(a) International Financial Services Entities may never bear interest at an interest rate of less than five percentage points above the Federal Home Loan Mortgage Corporation’s posted yield on the last business day of the month on thirty-year standard conventional fixed-rate mortgages committed for delivery within sixty days, rounded to the nearest one-fourth percent, which rate shall-take effect (a) on the first day of the immediately subsequent month and continue in effect for the remainder of the month, and (b) apply to all commitments made by a beneficiary during such month. If for any reason, the Federal Home Loan Mortgage Corporation ceases its auction, temporarily or permanently, the index in the preceding sentence must be based on the Federal Home Loan Bank Board’s average monthly contract rate.
(b) The Board may not establish interest rates to be paid or charged by an international financial services entity.