Page:United States Statutes at Large Volume 96 Part 2.djvu/1146

 96 STAT. 2508 Ante, p. 1489.

Effective date. 12 USC 1729 note. Ante, p. 1492. Effective date. 12 USC 1823 note. Ante, p. 1496.

PUBLIC LAW 97-457—JAN. 12, 1983

(b)(1) Section 406(f)(5)(I) of such Act (12 U.S.C. 1729(f)(5)a)), as added by section 202 of Public Law 97-320, is amended by inserting "or dividends" after "interest". (2) The amendment made by paragraph (1) shall be deemed to have taken effect upon the enactment of Public Law 97-320. SEC. 10. (a) Section 13(i)(9) of the Federal Deposit Insurance Act (12 U.S.C. 1823(i)(9)), as added by section 203 of Public Law 97-320, is amended by inserting "or dividends" after "interest". (b) The amendment made by subsection (a) shall be deemed to have taken effect upon the enactment of Public Law 97-320. SEC. 11. Section 206 of Public Law 97-320 is amended to read as follows: "SUNSET PROVISION

12 USC 1729, 1823, 1729 note. Ante, p. 1489. Ante, p. 1492.

Ante, p. 1496.

Ante, p. 1501.

12 USC 461.

"SEC. 206. (a) Upon the expiration of three years after the date of enactment of this Act, section 406(f)(5) of the National Housing Act and section 13(i) of the Federal Deposit Insurance Act are repealed. "(b) The repeal by subsection (a) shall have no effect on any action taken or authorized pursuant to the amendments made by this title by or for a qualified institution while such amendments were in effect and while net worth certificates issued pursuant to these amendments are outstanding.". SEC. 12. The first sentence of section 5(b)(l)(B) of the Home Owners' Loan Act of 1933 (12 U.S.C. 1464(b)(l)(B)), as amended by section 312 of Public Law 97-320, is amended by inserting "may accept a demand account from itself and" after "An association". SEC. 13. Section 204 of the Depository Institutions Deregulation Act of 1980 (12 U.S.C. 3503), as amended by section 327 of Public Law 97-320, is amended by adding at the end thereof the following: "(4) The transitional adjustment provisions in section 19(b)(8) of the Federal Reserve Act, providing for the phase-in of reserve requirements, shall not apply to an account or accounts established pursuant to this subsection.". SEC. 14. (a)(1) Section 5(c)(3) of the Home Owners' Loan Act of 1933 (12 U.S.C. 1464(c)(3)) is amended by adding at the end thereof the following: "(D) CONSTRUCTION LOANS WITHOUT SECURITY.—Investments

Mih-i.0,iilni\

Effective date. 12 USC 1464 note. Ante, p. 1504.

not exceeding the greater of (i) the sum of its surplus, undivided it profits, and reserves, or (ii) 5 per centum of the assets of the li association, in loans the principal purpose of which is to provide financing with respect to what is or is expected to become @ primarily residential real estate where (I) the association relies li substantially for repayment on the borrower's general credit standing and forecast of income without other security, or (II) the association relies on other assurances for repayment, including but not limited to a guaranty or similar obligation of a third party. Investments under this subsection shall not be included in any percentage of assets or other percentage referred to in this subsection.". (2) The amendment made by paragraph (1) shall be deemed to have taken effect upon the enactment of Public Law 97-320. (b) Section 5(r)(2)(B) of the Home Owners' Loan Act of 1933 (12 U.S.C. 1464(r)(2)(B)), as added by section 334 of Public Law 97-320, is amended by striking out "Depository Institutions Amendments" and inserting in lieu thereof "Garn-St Germain Depository Institutions Act".

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