Washington Code 32.20.460 – Low-cost housing — Factory built housing — Mobile homes
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In addition to the portions of its funds permitted to be invested in real estate loans under RCW 32.20.410, a mutual savings bank may invest not to exceed fifteen percent of its funds in loans and investments as follows:
Terms Used In Washington Code 32.20.460
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- its funds: whenever used in this chapter , shall mean and include moneys deposited with or borrowed by a mutual savings bank, sums credited to the guaranty fund of a mutual savings bank, and the income derived from such deposits or fund, or both, and the principal balance of any outstanding capital notes, and capital debentures. See Washington Code 32.20.010
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- savings bank: whenever used in this chapter , shall mean a mutual savings bank organized and existing under the laws of the state of Washington. See Washington Code 32.20.010
(1) Loans for the rehabilitation, remodeling, or expansion of existing housing.
(2) Loans in connection with, or participation in:
(a) Housing programs of any agency of federal, state, or local government; and
(b) Housing programs of any nonprofit, union, community, public, or quasi-public corporation or entity.
Such housing must be made available to all without regard to race, creed, sex, color, or national origin.
(3) Loans for purchasing or constructing factory built housing, including but not limited to mobile homes. The bank shall determine the amount, security, and repayment basis which it considers prudent for the loans.
(4) In mobile home chattel paper which finances the acquisition of inventory by a mobile home dealer if the inventory is to be held for sale in the ordinary course of business by the mobile home dealer, the monetary obligation evidenced by such chattel paper is the obligation of the mobile home dealer and the amount thereof does not exceed the amount allowed to be loaned on such mobile homes under subsection (3) of this section.
NOTES:
Severability—1981 c 86: See note following RCW 32.08.140.
Construction—1973 1st ex.s. c 31: See RCW 32.20.500.