Maximum loan on security of real property--Misdemeanor

An insurer shall not make or acquire a loan or loans upon the security of any one parcel of real property in aggregate amount in excess of ten thousand dollars or more than the amount permissible under § 58-27-53 , whichever is the greater. Violation of this section is a Class 2 misdemeanor. Source: SL 1966, ch 111 , ch 6, § 26 (2); SL 1978, ch 359 , § 2.