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84 STAT. 462 (b) The Secretary and the Administrator shall undertake a joint Settlement study and make recommendations to the Congress not later than one costs study; year after the date of enactment of this Act with respect to legislative recommendations

to Congress. and administrative actions which should be taken to reduce mortgage settlement costs and to standardize these costs for all geographic areas.

EMERGENCY RELIEF FROM INTEREST RATE CONFLICT BETWEEN FEDERAL LAW

AND STATE LAW

Sec. 702. Notwithstanding any other law, from the date of enactment of this title until July 1, 1972, loans to local public agencies under title I of the Housing Act of 1949 and to local public housing agencies 42 USC 1450under the United States Housing Act of 1937 may, when determined 1469c. by the Secretary of Housing and Urban Development to be necessary because of interest rate limitations of State laws, bear interest at a rate less than the applicable going Federal rate but not less than 6 per centum per annum.

42 USC 14011430.

TREASURY BORROWING AUTHORITY FOR NEW COMMUNITIES PROGRAM

SEC. 703. Section 407(a) of the Housing and Urban Development Act of 1968 is amended by adding at the end thereof the following: 82 Stat. 515. “The Secretary may issue obligations to the Secretary of the Treasury 42 USC 3906. in an amount outstanding at any one time sufficient to enable the Secretary to carry out his functions with respect to the guarantees authorized by this title. The obligations issued under this subsection shall have such maturities and bear such rate or rates of interest as shall be determined by the Secretary of the Treasury. The Secretary of the Treasury is authorized and directed to purchase any obligations of the Secretary issued under this subsection, and for such purpose the Secretary of the Treasury is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act, as now or hereafter in force, and the purposes for 40 Stat. 288. which securities

may

be issued under such Act are extended to include 31 USC 774. purchases of the Secretary's obligations hereunder."

REAL ESTATE LOANS BY NATIONAL BANKS

78 Stat. 807; 82 Stat. 609.

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Sec. 704. Section 24 of the Federal Reserve Act (12 U.S.C. 371) is amended

(1) by striking out "80 per centum" and "twenty-five years" in clause (3) of the third sentence of the first paragraph and inserting in lieu thereof “90 per centum" and "thirty years”, respectively; and

(2) by striking out "thirty-six months", each place it appears in the first sentence of the third paragraph, and inserting in lieu thereof "sixty months”.

EXTENSION OF TIME FOR CONTINUANCE OF CERTAIN ACTIVITIES

Sec. 705. Section 408 (c) (2) of the National Housing Act (12 U.S.C. 1730a (c) (2)) is amended by striking "two” and inserting in lieu thereof "hive.

82 Stat. 8.

STATE-WIDE LENDING FOR FEDERAL SAVINGS AND LOAN ASSOCIATIONS

Sec. 706. Section 5 (c) of the Home Owners' Loan Act of 1933 is amended (1) by adding after “their home office" in the first sentence

76 Stat. 778; 78 Stat. 805. 12 USC 1464.

84 STAT. 463

the following: "or within the State in which such home office is located"; and (2) by substituting the word "section" for the word “proviso" used in the last clause of the second proviso.

RESERVES OF INSURED INSTITUTIONS

48 Stat. 1258; 49 Stat. 298; 78 Stat. 804.

Sec. 707. Section 103(b) of the National Housing Act (12 U.S.C. 1726(b)) is amended by inserting after “Proriiled. That" the second place the term appears the following: "the Corporation may extend the twenty-year limitation hereinabove prescribed by not more than ten years in the case of any insured institution if it determines such action to be necessary to meet mortgage needs: Provided further, That".

SAVINGS AND LOAN ASSOCIATIONS AS PENSION TRUSTEES

48 Stat. 132 82 Stat. 543.

76 Stat. 812. 26 USC 401.

Sec. 708. Section 5(c) of the Home Owners' Loan Act of 1933 (12 U.S.C. 1461(c)) is amended by inserting before the next to the last paragraph a new paragraph as follows:

* Any such association is authorized to act as trustee of any trust created or organized in the United States and forming part of a stock bonus, pension, or profit-sharing plan which qualifies or qualified for specific tax treatment under section 101 (d) of the Internal Revenue Code of 1954, if the funds of such trust are invested only in savings accounts or deposits in such association or in obligations or securities issued by such association. All funds held in such fiduciary capacity by any such association may be commingled for appropriate purposes of investment, but individual records shall be kept by the fiduciary for each participant and shall show in proper detail all transactions engaged in under the authority of this paragraph."

MAXIMUM LOAN ON SINGLE-FAMILY DWELLING

78 Stat. 804.

Sec. 709. Section 5 (c) of the Home Owners' Loan Act of 1933 (12 U.S.C. 1464 (c)) is amended by striking out "$40,000” in the first proviso and inserting in lieu thereof “$45,000”.

COLLEGE HOUSING GRANT AUTHORIZATION

83 Stat. 390. 12 USC 1749.

Sec. 710. Section 401(f) (2) of the Housing Act of 1950 is amended by striking out all that follows "increased by" and inserting in lieu thereof "$6,300,000 on July 1, 1970".

