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Can you summarize WIST 221.0625?
Loans to bank officials; penalty.
Short Summary
This legal document governs loans to officers and directors of a bank. A bank is prohibited from lending an amount to any officer or director that exceeds the higher of $25,000 or 5 percent of the bank’s capital without prior approval of the bank’s board of directors. Prior approval is also required when a loan aggregated with all other extensions of credit to the officer or director exceeds $500,000. Violation of this section by an officer or director of a bank is considered a Class F felony. The document does not mention any exemptions.
Whom does it apply to?
Officers and directors of a bank
What does it govern?
Loans to bank officials
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Guilty of a Class F felony
Jurisdiction
Wisconsin