35-7-9 - Limitation on costs of administration of chapter.
§ 35-7-9. Limitation on costs of administration of chapter.
The cost of administering this chapter shall not exceed in any one (1) fiscal year 1.0% of mortgage loans in force. Administrative expenses shall include all costs for: personnel, travel, subsistence, contractual services, commodities and equipment utilized in operating the offices and facilities of the board and shall not include expenditures reimbursed to the board by applicants, veterans/owners, insurance companies and funds passing through escrow, regardless of the budget and accounting codes utilized. The amount of contracts in force for the purpose of this section shall be considered the amount in force at the end of the fiscal year in which the expenditures for administration are incurred.
Sources: Codes, 1942, § 7519; Laws, 1936, ch. 199; Laws, 1946, ch. 221, §§ 3, 4; Laws, 1948, ch. 500, §§ 3, 4; Laws, 1950, ch. 465, §§ 3, 4; Laws, 1958, ch. 460, § 2; Laws, 1964, ch. 478; Laws, 1973, ch. 376, § 1; Laws, 1987, ch. 425, § 5, eff from and after May 1, 1987.