6-113. Acts prohibited; officers; employees
A. Neither the superintendent, the deputy superintendent nor any personnel of the department shall do any of the following with respect to any financial institution or enterprise under the jurisdiction of the department:
1. Be indebted, directly or indirectly, as borrower, accommodation endorser, surety or guarantor, to any such financial institution or enterprise unless such indebtedness was contracted before becoming employed by the department and is fully disclosed to the department, except that an employee of the department, other than the superintendent or the deputy superintendent, may become so indebted if the indebtedness is both:
(a) Incurred on terms no more favorable than those available to the general public.
(b) Fully disclosed to and approved by the superintendent before funding, including the following information:
(i) The date of the indebtedness.
(ii) The amount.
(iii) The interest rate.
(iv) Other obligors.
(vi) The purpose for which the monies are to be used. The borrower shall not participate in any examination of the lender conducted by the department.
2. Be an officer, director or employee of any such financial institution or enterprise.
3. Own or deal in, directly or indirectly, the shares or obligations of any such financial institution or enterprise.
4. Be interested in, directly or indirectly, or receive from any such financial institution or enterprise, or any officer, director or employee thereof, any salary, fee, compensation or other valuable thing by way of gift, credit, compensation for services or otherwise.
5. Be interested in or engage in the negotiation of any loan to, obligation of, or accommodation for another person to or with any such financial institution or enterprise.
B. Notwithstanding the provisions of subsection A, the superintendent, the deputy superintendent and any personnel of the department may:
1. Maintain demand, savings, time, share and trust accounts in any financial institution.
2. Become a beneficiary of any trust or estate administered by any fiduciary under the jurisdiction of the department.
3. Become indebted to and own and deal in shares and obligations of national banks, federal savings and loan associations and federal credit unions.Section: Previous 6-101 6-110 6-111 6-112 6-113 6-114 6-115 6-116 6-121 6-122 6-123 6-123.01 6-124 6-125 6-126 Next
Last modified: October 13, 2016