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25 U.S.C. § 1489Loans made by certain financial institutions without regard to limitations and restrictions of other Federal statutes with respect to certain particulars

submitted 52 years ago by Pub. L. 93-262 to r/title-25-INDIANS · 103 words · no verdicts yet

in plain englishAI-generated · not legal advice

Certain loans that are at least 20 percent guaranteed may ignore specified limits in other Federal statutes.

A loan by a national bank, Federal savings and loan association, or a bank, trust company, building and loan association, or insurance company authorized in the District of Columbia may be made without other Federal statutory limits on: (a) the loan-to-property-value ratio; (b) maturity; (c) a mortgage or other security; (d) lien priority; or (e) the percentage of assets invested in real-estate loans, if at least 20 percent of the loan is guaranteed under this subchapter.
the actual law source: uscode.house.gov ↗public domain

Any loan made by any national bank or Federal savings and loan association, or by any bank, trust company, building and loan association, or insurance company authorized to do business in the District of Columbia, at least 20 per centum of which is guaranteed hereunder, may be made without regard to the limitations and restrictions of any other Federal statute with respect to (a) ratio of amount of loan to the value of the property; (b) maturity of loans; (c) requirement of mortgage or other security; (d) priority of lien; or (e) percentage of assets which may be invested in real estate loans.

Source credit: (Pub. L. 93–262, title II, § 209, Apr. 12, 1974, 88 Stat. 80.)

history & why it existsrecord from the source credit
  • 1974Enacted · Pub. L. 93-262 · 88 Stat. 80

A history note hasn’t been published yet. The record shows enactment by Pub. L. 93-262 on 1974-04-12.

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