(a) A director, officer, or employee of a state bank may not knowingly, wilfully, and persistently overdraw the director's, officer's, or employee's account or permit a customer to do so.
(b) An overdraft of more than 30 days' standing may not be allowed as an asset of the bank.
(c) The provisions of this section do not apply to an approved overdraft created under a check guaranty plan or other similar revolving credit plan.
Section: Previous 06.05.205 06.05.206 06.05.207 06.05.208 06.05.209 06.05.210 06.05.211 06.05.212 06.05.215 06.05.220 06.05.225 06.05.230 06.05.231 06.05.232 06.05.235 NextLast modified: November 15, 2016