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Missouri Revised Statutes Title XL. Additional Executive Departments § 620.1060. Prohibited loans--definitions

Current as of January 01, 2025 | Updated by Findlaw Staff

1. No financial institution shall make a loan pursuant to sections 620.1045 to 620.1063 to a borrower if the borrower is an executive officer, director or principal shareholder of the institution or is a member of the immediate family of an executive officer, director or principal shareholder of the institution, or a related interest of such executive officer, director or principal shareholder or member of the immediate family.

2. For purposes of this section, the following terms mean:

(1)“Immediate family”, the spouse of the individual, the individual's minor children and any of the individual's children, including adults, residing in the individual's home;

(2)“Related interest of the person”:

(a) A company that is controlled by the person; or

(b) A political or campaign committee that is controlled by such person or the funds or services of which will benefit such person.

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Cite this article: FindLaw.com - Missouri Revised Statutes Title XL. Additional Executive Departments § 620.1060. Prohibited loans--definitions - last updated January 01, 2025 | https://codes.findlaw.com/mo/title-xl-additional-executive-departments/mo-rev-st-620-1060/

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