§ 54B-164. Loans to one borrower. - North Carolina Statutes

§ 54B‑164.  Loans to oneborrower.

(a)        The aggregateamount of mortgage loans outstanding granted by an association to any oneborrower shall not exceed ten percent (10%) of the net withdrawal value of suchassociation's withdrawable accounts or an amount equal to the total net worthof such association, whichever amount is less.

(b)        Notwithstanding anyother provision of law, in order to protect the public, including members,depositors, and stockholders of a State association, the Commissioner of Banksmay establish limits on loans to any one borrower if he finds that a Stateassociation is operating with unsafe and unsound lending practices. TheCommissioner of Banks shall promulgate rules and regulations to govern theestablishment of the limits authorized by this section. (1981, c. 282, s. 3; 1985, c.659, s. 14; 2001‑193, s. 16.)