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Created by the U.S. Congress in 1970, the National Credit Union Administration is an independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions.
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Maturities on Boat Loans

01-0640 / July 2001

Maturities on Boat Loans

Subject

Consumer Lending

Historic Status

Non-historic

Conrad Schlund, Compliance Manager
Suffolk Federal Credit Union
3681 Horseblock Road
P.O. Box 9005
Medford, New York 11763

Re: Maturities on Boat Loans.

Dear Mr. Schlund:

You have asked us if a boat may be considered a mobile home and qualify for a 20- year loan maturity. 12 C.F.R. §701.21(f)(1). Previously, we stated that, if a federal credit union loan on a recreational vehicle or house trailer is secured by a first lien and meets the requirements for a home mortgage interest deduction, the loan qualifies as a mobile home loan for the 20-year maturity limit. This is discussed in the enclosed letter from me to Gwen Baker, dated June 4, 2001. Like recreational vehicles and house trailers, we conclude that a boat may be considered a mobile home for loan maturity purposes. If a boat loan is secured by a first lien and qualifies for the home mortgage interest deduction, as discussed in my letter to Ms. Baker, then we believe that it likewise qualifies as a mobile home loan with a 20- year maturity limit.

Sincerely,

/s/

Sheila A. Albin

Associate General Counsel
OGC/PMP:bhs
SSIC 3500
01-0640

Last modified on

11/14/24