Page:United States Statutes at Large Volume 93.djvu/1266

 93 STAT. 1234 "Share draft account."

PUBLIC LAW 96-161—DEC. 28, 1979

"(10) the term 'share draft account' means an account on which payment of interest may be made on a deposit with respect to which the credit union may require the member to give notice of an intended withdrawal not less than thirty days before the withdrawal is made, even though in practice such notice is not required and the member is allowed to make withdrawals by negotiable or transferable instrument for the purpose of making payments to third persons or otherwise. Such account shall consist solely of funds in which the entire beneficial interest is held by one or more individuals, or by an organization operated primarily for religious, philanthropic, charitable, educational, or other similar purpose and not for profit.". 12 USC 1757. (b) Section 107(6) of such Act is amended by inserting before the semicolon at the end thereof the following: ", and to issue, deal in, and accept share drafts as orders of withdrawal against shares, subject to such terms, rates, and conditions as may be prescribed by the Board". Effective date. SEC, 104. The amendments made by sections 101 through 103 of this 12 USC 371a title shall take effect on December 31, 1979, and shall remain in effect note. until the close of March 31, 1980. 12 USC 1735f-7 SEC. 105. (a)(1) The provisions of the constitution or law of any State note expressly limiting the rate or amount of interest, discount points, or other charges which may be charged, taken, received, or reserved shall not apply to any loan, mortgage, or advance which is— (A) secured by a first lien on residential real property or by a first lien on stock in a residential cooperative housing corporation where the loan, mortgage, or advance is used to finance the acquisition of such stock; (B) made after the date of enactment of this Act; and 12 USC 1735f-5. (C) described in section 527(b) of the National Housing Act, except that the limitation described in section 527(b)(1) that the property must be designed principally for the occupancy of from one to four families shall not apply, the requirement contained in section 527(b)(1) that the loan be secured by residential real property shall not apply to a loan secured by stock in a residential cooperative housing corporation, and for the purpose of this section, the term "lender" in section 527(b)(2)(A) of the National Housing Act shall also be deemed to include any lender approved by the Secretary of Housing and Urban Development for participation in any mortgage insurance program under the National Housing Act. (2) The provisions of the constitution or law of any State expressly limiting the rate or amount of interest which may be charged, taken, received, or reserved shall not apply to any deposit or account held "Depository by, or other obligation of a depository institution. As used in this institution." paragraph, the term "depository institution" means— (A) any insured bank as defined in section 3 of the Federal 18 USC 709, 709 Deposit Insurance Act; note. (B) any mutual savings bank as defined in section 3 of the Federal Deposit Insurance Act; (C) any savings bank as defined in section 3 of the Federal Deposit Insurance Act; (D) any member as defined in this section; (E) any insured institution as defined in section 408 of the National Housing Act; and 12 USC 1730a. (F) any insured credit union as defined in section 101(7) of the 12 USC 1752. Federal Credit Union Act. (b) The provisions of subsection (a)(1) shall apply to loans, mortgages, and advances made in any State unless and until the State

