Section 487.14308 – Acquisition of Real Property for Use of Customer; Loan Secured by Real Property.
487.14308 Acquisition of real property for use of customer; loan secured by real property. Sec. 4308. (1) A bank may lease, purchase, hold, and convey real property for the use of a customer by lease arrangement with the bank, but the acquisition of real property and leasing to a customer constitutes a loan secured by […]
Section 487.14309 – Acquisition of Personal Property for Use of Customer; Loan Secured by Personal Property.
487.14309 Acquisition of personal property for use of customer; loan secured by personal property. Sec. 4309. (1) A bank may lease, purchase, hold, and convey personal property for the use of a customer by lease arrangement with the bank, but the acquisition of personal property and leasing to a customer constitutes a loan secured by […]
Section 487.14111 – Loan Promotion Raffle or Savings Promotion Raffle.
487.14111 Loan promotion raffle or savings promotion raffle. Sec. 4111. (1) If authorized by its board of directors, a bank may conduct a loan promotion raffle or savings promotion raffle. The bank shall conduct a loan promotion raffle or savings promotion raffle so that each token or ticket representing an entry in the raffle has […]
Section 487.14201 – Loans and Credit Extensions; Interest and Charges.
487.14201 Loans and credit extensions; interest and charges. Sec. 4201. (1) A bank may collect interest and charges on loans and extensions of credit as permitted by the laws of this state or of the United States to any person. (2) A bank may charge a discount on obligations purchased by the bank. History: 1999, […]
Section 487.14202 – Total Loans and Credit Extensions; Limitation; Exceptions; Limitations Based Upon Capital and Surplus.
487.14202 Total loans and credit extensions; limitation; exceptions; limitations based upon capital and surplus. Sec. 4202. (1) Except as otherwise provided in this section or by order or declaratory ruling of the commissioner, the total loans and extensions of credit and leases by a bank to a person at no time shall exceed 15% of […]
Section 487.14203 – Financing Real or Personal Property; Use of Proceeds for Purchase, Design, Manufacture, Construction, Repair, Modification, or Improvement; Liability for Defect.
487.14203 Financing real or personal property; use of proceeds for purchase, design, manufacture, construction, repair, modification, or improvement; liability for defect. Sec. 4203. A bank that makes a loan, the proceeds of which are used or may be used by the borrower to finance the purchase, design, manufacture, construction, repair, modification, or improvement of real […]
Section 487.14204 – Insurance; Hazard; Property and Casualty.
487.14204 Insurance; hazard; property and casualty. Sec. 4204. (1) A bank that requires a mortgagor to maintain hazard insurance as a condition of receiving a mortgage loan shall not require the amount of the hazard insurance to be greater than the replacement cost of the mortgaged building or buildings. (2) A bank may require an […]
Section 487.14106 – Purchase or Sale of Assets; Powers of Bank.
487.14106 Purchase or sale of assets; powers of bank. Sec. 4106. (1) With the approval of the commissioner, based upon an examination or other appropriate analysis of either the buying or selling organization, or both, and upon the affirmative vote of a majority of the members of its board of directors and of the holders […]
Section 487.14107 – Sale or Purchase of Bank Branch.
487.14107 Sale or purchase of bank branch. Sec. 4107. (1) A bank may sell 1 or more of its branches, without selling all or substantially all of the bank, to another depository institution located in this state or in a state whose laws would permit a bank to purchase 1 or more branches in that […]
Section 487.14108 – Pledging Bank Assets as Collateral Security.
487.14108 Pledging bank assets as collateral security. Sec. 4108. (1) Except as otherwise provided in this section, a bank or bank officer shall not give preference to a depositor or creditor by pledging the assets of the bank as collateral security or otherwise. (2) A bank may pledge its assets in an aggregate amount that […]