Effective - 28 Aug 1994
620.1060. Prohibited loans — definitions. — 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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(L. 1994 H.B. 1248 & 1048 § 7)