26-706. LOANS TO OFFICERS AND DIRECTORS. Except as authorized under this section, no bank may extend credit in any manner to any of its own executive officers. Any extension of credit under this section must be approved by the board of directors of the bank, and may be made only if such credit extension comports with the principles of safety and soundness and is in compliance with regulation O of the board of governors of the federal reserve system, 12 CFR 215. Each executive officer and director who receives an extension of credit from the bank shall submit a personal financial statement to the chief executive officer of the bank at least once during each calendar year and such financial statement shall be made available to federal or state regulatory agencies upon request by the agency.
History:
[(26-706) 26-710, added 1979, ch. 41, sec. 2, p. 91; am. 1990, ch. 93, sec. 1, p. 193; am. 1995, ch. 99, sec. 4, p. 301; am. and redesig. 2004, ch. 159, sec. 6, p. 521; am. 2007, ch. 126, sec. 4, p. 378.]
Structure Idaho Code
Chapter 7 - LIMITATIONS ON LOANS, INVESTMENTS, AND PRACTICES
Section 26-701 - INVESTMENT OF FUNDS — CERTAIN LOANS PROHIBITED.
Section 26-703 - REAL ESTATE LOANS.
Section 26-704 - DETERMINATION OF LIMITS OF LOANS AND INVESTMENTS OF BANKS.
Section 26-705 - LOANS TO ONE PERSON.
Section 26-706 - LOANS TO OFFICERS AND DIRECTORS.
Section 26-707 - REAL ESTATE HOLDINGS.
Section 26-708 - VALUATION OF ASSETS.
Section 26-709 - STATUTORY BAD DEBT.
Section 26-710 - OWNERSHIP AND LEASING OF PROPERTY FOR CUSTOMERS.
Section 26-711 - LENDING OF CREDIT — SURETYSHIP AND GUARANTYSHIP.
Section 26-712 - VALIDITY OF TRANSACTIONS.
Section 26-713 - ADVERSE CLAIM TO BANK DEPOSIT.
Section 26-714 - ACCOUNT OF PERSON UNDER DISABILITY.
Section 26-715 - BRANCH OR OFFICE AT WHICH INSTRUMENTS ARE TO BE PRESENTED MUST BE INDICATED.