Family Member [Banks & Banking] Law and Legal Definition

Pursuant to12 USCS § 1707 (e) [Title 12. Banks and Banking; Chapter 13. National Housing; Mortgage Insurance], the term family member means, “with respect to a mortgagor under such section, a child, parent, or grandparent of the mortgagor (or the mortgagor's spouse). In determining whether any of the relationships referred to in the preceding sentence exist, a legally adopted son or daughter of an individual (and a child who is a member of an individual's household, if placed with such individual by an authorized placement agency for legal adoption by such individual), and a foster child of an individual, shall be treated as a child of such individual by blood.”