§ 24-12. Applicability of Article.
Article2.
Loans Secured bySecondary or Junior Mortgages.
§ 24‑12. Applicabilityof Article.
This Article shall apply onlyto loans of money:
(1) Secured in whole orin part by a security instrument on real property, other than a first securityinstrument on real property; and
(2) The principal amountof the loan does not exceed twenty‑five thousand dollars ($25,000);
(3) The loan isrepayable in no less than six nor more than 181 successive monthly payments,which payments shall be substantially equal in amount. (1971,c. 1229, s. 2; 1979, 2nd Sess., c. 1157, ss. 2, 3.)