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Can you summarize 45 NEAC Chapter 17?
Banking Rules > OFFICER BORROWING
Short Summary
The provided legal document content pertains to reporting requirements for officers who are indebted to or borrow from financial institutions. According to the document, if an officer is presently indebted to another financial institution at the time of hire, a report must be made immediately. Additionally, if the officer later borrows from or becomes indebted to another financial institution, a report must be made at the next regularly scheduled board meeting after the borrowing or indebtedness is consummated. The document specifies that a simple statement of ownership of a credit card, including the maximum limit, issuing institution, and date of acquisition, is adequate for reporting each transaction. Furthermore, the officer is required to report any future increases or decreases in the credit limit to the board. The document does not mention any specific exemptions or penalties related to these reporting requirements.
Whom does it apply to?
Officers at the time of hire and officers who later borrow from or become indebted to financial institutions
What does it govern?
Reporting requirements for officers who are indebted to or borrow from financial institutions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska