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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-149. Loans for housing for the aging

Current as of January 01, 2022 | Updated by FindLaw Staff

<The Savings Association Code of 1967, 7 P.S. §§ 6020-1 to 6020-254, has been repealed by Act 2013, June 24, P.L. 67, No. 23, §§ 1 to 107, effective in one year [June 24, 2014], but remains in full force and effect as to transactions and proceedings commenced prior to said repeal, pursuant to Act 2013-23, § 109.>

An association may grant mortgage loans in an amount not exceeding at any time ten percent of its assets in loans or participating interests therein to provide housing facilities for the aging which facilities are existing or are to be constructed for such purpose or altered for such purpose. No such loans shall exceed ninety percent of the fair market value of the improved real estate given as security therefor.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-149. Loans for housing for the aging - last updated January 01, 2022 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-6020-149/

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