Page:United States Statutes at Large Volume 120.djvu/2005

 120 STAT. 1974

PUBLIC LAW 109–351—OCT. 13, 2006

SEC. 402. REPEAL OF OVERLAPPING RULES GOVERNING PURCHASED MORTGAGE SERVICING RIGHTS.

Section 5(t) of the Home Owners’ Loan Act (12 U.S.C. 1464(t)) is amended— (1) by striking paragraph (4) and inserting the following: ‘‘(4) [Repealed].’’; and (2) in paragraph (9)(A), by striking ‘‘intangible assets, plus’’ and all that follows through the period at the end and inserting ‘‘intangible assets.’’. SEC. 403. CLARIFYING CITIZENSHIP OF FEDERAL SAVINGS ASSOCIATIONS FOR FEDERAL COURT JURISDICTION.

Section 5 of the Home Owners’ Loan Act (12 U.S.C. 1464) is amended by adding at the end the following: ‘‘(x) HOME STATE CITIZENSHIP.—In determining whether a Federal court has diversity jurisdiction over a case in which a Federal savings association is a party, the Federal savings association shall be considered to be a citizen only of the State in which such savings association has its home office.’’. SEC. 404. REPEAL OF LIMITATION ON LOANS TO ONE BORROWER.

Section 5(u)(2)(A) of the Home Owners’ Loan Act (12 U.S.C. 1464(u)(2)(A)) is amended— (1) in clause (i)— (A) by striking ‘‘for any’’ and inserting ‘‘For any’’; and (B) by striking ‘‘; or’’ and inserting a period; and (2) in clause (ii)— (A) by striking ‘‘to develop domestic’’ and inserting ‘‘To develop domestic’’; (B) by striking subclause (I); and (C) by redesignating subclauses (II) through (V) as subclauses (I) through (IV), respectively.

TITLE V—CREDIT UNION PROVISIONS SEC. 501. LEASES OF LAND ON FEDERAL FACILITIES FOR CREDIT UNIONS.

(a) IN GENERAL.—Section 124 of the Federal Credit Union Act (12 U.S.C. 1770) is amended— (1) by striking ‘‘Upon application by any credit union’’ and inserting ‘‘Notwithstanding any other provision of law, upon application by any credit union’’; (2) by inserting ‘‘on lands reserved for the use of, and under the exclusive or concurrent jurisdiction of, the United States or’’ after ‘‘officer or agency of the United States charged with the allotment of space’’; (3) by inserting ‘‘lease land or’’ after ‘‘such officer or agency may in his or its discretion’’; and (4) by inserting ‘‘or the facility built on the lease land’’ after ‘‘credit union to be served by the allotment of space’’. (b) CLERICAL AMENDMENT.—The section heading for section 124 of the Federal Credit Union Act (12 U.S.C. 1770) is amended by inserting ‘‘OR FEDERAL LAND’’ after ‘‘BUILDINGS’’.

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