106 STAT. 3964

PUBLIC LAW 102-550—OCT. 28, 1992

12 USC 4567.

12 USC 4562
note.

12 USC 4581.

(bX3) that a housing plan is required. The regulations shall
provide that the Secretary may extend the deadline to the
extent that the Secretary determines necessary. Any extension
of the deadline shall be in writing and for a time certain.

(4) APPROVAL.—The Secretary shall review each housing
plan submitted under this subsection and, not later than 30
days after submission of the plan, approve or disapprove the
plan. The Secretary may extend the period for approval or
disapproval for a single additional 30-day period if the Secretary
determines it necessary. The Secretary shall approve any plan
that the Secretary determines is likely to succeed, and conforms
with the Federal National Mortgage Association Charter Act
or the Federal Home Loan Mortgage Corporation Act (as
applicable), this title, and any other applicable laws and regula-
tions.

(5) NOTICE OF APPROVAL AND DISAPPROVAL.—The Secretary
shall provide written notice to any enterprise submitting a
housing plan of the approval or disapproval of the plan (which
shall include the reasons for any disapproval of the plan) and
of any extension of the period for approval or disapproval.

(6) RESUBMISSION.—If the initial housing plan submitted
by an enterprise is disapproved, the enterprise shall submit
an amended plan acceptable to the Secretary within 30 days
or such longer period that the Secretary determines is in the
public interest.

SEC. 1337. REPORTS DURING TRANSITION.

Each enterprise shall submit to the Secretary, the Committee
on Banking, Finance and Urban Affairs of the House of Representa-
tives, and the Committee on Banking, Housing, and Urban Affairs
of the Senate, a report for each transitional housing goal for the
enterprise under section 1332(d), 1333(d), or 1334(d), describing
the actions the enterprise plans to take to meet such goal. Each
such report shall be submitted within 45 days after the establish-
ment of the goal for which the report is submitted.

SEC. 1338. EFFECTIVE DATE OF TRANSITION GOALS.

The housing goals established under sections 1332(d), 1333(d),
and 1334(d) shall not become effective until January 1,1993.

Subpart C—Enforcement of Housing Goals

SEC. 1341. CEASE-AND-DESIST PROCEEDINGS.

(a) GROUNDS FOR ISSUANCE.—The Secretary may issue and
serve a notice of charges under this section upon an enterprise
if, in the determination of the Secretary—

(1) the enterprise has failed to submit a housing plan
that substantially complies with section 1336(c) within the
applicable period;

(2) the enterprise is engaging or has engaged, or the Sec-
retary has reasonable cause to believe that the enterprise is
about to engage, in any failure to make a good faith effort
to comply with a housing plan for the enterprise submitted
and approved under section 1336(c); or

Of) the enterprise has failed to submit the information
required under subsection (m) or (n) of section 309 of the
Federal National Mortgage Association Charter Act, subsection