A loan association or cooperative bank may loan its funds as follows: I. In loans insured by the United States Secretary of Housing and Urban Development under Title I of the National Housing Act of 1934 with all subsequent amendments thereto. II. In loans on improved real estate for the purpose of financing the repair, alteration, improvement or rehabilitation without the additional security of a lien upon such real estate; provided that (a) the loan association or cooperative bank is the holder of the first mortgage upon the property to be improved; (b) the net proceeds of any such loan do not exceed $10,000; (c) each such loan is evidenced by one or more negotiable notes; (d) each loan is repayable on demand or in regular monthly installments within a period of 10 years. The limitations of this paragraph relating to the amount of such financing may be exceeded if the loan is fully insured by a private insurance company licensed to do business in New Hampshire and approved by the bank commissioner to the extent of the amount of the loan in excess of said limitations. III. In loans without security, for any purpose, provided that no such loan to any one person shall exceed $5,000, such loan is to be repayable on demand or in regular monthly installments within a period of 5 years, or such loan is repayable within a specific term up to one year. In loans, with security, for any purpose, provided that no such loan to any one person shall exceed $15,000, such loan is to be repayable on demand or in regular monthly installments within a period of 7 years, except as otherwise provided in this chapter. An association which takes under this paragraph a note payable on demand shall demand payment of said note not later than one year from the date thereof, but may accept a new note in payment of such demand note. IV. (a) [Repealed.] (b) In loans incurred for the purpose of motor home financing, and the motor home is taken as security, such loan on a new motor home shall not exceed $15,000 and shall be repayable in regular monthly installments within a period of 7 years, and such loan on a used motor home shall not exceed $10,000 and shall be repayable in regular monthly installments within a period of 7 years. Further provided, however, no motor home unit loan shall exceed 75 percent of the fair retail value, except that, with dealer recourse, such loan may not exceed 85 percent of the fair retail value of the motor home unit. An association making any loan on the security of a motor home shall comply with and be subject to the provisions of RSA 361-A, if applicable. V. A cooperative bank may invest in chattel paper which finances the acquisition of inventory by a dealer. Such investment shall not exceed 100 percent of the manufacturer invoice price of each new unit plus 100 percent of the invoice price of any new equipment installed in such unit. The investment shall not exceed 90 percent of the wholesale value of each used unit. The maximum amount loaned to any one borrower shall not exceed 15 percent of capital funds made up of capital debentures, capital stock, guaranty fund, surplus, undivided profits and reserves not allocated to any known liability. VI. The aggregate amount of all loans in RSA 393:15-a, II, III, IV(b), and V shall not exceed 15 percent of the association's or cooperative bank's assets. Loans without security shall have suitable financial information on file warranting the extension of the loan period. VII. Notwithstanding the limitations of any other section of this chapter, a cooperative bank may loan up to the full value of any asset acquired by it through any legal proceeding to protect its interests. Such loan shall be amortized over the remaining life of the asset. VIII. In loans pursuant to an open-end credit plan, based on the general credit worthiness of the borrower and any other parties thereto, provided: (a) Loans pursuant to any open-end credit plan shall be evidenced by a written loan agreement signed by the borrower, with or without a guarantor or guarantors, containing a specific loan limit and the borrower's promise to repay all amounts or credit advance thereunder and any interest or finance charges in a manner therein provided, and may also be evidenced by a note or notes of the borrower and any other parties to the transaction. (b) No loan association or cooperative bank shall invest in a loan under this paragraph which exceeds 2 percent of its capital funds unless suitable current data is furnished to the bank showing that the borrower and his co-signers, endorsers or guarantors, if any, have a combined net worth of at least $50,000 or 20 percent in excess of the original loan amount (or of the loan limit in the case of a loan pursuant to an open-end credit plan), whichever net worth requirement is less; and the aggregate unpaid balance owed to any loan association or cooperative bank on loans in excess of 2 percent of its capital funds shall not exceed 5 percent of the deposit of such loan association or cooperative bank. (c) The total amount loaned or agreed to be loaned to any one person at any time under this paragraph shall be limited to $2,500 exclusive of interest or discount, if the guaranty fund of the bank is not full or is impaired. (d) For purpose of this paragraph, the term ""open-end credit plan'' means an agreement under which borrowers may obtain loans from time to time, may pay the balance of such loans in full or in installments and may be required to pay a finance charge computed by the bank from time to time on unpaid balances.
