Page:United States Statutes at Large Volume 95.djvu/294

 95 STAT. 268

PUBLIC LAW 97-34—AUG. 13, 1981 "(iii) a credit union, the deposits or accounts of which are insured under Federal or State law or are protected or guaranteed under State law, or "(B) an industrial loan association or bank chartered and supervised under Federal or State law in a manner similar to a savings and loan institution. The term "qualified institution" does not include any foreign branch or international banking facility of an institution described in the preceding sentence and such a branch or facility shall not be taken into account under subsection (d). "(d) INSTITUTIONS REQUIRED TO PROVIDE RESIDENTIAL PROPERTY FINANCING.—

"(1) IN GENERAL.—If a qualified savings institution (other than an institution described in subsection (c)(2)(A)(iii)) issues any depository institution tax-exempt savings certificate during any calendar quarter, the amount of the qualified residential financing provided by such institution shall during the succeeding calendar quarter not be less than the lesser of— "(A) 75 percent of the face amount of depository institution tax-exempt savings certificates issued during the calendar quarter, or "(B) 75 percent of the qualified net savings for the calendar quarter. The aggregate amount of qualified tax-exempt savings certificates issued by any institution described in subsection (c)(2)(A)(iii) which are outstanding at the close of any calendar quarter may not exceed the limitation determined under paragraph (4) with respect to such institution for such quarter. "(2) PENALTY FOR FAILURE TO MEET REQUIREMENTS.—If, as of the

close of any calendar quarter, a qualified institution has not met the requirements of paragraph (1) with respect to the preceding calendar quarter, such institution may not issue any certificates until it meets such requirements. "(3) QUALIFIED RESIDENTIAL FINANCING.—The term 'qualified residential financing' includes, and is limited to— "(A) any loan secured by a lien on a single-family or multiiPamily residence, "(B) any secured or unsecured qualified home improvement loan (within the meaning of section 103A(1)(6) without regard to the $15,000 limit), (C) any mortgage (within the meaning of section 103A(1)(1)) on a single-family or multifamily residence which is insured or guaranteed by the Federal, State, or local government or any instrumentality thereof, "(D) any loan to acquire a mobile home, "(E) any construction loan for the construction or rehabilitation of a single-family or multifamily residence, "(F) the purchase of mortgages secured by single-family or multifamily residences on the secondary market but only to the extent the amount of such purchases exceed the amount of sales of such mortgages by an institution, "(G) the purchase of securities issued or guaranteed by the Federal National Mortgage Association, the Government National Mortgage Association, or the Federal Home Loan Mortgage Corporation, or securities issued by any other person if such securities are secured by mortgages originated by a qualified institution, but only to the extent the amount

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