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DFI-SB 13.02(5)(a)3. 3. The borrower and the savings bank execute a written extension agreement.
DFI-SB 13.02(5)(b) (b) Appraisals and other documentation. Before making a development loan a savings bank shall obtain:
DFI-SB 13.02(5)(b)1. 1. A feasibility study which contains a current appraisal.
DFI-SB 13.02(5)(b)2. 2. A statement from the borrower indicating the borrower's intended use of the property. If further improvements must be made to the land to make it suitable for the construction of a dwelling unit and loan proceeds are expected to be used in that development, the statement shall include a development schedule and the estimated cost of those improvements.
DFI-SB 13.02(5)(c) (c) Release schedule. When a development loan is secured by more than one lot:
DFI-SB 13.02(5)(c)1. 1. The savings bank and the borrower shall enter into a written agreement governing the release of individual lots from the savings bank's security interest.
DFI-SB 13.02(5)(c)2. 2. No portion of the qualifying real estate security may be released unless:
DFI-SB 13.02(5)(c)2.a. a. The savings bank has obtained an appraisal that individually sets forth the value of each developed lot and of any qualifying security remaining to be developed; and
DFI-SB 13.02(5)(c)2.b. b. The ratio of the unpaid balance of the savings bank's loan to the value 56 of the remaining real estate security will not exceed the applicable maximum loan to value ratio under sub. (3).
DFI-SB 13.02 Note Note: This section interprets or implements ss. 138.056, 214.03, 214.48 and 214.485, Stats.
DFI-SB 13.02 History History: Cr. Register, February, 1994, No. 458, eff. 3-1-94.
DFI-SB 13.03 DFI-SB 13.03Approval of indexes used for variable rate loans.
DFI-SB 13.03(1)(1) Except as provided in sub. (2), each index used by a savings bank for a variable rate loan which requires the approval of the division under s. 138.056 (1) (a) 4. a., Stats., must be approved in writing.
DFI-SB 13.03 Note Note: Section 138.056 (1) (a) 4. a., Stats., was repealed by 2003 Wis. Act 33.
DFI-SB 13.03(2) (2) Under s. 138.056 (1) (a) 4. a., Stats., the following indexes are determined to be readily verifiable by borrowers and beyond the control of an individual lender and are hereby approved for use in variable rate loans under s. 138.056, Stats.:
DFI-SB 13.03 Note Note: Section 138.056 (1) (a) 4. a., Stats., was repealed by 2003 Wis. Act 33.
DFI-SB 13.03(2)(a) (a) The “prime rate" of interest which is published in the “money rates" column of the Wall Street Journal, midwestern edition.
DFI-SB 13.03(2)(b) (b) The following indexes as reported periodically by a district federal home loan bank:
DFI-SB 13.03(2)(b)1. 1. The monthly average cost of funds for the federal home loan bank district.
DFI-SB 13.03(2)(b)2. 2. The “national monthly median cost of funds for SAIF-insured institutions".
DFI-SB 13.03(2)(b)3. 3. The “national average mortgage contract interest rate" on conventional mortgage loans closed for purchasing previously occupied single-family homes by all major lenders.
DFI-SB 13.03(2)(c) (c) The weekly average yield on U.S. treasury securities adjusted to a constant maturity of 1, 2, 3, or 5 years reported in the “Federal Reserve Statistical Release", a weekly publication of the federal reserve board.
DFI-SB 13.03 Note Note: This section implements s. 138.056, Stats.
DFI-SB 13.03 History History: Cr. Register, February, 1994, No. 458, eff. 3-1-94.
DFI-SB 13.04 DFI-SB 13.04Consumer loans.
DFI-SB 13.04(1) (1)Activities authorized. A savings bank may do all of the following:
DFI-SB 13.04(1)(a) (a) Consumer loans. Invest in, sell, purchase, participate in, make or otherwise deal in consumer loans.
DFI-SB 13.04(1)(b) (b) Consumer leases. Lease tangible personal property acquired under s. DFI-SB 16.01 (2) to a natural person for a personal, family or household purpose.
DFI-SB 13.04(2) (2)Savings bank policy required. The board of directors of each savings bank making consumer loans shall establish a maximum dollar limit for such loans over which any unsecured portion must be supported by a borrower's current, sworn financial statement obtained prior to the extension of credit and updated at least annually. This limit may be incorporated into the savings bank's consumer loan policy.
DFI-SB 13.04 Note Note: This section interprets or implements ss. 214.03, 214.04, and 214.485, Stats.
DFI-SB 13.04 History History: Cr. Register, February, 1994, No. 458, eff. 3-1-94.
DFI-SB 13.05 DFI-SB 13.05Commercial loans.
DFI-SB 13.05(1) (1)Activities authorized. A savings bank may do all of the following:
DFI-SB 13.05(1)(a) (a) Commercial loans. Make, invest in, sell, purchase, participate in, or otherwise deal in commercial loans.
DFI-SB 13.05(1)(b) (b) Consumer-related loans. Make loans to dealers in consumer goods to finance inventory, including floor planning loans.
DFI-SB 13.05(1)(c) (c) Commercial leases. Lease tangible personal property or real property acquired under s. DFI-SB 16.01 (2) for business, commercial, corporate, or agricultural purposes.
DFI-SB 13.05(1)(d) (d) “Indirect" commercial loans. Make an indirect commercial loan by purchasing commercial debt securities of a corporation which securities do not qualify as authorized investments.
DFI-SB 13.05(2) (2)Savings bank policy required. The board of directors of each savings bank making commercial loans shall establish a maximum dollar limit for such loans over which any unsecured portion of a commercial loan must be supported by a borrower's balance sheet and statement of operations attested to by an officer prior to the extension of credit and updated at least annually. This limit may be incorporated into the savings bank's commercial loan policy.
DFI-SB 13.05 Note Note: This section interprets or implements ss. 214.03, and 214.485, Stats.
DFI-SB 13.05 History History: Cr. Register, February, 1994, No. 458, eff. 3-1-94.
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Published under s. 35.93, Stats. Updated on the first day of each month. Entire code is always current. The Register date on each page is the date the chapter was last published.