Maine Revised Statutes
Chapter 43: LOANS IN GENERAL
9-B §431-A. Loan powers

§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).

Structure Maine Revised Statutes