Section 13.01. Loans to one borrower.

 

(1)   Loans to one borrower. Except as otherwise authorized by the division in writing, the aggregate of an association's mortgage, consumer and commercial loans to one borrower may not exceed the lesser of the association's net worth or 5% of the association's assets.

(2)   Single loan and project limitation. Except as otherwise authorized by the division in writing, no loan or group of loans on one real estate project may exceed 25% of the association's net worth.

(3)   Commercial loans. The aggregate of commercial loans to one borrower is subject to the limitations contained in 12 CFR 563.9 - 3 (b) (2).

(4)   Loans to subsidiaries. Loans to association subsidiaries, which are subject to division approval under ch. DFI-SL 14 or 15 are not restricted by this section.

(5)   Calculation. In this subsection, the unpaid balance of a loan is deemed to remain a loan to the original borrower unless the borrower conveys title to the mortgaged property to another person who assumes responsibility for the payment of the mortgage and the association releases the original borrower of liability for the loan's repayment. In calculating limitations under this section, participating interests sold are not included.