§431:6-307  Mortgage loan limited by
property value.  (a)  No mortgage loan or investment therein upon any one
parcel of real property shall exceed in amount at the time of acquisition:



(1)  Eighty per cent of the fair value of the property
if the property is a dwelling house primarily intended for occupancy by one
family, and the loan is required to be amortized within not more than thirty
years by payment of installments thereon, at regular intervals not less
frequent than every three months; or



(2)  Seventy-five per cent of the fair value of the
property in all other cases.



(b)  The extent to which a mortgage loan made
under section 431:6-306(3) is guaranteed or insured by an agency of the United
States, may be deducted before application of the limitations in subsection
(a). [L 1987, c 347, pt of §2]