Any bank may make and grant loans to any person, company, firm, or corporation in excess of 15%, but not to exceed 50%, of the combined common capital stock, capital notes, and surplus accounts of the bank if the amount of any such loan in excess of the 15% limitation imposed by Sections 34-13-50 is 100% guaranteed by an agency of the United States Government or secured by Certificates of Deposits.

Any such loan shall be approved by a two-thirds vote of the Board of Directors of the bank, as required by Sections 34-13-50 of the Code. A bank may extend such loans to its director(s), officer(s), members of their families, and/or entities with which they are associated, to the extent the same action would be allowed for a national bank.

HISTORY: Amended by SCSR 49-11 Doc. No. 5387, eff November 28, 2025.