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Can you summarize 36a CTGS 263?
Powers, Loans and Investments - Secs. 36a-250 to 36a-289 > Insider loans.
Short Summary
This section of the General Statutes of Connecticut, specifically under The Banking Law of Connecticut, governs the extensions of credit to directors, executive officers, principal shareholders, and their related interests and associates. Connecticut banks are required to comply with the restrictions outlined in 12 CFR Section 337.3, with the exception of Section 215.7 of Federal Reserve Board Regulation O. No executive officer, director, employee, agent, or other person shall participate in any conduct that violates this subsection. The commissioner has the authority to adopt regulations to further govern extensions of credit to the mentioned individuals and their related interests and associates. Connecticut banks may be required to file periodic reports with the commissioner regarding the indebtedness owed to them by directors, executive officers, and principal shareholders, as well as their related interests or associates. Violations of this section may result in enforcement action by the commissioner.
Whom does it apply to?
Connecticut banks, executive officers, directors, principal shareholders, and their related interests and associates
What does it govern?
Extensions of credit to directors, executive officers, principal shareholders, and their related interests and associates
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Enforcement action may be taken by the commissioner for violations of this section.
Jurisdiction
Connecticut