Page:United States Statutes at Large Volume 96 Part 2.djvu/139

 PUBLIC LAW 97-320—OCT. 15, 1982

96 STAT. 1501

deposits or accounts between (1) any bank (other than a savings bank) the deposits of which are insured by the Federal Deposit Insurance Corporation and (2) 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(f) of the Federal Deposit Insurance Act, the 12 USC 1813. maximum rate of interest which shall be established for such category of deposits for banks (other than savings banks) the deposits of which are insured by the Federal Deposit Insurance Corporation shall be equal to the highest rate of interest which savings and loan associations the deposits or accounts of which are insured by the Federal Savings and Loan Insurance Corporation were permitted to pay on such category of deposits immediately prior to the elimination or reduction of such interest rate differential. MONEY MARKET DEPOSIT ACCOUNT

SEC. 327. Section 204 of the Depository Institutions Deregulation Act of 1980 (12 U.S.C. 3503) is amended by adding at the end thereof the following: "(c)(1) The Committee shall issue a regulation authorizing a new deposit account, effective not later than 60 days after the date of enactment of this subsection. Such account shall be directly equivalent to and competitive with money market mutual funds registered with the Securities and Exchange Commission under the Investment Company Act of 1940. 15 USC 80a-5i. "(2) No limitation on the meiximum rate or rates of interest payable on deposit accounts shall apply to the account authorized by this subsection. "(3) For purposes of section 19(b) of the Federal Reserve Act, 12 USC 46i. accounts established pursuant to this subsection which are not 'transaction accounts' as defined by the reserve requirement regulations of the Board of Governors of the Federal Reserve System as those regulations existed on August 1, 1982, shall not be subject to transaction account reserves, even though no minimum maturity is required, and even though up to three preauthorized or automatic transfers and three transfers to third parties are permitted monthly.". HOUSING AND LAND DEVELOPMENT LOANS

SEC. 328. Section 5(c)(l)(0) of the Home Owners' Loan Act of 1933 (12 U.S.C. 1464(c)(l)(0)) is amended to read as follows: "(O) HOUSING AND LAND AND URBAN DEVELOPMENT INSURED OR

GUARANTEED INVESTMENTS.—Loans (i) secured by mortgages as to which the association has the benefit of insurance under title X of the National Housing Act or of a commitment or agreement for such insurance, or (ii) as to which the association has the benefit of any guarantee under title IV of the Housing and Urban Development Act of 1968 or under part B of the National Urban Policy and New Community Development Act of 1970 or under section 802 of the Housing and Community Development Act of 1974, or of a commitment or agreement therefor.".

12 USC I749aa. 42 USC 390i. 42 USC 4511. 42 USC 1440,12 u s e 371, 1464.

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