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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-47-506. Sale of certain mortgage loans

Current as of March 28, 2024 | Updated by Findlaw Staff

Notwithstanding any other provision of law, any state bank which has as one (1) of its principal purposes the making or purchasing of loans secured by real estate mortgages is authorized to:

(1) Sell the mortgage loans to the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association, or any other corporation chartered by an act of Congress for such purposes, or any successor thereof;

(2) In connection therewith, make payments of any capital contributions required pursuant to law in the nature of subscriptions for stock of the entities described in subdivision (1) of this section;

(3) Receive stock evidencing such capital contributions; and

(4) Hold or dispose of such stock.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-47-506. Sale of certain mortgage loans - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-47-506/

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