A loan association or cooperative bank may loan its funds as follows: I. In loans insured by the United States Secretary of Housing and Urban Development under Title I of the National Housing Act of 1934 with all subsequent amendments thereto. II. In loans on improved real estate for the purpose of financing the repair, alteration, improvement or rehabilitation without the additional security of a lien upon such real estate; provided that (a) the loan association or cooperative bank is the holder of the first mortgage upon the property to be improved; (b) the net proceeds of any such loan do not exceed $10,000; (c) each such loan is evidenced by one or more negotiable notes; (d) each loan is repayable on demand or in regular monthly installments within a period of 10 years. The limitations of this paragraph relating to the amount of such financing may be exceeded if the loan is fully insured by a private insurance company licensed to do business in New Hampshire and approved by the bank commissioner to the extent of the amount of the loan in excess of said limitations. III. In loans without security, for any purpose, provided that no such loan to any one person shall exceed $5,000, such loan is to be repayable on demand or in regular monthly installments within a period of 5 years, or such loan is repayable within a specific term up to one year. In loans, with security, for any purpose, provided that no such loan to any one person shall exceed $15,000, such loan is to be repayable on demand or in regular monthly installments within a period of 7 years, except as otherwise provided in this chapter. An association which takes under this paragraph a note payable on demand shall demand payment of said note not later than one year from the date thereof, but may accept a new note in payment of such demand note. IV. (a) [Repealed.] (b) In loans incurred for the purpose of motor home financing, and the motor home is taken as security, such loan on a new motor home shall not exceed $15,000 and shall be repayable in regular monthly installments within a period of 7 years, and such loan on a used motor home shall not exceed $10,000 and shall be repayable in regular monthly installments within a period of 7 years. Further provided, however, no motor home unit loan shall exceed 75 percent of the fair retail value, except that, with dealer recourse, such loan may not exceed 85 percent of the fair retail value of the motor home unit. An association making any loan on the security of a motor home shall comply with and be subject to the provisions of RSA 361-A, if applicable. V. A cooperative bank may invest in chattel paper which finances the acquisition of inventory by a dealer. Such investment shall not exceed 100 percent of the manufacturer invoice price of each new unit plus 100 percent of the invoice price of any new equipment installed in such unit. The investment shall not exceed 90 percent of the wholesale value of each used unit. The maximum amount loaned to any one borrower shall not exceed 15 percent of capital funds made up of capital debentures, capital stock, guaranty fund, surplus, undivided profits and reserves not allocated to any known liability. VI. The aggregate amount of all loans in RSA 393:15-a, II, III, IV(b), and V shall not exceed 15 percent of the association's or cooperative bank's assets. Loans without security shall have suitable financial information on file warranting the extension of the loan period. VII. Notwithstanding the limitations of any other section of this chapter, a cooperative bank may loan up to the full value of any asset acquired by it through any legal proceeding to protect its interests. Such loan shall be amortized over the remaining life of the asset. VIII. In loans pursuant to an open-end credit plan, based on the general credit worthiness of the borrower and any other parties thereto, provided: (a) Loans pursuant to any open-end credit plan shall be evidenced by a written loan agreement signed by the borrower, with or without a guarantor or guarantors, containing a specific loan limit and the borrower's promise to repay all amounts or credit advance thereunder and any interest or finance charges in a manner therein provided, and may also be evidenced by a note or notes of the borrower and any other parties to the transaction. (b) No loan association or cooperative bank shall invest in a loan under this paragraph which exceeds 2 percent of its capital funds unless suitable current data is furnished to the bank showing that the borrower and his co-signers, endorsers or guarantors, if any, have a combined net worth of at least $50,000 or 20 percent in excess of the original loan amount (or of the loan limit in the case of a loan pursuant to an open-end credit plan), whichever net worth requirement is less; and the aggregate unpaid balance owed to any loan association or cooperative bank on loans in excess of 2 percent of its capital funds shall not exceed 5 percent of the deposit of such loan association or cooperative bank. (c) The total amount loaned or agreed to be loaned to any one person at any time under this paragraph shall be limited to $2,500 exclusive of interest or discount, if the guaranty fund of the bank is not full or is impaired. (d) For purpose of this paragraph, the term ""open-end credit plan'' means an agreement under which borrowers may obtain loans from time to time, may pay the balance of such loans in full or in installments and may be required to pay a finance charge computed by the bank from time to time on unpaid balances.
