Sec. 1. As used in this chapter, “capital and surplus” and “unimpaired capital and surplus” have the meaning set forth in 12 CFR 32.2. As added by P.L.42-1993, SEC.72. Amended by P.L.176-1996, SEC.19; P.L.213-2007, SEC.64; P.L.217-2007, SEC.62.
Sec. 10. (a) A stock savings bank may not: (1) make a loan or discount on the security of the shares of its own capital stock; or (2) be the purchaser or holder of shares of its own capital stock; unless the security or purchase is necessary to prevent loss under a debt previously contracted […]
Sec. 11. (a) Except as otherwise provided in this article, a savings bank that holds obligations of indebtedness in violation of the limitations prescribed in this article shall take action to conform the amount of the obligations to the limitations prescribed by this article. (b) If a savings bank fails to comply with the limitations […]
Sec. 12. Loans or extensions of credit to the Student Loan Marketing Association are not subject to any limitation based on capital and surplus. As added by P.L.42-1993, SEC.72.
As added by P.L.42-1993, SEC.72. Repealed by P.L.27-2012, SEC.87.
Sec. 14. The department may apply the provisions of 12 CFR 32 in the application and administration of this chapter. As added by P.L.42-1993, SEC.72.
Sec. 15. Except as otherwise provided, an officer, a director, an owner, a partner, an employee, or an attorney of a savings bank who stipulates for, receives, or agrees to receive, a fee, commission, gift, or thing of value, from any person, for the purpose of procuring or attempting to procure for a person a […]
Sec. 2. As used in this chapter, “loans and extensions of credit” includes all direct or indirect advances of funds to a person made on the basis of an obligation of that person to repay the funds or repayable from specific property pledged by or on behalf of the person. To the extent specified by […]
Sec. 3. As used in this chapter, “person” includes an individual, an association, a business trust, a corporation, an estate, a joint venture, a sole proprietorship, a partnership, a trust, a government, or an agency, an instrumentality, or a political subdivision of a government, or any similar entity. As added by P.L.42-1993, SEC.72.
As added by P.L.42-1993, SEC.72. Repealed by P.L.176-1996, SEC.35.
Sec. 5. (a) The total loans and extensions of credit by a savings bank to a person outstanding at one (1) time and not fully secured, as determined in a manner consistent with subsection (b), by collateral having a market value at least equal to the amount of the loan or extension of credit may […]
Sec. 6. The limitations contained in section 5 of this chapter are subject to the following exceptions: (1) Loans or extensions of credit arising from the discount of commercial or business paper evidencing an obligation to the person negotiating the loan or extension of credit with recourse are not subject to any limitation based on […]
Sec. 7. (a) Loans and extensions of credit arising from the discount of negotiable or nonnegotiable installment consumer paper that carries a full recourse endorsement or an unconditional guarantee by the person transferring the paper is subject to a maximum limitation equal to twenty-five percent (25%) of the capital and surplus, notwithstanding the collateral requirements […]
Sec. 8. (a) Loans and extensions of credit secured by shipping documents or instruments transferring or securing title covering livestock or giving a lien on livestock when the market value of the livestock securing the obligation is not at any time less than one hundred fifteen percent (115%) of the face amount of the note […]
Sec. 9. A savings bank may extend credit to an officer, a director, a trustee, or a principal shareholder in accordance with the restrictions and provisions of Regulation O of the Board of Governors of the Federal Reserve System (12 CFR 215). As added by P.L.42-1993, SEC.72.
