103 STAT. 282 PUBLIC LAW 101-73—AUG. 9, 1989 capacity without requiring that the identity of the person receiving the beneficial interest of such loan shall at all times be revealed to Reports. the savings association. At the request of the Director, the savings association shall report to the Director the identity of such person and the nature and amount of the loan. "(g) PREEMPTION OF STATE USURY LAWS. — (1) Notwithstanding any State law, a savings association may charge interest on any exten- sion of credit at a rate of not more than 1 percent in excess of the discount rate on 90-day commercial paper in effect at the Federal Reserve bank in the Federal Reserve district in which such savings association is located or at the rate allowed by the laws of the State in which such savings association is located, whichever is greater. "(2) If the rate prescribed in paragraph (1) exceeds the rate such savings association would be permitted to charge in the absence of this subsection, the receiving or charging a greater rate of interest than that prescribed by paragraph (1), when knowingly done, shall be deemed a forfeiture of the entire interest which the extension of credit carries with it, or which has been agreed to be paid thereon. If such greater rate of interest has been paid, the person who paid it may recover, in a civil action commenced in a court of appropriate jurisdiction not later than 2 years after the date of such payment, an amount equal to twice the amount of the interest paid from the savings association taking or receiving such interest. "(h) FORM AND MATURITY OF SECURITIES. —No savings association shall— "(1) issue securities which guarantee a definite maturity except with the specific approval of the Director, or "(2) issue any securities the form of which has not been approved by the Director. 12 USC 1464. "SEC. 5. FEDERAL SAVINGS ASSOCIATIONS. Housing. "(a) IN GENERAL.—In order to provide thrift institutions for the deposit of funds and for the extension of credit for homes and other <-^ goods and services, the Director is authorized, under such regula- tions as the Director may prescribe— "(1) to provide for the organization, incorporation, examina- tion, operation, and regulation of associations to be known as Federal savings associations (including Federal savings banks), and "(2) to issue charters therefor, giving primary consideration of the best practices of thrift institu- tions in the United States. The lending and investment po>yers conferred by this section are intended to encourage such institutions to provide credit for housing safely and soundly. "(b) DEPOSITS AND RELATED POWERS.— "(1) DEPOSIT ACCOUNTS.— "(A) Subject to the terms of its charter and regulations of the Director, a Federal savings association may— "(i) raise funds through such deposit, share, or other J? accounts, including demand deposit accounts (hereafter in this section referred to as 'accounts'); and "(ii) issue peissbooks, certificates, or other evidence of accounts. f "(B) A Federal savings association may not— . "(i) pay interest on a demand account; or "(ii) permit any overdraft (including an intraday overdraft) on behalf of an affiliate, or incur any such
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