Guam § 130120 - National Housing Act Loans and Insurance.

§ 130120. National Housing Act Loans and Insurance.

An association (a) either with or without security, may make loans,

advance credit, and purchase obligations representing loans and advances

of credit, pursuant to Title 1 of the National Housing Act, as amended, if

the Federal Housing Administrator shall insure such association against

losses which it may sustain as a result of such loans, advances of credit

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11 GCA FINANCE & TAXATION

CH. 130 INVESTMENTS, LOANS AND BORROWING

and purchases made by such association for such purposes, to the extent

of 20 percent of the total amount of the loans, advances of credit and

purchase made by such association for such purposes on and after the

date of the enactment of the National Housing Act Amendments of 1938;

(b) may make loans upon the security of improved real property pursuant

to the provisions of this section and pursuant to Title 2 and Title 6 of the

National Housing Act, as amended, if the Federal Housing

Administration pursuant to Title 2 or Title 6 have insured, or shall made

a commitment to insure, such association against losses of principal

which it may sustain as a result of such loans; and (c) may secure

insurance pursuant to said National Housing Act. No law of this territory

prescribing the nature, amount or form of security or requiring security

upon which loans or advances of credit may be made or prescribing or

limiting the period for which loans or advances of credit may be made,

shall be deemed to apply to loans, advances of credit or purchases made

pursuant to this section.