Amendment SA5-SB494

LRBa3862/1

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1995 - 1996 LEGISLATURE

SENATE AMENDMENT 5, To 1995 SENATE BILL 494

March 7, 1996 - Offered by Senator Adelman.

SB494-SA5,1,1 At the locations indicated, amend the bill as follows:

SB494-SA5,1,3 1. Page 101, line 18: delete the material beginning with that line and ending with page 102, line 3, and substitute:

SB494-SA5,1,8 "221.0625 Loans to bank officers, directors and employes; penalty. (1) Loans to officers, directors and employes. Except as otherwise provided in this subsection, no bank may lend more than $25,000 in the aggregate to any officer, director or employe of the bank. Any loan in excess of this limit is subject to all of the following conditions:

SB494-SA5,1,14 (a) Except with regard to a renewal of the present outstanding balance of a first lien real estate mortgage loan on the borrower's principal residence, the loan and the sufficiency of the collateral must receive approval by resolution of the board of directors recorded in its minutes or must be within the limits, including the collateral requirements, of a line of credit approved for the director, officer or employe at least annually by resolution of the board of directors recorded in its minutes.

SB494-SA5,2,2 (b) The amount of any loan in excess of the limit must be secured in full by collateral security.".

SB494-SA5,2,3 (End)