A sale or assignment of a note, mortgage, deed of trust, or other instrument from one lender to another, on the secondary market, where there are no changes in the terms or conditions provided in the instrument and the borrower has taken no action to refinance, shall be exempt from the tax imposed by this chapter.
CREDIT(S)
(Mar. 2, 1962, 76 Stat. 11, Pub. L. 87-408, title III, § 302a, as added June 14, 1994, D.C. Law 10-128, § 101(c), 41 DCR 2096.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 45-922.1.
Legislative History of Laws
Law 10-128, the “Omnibus Budget Support Act of 1994,” was introduced in Council and assigned Bill No. 10-575, which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on March 22, 1994, and April 12, 1994, respectively. Signed by the Mayor on April 14, 1994, it was assigned Act No. 10-225 and transmitted to both Houses of Congress for its review. D.C. Law 10-128 became effective on June 14, 1994.
Miscellaneous Notes
Application of Law 10-128: See Historical and Statutory Notes following § 42-1101.