8-2001. Terms, defined.

217 words·~1 min read·/ne/chapter-8/8-2001

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

For purposes of sections 8-2001 to 8-2005 , the following definitions are used:

(1)Depository institution means a state-chartered or federally chartered financial institution located in this state that is authorized to maintain deposit accounts;

(2)Compliance review committee means:

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

(b)Any other person to the extent the person acts in an investigatory capacity at the direction of a compliance review committee;

(3)Compliance review documents means written reports prepared for or created by a compliance review committee for the purpose of ascertaining compliance with federal or state statutory or regulatory requirements or for the performance of any function described in subdivisions

(1)through

(3)of section 8-2002 , which is not a policy otherwise in violation of any other state or federal regulatory requirements;

(4)Loan review committee means a person or group of persons who, on behalf of a depository institution, reviews loans held by the depository institution for the purpose of assessing the credit quality of the loans, compliance with the depository institution's loan policies, and compliance with applicable laws and rules and regulations; and

(5)Person means an individual, group of individuals, board, committee, partnership, firm, association, corporation, limited liability company, or other entity.