A savings association shall not make or acquire a loan secured by an interest in real property except upon the report, in writing, of an appraiser appointed by the association. The report shall state the fair market value of the property to be used as security. Each appraisal report shall contain sufficient information and data concerning the appraised real property interest to substantiate the fair market value of the property as determined by the appraiser. [1975 c.582 §98]
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