Tennessee Statutes
§ 13-22-115 — Graduated payment mortgages - Insurance authorized
Tennessee·Title 13
(a)The agency may insure mortgages containing provisions for varying rates of amortization corresponding to anticipated variations in family income to the extent such mortgages:
(1)Have promise for expanding housing opportunities or meeting special needs; and (2) Can be developed to include any safeguards for mortgagors or purchasers that may be necessary to offset special risks of such mortgages.
(b)Graduated payment mortgages insured by the agency pursuant to this section shall comply with the rules and regulations promulgated by the secretary of housing and urban development pursuant to 12 U.S.C. § 1715b and 12 U.S.C. § 1715z-10 [repealed]; provided, that this section shall only be applicable to first mortgages.
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Related
Legislative History
Acts 1980, ch. 790, § 1; 1988, ch. 901, § 4.
Nearby Sections
15
§ 13-10-101
Chapter definitions§ 13-10-102
Functions of commissioner§ 13-10-104
Authority of commissioner to inspect property and records and conduct investigations and hearings§ 13-10-107
State financial assistance - Contingencies§ 13-10-109
Financial assistance - Approved sources§ 13-10-201
Responsibility for implementation§ 13-10-202
Financial and legal independence§ 13-10-203
Enforcement authority§ 13-10-204
Confidentiality of information§ 13-10-205
Audits and reporting§ 13-10-206
Authority to adopt policies and regulations§ 13-11-101
Short title§ 13-11-102
Purpose§ 13-11-103
Chapter definitions