Page:United States Statutes at Large Volume 103 Part 1.djvu/362

 103 STAT. 334 PUBLIC LAW 101-73 —AUG. 9, 1989 Association Insurance Fund the assessments assessed on savings associations under the Federal Deposit Insurance Act. Such association shall also be assessed, on the date of its change of status from a Savings Association Insurance Fund member, the exit fee and entrance fee provided in section 5(d) of the Federal Deposit Insurance Act. Such institution shall not be obligated to pay the assessments assessed on banks under the Federal Deposit Insurance Act until— "(i) December 31, 1993, or "(ii) the institution's change of status from a Savings Association Insurance fund member to a Bank Insur- "^^ ance Fund member, whichever is later. "(F) SPECIAL RULE.— This paragraph shall not apply to savings associations headquartered and operating primarily in Puerto Rico or the Virgin Islands. "(G) EXEMPTION FOR CERTAIN FEDERAL SAVINGS ASSOCIA- TIONS.— T h is paragraph shall not apply to any Federal sav- ' ings association in existence as a Federal savings ,"' association on the date of enactment of the Financial Insti- tutions Reform Recovery, and Enforcement Act of 1989— "(i) that was chartered before October 15, 1982, as a savings bank or a cooperative bank under State law; or "(ii) that acquired its principal assets from an associa- tion that was chartered before October 15, 1982, as a savings bank or a cooperative bank under State law. "(H) No CIRCUMVENTION OF EXIT MORATORIUM.— Subpara- graph (A) of this paragraph shall not be construed as permitting any insured depository institution to engage in J any conversion transaction prohibited under section 5(d) of the Federal Deposit Insurance Act. "(I) EFFECTIVE DATE.— This paragraph shall take effect upon the expiration of 1 year after the date of enactment of the Fingmcial Institutions Reform, Recovery, and Enforce- ment Act of 1989. "(4) DEFINITIONS.—For purposes of this subsection— "(A) ACTUAL THRIFT INVESTMENT PERCENTAGE. —The term 'actual thrift investment percentage' means the percentage determined by dividing— "(i) the amount of the qualified thrift investments of a savings association, by "(ii) the total amount of tangible assets of such sav- ings association. "(B) QUALIFIED THRIFT INVESTMENTS. — The term 'qualified thrift investments' means, with respect to any savings association, the sum of— • "(i) the aggregate amount of loans, equity positions, or securities held by the savings association (or any ~• / subsidiary of such association) which are related to domestic residential real estate or manufactured hous- ing; "(ii) the value of property used by such association or subsidiary in the conduct of the business of such association or subsidiary; "(iii) subject to paragraph (5), the liquid assets of the type required to be maintained under this Act; and "(iv) subject to paragraph (5), 50 percent of the dollar amount of the residential mortgage loans originated by such savings association or subsidiary and sold within 90 days of origination.

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