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Sec. 314. [Repealed.]

AUTHORITY OF SOLAR ENERGY AND ENERGY CONSERVATION BANK TO

PURCHASE LOANS AND ADVANCES OF CREDIT FOR ENERGY CONSERVING IMPROVEMENTS OR SOLAR ENERGY SYSTEMS

Sec. 315. (a) Unless the Board of Directors of the Solar Energy and Energy Conservation Bank established in section 505 of the Solar Energy and Energy Conservation Bank Act finds it unnecessary to utilize this section in order to advance the national program of energy conservation in residential buildings, the Board shall direct the Bank to begin making commitments to purchase, and to purchase, loans and advances of credit (and related purchase certificates and other related instruments) in accordance with this section.

(b) In accordance with the directive issued by the Board under subsection (a), the Bank shall make commitments to purchase and purchase, and may service, sell (with or without recourse), or otherwise deal in, loans and advances of credit (and related purchase certificates and other related instruments), including loans and advances made by public utilities in accordance with the requirements of title II of the National Energy Conservation Policy Act, which are made for the purpose of financing, in whole or in part, the purchase and installation of residential energy conserving improvements or solar energy systems in residential buildings.

(c) The Bank may issue, to the extent and in such amounts as may be approved in appropriation Acts, to the Secretary of the Treasury its obligations in an amount outstanding at any one time sufficient to enable the Bank to carry out its functions under this section. Each such obligation shall mature at such time and be redeemable at the option of the Bank in such manner as may be determined by the Bank, and shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current average yield on outstanding marketable obligations of the United States of comparable maturities during the month preceding the issuance of the obligation of the Bank. The Secretary of the Treasury is authorized and directed to purchase any obligations of the Bank issued under this section, and for such purposes the Secretary of the Treasury is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include any purchase of the Bank's obligations hereunder.

(d) No State or local usury law or comparable law establishing interest rates or prohibiting or limiting the collection or amount of discount points or other charges in connection with loan or advance of credit transactions and no State law prohibiting the coverage of loan or advance of credit insurance required by the Bank shall apply to transactions under this section. (e) The Bank is authorized to

(1) sell loans and advances of credit purchased under this section at prices which it determines will help promote the objective of assuring that operations under this section are, to the extent feasible, fully self-supporting; and

(2) pay for services performed in carrying out its functions under this section without regard to any limitation on adminis

trative expenses heretofore enacted. (f) The total amount of outstanding purchases and commitments authorized by the Board to be made pursuant to this section shall not exceed amounts approved in appropriation Acts, but in no case may such amounts exceed $2,000,000,000 at any one time.

(g) A loan or advance of credit may be purchased under this section only if

(1) such loan or advance of credit is not used for the refinancing of an extension of credit;

(2) the residential energy conserving improvements or solar energy system financed, in whole or in part, by such loan or advance of credit are purchased and installed after the date of enactment of the Solar Energy and Energy Conservation Bank Act;

(3) the term of repayment of such loan or advance of credit is not less than 5 years and not more than 15 years, except that there shall be no penalty imposed if the borrower repays the loan before the established repayment period;

(4) the interest rate charged and the security required with respect to such loan or advance of credit is acceptable to the Board;

(5) the amount of such loan or advance of credit does not exceed $15,000;

(6) the entity from which such loan or advance of credit is purchased agrees to loan or advance credit for the purpose specified in subsection (b) in an amount equal to the amount of the loan or advance of credit which is purchased; and

(7) such loan or advance of credit meets other requirements established by the Board as necessary to carry out this section

in an efficient and effective manner. (h) For purposes of this section and section 316—

(1) the term "Bank” means the Solar Energy and Energy Conservation Bank established under section 505 of the Solar Energy and Energy Conservation Bank Act;

(2) the term "Board” means the Board of Directors of the Bank:

(3) the term “residential building” has the meaning given such term in section 504(2) of the Solar Energy and Energy Conservation Bank Act;

(4) the term "residential energy conserving improvements” has the meaning given such term in section 504(6) of the Solar Energy and Energy Conservation Bank Act; and

(5) the term "solar energy system” has the meaning given such term in section 504(8) of the Solar Energy and Energy Conservation Bank Act.

