§ 1701. Definitions.
386 words·~2 min read·
/de/title-5/chapter-17-regulation/subchapter-i-general-provisions/1701·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For the purpose of this Code and any other laws of this State relating to building and loan associations, unless otherwise specifically defined, or another intention clearly appears, or the context requires a different meaning:
(1)“Association” means a building and loan association.
(2)“Borrower” means one who borrows from a building and loan association and may include a stockholder of such association or a nonstockholder.
(3)“Building and loan association” means any corporation, person, firm, partnership, association, trustee or combination of persons whatsoever, within the purview of this chapter and includes savings and loan associations.
(4)“Fines” means a penalty imposed for the nonpayment of dues and interest when due.
(5)“Full paid plan” refers to the provisions in the charter, constitution, bylaws, declaration of trust, contract, agreement, or other device authorizing the issuance of full paid stock in either installments or otherwise, or any other evidence of money paid to or deposited with a building and loan association, and which may or may not have a definite maturity, but may be withdrawn upon required notice served by the member, and upon which the association may declare periodical dividends.
(6)“Guaranteed loan” means a loan that is guaranteed under the Servicemen’s Readjustment Act of 1944.
(7)“Insured loan” means a loan that is insured, or as to which the mortgagee is insured, or as to which a commitment for any insurance has been made under either the National Housing Act [12 U.S.C. § 1701 et seq.], or the former Servicemen’s Readjustment Act of 1944, as those acts are now, or may hereafter be, amended.
(8)“Membership fee” means a fee to be paid by the stockholder upon subscribing for shares of stock.
(9)“Premiums” means a sum paid by the borrower over and above the legal rate of interest charges for any loan.
(10)“Serial plan” refers to the provisions in the charter, constitution, bylaws, declaration of trust, contract, agreement or other device authorizing the issuance of serial stock in either quarterly, semiannual or annual series and which requires members or customers to pay regular installments to a common fund or series, from which fund or series loans are made to members, customers, or to others, and which contemplates maturity of the series by adding together the amount paid in by members and profits earned.