Sec. 3. (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.
Structure Indiana Code
Title 28. Financial Institutions
Chapter 8. Investment and Loan Powers of Savings Banks
28-6.1-8-1. Application of Article
28-6.1-8-2. Making, Arranging, Purchasing, and Selling Real Estate Loans and Extensions of Credit
28-6.1-8-3. Making Fha Loans, Advances of Credit, and Purchases of Obligations
28-6.1-8-4. Lending Deposited Money
28-6.1-8-5. Investing in Real Estate
28-6.1-8-6. Investing in Dealings in Exchange
28-6.1-8-7. Becoming Federal Reserve System Member and Exercising Conferred Powers
28-6.1-8-8. Exercising Powers Relating to Federal Home Loan Banks and Corporations
28-6.1-8-9. Investing in and Selling Shares of Open-End Investment Companies
28-6.1-8-10. Depositing Funds; Permissible Institutions and Accounts