WM. PRESTON LANE, JR., GOVERNOR 397

in the District of Columbia or in any State of the United
States of America, to an amount not exceeding 66-2/3% of
the fair market value of such fee simple or improved leasehold
real estate. Whenever such loans are made upon fee simple,
or improved leasehold real estate which is improved by a
building or buildings, the said improvements shall be insured
against loss by fire, and the fire insurance policies shall con-
tain the New York or Massachusetts standard mortgage clause
or one equivalent thereto and shall be delivered to the mort-
gagee as additional security for the said loans; and upon first
mortgages which the Federal Housing Administrator or the
Farmers Home Administrator has insured or has made a
commitment to insure, or invested in mortgage notes or bonds
so insured, and neither the limitations of this section nor any
other law of this State requiring security upon which loans
shall be 'made, or prescribing the nature, amount or forms of
such security, or limiting the interest rates upon loans, shall
be deemed to apply to such insured mortgage loans. Mort-
gages, deeds of trust, notes, bonds, or other evidences of in-
debtedness representing loans and advances of credit that
have been insured and guaranteed, in whole or in part, in
accordance with the terms and provisions of Title III of the
Act of Congress of the United States of America approved
June twenty-second, nineteen hundred forty-four, known as
Public Law 346—Seventy eighth Congress, Chapter 268—2nd
Session, cited as the "Servicemen's Readjustment Act of 1944"
as heretofore and hereafter amended. In all investments
made upon mortgages, the evidence of the debt, if any, shall
accompany the mortgage or deed of trust.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1950.

Approved March 28, 1950.

CHAPTER 80
(House Bill 33)

AN ACT to authorize the Board of Public Works to apply
any excess receipts above a specified surplus for the fiscal

EXPLANATION: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike-out indicates matter stricken out of bill.