Page:United States Statutes at Large Volume 103 Part 1.djvu/379

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 351 (c) ASSOCIATIONS THAT HAVE PREVIOUSLY FAILED TO REMAIN 12 USC I467a QuAUFiED THRIFT LENDERS. —If, as of June 30, 1991, any savings "°^- association is subject to any provision of section 10(m)(3) of the Home Owners' Loan Act as in effect on that date, the amendment to this subsection made by section 303 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, shall not be con- strued as reducing the period specified in section 10(m)(3) of such Act. SEC. 304. TRANSITIONAL RULE FOR CERTAIN TRANSACTIONS WITH 12 USC 1468 AFFILIATES. note. (a) CONSISTENCY OF CERTAIN REGULATIONS WITH SECTION 23A OF THE FEDERAL RESERVE ACT. —Not later than 6 months after the date of enactment of this Act, the Director of the Office of Thrift Super- vision shall revise the Director's conflicts regulations so as not to prohibit a thrift institution from purchasing mortgages from a mortgage-banking affiliate to the same extent as a member bank may do so under section 250.250 of title 12, Code of Federal Regula- tions. (b) TRANSITIONAL PERIOD. —Notwithstanding section 11(a) of the Home Owners' Loan Act (as added by section 301 of this Act), a thrift institution that, before May 1, 1989, had received approval from the Federal Savings and Loan Insurance Corporation pursuant to section 408(d)(6) of the National Housing Act as then in effect to purchase mortgages from a mortgage-banking affiliate may, during the 6-month period following the date on which final regulations are prescribed pursuant to subsection (a), continue to engage in trans- actions for which it had received such approval. Any savings associa- tion that engages in such transactions pursuant to this subsection shall comply with the standards that wfere applicable under section 408(d)(6) as in effect on May 1, 1989. (c) AUTHORITY TO EXTEND REGULATORY APPROVALS THAT WOULD OTHERWISE LAPSE DURING THE TRANSITIONAL PERIOD.— The Director of the Office of Thrift Supervision may extend until the expiration of the 6-month period described in subsection (b) any approval granted by the Federal Savings and Loan Insurance Corporation that expires or would expire before the expiration of that 6-month period. In determining whether to grant such exemptions, the Direc- tor shall apply the standards that were applicable under section 408(d)(6) of the National Housing Act as in effect on May 1, 1989. SEC. 305. TRANSITIONAL RULES REGARDING CERTAIN LOANS AND EFFEC- TIVE DATES. (a) DIVESTITURE OF CERTAIN LOANS AND INVESTMENTS NOT RE- 12 USC 1464 QUIRED.— The limitations on loans and investments contained in ^°^- section 5(c) of the Home Owners' Loan Act, as amended by section 301, do not require the divestiture of any loan or investment that was lawful when made under the provisions of such section as those provisions were in effect at the time such loan or investment was made. (b) LOANS SECURED BY NONRESIDENTIAL REAL PROPERTY. — 12 USC 1464 (1) IN GENERAL.— The Director of the Office of Thrift Super- "°*®- vision may, by order, permit a Federal savings association to exceed the limitation set forth in section 5(c)(2)(B)(i) of the Home Owners' Loan Act during the period beginning on the date of enactment of this Act and ending on June 1, 1991, if the Director determines that—

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