Guam § 130121 - Servicemen’s Loans.

§ 130121. Servicemen’s Loans.

Notwithstanding anything to the contrary contained in this act, (a) if

a portion of a loan secured by real property is guaranteed by the

Administrator of Veteran’s Affairs under Title 3 of the "Servicemen’s

Readjustment Act of 1944" or any act of Congress supplementary or

amendatory thereof, such loan may be in an amount not in excess of the

sum of (1) the amount otherwise permissible under this act plus (2) the

portion of such loan so guaranteed, and (b) an association may make any

loan (whether secured or unsecured, and if secured whether or not

secured by first mortgage or first trust deed and irrespective of

percentage of loan to value) provided the full amount of such loan is

guaranteed by the Administrator of Veteran’s Affairs under Title 3 of the

"Servicemen’s Readjustment Act of 1944" or any act of Congress

supplementary or amendatory thereof. An association either with or

without security may make and purchase loans pursuant to Title 3 of the

"Servicemen’s Readjustment Act of 1944" or any act of Congress

supplementary or amendatory thereof if the Administrator of Veteran’s

Affairs thereunder shall enter into an insurance agreement pursuant

thereto whereby he will reimburse such association for losses incurred on

such loans up to 15 per cent of the aggregate of loans so made or

purchased by it. If the whole or any portion of a loan is guaranteed or

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CH. 130 INVESTMENTS, LOANS AND BORROWING

insured by the Administrator or Veteran’s Affairs under Title 3 of the

Servicemen’s Readjustment Act of 1944" or any act of Congress

supplementary or amendatory thereof, such loan may be made on any

terms, plans, practices or procedures now or hereafter authorized or

required by the Administrator of Veteran’s Affairs thereunder, provided

such terms, plans, practices or procedures are approved by the

commissioner as affording reasonable protection to associations and

investors.