§ 623 — Prohibition of receipt of gifts by covered institution employees

§ 623. Prohibition of receipt of gifts by covered institution\nemployees. 1. A covered institution shall require that no covered\ninstitution employee on his or her own behalf or on behalf of another,\ndirectly or indirectly, solicits, accepts or receives any gift from or\non behalf of a lending institution. Nothing in this section shall be\nconstrued as prohibiting a covered institution employee from conducting\nbusiness with a lending institution, provided that such business is\nunrelated in any manner whatsoever to a covered institution.\n 2. A covered institution employee, on his or her own behalf or on\nbehalf of another, shall not directly or indirectly solicit, accept or\nreceive any gift from or on behalf of a lending institution. Nothing in\nthis section shall be construed as prohibiting a covered institution\nemployee from conducting business with any lending institution, provided\nthat such business is unrelated in any manner whatsoever with the\ncovered institution.\n 3. Covered institution employees shall report to the department any\ninstance of a lending institution attempting to give a gift to such\ncovered institution employees.\n