§ 380-b. Power to purchase mortgages from mortgage holders. A savings
and loan association may purchase from mortgage holders; (1) any bond
and mortgage insured or guaranteed by the United States or any
instrumentality thereof, or for which there is a commitment to so insure
or guarantee, or (2) provided the mortgage is a first lien, any bond and
mortgage at least twenty per centum of which is guaranteed pursuant to
the provisions of the act of congress entitled the "Servicemen's
Readjustment Act of 1944". A savings and loan association may receive
and hold such debentures as are issued in payment of any such insurance.
No law of this state prescribing or limiting the interest rate upon
loans or advances of credit or prescribing a penalty for violation
thereof or 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 or limiting the amount of any class of loans, advances of
credit or purchases which may be made shall be deemed to apply to loans,
advances of credit or purchases made or to loans acquired by purchase
pursuant to this subdivision.