673.316 - Loans and investments not limited.
673.316 Loans and investments not limited.
1. Nothing in this chapter requires any association to sell, transfer or dispose of any investment or loan made or purchased by the association before March 30, 1959. Any association may:
(a) Renew, extend the time of payment of, or rewrite any loan made before that date.
(b) Make additional advances or loans for the purpose of preserving the security of the loan or for the purpose of protecting the property securing the loan.
(c) Make any renewal, extension, advance or loan to the borrower or to any successor in interest in the property securing the loan.
(d) Make loans on property sold by an association or extend credit thereon for the purpose of facilitating the sale of the property regardless of any other provision of this chapter.
2. No advance or loan may be made under the provisions of this section if the advance or loan would increase the total liability to the association making the advance or loan to more than 2 percent of total assets, except with the approval of the Commissioner.
3. For the purpose of preserving the security of any loan or of protecting the property securing any loan made in compliance with this chapter, an association may make additional advances or loans to the borrower or any successor in interest in the property securing the loan. Regardless of any other provision of this chapter an association may make loans or extend credit for the purpose of facilitating the sale of property acquired by repossession, foreclosure or conveyance in lieu of foreclosure if that activity conforms to generally accepted accounting practices.
(Added to NRS by 1959, 540; A 1963, 467; 1983, 656, 1785; 1987, 1969)