§ 23-36-110 — Loans insured by federal government

(a) Subject to any rules which the Bank Commissioner finds to be necessary and proper, industrial loan institutions are authorized: (1) To make loans and advances of credit and purchases of obligations representing loans and advancement of credit which are insured by the Federal Housing Administrator and to obtain such insurance; (2) To make any loans secured by mortgages on real property which the administrator insures or makes a commitment to insure and to obtain such insurance; and (3) To purchase, invest in, and dispose of notes or bonds secured by mortgage or deed of trust which the administrator has insured or made a commitment to insure in debentures issued by the administrator or in securities issued by the national mortgage associations. (b) No law of this state prescribing the nature, amount, or form of security, or requiring security upon which such loans or advances of credit may be made, or prescribing or limiting the period for which loans or advances of credit may be made shall be deemed to apply to loans and advances of credit, or purchases made pursuant to subsection (a) of this section.

Legislative History

Amended by Act 2019, No. 315,§ 2493, eff. 7/24/2019. Acts 1941, No. 111, § 14; A.S.A. 1947, § 67-1014.