Section 11-11-106 - Insurance by authority of loans made by mortgage lenders. - South Dakota Statutes

11-11-106. Insurance by authority of loans made by mortgage lenders. The authority shall have the power, as necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, to insure or guarantee mortgage loans made by federally or state chartered banks or savings and loan associations or other mortgage lenders approved by the authority to eligible housing sponsors as determined by the authority. The authority may establish such terms and conditions as it deems necessary for the supervision of the holders of authority insured or guaranteed loans and for its insurance or guarantee program, including the maximum amount which may be insured or guaranteed, maximum interest rates, down payment requirements, refinancing terms, insurance or guaranty premium requirements, and remedies on default or foreclosure.

Source: SL 1973, ch 180, § 12 (26); SDCL Supp, § 28-19-97; SL 1995, ch 80, § 15.