1. Subject to such regulations as may be prescribed by the Federal Housing Administration or Department of Veterans Affairs, savings banks may: (a) 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 Administration or are guaranteed by the Department of Veterans Affairs, and to obtain such insurance. (b) Make such loans secured by mortgages on real property as are eligible for insurance by the Federal Housing Administration or are guaranteed by the Department of Veterans Affairs, and to obtain such insurance. (c) Purchase, invest in and dispose of notes or bonds secured by mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, securities of national mortgage associations, and debentures issued by the Department of Veterans Affairs or the Federal Housing Administration. 2. No law of this State, nor any articles of incorporation or bylaws of any savings bank, prescribing the nature, amount or form of security or requiring security upon which loans or advances of credit may be made, 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, applies 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 made and insured pursuant to the terms of the National Housing Act, 12 U.S.C. 1701 et seq., are hereby validated and confirmed.
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