| (a) The board shall only make, or purchase, loans under this
subchapter that are secured by tracts of land that meet all the requirements
of §175.3, relating to Land Selection, of this chapter.
(b) For every loan made under this subchapter, the board must
be furnished a survey and legal description for its review that satisfies
all the requirements set forth in §175.4, relating to Land Description,
of this chapter.
(c) For every loan made under this subchapter, the board must
be furnished an appraisal that conforms to the requirements of §175.5,
relating to Appraisal of Land, of this chapter.
(d) Notwithstanding the provisions of subsections (b) and (c)
to the contrary, the board may, by resolution, establish requirements and
specifications for surveys and appraisals that conform to the prudent lending
practices prevalent in the mortgage lending industry.
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