9-B §431-A. Loan powers
Title 9-B: FINANCIAL INSTITUTIONS
Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS
Chapter 43: LOANS IN GENERAL
§431-A. Loan powers
1. General loan authority. Unless otherwise prohibited by state law, a financial institution may make, sell, purchase, arrange, participate in, invest in or otherwise deal in loans or extensions of credit, as defined in section 439-A, for any purpose.
[ 1997, c. 398, Pt. I, §21 (NEW) .]
2. Written loan policy. A financial institution's governing body shall establish a written loan policy, which must be reviewed and ratified at least annually, that addresses at a minimum, the following:
A. Individual lending officer authority; [1997, c. 398, Pt. I, §21 (NEW).]
B. Loan mix and diversification; [1997, c. 398, Pt. I, §21 (NEW).]
C. Loan quality parameters; and [1997, c. 398, Pt. I, §21 (NEW).]
D. Delegation of authority to officers and committees responsible for administering the portfolio. [1997, c. 398, Pt. I, §21 (NEW).]
[ 1997, c. 398, Pt. I, §21 (NEW) .]
SECTION HISTORY
1997, c. 398, §I21 (NEW).