(1) A savings association may invest its funds in loans secured by the pledge of policies of life insurance. Any such loan shall not exceed the cash value of the policy. The assignment of the policy shall be acknowledged by the insurer.
(2) A savings association may invest its funds in loans for the payment of expenses of college or professional education if the loans are insured or guaranteed as provided by ORS 722.352 (2). For the purpose of this subsection:
(a) “College education” means education at an institution that provides an educational program for which it awards a bachelor’s or higher degree, or at an institution that provides not less than a two-year program which is acceptable for full credit toward such a degree.
(b) “Professional education” means any course of study or training designed to increase the ability of a person to obtain or advance in employment of any kind. [1975 c.582 §101; 1995 c.343 §70]
Section: Previous 722.320 722.322 722.324 722.325 722.326 722.328 722.330 722.332 722.334 722.335 722.336 722.338 722.340 722.342 722.345 NextLast modified: August 7, 2008