215.040. Fees for insuring loans, use of proceeds. - Missouri Statutes

Fees for insuring loans, use of proceeds.

215.040. The commission shall charge a reasonable fee on allloans not federally insured to insure said loans. The proceedsof said fees shall be deposited in a separate fund to be known asthe "Housing Insured Loan Fund". This fund shall be depositedwhen received in a bank approved for deposit of state funds. Nomoneys shall be withdrawn from the fund except to be used for thepurchase of mortgage insurance or to pay for any losses on saidloans.

(L. 1969 H.B. 130 § 7)