The Republican. [volume] (Oakland, Md.) 1877-current, 1963-06-27

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ments creating additional security
for the loan.
tn When the loan is otherwise
prohibited under Section 16lW of
Article %:
III A certified copy of the reso-
luton approving the loan as re-
CURED by Section 161W ebl and
CiD The written approval of the
Director of the Department of
Building, Savings and Loan AS
SOciatiOnS.
1922 Loans Secured by Free
Share Accounts: An association
making a loan en- the security of
a free share account shall obtain
a Promissory Note under seal, in
a form to be approved by Counsel
TO the association, and signed by
the owner or owners of the free
share account The free share
ledger account of the borrowers
shall be clearly marked in such
fashion as to indicate that said
account has been pledged as Sc
curitY for a loan and the amount
of said pledge.
1923 The association shall, at
all times, maintain the applica-
ton. appraisal and Memorandum
of Settlement required by 1927
or 1922 for the life of the loan
and for 3 years thereafter
1898 Permissible Ratio of Loans.
10931 Concentration of Loans
De L., O4e
of an association shall be due from
any one person, partnership, COM
pany, firm or corporation, or any
combination thereof, which is bene-
ficially owned or controlled, either
directly or indirectly, by any one
person, partnership, company,
firm or corporation, or any COM
bination thereof
1882 Maximum Single Loan
No association shall make any
one - loan which exceeds 1870
of the assets of the association as
of the date such loan is made. The
term zone loan shall include any
combination of loans which are so
related as to time, borrower or
borrowers. or geographical loca-
ton as to constitute a single trans
action or Indebtedness.
1888 Permissible Percentage of
Security-No association shall
make a loan upon the security of
real or lcasehold property, the
aggregate amount of which OK
ceeds the percentage of fair market
value of the security as follows:
ca Unimprovcd Property:
ID AmortizinG on weekly or
monthly basis, and with terms of
) years or Iess-60fl
% Non-amortizing on weekly or
monthly basis-50fd, with terms
not to exceed years.
(b) Improved Property:
~ Amortizing on weekly or
monthly basis, and with term of
IS years or Iess-80ft
~ Amortizing on weekly or
monthly basis, and with term of
more than Is years-70G5.
go Non-amortizing on weekly or
monthly basis-60fd, with term not
to exceed years.
(c) Construction Loans-Not to
exceed 800 of the fair market
( value of the property after COM
pletiOn of the improvements, but
with term not to exceed Is months.
I'D Insured or Guaranteed Loan
"A loan which is, or will be, in
Sured or guaranteed by the United
States Government, or any instru-
mentality thereof, may be made
for an amount in excess of these
restrictions, but only to the eX-
tent that such loan is insured or
guaranteed
1884 Permissible Percentage of
Category-An association may
make loans upon the security of
real or leasehold property so long
as the aggregate outstanding prin-
cipal balance of all loans so Sc
cured shall NOT at any time eX-
coed the following percentages of
the following catCgOrieS:
(al Commercial Loans-20'd. For
purposes of this subsection all
loans secured by real or leasehold
property improved by a building
containing 4 (fom) or less family
units are residential loans. All
other loans on improved real or
leasehold property are commercial
loans.
I tb) Construction LoanS-106.
! (c) Unimproved Land Loans
1870
ADV 17-2t