Section 221.0625 - Loans to bank officials; penalty(1) LOANS TO OFFICERS AND DIRECTORS. Except as otherwise provided in this subsection, a bank may not lend to any officer or director of the bank an amount that, when aggregated with the amount of all other extensions of credit to that person exceeds the higher of $25,000 or 5 percent of the bank's capital, without prior approval of the bank's board of directors. Prior approval of the bank's board of directors is also required in all cases when a loan aggregated with all other extensions of credit to the officer or director exceeds $500,000. A bank's board of directors may give prior approval to a line of credit to an officer or director, and prior approval by the bank's board of directors is not required for each advance made to the officer or director pursuant to the preapproved line of credit.(2) PENALTY. An officer or director of a bank who, in violation of this section, directly or indirectly does any of the following is guilty of a Class F felony: (a) Borrows or otherwise procures for personal use money, funds or property of the bank.(b) Procures money, funds or property of the bank through use of personal credit or accommodation of another person.(c) Procures money, funds or property of the bank by acceptance for discount at the bank of any note, bond or evidence of debt that he or she knows or has reason to know is worth less than the price at which it is accepted as an asset.1995 a. 336; 1997 a. 283; 2001 a. 109.