§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.
[PL 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;
[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).