Pub. L. 113-29 - Reverse Mortgage Stabilization Act of 2013

113th Congress

Affects: 12 U.S.C. §§ 1715z-20

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) by adding at the end the following new paragraph:

(3)“(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.”

(3) .

Legislative History

LEGISLATIVE HISTORY—H.R. 2167:

CONGRESSIONAL RECORD, Vol. 159 (2013):

June 12, considered and passed House.

July 30, considered and passed Senate.