LegalFix
Sign In

§31A-4-27. Loans Eligible for Federal Insurance or Guaranty

WV Code § 31A-4-27 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

Banking institutions are authorized:

(a) To make such loans and advances of credit and purchases of obligations representing loans and advances of credit as are eligible for insurance or guaranty by the federal housing commissioner or United States administrator of veterans' affairs, or by any other officer, department, agency or instrumentality of the United States for the purpose of financing alterations, repairs and improvements upon real property, and to obtain such insurance or guaranty; and

(b) To make such loans secured by real property or leasehold as the federal housing commissioner or administrator of veterans' affairs or any other officer, department, board, bureau, commission, agency or instrumentality of the United States insures or guarantees or makes a commitment to insure or guarantee and to obtain such insurance or guaranty.

Previous Section
§31A-4-26. Limitation on Loans and Extensions of Credit; Limitation on Investments; Loans to Executive Officers and Directors of Banks and Employees of the Banking Department; Exceptions; Valuation of Securities
Next Section
§31A-4-28. Investments in Obligations Secured by Mortgages or Deeds of Trust Insured or Guaranteed by United States; Securities of Federal Agencies; Use of Such Obligations and Securities as Collateral, Etc