LOANS FOR ALTERATION, IMPROVEMENT, REPAIRS AND EQUIPMENT

0180-12-.14 LOANS FOR ALTERATION, IMPROVEMENT, REPAIRS AND EQUIPMENT. No association shall make a loan for alteration, improvement, repairs and equipment on any home for an amount in excess of $15,000 or for a term of more than twenty (20) years. The aggregate total of all such loans made by an association shall not exceed 20% of the assets of the association. Loans for alteration, improvement, repair and equipment that are for amounts in excess of $5,000 must be secured by a recorded trust deed.

AND LOAN ASSOCIATIONS

Authority: T.C.A. §§45-3-402 and 45-3-703. Administrative History: Original rule certified June 10, 1974. Repeal and new rule filed June 30, 1980; effective September 15, 1980. Transferred from the Department of Commerce and Insurance by Executive Order Number 38; effective February 11, 1983.