Section 369.229

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 369

Effective - 01 Mar 2011, 2 histories, see footnote   

  369.229.  Approved transactions and loans. — 1.  Every association may:

  (1)  Make loans secured by its accounts to the extent of the withdrawal value thereof and unsecured loans to any account owner but not exceeding such amount individually or in the aggregate as may be established by the director of the division of finance by regulation;

  (2)  Make loans of any type or kind, approved by the director of the division of finance, secured by mortgage or deed of trust constituting a first lien on real estate as defined in section 442.010, or a leasehold interest therein and having an unexpired term of at least five years or some term in excess of five years as may be fixed by regulation of the director of the division of finance;

  (3)  Make additional real estate loans secured by liens immediately subsequent to its own first lien upon the same property and with or without additional security;

  (4)  Purchase real estate loans of the same character as that upon which the association may make an original loan and lend money on the security of such loans;

  (5)  Participate in loans with other lenders on real estate of any type that the association could originate;

  (6)  Sell with or without recourse any real estate loan it holds or any participating interest therein.

  2.  Every association may, subject to such regulations as the director of the division of finance may prescribe:

  (1)  Make loans secured by the cash surrender value of any life insurance or annuity policy;

  (2)  Make loans for the purpose of repair, improvement, rehabilitation, furnishing or equipping real estate as defined in section 442.010;

  (3)  Make loans, and purchase obligations representing loans, for the purpose of mobile home financing, including development, holding and leasing of mobile home parks or sites, provided that, for purposes of this section mobile home includes a manufactured home as defined in section 700.010;

  (4)  Make loans for the payment of educational expenses;

  (5)  Make loans to homeowners with or without security for any purpose, but the aggregate of the unpaid balances of all such loans to any one borrower shall not exceed at any time the sum of five thousand dollars or such greater sum as the director of the division of finance may allow by regulation;

  (6)  Make loans to its directors, officers, and employees; and

  (7)  Make such other loans secured or unsecured as the director of the division of finance by regulation may permit.

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(L. 1971 S.B. 3 § 45, A.L. 1983 H.B. 570, A.L. 1994 H.B. 1165, A.L. 2010 S.B. 630)

Effective 3-01-11