Section 620.1060

Title XL ADDITIONAL EXECUTIVE DEPARTMENTS

Chapter 620

Effective - 28 Aug 1994   

  620.1060.  Prohibited loans — definitions. — 1.  No financial institution shall make a loan pursuant to sections 620.1045 to 620.1063 to a borrower if the borrower is an executive officer, director or principal shareholder of the institution or is a member of the immediate family of an executive officer, director or principal shareholder of the institution, or a related interest of such executive officer, director or principal shareholder or member of the immediate family.

  2.  For purposes of this section, the following terms mean:

  (1)  "Immediate family", the spouse of the individual, the individual's minor children and any of the individual's children, including adults, residing in the individual's home;

  (2)  "Related interest of the person":

  (a)  A company that is controlled by the person; or

  (b)  A political or campaign committee that is controlled by such person or the funds or services of which will benefit such person.

­­--------

(L. 1994 H.B. 1248 & 1048 § 7)