04 NCAC 16E .0402. APPRAISALS

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Except as exempted under the regulations of the appropriate federal regulatory agency, a savings bank 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: Filed as a Temporary Adoption Eff. October 2, 1991 for a period of 180 days to expire on

March 31, 1992;

Statutory Authority G.S. 54C‑53; 54C‑128;

Eff. February 15, 1992.

                    
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