South Carolina Code of Regulations
Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION
Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE
Section 15-32 - Home Improvement Loans

Universal Citation: SC Code Regs 15-32
Current through Register Vol. 48, No. 3, March 22, 2024

State-chartered savings and loan associations are authorized to make home improvement loans under the same terms and conditions as permitted federally chartered savings and loan associations by Section 545.6-3 of the Home Loan Bank Board Regulations amending Section 545.6-12 of the Home Loan Bank Board Regulations effective November 17, 1980.

The Home Loan Bank Board's amended regulation reads as follows:

"Section 545 Home improvement loans.

"An association may invest in loans, with or without security, for residential real property alteration, repair or improvement, or for equipping or furnishing residential real property, with installments payable at least quarterly, the first installment due no later than 120 days from the date the loan is made and the final installment due no later than 20 years and 32 days from such date. Installments shall be substantially equal except to the extent that the loan complies with one of the mortgage plans authorized under Sections 545.6-4 or 545.6-4a of this Part."

Statutory Authority: 1976 Code Section 34-1-110

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