N.Y. Banking Law § 380-b: Power to purchase mortgages from mortgage holders

§ 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.