Maine Revised Statutes Title 9-B Sec. 431-A – Loan powers
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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.
[PL 1997, c. 398, Pt. I, §21 (NEW).]
Terms Used In Maine Revised Statutes Title 9-B Sec. 431-A
- Financial institution: means a universal bank or limited purpose bank organized under the provisions of this Title, and a trust company, nondepository trust company, savings bank, industrial bank or savings and loan association organized under the prior laws of this State. See Maine Revised Statutes Title 9-B Sec. 131
- Governing body: means the body that oversees the affairs of a financial institution. See Maine Revised Statutes Title 9-B Sec. 131
- Officer: means an employee of a financial institution who has been given managerial or other high-level duties by the governing body of the financial institution. See Maine Revised Statutes Title 9-B Sec. 131
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; [PL 1997, c. 398, Pt. I, §21 (NEW).]
B. Loan mix and diversification; [PL 1997, c. 398, Pt. I, §21 (NEW).]
C. Loan quality parameters; and [PL 1997, c. 398, Pt. I, §21 (NEW).]
D. Delegation of authority to officers and committees responsible for administering the portfolio. [PL 1997, c. 398, Pt. I, §21 (NEW).]
[PL 1997, c. 398, Pt. I, §21 (NEW).]
SECTION HISTORY
PL 1997, c. 398, §I21 (NEW).