1. Subject to such regulations as may be prescribed by the Federal Housing Administrator, the State of Nevada and any city or county or instrumentality thereof are authorized: (a) To make such loans and advances of credit, and purchases of obligations representing the loans and advances of credit, as are eligible for insurance by the Federal Housing Administrator, and to obtain such insurance. (b) To make such loans secured by mortgage on real property as are eligible for insurance by the Federal Housing Administrator, and to obtain such insurance. (c) To purchase, invest in, and dispose of notes or bonds secured by mortgage insured by the Federal Housing Administrator, securities of national mortgage associations, and debentures issued by the Federal Housing Administrator. 2. No law of this state 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 interest rates upon loans or advances of credit, or prescribing or limiting the period for which loans or advances of credit may be made, shall apply to loans, advances of credit or purchases made pursuant to subsection 1. 3. All loans, advances of credit, and purchases of obligations described in this section heretofore made and insured pursuant to the terms of the National Housing Act are hereby validated and confirmed.
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