Iowa Code 528.3 – Financial institutions allowed to make alternative mortgages
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Terms Used In Iowa Code 528.3
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
528.3 Financial institutions allowed to make alternative mortgages.
A financial institution may make alternative mortgage loans in accordance with this
chapter. General provisions governing a financial institution’s mortgage loans apply to alternative mortgage loans unless inconsistent with the provisions of this chapter. This chapter does not prohibit a financial institution from making any loan which is not an alternative mortgage loan, provided such loan otherwise complies with applicable laws.
89 Acts, ch 267, §3
A financial institution may make alternative mortgage loans in accordance with this
chapter. General provisions governing a financial institution’s mortgage loans apply to alternative mortgage loans unless inconsistent with the provisions of this chapter. This chapter does not prohibit a financial institution from making any loan which is not an alternative mortgage loan, provided such loan otherwise complies with applicable laws.
89 Acts, ch 267, §3