(a) The total indebtedness to any state bank of any person shall at no time exceed twenty percent (20%) of the capital base of the bank. (b) (1) Obligations of a person as endorser or guarantor, accommodation or otherwise, of notes or other obligations shall be included in that person’s loan limit. (2) However, in […]
(a) The following loans and other forms of indebtedness shall not be included in the limitation of twenty percent (20%) imposed by § 23-47-501 and may be made or acquired without being subject to any loan limit: (1) Obligations in the form of drafts or bills of exchange drawn in good faith against actually existing […]
(a) It shall be unlawful for any state bank to knowingly: (1) Loan its funds to its stockholders on its own stock, or stock in its bank holding company, as collateral security; (2) Make any loan, the proceeds of which are used to purchase its own stock or stock of its bank holding company; or […]
The provisions of subsections (g) and (h) of section 22 of the Federal Reserve Act, 12 U.S.C. §§ 375a and 375b, and the regulations promulgated thereunder, shall apply to any state bank.
Any officer or director of any state bank who shall knowingly make or approve a loan in violation of §§ 23-47-501 — 23-47-504 or who shall knowingly permit such a loan to be made, or who shall fail to exercise his or her authority to prevent the making of the loan shall be personally liable […]
Notwithstanding any other provision of law, any state bank which has as one (1) of its principal purposes the making or purchasing of loans secured by real estate mortgages is authorized to: (1) Sell the mortgage loans to the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association, or […]
(a) A state bank may hold and sell all kinds of property that may come into its possession as collateral security for loans or any ordinary collection of debts in the manner provided by law. (b) Any personal property coming into its possession in this manner and which is not otherwise authorized for state banks […]
(a) Except as provided in subsection (b) of this section, real estate acquired through the collection of debts previously contracted in the ordinary course of business shall not be held by the state bank as an asset for a longer period than five (5) years. (b) The Bank Commissioner is authorized to grant an extension […]
Whenever a minor borrows money from a bank for the purpose of defraying the expenses of his or her higher education or for necessaries, any contract, promissory note, loan agreement, or other loan instrument entered into by and between the bank and the minor shall constitute a valid contract between the bank and the minor […]
(a) A state bank, when making a mortgage loan, may not require, as a condition or term of the mortgage, that the mortgagor purchase casualty insurance on property which is the subject of the mortgage in an amount in excess of the fair market value of the buildings or appurtenances on the mortgaged premises. (b) […]
