Section 393:15 Loans. - New Hampshire Statutes

Any such corporation may loan money so collected, together with interest, premiums, fines and profits arising from the business, to its shareholders and members on first mortgages on real estate situated anywhere in New Hampshire or within a 50 mile radius of its main office in any state contiguous to New Hampshire, provided however that the geographical limitations shall not apply to United States Secretary of Housing and Urban Development and Veterans' Administration insured loans purchased from an individual, partnership, association or corporation duly registered as a dealer in securities in this state, or on buildings in the town of Hampton situated on land not belonging to the owner of the building. The loans shall not exceed the appraisal value of said property. Such corporation may accept other satisfactory collateral as additional security for the loan. A premium may be charged in excess of the established rate of interest. Said loans shall be share sinking fund or direct reduction loans. In share sinking fund loans serial shares of the corporation shall also be pledged sufficient in amount to repay the loan upon maturity. Direct reduction loans shall be repayable in monthly installments sufficient to amortize the same paying off interest or premium and principal in any period of time not exceeding 40 years. Any such corporation holding a first mortgage on such property may take a subsequent mortgage or mortgages on the same property provided that there are no intervening liens. Any shareholder may borrow on the shares of such corporation up to the full value thereof at the time of the loan.

Source. 1887, 93:2, 3, 7. PS 166:8. PL 266:9. 1935, 82:3. RL 314:10. 1945, 140:1. RSA 393:15. 1955, 131:2. 1963, 313:1. 1965, 317:1. 1977, 114:1, eff. Aug. 1, 1977.