1. 1. General loan authority Unless otherwise prohibited by state law, a financial institution may make, sell, purchase, arrange, participate in, invest in or otherwise deal in loans or extensions of credit, as defined in section 439-A, for any purpose.

   [PL 1997, c. 398, Pt. I, §21 (NEW).]

2. 2. Written loan policy A financial institution's governing body shall establish a written loan policy, which must be reviewed and ratified at least annually, that addresses at a minimum, the following:

   1. A. Individual lending officer authority;

      [PL 1997, c. 398, Pt. I, §21 (NEW).]

   2. B. Loan mix and diversification;

      [PL 1997, c. 398, Pt. I, §21 (NEW).]

   3. C. Loan quality parameters; and

      [PL 1997, c. 398, Pt. I, §21 (NEW).]

   4. D. Delegation of authority to officers and committees responsible for administering the portfolio.

      [PL 1997, c. 398, Pt. I, §21 (NEW).]

   [PL 1997, c. 398, Pt. I, §21 (NEW).]

PL 1997, c. 398, §I21 (NEW).