Current through Register Vol. 48, No. 5, May 24, 2024
Section 15-7 - Loans Secured by Real Estate MortgagesExcept as hereinafter provided no State-chartered bank, savings bank, or savings and loan association shall make any loan or advance of credit of any nature secured by a mortgage of real estate (either direct or assigned as collateral) or by any other instrument giving or purporting to give a lien on real estate until it shall have first secured the following:
(a) A certificate of title or other satisfactory certificate of insurance as to the title of the property and the status of all assessed taxes. Such certificate shall be made and dated after the mortgage is recorded.(b) An appraisal of the mortgaged premises in writing. Unless otherwise instructed by the State Board of Financial Institutions or the Commissioner of Banking, when making loans secured by real estate mortgages, State chartered banks, savings banks, and savings and loan associations, shall follow the Interagency Appraisal and Evaluation Guidelines as Federally chartered institutions are permitted to do.Amended by State Register Volume 47, Issue No. 11, eff. 11/24/2023.Statutory Authority: 1976 Code Section 34-1-60