484

LAWS OF MARYLAND

Ch. 33

SERVICING LOANS ON REAL PROPERTY, OR ANY PARTICIPATING
INTEREST IN LOANS ON REAL PROPERTY;

2.   CLERICAL FUNCTIONS PRIMARILY FOR
FINANCIAL INSTITUTIONS; AND

3.   ANY OTHER ACTIVITY THE BOARD OF
COMMISSIONERS APPROVES;

(4)   ANY GENERAL OBLIGATION OF, OR GUARANTEED AS
TO PRINCIPAL AND INTEREST BY, ANY OTHER STATE IF:

(I)   THE BOARD OF COMMISSIONERS APPROVES;
AND

(II)   THE INVESTMENT IS NOT MORE THAN 5
PERCENT OF THE TOTAL AGGREGATE WITHDRAWAL VALUE OF THE
ASSOCIATION'S FREE SHARE ACCOUNTS;

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

(6)   ANY SECURED OR UNSECURED HOME IMPROVEMENT
LOAN IF:

(I)   THE ASSOCIATION IS APPROVED TO
ORIGINATE TITLE 1, PROPERTY IMPROVEMENT LOANS, INSURED BY
THE FEDERAL HOUSING ADMINISTRATION UNDER THE NATIONAL
HOUSING ACT; AND

(II)   THE LOAN IS FOR A NEW STRUCTURE THAT
IS RELATED TO RESIDENTIAL USE OR TO HOME REPAIRS,
ALTERATIONS, OR ADDITIONS;

(7)   ANY MOBILE HOME FINANCING LOAN;

(8)   IF THE DIVISION DIRECTOR APPROVES, INSURED
DEPOSITS IN A SAVINGS AND LOAN ASSOCIATION OF ANY STATE OR
OF THE UNITED STATES; AND

(9)   ANY OBLIGATION OF THE STATE OF ISRAEL,
EXCEPT THAT AN INVESTMENT MAY NOT BE MORE THAN 20 PERCENT OF
THE ASSOCIATION'S TOTAL NET WORTH.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23, §
161Z{b).

In this section, the present phrase "by
regulation" is deleted as included in the phrase
"{t}he Board of Commissioners may authorize".

Also in this section, the term "restrictions" is
deleted as included in the term "conditions", and
the present phrase "from time to time impose" is
deleted as unnecessary.