Building and loan association

{
  "id": "MLC-T-LAW-000790",
  "term": "Building and loan association",
  "field": "Law",
  "definition": "A type of financial institution that accepts savings deposits from its members and uses that capital to make loans for purchasing or building homes. Members are both depositors and borrowers, and the institution is mutually owned, meaning it is owned by its members rather than by outside stockholders. These associations were precursors to modern savings and loan associations and credit unions.",
  "url": "https://mlchart.com/terminology/law/building-and-loan-association/"
}