PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 333 tion should have become or ceased to be a qualified thrift lender. "(Ill) ADVANCES.—The savings association shall not be eligible to obtain new advances from any Federal home loan bank. " (IV) DIVIDENDS.—The savings association shall be subject to all statutes and regulations governing the payment of dividends by a national bank in the same manner and to the same extent as if the savings association were a national bank, "(ii) ADDITIONAL RESTRICTIONS EFFECTIVE AFTER THREE YEARS. —The following additional restrictions shall apply to a savings association beginning 3 years after ^ the date on which the savings association should have become or ceases to be a qualified thrift lender: "(I) ACTIVITIES.—The savings association shall not retain any investment (including an invest- ment in any subsidiary) or engage, directly or in- directly, in any activity unless that investment or activity would be permissible for the savings association if it were a national bank, and is also permissible for the savings association as a savings association. "(II) ADVANCES.—The savings association shall repay any outstanding advances from any Federal home loan bank as promptly as can be prudently done consistent with the safe and sound operation of the savings association. "(C) HOLDING COMPANY REGULATION. —Any company that controls a savings association that is subject to any provi- ^ sion of subpars^aph (B) shall, within one year after the date on which the savings association should have become or ceases to be a qualified thrift lender, register as and be deemed to be a bank holding company subject to all of the provisions of the Bank Holding Company Act of 1956, sec- tion 8 of the Federal Deposit Insurance Act, and other statutes applicable to bank holding companies, in the same manner and to the same extent as if the company were a bank holding company and the savings association were a bank, as those terms are defined in the Bank Holding Company Act of 1956. "(D) REQUALIFICATION.— A savings association that should have become or ceases to be a qualified thrift lender shall not be subject to subparagraph (B) or (C) if the savings association becomes a qualified thrift lender by meeting the qualified thrift lender requirement in paragraph (1) on an average basis in 3 out of every 4 quarters and 2 out of every 3 years and thereafter remains a qualified thrift lender. If the savings association (or any savings association that acquired all or substantially all of its assets from that savings association) at any time thereafter ceases to be a qualified thrift lender, it shall immediately be subject to all provisions of subparagraphs (B) and (C) as if all the periods described in subparagraphs (B)(ii) and (C) had expired. "(E) DEPOSIT INSURANCE ASSESSMENTS.— Any bank char- tered as a result of the requirements of this section shall be obligated until December 31, 1993, to pay to the Savings
�
