PUBLIC LAW 95-630—NOV. 10, 1978
9 2 STAT. 3 7 1 4
Effective date. 12 USC 461 note.
ance Corporation or mutual savings banks, as defined i n section 3(f) of the Federal Deposit Insurance Act (12 U.S.C. 1 8 1 3 (f)), with respect to savings deposits or accounts from which automatic transfers to the institution itself or to a demand or other deposit account of the same depositor or accountholder a t such institution may be made as a norm a l practice, pursuant to a prearranged agreement with the depositor or accountholder to make such transfers to cover checks, drafts, or simil a r instruments d r a w n by the depositor or accountholder on such institution. Notwithstanding any of the provisions of subsection (b) of this section, the maximum rate of interest payable on a savings deposit or account described in the preceding sentence shall be the rate which banks (other than m u t u a l savings banks) the deposits of which a r e insured by the Federal Deposit Insurance Corporation may p a y on such accounts.". SEC. 1603. This title shall take effect upon enactment. TITLE XVII—FEDERAL SAVINGS AND LOAN INVESTMENT AUTHORITY
Rules and regulations.
SEC. 1701. W i t h the exception of undesignated paragraph 15, 17, and 23, section 5(c) of the Home Owners' Loan Act of 1933 (12 U.S.C. 1464 (c)) is amended to read as follows: " (C) A n association may, to such extent, and subject to such rules ^^^ regulations as the B o a r d may prescribe from time to time invest in, sell, or otherwise deal with the following loans, or other investments: " (1) LOANS OR INVESTMENTS WITHOUT PERCENTAGE OF ASSETS
LIMITATION.—Without limitation as a percentage of assets, the following are permitted: "(A)
SAVINGS ACCOUNT LOANS.—Loans on the security of
its savings accounts. "(B)
12 USC 1713.
SINGLE FAMILY AND MULTIFAMILT MORTGAGE LOANS.—
Loans on the security of first liens upon residential real property within one hundred miles of its home office or within the State i n which such home office is located; loans so secured shall not exceed $60,000 in principal amount (except that with respect to residential real estate i n Alaska, Guam, and H a w a i i the foregoing limitation may be increased by not to exceed 50 per centum) for each single family dwelling n o r exceed such amount p e r room within the limits allowable ( a t the time of the loan) i n section 207(c)(3) of the National Housing Act for any other dwelling u n i t covered by such lien. "(C)
UNITED
STATES
GOVERNMENT
SECURITIES.—Invest-
ments in obligations of, or fully guaranteed as to principal and interest by, the United States. " (D) FEDERAL HOME LOAN BANK AND FEDERAL NATIONAL MORTGAGE ASSOCIATION SECURITIES.—Investments i n the stock
or bonds of a Federal home loan bank o r in the stock of the Federal National Mortgage Association. "(E)
12 USC 1454, 1455.
FEDERAL HOME LOAN MORTGAGE CORPORATION INSTRU-
MENTS.—Investments i n mortgages, obligations, or other securities which a r e or ever have been sold by the Federal H o m e L o a n Mortgage Corporation pursuant to section 305 o r 306 of the Federal H o m e L o a n Mortgage Corporation Act. "(F)
OTHER
GOVERNMENT
SECURITIES.—Investments
in
obligations, participations, securities, o r other instruments
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