South Dakota Codified Laws 51A-4-28. Restricted investment in mortgage banking companies authorized
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Any bank may purchase and own stock and capital notes or other evidence of debt issued by a mortgage banking company, or its affiliate, the principal business of which is the extension of short, intermediate or long–term credit to individuals, partnerships and corporations, which credit is secured by real estate mortgages. A bank shall own at least eighty percent of the stock of any such mortgage banking company and may not obligate more than thirty percent of its capital stock and surplus and undivided profits for such purpose.
Terms Used In South Dakota Codified Laws 51A-4-28
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Source: SL 1984, ch 313; SL 1988, ch 377, § 99; SDCL, § 51-18-23.2.