What does building and loan mean?

building and loan meaning in Legal Dictionary

n. another title for savings and loan organization. Since the name indicates, initially these establishments were meant to offer financial loans for building a house after the depositor had saved adequate for a down payment.

Sentence Examples with the word building and loan

It supervises and audits the accounts of state departments, directs the taking of the census, transfers cities from one class to another in accordance with census returns, constitutes the board for canvassing election returns, classifies railways, assesses railway and other companies, constitutes the state board of equalization for adjusting property valuations between the several counties for taxing purposes, supervises the incorporation of building and loan associations, appoints the board of examiners of mine inspectors and has many other powers.

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