(a) Subject to such additional limitations as the department may prescribe, savings associations may make loans on the security of any of the following:
- (1) Real estate.
- (2) A leasehold or subleasehold interests.
- (3) An assignment or transfer of stock certificates or other evidence of the borrower's ownership interest in a corporation formed for the cooperative ownership of real estate.
- (b) A savings association may make loans secured by real estate in compliance with 12 U.S.C. 1828(O) as implemented by 12 CFR 365.
- (c) Real estate appraisals shall be performed concerning loans authorized by this section in compliance with 12 CFR 323.
As added by P.L.193-1997, SEC.2.