SECTION 85:25-3-47. Mobile home financing

  The total investment, exclusive of unearned discount and prepaid insurance of an association in mobile home loans shall not exceed 10% of its assets exclusive of unearned interest account. An investment in mobile home loans to a dealer shall not exceed 100% of the invoice price of each unit and its equipment, excluding freight over $200.00, in the case of a new mobile home, and shall not exceed 90% of the wholesale value of each used unit, as established in the dealer's market. An investment in a mobile home loan other than to a dealer shall not exceed 90% of the reasonable retail value of the unit and equipment; and such investment shall be made only if the mobile home is to be maintained as a residence of the purchaser or a relative of the purchaser. In the case of all mobile home financing, the association shall in timely manner take all steps necessary to perfect its security interest under applicable law; however, in no instance is this Section to be construed to be more restrictive than provided in 12 C.F.R. $545.45.

[Source: Transferred from 625:10-5-9 (see Editor’s Note at beginning of this Chapter)]