Section 431-A - Loan powers1.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).]
1997, c. 398, §I21 (NEW) .