Page:United States Statutes at Large Volume 96 Part 2.djvu/138

 96 STAT. 1500

PUBLIC LAW 97-320—OCT. 15, 1982 accounts of which are insured by the Federal Savings and Loan Insurance Corporation.". GOVERNMENT SECURITIES

SEC. 324. Section 5(c)(1)(H) of the Home Owners' Loan Act of 1933 (12 U.S.C. 1464(c)(l)(H)) is amended to read as follows: "(H) STATE SECURITIES.—Investments in obligations of, or

issued by, any State or political subdivision thereof (including any agency, corporation, or instrumentality of a State or political subdivision), except that an association may not invest more than 10 per centum of its capital and surplus in obligations of any one issuer, exclusive of investments in general obligations of any issuer.". COMMERCIAL AND OTHER LOANS

SEC. 325. Section 5(c)(1) of the Home Owners' Loan Act of 1933 (12 U.S.C. 1464(c)(l)) is amended by adding at the end thereof the following: "(R) COMMERCIAL AND OTHER LOANS.—Secured or unsecured

loans for commercial, corporate, business, or agricultural purposes. No association may make loans to one borrower under the authority provided by this subparagraph in excess of the amount a national bank having an identical total capital and surplus could lend such borrower. The aggregate amount of loans under this paragraph shall not exceed 5 per centum of the assets of a savings and loan association (7 y% per centum of the assets of a savings bank) prior to January 1, 1984, or 10 per centum of the assets of a savings and loan association or savings bank thereafter.". EUMINATION OF DIFFERENTIAL

12 USC 461 12 USC 3503 note.

Post, p. 1501.

SEC. 326. (a) Section 102 of Public Law 94-200 is repealed. ^\^) Interest rate differentials for all categories of deposits or accounts between (i) any bank (other than a savings bank) the deposits of which are insured by the Federal Deposit Insurance Corporation, and (ii) any savings and loan, building and loan, or homestead association (including cooperative banks) the deposits or accounts of which are insured by the Federal Savings and Loan Insurance Corporation or any mutual savings bank as defined in section 3(0 of the Federal Deposit Insurance Act (12 U.S.C. 1813(j)), shall be phased out on or before January 1, 1984. (2) Any differential which is being phased out pursuant to a schedule established by regulations prescribed by the Depository Institutions Deregulation Committee prior to the aate of enactment of this Act shall be phased out as soon as practicable, but in no event later than such schedule provides. (3) Notwithstanding any other provision of law, no differential for any category of deposits or accounts shall be established or maintained on or after January 1, 1984. (c) No interest rate differential may be established or maintained in the case of the deposit account authorized pursuant to section 204(c) of the Depository Institutions Deregulation Act of 1980. (d) In the case of the elimination or reduction of any interest rate differential under subsection (b) with respect to any category of

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