620.1060. Prohibited loans--definitions.
Prohibited loans--definitions.
620.1060. 1. No financial institution shall make a loanpursuant to sections 620.1045 to 620.1063 to a borrower if theborrower is an executive officer, director or principalshareholder of the institution or is a member of the immediatefamily of an executive officer, director or principal shareholderof the institution, or a related interest of such executiveofficer, director or principal shareholder or member of theimmediate family.
2. For purposes of this section, the following terms mean:
(1) "Immediate family", the spouse of the individual, theindividual's minor children and any of the individual's children,including adults, residing in the individual's home;
(2) "Related interest of the person":
(a) A company that is controlled by the person; or
(b) A political or campaign committee that is controlled bysuch person or the funds or services of which will benefit suchperson.
(L. 1994 H.B. 1248 & 1048 § 7)