Maine § 9-B §431-A Loan powers

Maine Statutes

§ 9-B §431-A — Loan powers

Maine·Title 9-B FINANCIAL INSTITUTIONS·Part 4 POWERS AND DUTIES OF FINANCIAL INSTITUTIONS·Ch. 43 LOANS IN GENERAL

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.

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:

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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.
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:

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