3086

LAWS OF MARYLAND

Ch. 856

1.  ORIGINATING, BUYING, SELLING, OR
SERVICING LOANS ON REAL PROPERTY OR ANY PARTICIPATING
INTEREST IN LOANS ON REAL PROPERTY;

2.  CLERICAL FUNCTIONS PRIMARILY FOR
FINANCIAL INSTITUTIONS; OR

3.  ANY OTHER ACTIVITY THE BOARD OF
COMMISSIONERS APPROVES;

(14)  ANY SECURED OR UNSECURED LOAN FOR
EDUCATIONAL PURPOSES;

(15)  ANY SECURED OR UNSECURED HOME IMPROVEMENT
LOANS;

(16)  ANY SECURED OR UNSECURED CONSUMER LOAN,
HOWEVER, INVESTMENTS UNDER THIS ITEM MAY NOT BE MORE THAN 10
PERCENT OF THE SAVINGS LIABILITY OF AN ASSOCIATION;

(17)  ANY MOBILE HOME FINANCING LOAN;

(18)  ANY OBLIGATIONS OF THE STATE OF ISRAEL,
EXCEPT THAT THE AGGREGATE INVESTMENT UNDER THIS ITEM MAY NOT
BE MORE THAN 20 PERCENT OF THE ASSOCIATION'S TOTAL NET
WORTH; AND

(19)  ANY OTHER INVESTMENT AUTHORIZED BY THE
BOARD OF COMMISSIONERS.

(B) SECURITY.

A SAVINGS AND LOAN ASSOCIATION MAY ACCEPT ANY
ADDITIONAL SECURITY ON ANY INVESTMENT AUTHORIZED BY THIS
SECTION.

COMMITTEE COMMENT: This section replaces former Art.
23, § 161Z(a), (b), and (b-1).

Throughout this section, an effort was made to
provide needed flexibility in investments by
savings and loan associations so that they may
acquire funds to carry out their basic purpose of
home financing. These changes were made within
the context of the supervision and regulation by
the Board of Commissioners and the Division
Director.

In this section, the former phrases "conditions
and restrictions" and "may from time to time
impose" were deleted as included in the phrase
"subject to the regulations of the Board of
Commissioners".

In subsection (a)(1) of this section, the former
restriction, allowing a mortgage to be a second