2009 Kentucky Revised Statutes Subtitle 5. Savings and Loan Associations 286.5.461 Compliance with federal law or regulations required for property improvement loans or mobile home loans.
286.5-461 Compliance with federal law or regulations required for property
improvement loans or mobile home loans.
(1) Savings and loan associations are authorized to make loans secured by a first lien on
real estate and at a rate or rates not in excess of that provided by KRS 360.010 and <br>360.025.
(2) Savings and loan associations are authorized to make property improvement loans
and loans to finance the purchase of mobile homes, provided that said loans comply <br>with the "Rules and Regulations for the Federal Savings and Loan System" <br>Subchapter C of Title 12, Code of Federal Regulations. A property improvement <br>loan or a mobile home loan may be made, with or without a first mortgage lien on <br>real estate as security, for such a period of time and under such contract provisions <br>as are authorized by the above federal regulations. Where there are no interest rate <br>limitations established under the applicable federal law or regulations, savings and <br>loan associations making such loans shall be subject to the same interest rate <br>limitations on loans as any bank, trust company, or combined bank and trust <br>company under the provisions of KRS 286.3-215. A savings and loan association <br>making such loans is authorized to charge and receive interest in advance, with <br>service charges, delinquency charges, and rebate computations being identical to <br>those authorized for a bank, trust company or combined bank and trust company <br>under KRS 286.3-215.
Effective: July 15, 1980 <br>History: Amended 1980 Ky. Acts ch. 346, sec. 1, effective July 15, 1980. -- Amended
1972 Ky. Acts ch. 267, sec. 2. -- Created 1964 Ky. Acts ch. 138, sec. 27, effective <br>June 18, 1964.
Formerly codified as KRS 289.461. <br>Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts
ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the <br>Kentucky Financial Services Code, KRS Chapter 286, and KRS references within <br>this statute have been adjusted to conform with the 2006 renumbering of that code.
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