369.229. Approved transactions and loans.
Approved transactions and loans.
369.229. 1. Every association may:
(1) Make loans secured by its accounts to the extent of thewithdrawal value thereof and unsecured loans to any account ownerbut not exceeding such amount individually or in the aggregate asmay be established by the director of the division of finance byregulation;
(2) Make loans of any type or kind, approved by thedirector of the division of finance, secured by mortgage or deedof trust constituting a first lien on real estate or a leaseholdinterest therein and having an unexpired term of at least fiveyears or some term in excess of five years as may be fixed byregulation of the director of the division of finance;
(3) Make additional real estate loans secured by liensimmediately subsequent to its own first lien upon the sameproperty and with or without additional security;
(4) Purchase real estate loans of the same character asthat upon which the association may make an original loan andlend money on the security of such loans;
(5) Participate in loans with other lenders on real estateof any type that the association could originate;
(6) Sell with or without recourse any real estate loan itholds or any participating interest therein.
2. Every association may, subject to such regulations asthe director of the division of finance may prescribe:
(1) Make loans secured by the cash surrender value of anylife insurance or annuity policy;
(2) Make loans for the purpose of repair, improvement,rehabilitation, furnishing or equipping real estate;
(3) Make loans, and purchase obligations representingloans, for the purpose of mobile home financing, includingdevelopment, holding and leasing of mobile home parks or sites;
(4) Make loans for the payment of educational expenses;
(5) Make loans to homeowners with or without security forany purpose, but the aggregate of the unpaid balances of all suchloans to any one borrower shall not exceed at any time the sum offive thousand dollars or such greater sum as the director of thedivision of finance may allow by regulation;
(6) Make loans to its directors, officers, and employees;and
(7) Make such other loans secured or unsecured as thedirector of the division of finance by regulation may permit.
(L. 1971 S.B. 3 § 45, A.L. 1983 H.B. 570, A.L. 1994 H.B. 1165)Effective 7-06-94