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23-47-504. Loans to affiliates and insiders.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-47-504. Loans to affiliates and insiders.

23-47-504. Loans to affiliates and insiders. The provisions of subsections (g) and (h) of section 22 of the Federal Reserve Act, 12 U.S.C. §§ 375a and 375b, and the regulations promulgated thereunder, shall apply to any state bank.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-47-504

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.

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Stable record: arkansas_code:legal_authorities:23-47-504
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 2161b35c8cb670fad9211279488dfb1c8df2bdef04328ec82f7a473cf9c72202

Source location: content.xml paragraph 22871

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 375a — Loans to executive officers of banks

(1) **General prohibition; authorization for extension of credit; conditions for credit** — Except as authorized under this section, no member bank may extend credit in any manner to any of its own executive officers. No executive officer of any member bank may become indebted to that member bank except by means of an extension of credit which the bank is authorized to make under this section. Any extension of credit under this section shall be promptly reported to the board of directors of the bank, and may be made only if— (A) the bank would be authorized to make it to borrowers other than its officers; (B) it is on terms not more favorable than those afforded other borrowers; (C) the officer has submitted a detailed current financial statement; and (D) it is on condition that it shall become due and payable on demand of the bank at any time when the officer is indebted to any other bank or banks on account of extensions of credit of any one of the three categories respectively referred to in paragraphs (2), (3), and (4) in an aggregate amount greater than the amount of credit of the same category that could be extended to him by the bank of which he is an officer. (2) **Mortgage loans** — A member bank may make a loan to any executive officer of the bank if, at the time the loan is made— (A) it is secured by a first lien on a dwelling which is expected, after the making of the loan, to be owned by the officer and used by him as his residence, and (B) no other loan by the bank to the officer under authority of this paragraph is outstanding. (3) **Educational loans** — A member bank may make extensions of credit to any executive officer of the bank to finance the education of the children of the officer. (4) **General limitation on amount of credit

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 375a

Stored review status: release_metadata_unconfirmed. The source passage cites 12 U.S.C. § 375a. This identifies an authority to review, not proof of applicability.

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 375a — Loans to executive officers of banks

Page 151 TITLE 12—BANKS AND BANKING § 375a ship, association, business trust, or individual in making loans on the security of stocks, bonds, and other investment securities to brokers or dealers in stocks, bonds, and other investment securities. Every violation of this provision by any member bank shall be punishable by a fine of not more than $100 per day during the con- tinuance of such violation; and such fine may be collected, by suit or otherwise, by the Federal reserve bank of the district in which such mem- ber bank is located. (Dec. 23, 1913, ch. 6, § 19(d), formerly § 19 (par. 7), as added June 16, 1933, ch. 89, § 11(a), 48 Stat. 181; renumbered § 19(d), Pub. L. 89–597, § 2(b), Sept. 21, 1966, 80 Stat. 824.) Editorial Notes CODIFICATION Section is comprised of subsec. (d), formerly seventh par., of section 19 of act Dec. 23, 1913, as redesignated by Pub. L. 89–597. § 375. [Reserved] (Dec. 23, 1913, ch. 6, § 22(d), as added Sept. 26, 1918, ch. 177, § 5, 40 Stat. 971; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 111–203, title VI, § 615(b), July 21, 2010, 124 Stat. 1615.) Editorial Notes AMENDMENTS 2010—Pub. L. 111–203 substituted ‘‘[Reserved]’’ for text, which related to purchases from directors and sales to directors. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Pub. L. 111–203, title VI, § 615(c), July 21, 2010, 124 Stat. 1615, provided that: ‘‘The amendments made by this section [amending this section and section 1828 of this title] shall take effect on the transfer date.’’ [For definition of ‘‘transfer date’’ as used in section 615(c) of Pub. L. 111–203, set out above, see section 5301 of this title.] § 375a. Loans to executive officers of banks (1) General prohibi

Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 375a

Stored review status: historical_2024_not_currentness_verified. The source passage cites 12 U.S.C. § 375a. This identifies an authority to review, not proof of applicability.