Page:United States Statutes at Large Volume 89.djvu/229

 PUBLIC LAW 94-29—JUNE 4, 1975

89 STAT. 169

(4) Section 203 thereof is further amended by striking out subsec- 15 USC 80b-3. tion (g) thereof and redesignating subsections (h) and (i) thereof as subsections (g) and (h), respectively. Use of mails oir (5) Section 204 thereof is amended to read as follows: "SEC. 204. Every investment adviser who makes use of the mails or instrumentality of of any means or instrumentality of interstate commerce in connection interstate with his or its business as an investment adviser (other than one commerce, recordkeeping specifically exempted from registration pursuant to section 203(b) requirements. of this title), shall make and keep for prescribed periods such records 15 USC 80b-4. (as defined in section 3(a) (37) of the Securities Exchange Act of Ante, p. 97. 1934), furnish such copies thereof, and make and disseminate such reports as the Commission, by rule, may prescribe as necessary or appropriate in the public interest or for the protection of investors. All records (as so defined) of such investment advisers are subject at any time, or from time to time, to such reasonable periodic, special, or other examinations by representatives of the Commission as the Commission deems necessary or appropriate in the public interest or for the protection of investors.". SEC. 30. Section 4 of the Securities Act of 1933 (15 U.S.C. 77(d)) Domestic security is amended by adding at the end thereof the following new paragraph: transactions, "(5)(A) Transactions involving offers or sales of one or more exemptions. promissory notes directly secured by a first lien on a single parcel of real estate upon which is located a dwelling or other residential or commercial structure, and participation interests in such notes— "(i) where such securities are originated by a savings and loan association, savings bank, commercial bank, or similar banking institution which is supervised and examined by a Federal or State authority, and are offered and sold subject to the following conditions: " (a) the minimum aggregate sales price per purchaser shall not be less than $250,000; "(b) the purchaser shall pay cash either at the time of the sale or within sixty days thereof; and "(c) each purchaser shall buy for his own account only; or "(ii) where such securities are originated by a mortgagee approved by the Secretary of Plousing and Urban Development pursuant to sections 203 and 211 of the National Housing Act 12 USC 1709, and are offered or sold subject to the three conditions specified in 1715b. subparagraph (A)(i) to any institution described in such subparagraph or to any insurance company subject to the supervision of the insurance commissioner, or any agency or officer performing like function, of any State or territory of the United States or the District of Columbia, or the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, or the Government National Mortgage Association. "(B) Transactions between any of the entities described in subparagraph (A)(i) or (A)(ii) hereof involving non-assignable contracts to buy or sell the foregoing securities which are to be completed within two years, where the seller of the foregoing securities pursuant to any such contract is one of the parties described in subparagraph (A)(i) or (A)(ii) who may originate such securities and the purchaser of such securities pursuant to any such contract is any institution described in subparagraph (A)(i) or any insurance company described in subparagraph (A) (ii), the Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, or the Government National Mortgage Association and where the foregoing securities are subject to the three conditions for sale set forth in subparagraphs (A)(i)(a) through (c).

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