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Administrative History
In the late 18th century, the state established funds to loan, at interest, in order to encourage land ownership and development. Laws of 1786 (Chapter 40) and 1792 (Chapter 25) were two principal acts concerning the loaning of state monies; these acts also stated the responsibilities of loan officers. Laws of 1823, Chapter 180, made provision for loaning and reloaning of money for mortgages and required "new" loan officers to submit an abstract of those mortgages remaining unsatisfied. Loan officers were compensated for preparing, certifying, and transmitting mortgages to the county clerk. Abstracts of mortgages were submitted to the state comptroller for audit.
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