(a)  Domestic building-loan associations, whether organized by special act of the general assembly or pursuant to the provisions of chapter 22 of Title 19, foreign building-loan associations subject to the provisions of chapter 24 of Title 19, savings and loan associations organized under the laws of the United States of America, credit unions subject to the provisions of chapter 21 of Title 19, and other financial institutions are expressly authorized to make loans secured by mortgages entitled as provided in § 34-25-1 and containing the provision required in § 34-25-1 to be contained in the provisions of such mortgages, provided that such loans comply in other respects with the requirements of law relating to loans secured by real estate mortgages made by such institutions.

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(b)  Other mortgagees are authorized to make loans on the security of such mortgages if such mortgages comply with the requirements of § 34-25-1 — § 34-25-5.