CHAPTER 80 - INSURANCE DEPARTMENT AUTHORIZING INVESTMENT IN MORTGAGES GUARANTEED BY ADMINISTRATION OF VETERANS AFFAIRS

AN ACT TO AMEND CHAPTER 20 OF THE REVISED CODE OF DELAWARE, 1935, ENTITLED "INSURANCE DEPARTMENT", AUTHORIZING DOMESTIC LIFE, FIRE, MARINE, CASUALTY OR WORKMEN'S COMPENSATION INSURANCE COMPANIES TO INVEST IN MORTGAGES GUARANTEED BY THE ADMINISTRATOR OF VETERANS' AFFAIRS.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

Section 1. That Chapter 20 of the Revised Code of Delaware, 1935, be and the same is hereby amended by adding at the end of 492 Sec. 31 a new paragraph to be known as paragraph (16), reading as follows:

(16) The amount loaned on the security of mortgages or deeds of trust of unencumbered real estate in the United States may exceed the maximum limit fixed by this Chapter or any other provision of the law of Delaware to the extent that such loans shall be guaranteed by the Administrator of Veterans' Affairs pursuant to the provisions of Title Three of an Act of Congress of the United States of June Twenty-second, Nineteen Hundred and Forty-four, entitled the "Servicemen's Readjustment Act of 1944" as heretofore or hereafter amended.

Approved April 13, 1945.