref","text":"2"},{"t":"num","text":"2","tail":"\u202fSo in original. Sentence does not appear to be complete."},{"t":"text","text":"\u202fSo in original. Sentence does not appear to be complete."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5602/b/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Identified practices and integrated disclosures"},{"t":"chapeau","text":"The regulations prescribed under paragraph (1) may, as the Bureau may so determine\u2014"},{"t":"subpara","id":"/us/usc/t12/s5602/b/2/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" identify any practice as unfair, deceptive, or abusive in connection with a reverse mortgage transaction; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5602/b/2/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" provide for an integrated disclosure standard and model disclosures for reverse mortgage transactions, consistent with section 4302(d),","children":[{"t":"text","text":"1","tail":" that combines the relevant disclosures required under the Truth in Lending Act ("},{"t":"ref","text":"15 U.S.C. 1601","href":"/us/usc/t15/s1601","tail":" et seq.) and the Real Estate Settlement Procedures Act ["},{"t":"ref","text":"12 U.S.C. 2601","href":"/us/usc/t12/s2601","tail":" et seq.], with the disclosures required to be provided to consumers for Home Equity Conversion Mortgages under "},{"t":"ref","text":"section 1715z\u201320 of this title","href":"/us/usc/t12/s1715z\u201320","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s5602/c","children":[{"t":"num","text":"(c)"},{"t":"heading","text":"Rule of construction"},{"t":"content","children":[{"t":"p","text":"This section shall not be construed as limiting the authority of the Bureau to issue regulations, orders, or guidance that apply to reverse mortgages prior to the completion of the study required under subsection (a).","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}