NORTH CAROLINA GENERAL ASSEMBLY

1961 SESSION

 

 

CHAPTER 291

SENATE BILL 139

 

 

AN ACT TO AMEND CHAPTER 53 OF THE GENERAL STATUTES SO AS TO INCLUDE WITHIN ITS PROVISIONS LOANS GUARANTEED BY THE VETERANS ADMINISTRATION AND TO DEFINE MORE CLEARLY THE TERM "OTHER FINANCIAL INSTITUTIONS".

 

The General Assembly of North Carolina do enact:

 

Section 1.  Subsection (a) of G.S. 53‑45, as the same appears in the 1960 Replacement Volume 2B of the General Statutes, is hereby amended by inserting between the comma and the word "and" appearing in line 4 thereof the words and punctuation "mortgagees and loan correspondents approved by the Federal Housing Administrator,". Said subsection is further amended by inserting between the comma and the word "in" appearing in line 10 thereof the words and punctuation "in bonds or notes secured by a mortgage or deed of trust insured or guaranteed by the Veterans Administrator,". Said subsection is further amended by striking the comma appearing in line 12 thereof immediately following the word "Administrator" and inserting in lieu thereof the words and punctuation "or Veterans Administrator,".

Sec. 2.  Subsection (b) of said G.S. 53‑45 is hereby amended by inserting between the first comma and the word "and" appearing in line 2 thereof the words and punctuation "mortgagees and loan correspondents approved by the Federal Housing Administrator,". Said subsection is further amended by inserting between the word "Administrator" and the word "has" appearing in line 5 thereof the words "or Veterans Administrator".

Sec. 3.  Subsection (c) of said G.S. 53‑45 is hereby amended by inserting between the word "companies" and the word "and" appearing in line 2 thereof the words and punctuation, ", mortgagees and loan correspondents approved by the Federal Housing Administrator,". Said subsection is further amended by striking the period appearing in line 4 thereof and inserting in lieu thereof the words and punctuation ", and on being approved as eligible for credit insurance by the Veterans Administrator, may make such loans as are insured or guaranteed by the Veterans Administrator.".

Sec. 4.  Subsection (d) of said G.S. 53‑45 is hereby amended by inserting between the word "Administrator" and the comma appearing in line 7 thereof the words "or Veterans Administrator".

Sec. 5.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 6.  This Act shall be in full force and effect from and after its ratification.

In the General Assembly read three times and ratified, this the 27th day of April, 1961.