215.21(16)(a)(a) An association may make a mortgage loan on the security of vacant land, if the loan is any of the following: 215.21(16)(a)1.1. A loan made to develop or to acquire and develop land for primarily residential purposes may be secured by the land to be developed. 215.21(16)(a)2.2. A loan made to a builder to construct residential property may be secured by a lot suitable for the construction of a home. 215.21(16)(a)3.3. A loan made to acquire a building site for future construction of a personal residence may be secured by the building site. 215.21(16)(a)4.4. A loan made to acquire land for use in connection with a farm operated for profit may be secured by that land. 215.21(16)(a)5.5. A loan that the association reasonably believes will be used to develop or to acquire and develop land for commercial or industrial use within 5 years after the acquisition of the land. 215.21(16)(b)(b) An association may not make a mortgage loan on the security of real estate in which an officer, director or employee of the association or his or her spouse has an interest. This paragraph does not apply to home-type property containing 4 dwelling units or less personally used by the borrower as a place of residence. 215.21(16)(c)(c) Nothing in this section shall prevent any property from being pledged as additional collateral for a loan as long as the value of the unacceptable security is not used to determine the appraised value of the real estate security upon which the loan is based. 215.21(16)(d)(d) An association may not make a mortgage loan on the security of or to finance the purchase of vacant land that is acquired or held for speculation. 215.21(17)(a)(a) No association may directly or indirectly make a mortgage loan to an officer, director or employee of the association. 215.21(17)(b)(b) Without the prior written approval of the division, no association may directly or indirectly make a mortgage loan to: 215.21(17)(b)1.1. A business venture employing an officer, director or employee of the association. 215.21(17)(b)2.2. Such other persons as the division may by rule designate to avoid conflicts between the best interests of the association and the interests of its officers, directors or employees. 215.21(17)(c)(c) In this subsection “business venture” means any partnership, joint venture, corporation or similar entity. 215.21(17)(d)1.1. On the security of home-type property containing 4 dwelling units or less and used by the borrower as his or her residence; or 215.21(17)(d)2.2. To a nonprofit, religious, charitable or fraternal organization or a corporation in which the association has been authorized to invest by the division. 215.21(18)(18) Basis of appraisals. All appraisals of real estate securing mortgage loans shall be based on the reasonable market value of the real estate. 215.21(21)(21) Penalty for giving or accepting money for loans. Every officer, director, employee or agent of any association, or any appraiser making appraisals for any association, who accepts or receives, or offers or agrees to accept or receive anything of value in consideration of its loaning any money to any person; or any person who offers, gives, presents or agrees to give or present anything of value to any officer, director, employee or agent of any association or to any appraiser making appraisals for any association in consideration of its loaning money to the person, is guilty of a Class I felony. Nothing in this subsection prohibits an association from employing an officer, employee or agent to solicit mortgage loans and to pay the officer, employee or agent on a fee basis. 215.21(23)(23) False statement in loan applications; penalty. Any person who makes or causes to be made any false written statement to any state or federal savings and loan association for the purpose of obtaining a loan for himself or herself or for another, with intent to mislead, or which may mislead the association, may be imprisoned for not more than 6 months or fined not to exceed $1,000. 215.21(24)(24) Board may waive principal payment on loans. Any association, in the discretion of its board, may accept only payments of interest on the loan and taxes on the mortgaged premises, and may waive the principal payments for periods not exceeding one year at a time. 215.21(25)(25) Loans due, when. Whenever a borrower is in arrears in any contractual payments, whether principal, interest, taxes or insurance, the board of directors may call the borrower’s whole loan due and payable as provided in the mortgage note. 215.21(28)(28) Loans. Subject to the rules of the division, an association may make or invest its funds in loans, originated and serviced by or through an institution, the accounts or deposits of which are insured by the deposit insurance corporation or by or through an approved federal housing administration mortgagee, in an aggregate amount not exceeding 10 percent of such association’s assets on the security of real estate or leasehold interests. 215.21 HistoryHistory: 1971 c. 222; 1973 c. 205, 208; 1975 c. 11, 359; 1975 c. 371 s. 50; 1975 c. 387; 1977 c. 58, 140; 1979 c. 250, 287; 1981 c. 45; 1983 a. 36, 167; 1989 a. 103; 1991 a. 316; 1993 a. 213, 453, 482; 1995 a. 27, 104, 227, 417; 1997 a. 27, 283; 2001 a. 109; 2005 a. 22; 2019 a. 9; 2023 a. 128. 215.21 Cross-referenceCross-reference: See ss. 138.051 and 138.052 for residential mortgage loans, s. 138.053 for interest adjustment clauses, and ss. 138.055 and 138.056 for variable interest rate clauses. 215.21 Cross-referenceCross-reference: See s. 706.11 (1) for provision as to priority of mortgages to federal savings and loan associations and the department of veterans affairs.