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Can you summarize SDCL 51A-4-30?
General Powers Of Banks > Investment in federally sponsored housing loans.
Short Summary
Banks and trust companies authorized to do business under this title that are approved or certified by the secretary of housing and urban development or approved or certified by the administrator of veterans affairs may: (1)Make such loans and advances of credit and purchases of obligations representing loans and advances of credit as are eligible for insurance by the federal housing administration or the administrator of veterans affairs and to obtain such insurance; (2)Make such loans, secured by real property or leasehold, as the federal housing administration or the administrator of veterans affairs insures or makes a commitment to insure and to obtain such insurance. Source: SL 1935, ch 112, 1; SL 1937, ch 161, 1; SDC 1939, 55.4401; SDCL, 51-11-3; SL 1970, ch 266; SL 1988, ch 377, 100; SDCL, 51-18-25.
Jurisdiction
South Dakota