Before exercising any of the powers conferred by sections 26 and 29 of this chapter, the corporation may:

1. (1) require that the loan involved be:

   1. (A) insured by a loan insurer; or
   2. (B) guaranteed by a loan guarantor or the corporation under sections 32 through 43 of this chapter;
2. (2) require any type of security that the corporation considers reasonable and necessary; or
3. (3) authorize the reservation of funds by lenders in the amount and subject to conditions that the corporation considers reasonable and necessary under this chapter.

As added by P.L.162-2007, SEC.26.