Page:United States Statutes at Large Volume 91.djvu/83

 PUBLIC LAW 95-22—APR. 19, 1977

91 STAT. 49

Public Law 95-22 95th Congress An Act To extend the authority for the flexible regulation of interest rates on deposits and accounts in depository institutions.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

TITLE I

Apr. 19. 1977 [H.R. 3365] Depository institutions. Interest rates, extension.

SEC. 101. Section 7 of the Act of September 21, 1966 (Public Law 89-597), is amended by striking out "March 1, 1977" and inserting in 12 USC 461 note, lieu thereof "December 15, 1977". TITLE II SEC. 201. Section ]4(b) of the Federal Keserve Act (12 U.S.C. 355) is amended (1) by striking out "November 1, 1976" and inserting in lieu thereof "November 1, 1978"; and (2) by striking out "October 31, 1976" and inserting in lieu thereof "October 31, 1978". TITLE III SEC. 301. Section 201 of the Federal Credit Union Act (12 U.S.C. Repeal. 1781) is amended by repealing subsection (c)(3) thereof. SEC. 302. (a) Paragraph (5) of section 107 of the Federal Credit Union Act (12 U.S.C. 1757) is amended to read as follows: "(5) to make loans, the maturities of which shall not exceed Federal credit twelve years except as otherwise provided herein, and extend lines unions, powers. of credit to its members, to other credit unions, and to credit union organizations and to participate with other credit unions, credit i union organizations, or financial organizations in making loans to credit union members in accordance with the following: •'': " (A) Loans to members shall be made in conformity with Loans to criteria established by the board of directors: Provided, members. That— "(i) a residential real estate loan which is made to Residential loans, finance the acquisition of a one-to-four-family dwelling for the principal residence of a credit union member, the sales price of which is not more than 150 per centum of -1;}: the median sales price of residential real property situ"'^ ated in the geographical area (as determined by the board of directors) in which the property is located, ,.*« */*

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and which is secured by a first lien upon such dwelling, may have a m a t u r i t y not exceeding t h i r t y years, subject to the rules and regulations of the A d m i n i s t r a to r; " ( i i) a loan to finance the purchase of a mobile home, Mobile home which shall be secured by a first lien on such mobile home, loans. to be used by the credit union member as his residence, or for the repair, alteration, or improvement of a residential dwelling which is the residence of a credit union member shall have a m a t u r i t y not to exceed fifteen years

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