408.585. Limitation on requirements of sections 408.570 to 408.600. - Missouri Statutes

Limitation on requirements of sections 408.570 to 408.600.

408.585. 1. No provision of sections 408.570 to 408.600shall be construed to require any financial institution to makeany residential real estate loan contrary to sound underwritingpractices which shall include but not be limited to thefollowing:

(1) The credit worthiness of the applicant; and

(2) The market value of the residential real estate proposedas security for the loans.

2. A financial institution may employ different loanapplication procedures for loans to purchase or construct newdwellings as opposed to the purchase of previously occupieddwellings.

(L. 1979 S.B. 305)

Effective 1-1-80