AGO 1949-51 No. 148.

• Case Date: October 27, 1949
• Court: Washington

Washington Attorney General Opinions 1949. AGO 1949-51 No. 148. October 27, 1949[Orig. Op. Page 1]PRIVATESAVINGS AND LOAN ASSOCIATIONS - LOANS PERMITTED.The state chartered savings and loan association may make any unsecured loan which a federal savings and loan association may make as authorized by federal law and regulation.Department of Public InstitutionsSocial Security BuildingOlympia, WashingtonCite as: AGO 1949-51 No. 148Attention: Mr. A. O. Kent, Supervisor Division of Savings and Loan Gentlemen: We have your letter of October 13, 1949, in which you ask the following question: May a state chartered savings and loan association make any unsecured loan which a federal savings and loan association may make as authorized by federal law and regulation? The conclusions reached may be summarized as follows: A state chartered savings and loan association may make any unsecured loan which a federal savings and loan association may make as authorized by federal law and regulation. ANALYSIS Section 8, chapter 257, Laws of 1947, added a new section to chapter 235, Laws of 1945, to be known as section 74B (3717-193B Rem. Supp. 1947), reading: "Notwithstanding any provision of this act, an Association may invest its funds in any loan or purchase which is permitted to a Federal savings and loan association doing business in this state." [Orig. Op. Page 2] Section 67, subdivision (4), chapter 235, Laws of 1945 (3717-186 Rem. Supp. 1945) provides: "Notwithstanding the provisions of this section, an association may make any loan which is permitted to a Federal Savings and Loan Association doing business in this state." Section 6, chapter 20, Laws of 1949, amended section 67, supra, carrying the same identical wording as did subsection (4). Your letter further states that federal savings and loan associations were authorized to make certain loans under a federal law approved August 6, 1947, and that the loans are now permitted by rules and regulations of the Federal Loan System effective August 15, 1949. You further state that there has been some question whether the laws of the State of Washington are broad enough to include federal laws and regulations made subsequent to the Washington law. The general rule of law is that when a statute adopts a part or all of another statute that the adoption takes the statute as it exists at the time but...