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Can you summarize 3 NJAC Chapter 6, Subchapter 3?
GENERAL PROVISIONS > LIMIT ON LOANS TO AN EXECUTIVE OFFICER
Short Summary
The provided legal document content pertains to the limit on loans to an executive officer in banks. The document states that the maximum loan limitation prescribed in N.J.S.A. 17:9A-72B(2) is increased to an aggregate amount not to exceed at any one time 2.5 percent of the capital funds of the bank, or $25,000, whichever is greater, but not exceeding $100,000. The document also mentions that loans to finance the education of an executive officer’s children are excluded from these limitations. The document provides information on the recodification and amendment of the relevant sections. It does not mention any specific penalties for non-compliance or violation of the loan limit provisions.
Whom does it apply to?
Banks
What does it govern?
Limit on loans to an executive officer
What are exemptions?
Loans to finance the education of an executive officer's children
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Jersey