South Carolina Code of Regulations
Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION
Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE
Section 15-9 - Limitations and Restrictions on Loans, Savings and Loan
Universal Citation: SC Code Regs 15-9
Current through Register Vol. 48, No. 3, March 22, 2024
Limitations and restrictions on loans by Building and Loan Associations operating under the authority and control of the said State Board of Bank Control other than loans secured by first mortgages on real estate and by its own shares.
(a) Except as hereinbefore provided or otherwise permitted by law, no Building and Loan Association shall make any loan or advance of credit of any nature which is not secured by a first mortgage on real estate or by assignment of shares of the Association.
(b) The restrictions and limitations of this regulation do not apply:
1. To loans or advances of credit already made.
2. To security taken in good faith by way of compromise of a doubtful claim or to avert an apprehended loss in connection with a debt previously contracted. (This rule filed in the Office of the Secretary of State July 20, 1942.)
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