South Dakota § 51A-4-28 Restricted investment in mortgage banking companies authorized.

South Dakota Statutes

§ 51A-4-28 — Restricted investment in mortgage banking companies authorized.

South Dakota·Title 51A BANKS AND BANKING·Ch. 51A-2 GENERAL POWERS OF BANKS

Any bank may purchase and own stock and capital notes or other evidence of debt issued by a mortgage banking company, or its affiliate, the principal business of which is the extension of short, intermediate or long - term credit to individuals, partnerships and corporations, which credit is secured by real estate mortgages. A bank shall own at least eighty percent of the stock of any such mortgage banking company and may not obligate more than thirty percent of its capital stock and surplus and undivided profits for such purpose.

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Any bank may purchase and own stock and capital notes or other evidence of debt issued by a mortgage banking company, or its affiliate, the principal business of which is the extension of short, intermediate or long - term credit to individuals, partnerships and corporations, which credit is secured by real estate mortgages. A bank shall own at least eighty percent of the stock of any such mortgage banking company and may not obligate more than thirty percent of its capital stock and surplus and undivided profits for such purpose.

South Dakota § 51A-4-28 (Restricted investment in mortgage banking companies authorized.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.