As used in this chapter, unless the context otherwise requires: “Home loan” means a loan which is: Secured by real estate owned and occupied by the borrower for family residential purposes and which may include not more than three (3) additional residential units; and Amortized over a period greater than one hundred eighty-one (181) months; […]
The maximum effective rate of interest per annum for home loans is hereby set at an amount equal to two (2) percentage points above the most recent weighted average yield of the accepted offers of the Federal National Mortgage Association’s current free market system auction for commitments to purchase conventional home mortgages (FNMA Auction) as […]
The rate set in § 47-15-102 shall be determined by the commissioner of financial institutions on or before the twentieth day of each month and shall be in effect during the following calendar month. The commissioner, upon making such determination, shall promptly make an official announcement of such rate and shall publish such announcement in […]
Home loan contracts to which this chapter applies may provide for the payment of a fixed rate of interest, a variable rate of interest, or any combination of fixed and variable rates in any sequence, subject to subsection (b). A contract may provide for a fixed rate of interest: Permissible at the time the contract […]
