N.Y. Comp. Codes R. & Regs. tit. 3 § 321.8

Current through Register Vol. 46, No. 25, June 18, 2024

Section 321.8 - Limitations on certain loans to executive officers and directors of stock-form savings banks and savings and loan associations

A stock-form savings bank or a stock-form savings and loan association may not make a loan secured by an interest in improved or unimproved real property to its executive officer or director if the amount of that loan, aggregated with the amount of all such other loans to that executive officer or director exceeds 15 percent of the bank's capital, surplus account and undivided profits.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 321.8