Tenn. Comp. R. & Regs. 0180-12-.14

Current through January 8, 2025

Section 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.

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.

Authority: T.C.A. §§ 45-3-402 and 45-3-703.