AUTHORITY OF SOLAR ENERGY AND ENERGY CONSERVATION BANK TO

PURCHASE MORTGAGES SECURED BY NEWLY CONSTRUCTED HOMES WITH SOLAR ENERGY SYSTEMS

Sec. 316. (a) Unless the Board of Directors of the Solar Energy and Energy Conservation Bank established in section 505 of the Solar Energy and Energy Conservation Bank Act finds it unnecessary to utilize this section in order to advance the national program of energy conservation through the use of solar energy systems in residential buildings, the Board shall direct the Bank to begin making committments to purchase, and to purchase mortgages (and related purchase certificates and other related instruments) in accordance with this section.

(b) In accordance with the directive issued by the Board under subsection (a), the Bank shall make commitments to purchase and purchase, and may service, sell (with or without recourse), or otherwise deal in mortgages (and related purchase certificates and other related instruments) which are secured by newly constructed oneto four-family dwelling units with solar energy systems and residential energy conserving improvements meeting or exceeding costeffective energy conservation standards established by the Secretary of Housing and Urban Development. A mortgage may be purchased under this section only if

(1) the term of repayment does not exceed thirty years, except that there shall be no penalty imposed if the borrower repays such mortgage at any time before the term of repay. ment expires;

(2) the interest rate charged with respect to such mortgage is acceptable to the Board;

(3) the principal amount of such mortgage does not exceed the principal amount which could be insured under section 203(b) of the National Housing Act with respect to the dwelling unit concerned;

(4) the security for such mortgage is acceptable to the Board;

(5) such mortgage is not used for the refinancing of any other extension of credit;

(6) the dwelling which secures such mortgage is purchased after the date of enactment of the Solar Energy and Energy Conservation Bank Act; and

(7) such mortgage meets other requirements established by the Board as necessary to carry out this section in an efficient

and effective manner. (c) The Bank may issue, to the extent and in such amounts as may be approved in appropriation Acts, to the Secretary of the Treasury its obligations in an amount outstanding at any one time sufficient to enable the Bank to carry out its functions under this section. Each such obligation shall mature at such time and be redeemable at the option of the Bank in such manner as may be determined by the Bank, and shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current average yield on outstanding marketable obligations of the United States of comparable maturities during the month preceding the issuance of the obligation of the Bank. The Secretary of the Treasury is authorized and directed to purchase any obligations of the Bank issued under this section, and for such purposes the Secretary of the Treasury is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under chap ter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include any purchase of the Bank's obligations hereunder.

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(d) No State or local usury law or comparable law establishing interest rates or prohibiting or limiting the collection or amount of discount points or other charges in connection with mortgage transactions and no State law prohibiting coverage of mortgage insurance required by the Bank shall apply to transactions under this section. (e) The Bank is authorized to

(1) sell mortgages purchased under this section at prices which it determines will help promote the objectives of assuring that operations under this section are, to the extent feasible, fully self-supporting; and

(2) pay for services performed in carrying out its functions under this section without regard to any limitation on adminis

trative expenses heretofore enacted. (f) the total amount of outstanding purchases and commitments authorized by the Board to be made pursuant to this section shall not exceed amounts approved in appropriation Acts, but in no case may such amount exceed $800,000,000 at any one time.

(g) The Board shall establish a purchase price to be paid by the Bank for mortgages under this section which shall be adequate to compensate the lender for a reasonable return on such mortgages plus such reasonable costs as are normally incurred in originating, servicing, and otherwise processing such mortgages.

EXCERPT FROM THE HOUSING ACT OF 1959

(Public Law 86-372; 73 Stat. 654; 12 U.S.C. 1721 note) Sec. 306.

(b) In connection with the sale of any mortgages to the Government National Mortgage Association pursuant to section 306(e) of the Federal National Mortgage Association Charter Act, the Secretary of Housing and Urban Development is authorized and any other official, unit, or agency selling such mortgages thereunder is directed, to transfer to the Association from time to time, from authorizations, limitations, and funds available for administrative expenses of such official, unit, or agency in connection with the same mortgages, such amounts thereof as said Secretary determines to be required for administrative expenses of the Association in connection with the purchase, servicing, and sale of such mortgages: Provided, That no such transfer shall be made after a budget estimate of the Association with respect to the same mortgages has been submitted to and finally acted upon by the Congress.

Approved September 23, 1959.

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