GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 1999
SESSION LAW 1999-179
The General Assembly of North Carolina enacts:
Section 1. G.S. 54B-152(a) reads as rewritten:
"(a) Real property is deemed
encumbered unencumbered within the meaning of this Chapter unless
the security instrument thereon establishes a first lien upon such real
property or interest therein."
Section 2. G.S. 54C-18 is repealed.
Section 3. G.S. 54C-143 reads as rewritten:
"§ 54C-143. Commercial lending.
Subject to any rules that the Administrator deems
appropriate, a savings bank may lend and invest no more than fifteen percent
(15%) of its total assets in commercial loans. A commercial loan is for
business, commercial, corporate, and agricultural purposes.
A savings bank may lend and invest in commercial loans in an aggregate amount that either (i) does not exceed fifteen percent (15%) of its total assets; or (ii) equals a percentage of its total assets greater than fifteen percent (15%), if approved by the Administrator upon written request of the savings bank. In considering a request for an increased limit, the Administrator shall take into consideration the commercial lending expertise of the management and the overall risk profile of the savings bank making the request. For the purposes of this section, 'commercial loan' means a loan for business, commercial, corporate, or agricultural purposes."
Section 4. This act is effective when it becomes law.
In the General Assembly read three times and ratified this the 3rd day of June, 1999.
s/ Dennis A. Wicker
President of the Senate
s/ James B. Black
Speaker of the House of Representatives
s/ James B. Hunt, Jr.
Governor
Approved 6:55 p.m. this 14th day of June, 1999