33-1571. Real property loans; exercise of due
on sale clauses; prohibition
Notwithstanding any provisions of title 6 to the contrary, as provided by the thrift
institutions restructuring act, P.L. 97-320, section 341, subsection (c)(1)(A) the real
property loans defined and described therein are regulated as follows:
1. From and after October 14, 1987, and not before, P.L. 97-320, section 341,
subsection (b) applies to real property loans that were made or assumed, including
transfers of liened property subject to real property loans, between July 8, 1971, and
October 15, 1982, and that are secured by one to four family units utilized for
residential purposes of two and one-half acres or less. Prior to October 15, 1987, upon
a transfer of interest in such property, the interest rate on such loans shall not be
increased by more than one-half of one per cent, and all other limitations provided in
section 33-806.01 shall apply.
2. P.L. 97-320, section 341, applies in accordance with its terms to all real
property loans other than those described in paragraph 1 of this section.
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