Section 28-6.1-8-3 - Making FHA loans, advances of credit, and purchases of obligations(a) Subject to rules of the department, a savings bank may do the following: (1) Make loans and advances of credit and purchases of obligations representing loans and advances of credit eligible for insurance by the federal housing administrator, and to obtain such insurance.(2) Make loans secured by mortgages on real property or leasehold, as the federal housing administrator insures or makes a commitment to insure, and to obtain such insurance.(3) To purchase, invest in, and dispose of notes or bonds secured by mortgage or trust deed insured by the federal housing administrator or debentures issued by the federal housing administrator, or bonds or other securities issued by national mortgage associations.(b) An Indiana law: (1) prescribing the nature, amount, or form of security;(2) requiring security upon which loans or advances of credit may be made;(3) prescribing or limiting interest rates upon loans, advances, or credit; or(4) prescribing or limiting the period for which loans, advances, or credit may be made; does not apply to loans, advances of credit, or purchases made under subsection (a).
(c) A rule adopted by the department under this section may apply to one (1) or more savings banks and to one (1) or more localities in Indiana as the department determines.As added by P.L. 42-1993, SEC.72.