A loan association or cooperative bank may loan its funds as follows: I. In loans insured by the United States Secretary of Housing and Urban Development under Title I of the National Housing Act of 1934 with all subsequent amendments thereto. II. In loans on improved real estate for the purpose of financing the repair, alteration, improvement or rehabilitation without the additional security of a lien upon such real estate; provided that (a) the loan association or cooperative bank is the holder of the first mortgage upon the property to be improved; (b) the net proceeds of any such loan do not exceed $10,000; (c) each such loan is evidenced by one or more negotiable notes; (d) each loan is repayable on demand or in regular monthly installments within a period of 10 years. The limitations of this paragraph relating to the amount of such financing may be exceeded if the loan is fully insured by a private insurance company licensed to do business in New Hampshire and approved by the bank commissioner to the extent of the amount of the loan in excess of said limitations. III. In loans without security, for any purpose, provided that no such loan to any one person shall exceed $5,000, such loan is to be repayable on demand or in regular monthly installments within a period of 5 years, or such loan is repayable within a specific term up to one year. In loans, with security, for any purpose, provided that no such loan to any one person shall exceed $15,000, such loan is to be repayable on demand or in regular monthly installments within a period of 7 years, except as otherwise provided in this chapter. An association which takes under this paragraph a note payable on demand shall demand payment of said note not later than one year from the date thereof, but may accept a new note in payment of such demand note. IV. (a) [Repealed.] (b) In loans incurred for the purpose of motor home financing, and the motor home is taken as security, such loan on a new motor home shall not exceed $15,000 and shall be repayable in regular monthly installments within a period of 7 years, and such loan on a used motor home shall not exceed $10,000 and shall be repayable in regular monthly installments within a period of 7 years. Further provided, however, no motor home unit loan shall exceed 75 percent of the fair retail value, except that, with dealer recourse, such loan may not exceed 85 percent of the fair retail value of the motor home unit. An association making any loan on the security of a motor home shall comply with and be subject to the provisions of RSA 361-A, if applicable. V. A cooperative bank may invest in chattel paper which finances the acquisition of inventory by a dealer. Such investment shall not exceed 100 percent of the manufacturer invoice price of each new unit plus 100 percent of the invoice price of any new equipment installed in such unit. The investment shall not exceed 90 percent of the wholesale value of each used unit. The maximum amount loaned to any one borrower shall not exceed 15 percent of capital funds made up of capital debentures, capital stock, guaranty fund, surplus, undivided profits and reserves not allocated to any known liability. VI. The aggregate amount of all loans in RSA 393:15-a, II, III, IV(b), and V shall not exceed 15 percent of the association's or cooperative bank's assets. Loans without security shall have suitable financial information on file warranting the extension of the loan period. VII. Notwithstanding the limitations of any other section of this chapter, a cooperative bank may loan up to the full value of any asset acquired by it through any legal proceeding to protect its interests. Such loan shall be amortized over the remaining life of the asset. VIII. In loans pursuant to an open-end credit plan, based on the general credit worthiness of the borrower and any other parties thereto, provided: (a) Loans pursuant to any open-end credit plan shall be evidenced by a written loan agreement signed by the borrower, with or without a guarantor or guarantors, containing a specific loan limit and the borrower's promise to repay all amounts or credit advance thereunder and any interest or finance charges in a manner therein provided, and may also be evidenced by a note or notes of the borrower and any other parties to the transaction. (b) No loan association or cooperative bank shall invest in a loan under this paragraph which exceeds 2 percent of its capital funds unless suitable current data is furnished to the bank showing that the borrower and his co-signers, endorsers or guarantors, if any, have a combined net worth of at least $50,000 or 20 percent in excess of the original loan amount (or of the loan limit in the case of a loan pursuant to an open-end credit plan), whichever net worth requirement is less; and the aggregate unpaid balance owed to any loan association or cooperative bank on loans in excess of 2 percent of its capital funds shall not exceed 5 percent of the deposit of such loan association or cooperative bank. (c) The total amount loaned or agreed to be loaned to any one person at any time under this paragraph shall be limited to $2,500 exclusive of interest or discount, if the guaranty fund of the bank is not full or is impaired. (d) For purpose of this paragraph, the term ""open-end credit plan'' means an agreement under which borrowers may obtain loans from time to time, may pay the balance of such loans in full or in installments and may be required to pay a finance charge computed by the bank from time to time on unpaid balances.
