NORTH CAROLINA GENERAL ASSEMBLY

1979 SESSION

 

 

CHAPTER 777

SENATE BILL 883

 

 

AN ACT TO INCREASE THE PERCENTAGE OF PERMISSIBLE INVESTMENTS BY DOMESTIC INSURANCE COMPANIES IN MORTGAGES ON REAL ESTATE WHEN MORTGAGE GUARANTY INSURANCE IS INVOLVED.

 

The General Assembly of North Carolina enacts:

 

Section 1.  Article 6 of Chapter 58 of the General Statutes is amended by rewriting the first sentence of G.S. 58-79(a)(7) to read as follows:

"Loans secured by first mortgages, or deeds of trust, on unencumbered fee simple or improved leasehold real estate in the District of Columbia or in any state, territory or possession of the United States of America, to an amount not exceeding seventy-five percent (75%) of the fair market value of such fee simple or improved leasehold real estate; provided that such loans may exceed seventy-five percent (75%) of the fair market value of such fee simple or improved leasehold real estate to the extent that an admitted mortgage guaranty insurer, as defined in G.S. 58-72(17), has insured or guaranteed or made a commitment to insure or guarantee the amount by which such loan is in excess of seventy-five percent (75%) of the fair market value; provided, further, that, in no event shall any such loan exceed ninety‑five percent (95%) of the fair market value of the property."

Sec. 2.  This act is effective upon ratification.

In the General Assembly read three times and ratified, this the 4th day of June, 1979.