South Carolina Code 31-19-10. Financial institutions authorized to make loans eligible for Federal housing insurance
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Banks, savings banks, trust companies, insurance companies, Federal Housing Administration approved mortgagees and other financial institutions subject to the laws of this State may:
(1) Make such loans and advances of credit as are eligible for insurance by the Federal Housing Administrator and obtain such insurance;
Terms Used In South Carolina Code 31-19-10
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) Make such loans, secured by real property or leasehold, as the Federal Housing Administrator insures or makes commitment to insure and obtain such insurance;
(3) Make such loans as are fully guaranteed by any Federal agency under the provisions of Title III of the Servicemen’s Readjustment Act of 1944 or any amendment thereto; and
(4) Make such loans as are partially guaranteed under the provisions of Title III of Servicemen’s Readjustment Act of 1944 or any amendment thereto, but only as may be permitted by regulations of the State Board of Bank Control.