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- Garn–St._Germain_Depository_Institutions_Act abstract "The Garn–St Germain Depository Institutions Act of 1982 (Pub.L. 97–320, H.R. 6267, enacted October 15, 1982) is an Act of Congress that deregulated savings and loan associations and allowed banks to provide adjustable-rate mortgage loans. It is disputed whether the act was a mitigating or contributing factor in the savings and loan crisis of the late 1980s.The bill, whose full title was "An Act to revitalize the housing industry by strengthening the financial stability of home mortgage lending institutions and ensuring the availability of home mortgage loans," was a Reagan Administration initiative.The bill is named after its sponsors, Congressman Fernand St. Germain, Democrat of Rhode Island, and Senator Jake Garn, Republican of Utah. The bill had broad support in Congress, with co-sponsors including Charles Schumer and Steny Hoyer. The bill passed overwhelmingly, by a margin of 272-91 in the House.An important consumer change was to allow anyone to place real estate in their own trust without triggering the due-on-sale clause that allows lenders to foreclose on a current loan upon transfer to another. This greatly facilitates the use of trusts to pass property to heirs and minors. It may also protect the property of wealthy or risky owners against the possibility of future lawsuits or creditors, because the trust owns the property, not the individuals at risk. The bill states "... a lender may not exercise its option pursuant to a due-on-sale clause upon ... a transfer into an inter vivos trust in which the borrower is and remains a beneficiary and which does not relate to a transfer of rights of occupancy in the property[.]” (The Garn St. Germain Depository Institutions Act of 1982, (U.S.C.) 1701j-3(d)(8).Title VIII of the act, Alternative Mortgage Transactions, allowed banks to provide adjustable-rate mortgage loans.".
- Garn–St._Germain_Depository_Institutions_Act wikiPageID "910465".
- Garn–St._Germain_Depository_Institutions_Act wikiPageRevisionID "601788079".
- Garn–St._Germain_Depository_Institutions_Act citePublicLaw "97".
- Garn–St._Germain_Depository_Institutions_Act committees United_States_House_Committee_on_Financial_Services.
- Garn–St._Germain_Depository_Institutions_Act committees United_States_Senate_Committee_on_Banking,_Housing,_and_Urban_Affairs.
- Garn–St._Germain_Depository_Institutions_Act conferencedate "1982-09-30".
- Garn–St._Germain_Depository_Institutions_Act effectiveDate "1982-10-15".
- Garn–St._Germain_Depository_Institutions_Act enactedBy "97".
- Garn–St._Germain_Depository_Institutions_Act introducedby "Fernand St. Germain".
- Garn–St._Germain_Depository_Institutions_Act introduceddate "1982-05-04".
- Garn–St._Germain_Depository_Institutions_Act introducedin "House".
- Garn–St._Germain_Depository_Institutions_Act leghisturl z?d097:HR06267:@@@R.
- Garn–St._Germain_Depository_Institutions_Act longtitle "An Act to revitalize the housing industry by strengthening the financial stability of home mortgage lending institutions and ensuring the availability of home mortgage loans.".
- Garn–St._Germain_Depository_Institutions_Act nickname "Alternative Mortgage Transaction Parity Act of 1982".
- Garn–St._Germain_Depository_Institutions_Act othershorttitles "Banking Affiliates Act of 1982Deposit Insurance Flexibility ActNet Worth Certificate ActThrift Institutions Restructuring Act of 1982".
- Garn–St._Germain_Depository_Institutions_Act passedbody "House".
- Garn–St._Germain_Depository_Institutions_Act passedbody "Senate".
- Garn–St._Germain_Depository_Institutions_Act passeddate "1982-05-20".
- Garn–St._Germain_Depository_Institutions_Act passeddate "1982-09-24".
- Garn–St._Germain_Depository_Institutions_Act passeddate "1982-09-30".
- Garn–St._Germain_Depository_Institutions_Act passeddate "1982-10-01".
- Garn–St._Germain_Depository_Institutions_Act passedvote "272".
- Garn–St._Germain_Depository_Institutions_Act passedvote "agreed voice vote".
- Garn–St._Germain_Depository_Institutions_Act passedvote "passed voice vote, in lieu of".
- Garn–St._Germain_Depository_Institutions_Act publicLawUrl STATUTE-96-Pg1469.pdf.
- Garn–St._Germain_Depository_Institutions_Act sectionsAmended "§ 226".
- Garn–St._Germain_Depository_Institutions_Act shorttitle "Garn-St. Germain Depository Institutions Act".
- Garn–St._Germain_Depository_Institutions_Act signeddate "1982-10-15".
- Garn–St._Germain_Depository_Institutions_Act signedpresident Ronald_Reagan.
- Garn–St._Germain_Depository_Institutions_Act titleAmended "12".
- Garn–St._Germain_Depository_Institutions_Act subject Category:1982_in_law.
- Garn–St._Germain_Depository_Institutions_Act subject Category:1982_in_the_United_States.
- Garn–St._Germain_Depository_Institutions_Act subject Category:97th_United_States_Congress.
- Garn–St._Germain_Depository_Institutions_Act subject Category:Savings_and_loan_crisis.
- Garn–St._Germain_Depository_Institutions_Act subject Category:United_States_federal_banking_legislation.
- Garn–St._Germain_Depository_Institutions_Act comment "The Garn–St Germain Depository Institutions Act of 1982 (Pub.L. 97–320, H.R. 6267, enacted October 15, 1982) is an Act of Congress that deregulated savings and loan associations and allowed banks to provide adjustable-rate mortgage loans.".
- Garn–St._Germain_Depository_Institutions_Act label "Garn–St. Germain Depository Institutions Act".
- Garn–St._Germain_Depository_Institutions_Act sameAs Garn%E2%80%93St._Germain_Depository_Institutions_Act.
- Garn–St._Germain_Depository_Institutions_Act sameAs Q5523715.
- Garn–St._Germain_Depository_Institutions_Act sameAs Q5523715.
- Garn–St._Germain_Depository_Institutions_Act wasDerivedFrom Garn–St._Germain_Depository_Institutions_Act?oldid=601788079.