PART V. 
FEE TITLE ACQUISITION LOAN PROGRAM



 



§516-91  Definitions.  The following
words or terms as used in this part shall have the following meanings unless a
different meaning clearly appears from the context:



"Eligible borrower" means any lessee,
irrespective of race, creed, national origin, or sex, who:



(1)  Qualifies to purchase the leased fee interest in
the lessee's property under this chapter;



(2)  Has never before obtained a loan under this part;
and



(3)  Meets other qualifications as established by
rules adopted by the corporation.



"Eligible loan" means a loan to an
eligible borrower for the purchase of the leased fee interest in the eligible
borrower's houselot; provided that the property financed is and will be
occupied as the principal place of residence by the eligible borrower, and
meets other requirements as established by rules adopted by the corporation.



"Fee title acquisition loan programs"
or "acquisition loan programs" includes all or any part of the loan
to lenders program, the purchase of existing loans program, the advance
commitments program, and the eligible loan funding program authorized under
this part.



"Mortgage lender" means any bank,
trust company, savings bank, national banking association, savings and loan
association, building and loan association, mortgage banker, credit union,
insurance company, or any other financial institution, or a holding company for
any of the foregoing, which:



(1)  Is authorized to do business in the State;



(2)  Customarily provides services or otherwise aids
in the financing of mortgages on single family or multi-family residential
property; and



(3)  Is a financial institution whose accounts are
federally insured, or is an institution which is an approved mortgagee for the
Federal Housing Administration, or is an approved lender for the Veterans
Administration or the United States Department of Agriculture, or is an
approved mortgage loan servicer for the Federal National Mortgage Association
or the Federal Home Loan Mortgage Corporation.



"Revenue bond" means bonds, notes, or
other evidence of indebtedness of the corporation issued to finance any of the
acquisition loan programs under this part.



"Trustee" means a national or state
bank or trust company within or without the State which enters into a trust
indenture.



"Trust indenture" means an agreement
by and between the corporation and the trustee, which sets forth the duties of
the trustee with respect to the revenue bonds, the security therefor, and other
provisions as deemed necessary or convenient by the corporation to secure the
revenue bonds. [L 1983, c 270, pt of §1; am L 1987, c 337, §16; am L 1988, c
104, §2; am L 1997, c 258, §20; am L 2005, c 196, §26(b); am L 2006, c 180, §16]



 



Revision Note



 



  Veterans Administration in definition of "mortgage
lender" is now the Department of Veterans Affairs.