1120                                          LAWS OF MARYLAND                                      Ch. 282

percent of the savings liability of an association] BUT ONLY IF
THE LOAN COMPLIES WITH § 9-420 OF THIS SUBTITLE; AND

[(17)] (16) Any mobile home financing loan; AND

[(18)] (17) 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[;].

[(19) Any investment permitted to a banking
institution in this State;

(20)  Any obligations of any bank insured by the
Federal Deposit Insurance Corporation; and

(21)  Any other investment authorized by the Board of
Commissioner.]

(B)  REGULATIONS.

THE DIVISION DIRECTOR MAY PROVIDE BY REGULATION THAT

SPECIFIC INVESTMENTS PERMISSIBLE FOR A FEDERALLY-CHARTERED

SAVINGS AND LOAN ASSOCIATION ARE PERMITTED FOR A STATE-CHARTERED
SAVINGS AND LOAN ASSOCIATION.

(C)  COMMERCIAL LOANS.

SAVINGS AND LOAN ASSOCIATIONS MAY MAKE COMMERCIAL LOANS, BUT
ONLY IF THE LOANS COMPLY WITH § 9-420 OF THIS SUBTITLE AND
REGULATIONS ADOPTED BY THE DIVISION DIRECTOR.

[(b)] (D) Security.

A savings and loan association may accept any additional
security on any investment authorized by this section.

[(c) Investments permissible for federal savings and loan
association.

This section does not prohibit a State-chartered savings and
loan association from making any additional investment other than
those authorized in subsection (a) of this section that is
permissible for a federal savings and loan association to the
same extent and subject to the same conditions as a federal
savings and loan association.]

(E) PRIORITY.

A SAVINGS AND LOAN ASSOCIATION SHALL MAKE INVESTMENTS IN
FIRST AND SECOND MORTGAGES FOR OWNER-OCCUPIED RESIDENCES EQUAL TO
NOT LESS THAN 25 PERCENT OF THE ASSETS OF THE ASSOCIATION, UNLESS
THE DIVISION DIRECTOR APPROVES IN WRITING OTHERWISE, UPON A
DETERMINATION THAT ANOTHER PERCENTAGE DOES NOT AFFECT THE SAFETY
AND SOUNDNESS OF THE ASSOCIATION.