Public Law 113-29 | Public Law 113–29: To authorize the Secretary of Housing and Urban Development to establish additional requirements to improve the fiscal safety and soundness of the home equity conversion mortgage insurance program.

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PUBLIC LAW 113–29—AUG. 9, 2013

127 STAT. 509

Public Law

113–29

113th Congress

An Act

To authorize the Secretary of Housing and Urban Development to establish additional requirements to improve the fiscal safety and soundness of the home equity conversion mortgage insurance program.

Aug. 9, 2013

[H.R. 2167]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

Reverse Mortgage Stabilization Act of 2013.

12 USC 1701 note.

SECTION 1.

SHORT TITLE.

This Act may be cited as the “

Reverse Mortgage Stabilization Act of 2013

”.

SEC. 2.

ADDITIONAL SAFETY AND SOUNDNESS REQUIREMENTS FOR HOME EQUITY CONVERSION MORTGAGE INSURANCE PROGRAM.

Subsection (h) of section 255 of the National Housing Act (12 U.S.C. 1715z–20(h))

is amended

—

(1)

in paragraph (1), by

striking

“and” at the end;

(2)

in paragraph (2), by

striking

the period at the end and

inserting

“; and”; and

(3)

adding

at the end the following new paragraph:

“(3)

establish, by notice or mortgagee letter, any additional or alternative requirements that the Secretary, in the Secretary’s discretion, determines are necessary to improve the fiscal safety and soundness of the program authorized by this section, which requirements shall take effect upon issuance.”

Approved August 9, 2013.

LEGISLATIVE HISTORY—H.R. 2167:

CONGRESSIONAL RECORD, Vol. 159 (2013):

June 12, considered and passed House.

July 30, considered and passed Senate.

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