Section 380-I. Personal loan departments

Subject to such regulations as the
  banking  board may prescribe, a savings and loan association may operate
  a personal loan department under the same terms and  conditions  as  are
  provided  under  subdivisions four and five of section one hundred eight
  of this chapter.
    The banking board shall be empowered (a) to prescribe  the  terms  and
  conditions   governing  the  conduct  and  operation  of  personal  loan
  departments including the maximum amount, expressed as a  percentage  of
  assets  or  otherwise,  which  a savings and loan association may invest
  pursuant to the provisions of this  subdivision  or  in  the  aggregate,
  taking into account such other provisions of law authorizing investments
  by  savings  and  loan  associations and (b) to prescribe such terms and
  conditions as may be appropriate to effect or facilitate the tranfer  of
  accounts  operated  pursuant  to  the provisions of any other section of
  this chapter to the personal loan departments authorized to be  operated
  hereunder.
    In  pursuance  of  the  authority  granted  hereunder savings and loan
  associations shall be empowered to issue credit cards, extend credit  in
  connection  therewith,  and otherwise engage in or participate in credit
  card operations,  and  to  act  as  financing  agencies  as  defined  in
  subdivision  nine  of section three hundred one and subdivision eighteen
  of section four hundred one of the personal property law.