214.51

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214.51 Sale, assignment, and servicing of loans and contracts.

214.51(1)

(1) A savings bank may sell a loan or a participating interest in a loan with or without recourse. The division may by rule adopt limitations on the sale of loans except loans sold to agencies of the United States or this state or to another government-sponsored agency if approved by the division.

214.51(2)

(2) A savings bank may contract to service a loan or a participating interest in a loan, subject to rules of the division.

214.51(3)

(3) A savings bank may sell and assign, with or without recourse, any certificate of sale, defaulted loan or defaulted real estate contract to any person eligible to purchase it.