Records of extensions of credit by domestic associations
- • rules
(1) As required by rule of the Director of the Department of Consumer and Business Services, each domestic association shall file with the director each calendar quarter a report of outstanding extensions of credit by the domestic association to the following persons as of the last day of the immediately preceding calendar quarter:
(a) The managing officer and each director of the domestic association and, if the association is a stock association, each principal shareholder of the association.
(b) Each related interest of each person described in paragraph (a) of this subsection.
(2) The report shall show for each borrower the borrower’s position or class, the original amount of each outstanding extension of credit, the balance due on each outstanding extension of credit and whether any payment or portion of the balance is currently past due.
(3) For purposes of this section:
(a) A principal shareholder of a stock association or of a business entity described in paragraph (b)(A) of this subsection is any person who, directly or indirectly or acting through or in concert with one or more persons, owns, controls or has the power to vote more than 25 percent of any class of voting stock of the association or business entity. For purposes of this paragraph, a "business entity" includes but is not limited to a corporation, partnership, trust, sole proprietorship, association or labor union.
(b) A related interest of a person described in subsection (1) of this section includes either of the following:
(A) Any business entity described in paragraph (a) of this subsection in which the person is a director, partner, principal shareholder, officer, sole owner or trustee.
(B) A borrower whose extension of credit is cosigned or indorsed by a director, managing officer or principal shareholder of a domestic association.
(c) An extension of credit is a making of a loan, a granting of a line of credit or any other manner of credit extended to a person.
(4) The director shall adopt rules governing the submission of reports under subsection (1) of this section. The director may require any other information in the reports that the director decides is necessary. The director may exclude from the reporting requirement:
(a) Any advance payment against accrued salary or other accrued compensation, or an advance for the payment of expenses incurred or to be incurred on behalf of the domestic association.
(b) Indebtedness, to a maximum set by the director, that arises by reason of any general arrangement by which a domestic association acquires charge or time credit accounts, or makes payments to or on behalf of participants in a credit card plan, check credit plan, interest-bearing overdraft credit plan or any similar open-end credit plan.
(c) Any other indebtedness that the director declares by rule not to be subject to the reporting requirements under subsection (1) of this section. The director may exclude any indebtedness under this paragraph the reporting of which, according to the director, is not necessary for proper supervision of savings associations or creates an excessive burden without an offsetting regulatory benefit.
(5) The director may require a domestic association to file additional reports under this section more often than quarterly, as the director determines is necessary. [1985 c.786 §58]
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