Section 3. (a) A bank may make or acquire loans and mortgage loans. (b) For purposes of this chapter, the term ”mortgage loan” shall mean a loan, line of credit, letter of credit or borrowing secured primarily by a lien on an interest in real estate. The following categories of mortgage loans are specifically authorized […]
Section 4. (a) Each bank shall adopt and maintain comprehensive written loan policies that establish appropriate limits and standards for extensions of credit under section 3 that are consistent with safe and sound banking practices and are appropriate to the size, nature and scope of the bank’s operations. (b) The loan policies shall establish prudent […]
Section 5. (a) A bank shall inspect the real estate securing a loan in the event that a payment of interest or principal upon the loan or on account of real estate taxes upon the parcel mortgaged to secure the same shall be in default. Any such inspection shall be made in a manner consistent […]
Section 6. (a) The total obligations of 1 borrower to a bank under this chapter and chapter 167F shall not exceed the following limitations. (1) 20 per cent of the total of the bank’s capital; (2) 25 per cent of the total of the bank’s capital, if the amount of the obligations in excess of […]
Section 7. (a) A bank may make or acquire a reverse mortgage loan, pursuant to a program for reverse mortgage loans which has been submitted to and approved by the commissioner, to the owner of real estate improved with a dwelling designed to be occupied by not more than 4 families; provided, however, that each […]
[ Section impacted by 2020, 65, Sec. 2, as amended by 2021, 20, Sec. 6 effective April 20, 2020 and 2022, 22, Sec. 25 effective February 12, 2022 relating to modification of mortgagor counseling in order to address disruptions caused by the outbreak of COVID-19.] Section 7A. (a) As used in this section the following […]
Section 8. (a) A bank may make or acquire mortgage loans evidenced by a note which provides for variation in the rate of interest over the term of the note; but a loan made to finance or refinance the purchase of and secured by a first lien on a dwelling house of 4 or fewer […]
