South Dakota § 11-11-120 Purchase of securities from mortgage lenders.

South Dakota Statutes

§ 11-11-120 — Purchase of securities from mortgage lenders.

South Dakota § 11-11-120

Title 11PLANNING, ZONING AND HOUSING PROGRAMS

Ch. 11-8SOUTH DAKOTA HOUSING DEVELOPMENT AUTHORITY

This text of South Dakota § 11-11-120 (Purchase of securities from mortgage lenders.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 11-11-120 (2026).

Text

The authority may, pursuant to this section but not subject to other provisions of this chapter, purchase or commit to purchase securities from mortgage lenders if:

(1)Payment of the securities are guaranteed or insured by an agency or instrumentality of the United States government, subject to any limit on the amount of the beneficial interest of any single entity which is so guaranteed or insured under federal law or regulation, or insured by an insurance company qualified to write such insurance in the state, insuring not less than twenty percent of the security evidencing an interest in mortgage loans; and (2)(a) The securities evidence an interest in, or are payable from, mortgage loans for residential housing; or (b) The securities are a debt obligation of the mortgage lend

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The authority may, pursuant to this section but not subject to other provisions of this chapter, purchase or commit to purchase securities from mortgage lenders if: (1) Payment of the securities are guaranteed or insured by an agency or instrumentality of the United States government, subject to any limit on the amount of the beneficial interest of any single entity which is so guaranteed or insured under federal law or regulation, or insured by an insurance company qualified to write such insurance in the state, insuring not less than twenty percent of the security evidencing an interest in mortgage loans; and (2)(a) The securities evidence an interest in, or are payable from, mortgage loans for residential housing; or (b) The securities are a debt obligation of the mortgage lenders and the proceeds of the securities or their equivalent are required to be reinvested in mortgage loans for residential housing, or invested in short term obligations pending the reinvestment in such mortgage loans.