§ 24-16.1. Loans exempt from §§ 24-12 to 24-17. - North Carolina Statutes

§24‑16.1.  Loans exempt from §§ 24‑12 to 24‑17.

G.S. 24‑12 to 24‑17shall not apply to loans made by banks, insurance companies, or their dulydesignated agents compensated directly by the lender, duly licensed creditunions, production credit associations authorized by the Farm Credit Act of1933, or savings and loan associations authorized to do business in this State,or to loans made by any other lender licensed by, and under the supervision of,the Commissioner of Banks and the State Banking Commission, under theprovisions of Chapter 53 of the General Statutes, or the Commissioner ofInsurance, under the provisions of Chapter 58 of the General Statutes.Provided, any lender approved as a mortgagee by the Federal HousingAdministration shall be entitled to make loans under this Article.

G.S. 24‑12 to 24‑17shall not apply to a loan made under Article 1 of this Chapter. (1971,c. 1229, s. 2; 1983, c. 126, s. 9; 1985, c. 154, s. 5.)