103 STAT. 314 PUBLIC LAW 101-73 —AUG. 9, 1989 to purchase the securities within a period that does not exceed one year, and that person is an insured deposi- tory institution (as defined in section 3 of the Federal Deposit Insurance Act) that is in compliance with ap- plicable capital standards, a primary dealer in United States Government securities, or a broker or dealer registered under the Securities Exchange Act of 1934; and Loans. "(vii) mortgage loans on the security of a first lien on Real property. residential real property, if the mortgage loans qualify as backing for mortgage-backed securities issued by the Fed- eral National Mortgage Association or the Federal Home Loan Mortgage Association or guaranteed by the Govern- ment National Mortgage Association, and either— "(I) the mortgage loans have one year or less remain- ing until maturity, or "(II) the mortgage loans are subject to an agreement (including a repurchase agreement, put option, right of ! redemption, or takeout commitment) that requires an- other person to purchase the loans within a period that does not exceed one year, and that person is an insured depository institution (as defined in section 3 of the Federal Deposit Insurance Act) that is in compliance with applicable capital standards, a primary dealer in United States Government securities, or a broker or dealer registered under the Securities Exchange Act of 1934. "(2) LIMITATION.—The requirement prescribed by the Director pursuant to this subsection (hereafter in this section referred to as the 'liquidity requirement') may not be less than 4 percent or more than 10 percent of the obligation of the institution on withdrawable accounts and borrowings payable on demand or Regulations. with unexpired maturities of one year or less. The Director shall prescribe regulations to implement the provisions of this subsec- tion. "(c) CALCULATION. — The amount of any savings association's liquidity requirement, and any deficiency in compliance therewith, shall be calculated as the Director shall prescribe. The Director may prescribe different liquidity requirements, within the limitations . specified herein, for different classes of savings associations, and for such purposes the Director is authorized to clsissify savings associa- tions according to type, size, location, rate of withdrawals, or on such other basis or bases of differentiation as the Director may deem to be reasonably necessary or appropriate for the purposes of this section. "(d) DEFICIENCY ASSESSMENTS.— For any deficiency in compliance with the liquidity requirements, the Director may, in the Director's discretion, assess a penalty consisting of the payment by the institu- tion of such sum as may be assessed by the Director but not in excess of a rate equal to the highest rate on Federal home loan bank advances of one year or less, plus 2 percent per year, on the amount of the deficiency for the period with respect to which the deficiency existed. Any penalty assessed under this subsection against a sav- ings association shall be paid to the Director. The Director may authorize or require that, at any time before collection thereof, and whether before or after the bringing of any action or other legal proceeding, the obtaining of any judgment or other recovery, or the
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