Current through Register Vol. 60, No. 12, December 1, 2021
As to each investment, a CCO shall make a written record in
permanent form, signed by a person authorized by the CCO's Board or by a
committee thereof charged with the duty of investing the funds. The record
shall show the authorization and approval of the investment and in addition
shall contain:
(1) In the case of
mortgage loans:
(a) The name of the
borrower;
(b) The location and
legal description of the property;
(c) A physical description and the appraised
value of the security as determined by a competent and qualified appraiser;
and
(d) The amount of the loan,
rate of interest and terms of repayment.
(2) In the case of obligations:
(a) The name of the obligor;
(b) A description of the security and record
of earnings;
(c) The amount
invested and the rate of interest or dividend; and
(d) The maturity and yield based upon the
purchase price.
(3) In
the case of corporate stocks:
(a) The name of
the issuing corporation;
(b) The
record of earnings and of dividends paid for the preceding three years for
preferred stock and for the preceding five years for common stock;
(c) A summary of the financial statement of
the corporation as of the end of the preceding fiscal year;
(d) The exchange, if any, on which the stock
is listed; and
(e) The amount
invested and the number of shares acquired and held.
(4) In the case of real estate, leaseholds or
vendors' interests under contracts of sale therein:
(a) The location and legal description of the
property;
(b) A physical
description and the appraised value of the property and interest
therein;
(c) The purchase price and
terms;
(d) The amount of any lien
known to be against the property;
(e) If of a leasehold, the terms of the
outstanding lease; and
(f) If a
vendor's interest under a contract of sale, the terms and status of payments
under the contract.
(5)
In the case of all investments:
(a) The
amount of any expenses and commissions incurred on account of the investment or
loan and by whom and to whom payable if not covered by contracts with mortgage
loan representatives or correspondents that are part of the CCO's records;
and
(b) The name of any director,
trustee or officer of the CCO, having a direct, indirect or contingent interest
in the loan, security or property, or who would derive, directly or indirectly,
any benefit therefrom, and the nature of such interest or benefit.
