7 Pa. Stat. § 6221

Current through Pa Acts 2024-53, 2024-56 through 2024-92

Section 6221 - Definitions

The following words and phrases when used in this act shall have the meanings given to them in this section unless the context clearly indicates otherwise:

"Compliance review committee." The term shall mean either of the following:

(1) An audit, loan review or compliance committee appointed by the board of directors of a depository institution.

(2) Any other person to the extent the person acts in an investigatory capacity at the direction of a compliance review committee. "Compliance review documents." Documents prepared for or created by a compliance review committee.

"Depository institution." A federally chartered or State-chartered financial institution located in this Commonwealth that is authorized to maintain deposit or share accounts.

"Loan review committee." A person or group of persons who, on behalf of a depository institution, reviews loans held by the institution for the purpose of assessing the credit quality of the loans, compliance with the institution's loan policies and compliance with applicable laws and regulations.

"Person." An individual, group of individuals, board, committee, partnership, firm, association, corporation or other entity.

7 P.S. § 6221

1996, July 2, P.L. 533, No. 92, § 1, effective in 60 days.