NORTH CAROLINA GENERAL ASSEMBLY

1969 SESSION

CHAPTER 737

SENATE BILL 404

AN ACT TO PROVIDE AS AUTHORIZED INVESTMENTS FOR SAVINGS AND LOAN ASSOCIATIONS IMPROVEMENTS TO REAL PROPERTY AND MOBILE HOME FINANCING.

The General Assembly of North Carolina do enact:

Section 1.  Notwithstanding any other provisions of law, any building and loan association or savings and loan association incorporated under the laws of this State or any federal savings and loan association having its principal office in North Carolina is authorized, without being required to take or receive any security, to make:

(a)        Any loan not exceeding five thousand dollars ($5,000) which is made for the improvement, alteration, repairing and equipping real property, subject to the rules and regulations governing such loans as adopted by the Commissioner of Insurance; provided, however, that the combined total amount of the outstanding loans made under this Section and the amount of the outstanding loans made on nonresidential real property as the term "non‑residential real property loan" is defined in the United States Income Tax Regulations Section 301.7701-13, shall not exceed 19% of the total amount of the outstanding loans of any savings and loan association making loans under the provisions of this Section;

(b)        Any loan for the purpose of purchasing or refinancing a mobile home, subject to the rules and regulations governing such loans as adopted by the Commissioner of Insurance.

Sec. 2.  The loans authorized to be made by savings and loan associations under the provisions of this Act shall be subject to such regulations and limitations as the Commissioner of Insurance shall prescribe.

Sec. 3.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 4.  This Act shall become effective upon its ratification.

In the General Assembly read three times and ratified, this the 9th day of June, 1969.