§ 54B-165 – Professional services.
54B-165. Professional services. (a) A State association or service corporation thereof must notify borrowers prior to the loan commitment of their right to select the attorney or law firm rendering legal services in connection with the loan, and the person or organization rendering insurance services in connection with the loan. Such persons or organizations must […]
§ 54B-166 – Nonconforming investments.
54B-166. Nonconforming investments. Unless otherwise provided, every loan or other investment made in violation of this Chapter shall be due and payable according to its terms and the obligation thereof shall not be impaired; provided, that such violation consists only of the lending of an excessive sum on authorized security or of investing in an […]
§ 54B-167 – Scope of Article.
54B-167. Scope of Article. Nothing in this Article shall be construed to modify Chapter 24 of the General Statutes, or other applicable law, or to allow fees, charges, or interest beyond that permitted by Chapter 24 or other applicable law. (1981, c. 282, s. 3.)
§ 54B-161 – Sale of loans.
54B-161. Sale of loans. An association may sell any loan, including any participating interest in a loan. (1981, c. 282, s. 3; 1981 (Reg. Sess., 1982), c. 1238, s. 16.)
§ 54B-162 – Power to borrow money.
54B-162. Power to borrow money. An association, in its certificate of incorporation or in its bylaws, may authorize the board of directors to borrow money and the board of directors may by resolution adopted by a vote of at least two thirds of the entire board duly recorded in the minutes may authorize the officers […]
§ 54B-163 – Methods of loan repayment.
54B-163. Methods of loan repayment. Subject to such rules and regulations as the Commissioner of Banks may prescribe, an association shall agree in writing with borrowers as to the method or plan by which an indebtedness shall be repaid. (1981, c. 282, s. 3; 2001-193, s. 16.)
§ 54B-164 – Loans to one borrower.
54B-164. Loans to one borrower. (a) The aggregate amount of mortgage loans outstanding granted by an association to any one borrower shall not exceed ten percent (10%) of the net withdrawal value of such association’s withdrawable accounts or an amount equal to the total net worth of such association, whichever amount is less. (b) Notwithstanding […]
§ 54B-151 – Permitted loans.
54B-151. Permitted loans. (a) An association may lend funds on the sole security of pledged withdrawable accounts, but no loan so made shall exceed the withdrawal value of the pledged account. However, no such loan shall be made when an association has applications for withdrawals or maturities which have not been paid. (b) An association […]
§ 54B-152 – Real property encumbrances.
54B-152. Real property encumbrances. (a) Real property is deemed unencumbered within the meaning of this Chapter unless the security instrument thereon establishes a first lien upon such real property or interest therein. (b) Notwithstanding the provisions of the immediately preceding subsection, real property is not deemed encumbered within the meaning of this Chapter merely by […]
§ 54B-153 – Prohibited security.
54B-153. Prohibited security. No association may accept its own capital stock or its own mutual capital certificates as security for any loan made by such association. (1981, c. 282, s. 3.)