286.5-461 Compliance with federal law or regulations required for property improvement loans or mobile home loans. (1) Savings and loan associations are authorized to make loans secured by a first lien on real estate and at a rate or rates not in excess of that provided by KRS 360.010 and 360.025. (2) Savings and loan associations are authorized to make property improvement loans and loans to finance the purchase of mobile homes, provided that said loans comply with the "Rules and Regulations for the Federal Savings and Loan System" Subchapter C of Title 12, Code of Federal Regulations. A property improvement loan or a mobile home loan may be made, with or without a first mortgage lien on real estate as security, for such a period of time and under such contract provisions as are authorized by the above federal regulations. Where there are no interest rate limitations established under the applicable federal law or regulations, savings and loan associations making such loans shall be subject to the same interest rate limitations on loans as any bank, trust company, or combined bank and trust company under the provisions of KRS 286.3-215. A savings and loan association making such loans is authorized to charge and receive interest in advance, with service charges, delinquency charges, and rebate computations being identical to those authorized for a bank, trust company or combined bank and trust company under KRS 286.3-215. Effective: July 15, 1980 History: Amended 1980 Ky. Acts ch. 346, sec. 1, effective July 15, 1980. -- Amended 1972 Ky. Acts ch. 267, sec. 2. -- Created 1964 Ky. Acts ch. 138, sec. 27, effective June 18, 1964. Formerly codified as KRS 289.461. Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.
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