(1) Any building and loan association or savings and loan association organized and operating under the laws of the state of Montana, and insured by the federal savings and loan insurance corporation, in addition to any real estate loan now permitted under 32-2-401 and 32-2-403, MCA, may make any real estate loans that:

(a) May be made by a federal savings and loan association domiciled in Montana under authority granted by the Home Owners Loan Act of 1933 as amended (Title 12, USC Section 1464) .

(b) Comply with all restrictions and limitations which are now imposed, or may in the future be imposed, upon federal savings and loan associations domiciled in Montana under the rules and regulations issued by the federal home loan bank board.

(2) In all cases where federal savings and loan associations are required by federal statute or regulation to obtain the specific or prior approval of the federal home loan bank board before engaging in a particular real estate lending activity, state-chartered associations in Montana shall in a similar manner be required to obtain the specific or prior approval of the director of the department of administration.

(3) This regulation is issued under authority of and in compliance with 32-2-407 , MCA, and shall be effective from July 1, 1963 until amended or rescinded.