2013 Kentucky Revised Statutes CHAPTER 286 - KENTUCKY FINANCIAL SERVICES CODE Subtitle 5 - Savings and Loan Associations 5.5-461 Compliance with federal law or regulations required for property improvement loans or mobile home loans.
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286.5-461 Compliance with federal law or regulations required for property
improvement loans or mobile home loans.
(1)
(2)
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 360.025.
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 with the "Rules and Regulations for the Federal Savings and
Loan System" Subchapter C of Title 12, Code of Federal Regulations. A
property improvement loan or a mobile home loan may be made, with or
without a first mortgage lien on real estate as security, for such a period of time
and under such contract provisions as are authorized by the above federal
regulations. Where there are no interest rate limitations established under the
applicable federal law or regulations, savings and loan associations making
such loans shall be subject to the same interest rate limitations on loans as any
bank, trust company, or combined bank and trust company under the
provisions of KRS 286.3-215. A savings and loan association making such
loans is authorized to charge and receive interest in advance, with service
charges, delinquency charges, and rebate computations being identical to
those authorized for a bank, trust company or combined bank and trust
company under KRS 286.3-215.
Effective:July 15, 1980
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 June 18, 1964.
Formerly codified as KRS 289.461.
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 Kentucky Financial Services Code, KRS Chapter 286, and KRS
references within this statute have been adjusted to conform with the 2006
renumbering of that code.
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