04 NCAC 16D .0402. APPRAISALS

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Except as exempted under the regulations of the appropriate federal regulatory agency, an association shall not grant, make, disburse any portion of, or invest its funds in any loan on the security of real estate, until at least one qualified person, whose compensation shall not be affected in any way by the approval or denial of the loan, has appraised the real estate security in accordance with the regulations of the appropriate federal regulatory agency.

History Note: Authority G.S. 54B‑55; 54B‑161;

Eff. August 31, 1981;

Amended Eff. February 15, 1992.

                    
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