HARRY HUGHES, Governor                                       1119

(iv) The Maryland Credit Union Insurance
Corporation; or

(v) The National Credit Union Share Insurance
Fund; ]

[(12)] (11) Securities, obligations, or other
instruments, including participations, of:

(i) The Federal National Mortgage Association;

(ii) The Student Loan Marketing Association;

(iii) The Federal Savings and Loan Insurance
Corporation;

(iv) The STATE OF Maryland [Savings-Share]
DEPOSIT Insurance FUND Corporation;

(v) The federal home loan bank;

(vi) Government National Mortgage Association;

(vii) Federal Home Loan Mortgage Corporation;
or

(viii) Any other agency that the [Board of
Commissioners] DIVISION DIRECTOR approves;

[(13)] (12) Stock or obligations of a corporation if:

(i) One or more financial institutions own all
the corporation's stock; and

(ii) The corporation's activities substantially
consist of:

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] DIVISION DIRECTOR approves;

[(14)] (13) Any secured or unsecured loan for

educational purposes EDUCATION LOAN;

[(15)] (14) Any secured or unsecured home improvement
loans;

[(16)] (15) Any secured or unsecured consumer loan[,
however, investments under this item may not be more than 10