Definitions.

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As used in this article, unless the context otherwise requires:

(1) "Compliance review committee" means:

  1. An audit committee, loan review committee, or compliance committee appointed bythe board of directors of a depository institution, as defined in subsection (3) of this section; or

  2. Any other person who is not an employee or director who acts in an investigatorycapacity at the direction of a compliance review committee.

  1. "Compliance review documents" means documents exclusively prepared for or created by a compliance review committee.

  2. (a) "Depository institution" means:

  1. A person organized, chartered, doing business, or holding an authorization charterunder the laws of this state or the United States to receive deposits, which person is supervised or examined for the protection of depositors by an official or agency of a state or the United States. "Deposits" includes deposits in savings, share, certificate, or other deposit accounts.

  2. A trust company or other institution that is chartered pursuant to article 109 of this

title.

(b) "Depository institution" does not include an insurance company or other organization primarily engaged in the business of insurance.

  1. "Loan review committee" means a person or group of persons who, on behalf of adepository institution, reviews loans held by such institution for the purpose of assessing the credit quality of the loans, compliance with the institution's loan policies, and compliance with applicable laws and regulations.

  2. "Person" means an individual, group of individuals, board, committee, partnership,firm, association, corporation, or other legal entity.

Source: L. 95: Entire article added, p. 210, § 1, effective April 13. L. 2004: (3)(a)(II) amended, p. 325, § 15, effective April 7; (3)(a)(II) amended, p. 1191, § 23, effective August 4.


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