NATIONAL HOUSING PARTNERSHIPS

Sec. 711. Title IX of the Housing and Urban Development Act of 1968 is amended by adding after section 911 the following new section:

82 Stat. 547.
42 USC 3931-
3940;
12 USC 24.

“STATE REGULATION

"SEC. 912. Nothing contained in this title shall preclude a State or other local jurisdiction from imposing, in accordance with the laws of such State or other local jurisdiction, any valid nondiscriminatory tax, obligation, or regulation on the partnership as a taxable and or legal entity, but no limited partner of the partnership not otherwise subject to taxation or regulation by or judicial process of a State or other local

a

34 STAT. 464

jurisdiction shall be subject to taxation or regulation by or subject to
or denied access to judicial process of such State or other local jurisdic-
tion, or be so subject or denied access to any greater extent, because of
activities of the corporation or partnership within such State or other
local jurisdiction."
Approved July 24, 1970.

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LEGISLATIVE HISTORY:

.

HOUSE REPORTS: No. 91-1131 accompanying H. R. 17495 (Comm. on Banking

and Currency) and 91-1311 (Comm. of Conference). SENATE REPORT: No. 91-761 (Comm. on Banking and Currency). CONGRESS IONAL RECORD, Vol. 116 (1970):

Apr. 16, considered and passed Senate.
June 25, considered and passed House, amended, in lieu of H.R. 17495.
June 30, Senate disagreed to House amendment, asked for conference.
July 17, Senate agreed to conference report.
July 20, House agreed to conference report.

91 st Congress, s. 1046

July 31, 1970

An Act

84 STAT. 690

To protect consumers by providing a civil remedy for misrepresentation of the

quality of articles composed in whole or in part of gold or silver and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Act entitled Gold and silver "An Act forbidding the importation, exportation, or carriage in inter- articles. state commerce of falsely stamped articles of merchandise made of Consumer progold or silver or their alloys, and for other purposes", approved

tection. June 13, 1906 (34 Stat. 260), as amended October 4, 1961 (75 Stat. 776; 15 U.S.C. 294 et seq.), is amended by

75 Stat. 775. (a) Inserting immediately after the section number "Sec. 5.” the Civil injuncsubsection designation "(a)”.

tive relief. (b) Adding at the end of the newly designated subsection "Sec. 5. 15 USC 298. (a)" the following new subsections:

“(b) Any competitor, customer, or competitor of a customer of any person in violation of section 1, 2, 3, or 4 of this Act, or any subsequent purchaser of an article of merchandise which has been the subject of a violation of section 1, 2, 3, or 4 of this Act, shall be entitled to injunctive relief restraining further violation of this Act and may sue therefor in any

district court of the United States in the district in which the defendant resides or has an agent, without respect to the amount in controversy, and shall recover damages and the cost of suit, including a reasonable attorney's fee.

"(c) Any duly organized and existing jewelry trade association shall be entitled to injunctive relief restraining any person in violation of section 1, 2, 3, or 4 of this Act from further violation of this Act and may sue therefor as the real party in interest in any district court of the United States in the district in which the defendant resides or has an agent, without respect to the amount in controversy, and if successful shall recover the cost of suit, including a reasonable attorney's fee. If the court determines that the action has been brought frivolously, for purposes of harassment, or in implementation of any scheme in restraint of trade, it may award punitive damages to the defendant.

"(d) Any defendant against whom a civil action is brought under the provisions of this Act shall be entitled to recover the cost of defending the suit, including a reasonable attorney's fee, in the event such action is terminated without a finding by the court that such defendant is or has been in violation of this Act.

“(e) The district courts shall have exclusive original jurisdiction of any civil action arising under the provisions of this Act.”

(c) Inserting immediately after the section number "Sec. 6.” the 15 USC 299. subsection designation “(a)":

(d) Adding at the end of the newly designated subsection "SEC. 6. (a)” the following new subsections :

“(b) The term 'person' means an individual, partnership, corpora- "Person." tion, or any other form of business enterprise, capable of being in violation of this Act.

"(c) The term 'jewelry trade association means an organization, "Jewelry trade consisting primarily of persons actively engaged in the jewelry or á association."

" related business, the purposes and activities of which are primarily directed to the improvement of business conditions in the jewelry or related businesses."

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(232)

84 STAT. 691 75 Stat. 775. 15 USC 297.

(e) Changing paragraph (A), subsection (b), of section 4 to read as follows:

“(A) Apply or cause to be applied to that article a trademark of such person, which has been duly registered or applied for registration under the laws of the United States within thirty days after an article bearing the trademark is placed in commerce or imported into the United States, or the name of such person; and”.

Sec. 2. If any provision of this Act or any amendment made thereby, or the application thereof to any person, as that term is herein defined, is held invalid, the remainder of the Act or amendment and the application of the remaining provisions of the Act or amendment to any person shall not be affected thereby.

Sec. 3. The provisions of this Act and amendments made thereby shall be held to be in addition to, and not in substitution for or limitation of, the provisions of any other Act of the United States.

Sec. 4. This Act shall take effect three months after enactment.
Approved July 31, 1970.

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LEGIS LATIVE HISTORY:

HOUSE REPORT No. 91-928 accompanying H. R. 8673 (Comm. on

Interstate and Foreign Commerce).
SENATE REPORT No. 91-194 (Comm. on Commerce).
CONGRESSIONAL RECORD:

Vol. 115 (1969): May 23, considered and passed Senate.
Vol. 116 (1970): July 7, considered and passed House,

amended, in lieu of H.R. 8673.
July 16, Senate concurred in House amendment.

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