Kentucky Statutes 286.6-505 – First mortgage loans
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Loans secured by first mortgages on real estate shall not exceed fifty percent (50%) of the credit union‘s unimpaired capital, unless the commissioner shall otherwise determine by regulation or by order in any special case.
Effective: July 13, 1984
History: Created 1984 Ky. Acts ch. 408, sec. 51, effective July 13, 1984.
Formerly codified as KRS § 290.505.
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.
Effective: July 13, 1984
Terms Used In Kentucky Statutes 286.6-505
- Commissioner: means the commissioner of financial institutions. See Kentucky Statutes 286.6-005
- Credit union: means a cooperative, nonprofit association, incorporated under this subtitle, for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, and providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition. See Kentucky Statutes 286.6-005
- real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
History: Created 1984 Ky. Acts ch. 408, sec. 51, effective July 13, 1984.
Formerly codified as KRS § 290.505.
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.