South Carolina § 34-26-860 Limitation on size of loan secured by real estate; approved collateral.

South Carolina Statutes

§ 34-26-860 — Limitation on size of loan secured by real estate; approved collateral.

South Carolina § 34-26-860

Title 34BANKING, FINANCIAL INSTITUTIONS AND MONEY

Ch. 26SOUTH CAROLINA CREDIT UNION ACT

This text of South Carolina § 34-26-860 (Limitation on size of loan secured by real estate; approved collateral.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 34-26-860 (2026).

Text

A credit union is authorized to make loans secured by real estate. The real estate collateral may consist of improved or unimproved property including, but not limited to, a mobile home, modular home, vacation home, property under construction, condominium, or single family dwelling which must be the borrower's primary residence. Loan terms for unimproved real estate may not exceed fifteen years. Loan terms for a residential dwelling may not exceed the maximum allowed by FNMA or GNMA. Real estate loan requirements for loan to value and certified appraisals shall not exceed maximums allowed for federally chartered credit unions. A loan that does not require a certified appraisal requires an inspection by a credit union-appointed individual and evidence of value in the file. A loan applicati

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A credit union is authorized to make loans secured by real estate. The real estate collateral may consist of improved or unimproved property including, but not limited to, a mobile home, modular home, vacation home, property under construction, condominium, or single family dwelling which must be the borrower's primary residence. Loan terms for unimproved real estate may not exceed fifteen years. Loan terms for a residential dwelling may not exceed the maximum allowed by FNMA or GNMA. Real estate loan requirements for loan to value and certified appraisals shall not exceed maximums allowed for federally chartered credit unions. A loan that does not require a certified appraisal requires an inspection by a credit union-appointed individual and evidence of value in the file. A loan application, note, and security instrument may be executed on current versions of FHA, VA, FHLMC, FNMA, or FHLMC/FNMA approved forms. A loan may not be made on real estate located beyond the continental United States of America.

Legislative History

HISTORY: 1996 Act No. 371, SECTION 1, eff May 29, 1996; 1999 Act No. 49, SECTION 4, eff June 1, 1999; 2007 Act No. 51, SECTION 7, eff upon approval (became law without the Governor's signature on June 7, 2007). Effect of Amendment The 1999 amendment, in the first undesignated paragraph, inserted "vacation homes,". The 2007 amendment rewrote this section.