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Section 31-19-10. Financial institutions authorized to make loans eligible for Federal housing insurance.

SC Code § 31-19-10 (2019) (N/A)
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Banks, savings banks, trust companies, insurance companies, Federal Housing Administration approved mortgagees and other financial institutions subject to the laws of this State may:

(1) Make such loans and advances of credit as are eligible for insurance by the Federal Housing Administrator and obtain such insurance;

(2) Make such loans, secured by real property or leasehold, as the Federal Housing Administrator insures or makes commitment to insure and obtain such insurance;

(3) Make such loans as are fully guaranteed by any Federal agency under the provisions of Title III of the Servicemen's Readjustment Act of 1944 or any amendment thereto; and

(4) Make such loans as are partially guaranteed under the provisions of Title III of Servicemen's Readjustment Act of 1944 or any amendment thereto, but only as may be permitted by regulations of the State Board of Bank Control.

HISTORY: 1962 Code Section 36-601; 1952 Code Section 36-601; 1942 Code Section 7838-1; 1935 (39) 67; 1937 (40) 406; 1945 (44) 4; 1968 (55) 2639.

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Section 31-19-20. Investments in mortgages, debentures, and securities insured or issued by Federal Housing Administrator or national mortgage associations.