Federal association definition

Federal association means a savings and loan association or
Federal association means a corporation operating under the federal Home OwnersLoan Act, 12 U.S.C. § 1461 et seq., as amended, as either a mutual association or a stock association.
Federal association means a savings and loan asso- ciation which is incorporated under federal law.

Examples of Federal association in a sentence

  • Section 53638 stipulates that negotiable CD’s may not exceed the shareholder’s equity of the bank, and that the amount of CD’s purchased from a State or Federal association may not exceed the total of the net worth of that association unless the purchase amount is less than$500,000 and the deposits are insured or secured as required by law.

  • Subject to the same proviso, § 545.102(a) also permits a Federal association to act as trustee with no active fiduciary duties if state law authorizes a financial institution to act in such capacity (“passive trust").

  • Section 545.8-5(b) also authorizes a Federal association to include a provision in its loan contract with a borrower (who occupies or will occupy the home securing the mortgage loan) imposing a prepayment penalty at any amount up to, but not exceeding, a specified limit.

  • Thus, in view of the controlling Federal regulation, a Federal association may include a prepayment provision in the loan contract up to the maximum limitation of § 545.8-5(b) regardless of conflicting State law which sets a lower limit or imposes a different type of prepayment penalty, but it may not charge a prepayment penalty exceeding the limit in§ 545.8-5(b) even if State law allows a higher charge.


More Definitions of Federal association

Federal association means a corporation or association organized and operated under the provisions of federal law and regulation to conduct a savings and loan business.
Federal association means a savings and loan association incorporated under the Home Owners' Loan Act (12 U.S.C. Section 1461 et seq.)[, the principal business office of which is located in this state].
Federal association means a savings and loan association which is incorporated under federal law.
Federal association means a savings and loan association or savings association operating under the laws and regulations of the United States.
Federal association means an association chartered under the laws of the United States.
Federal association means a savings and loan association incorporated pursuant to the Home Owners Loan Act of 1933, as amended, whose principal business office is located within this state;