620.1060 Prohibited loans — definitions.

620.1060. Prohibited loans — definitions. — 1. No financial institution shall make a loan pursuant to sections 620.1045 to 620.1063 to a borrower if the borrower is an executive officer, director or principal shareholder of the institution or is a member of the immediate family of an executive officer, director or principal shareholder of the institution, or a related interest of such executive officer, director or principal shareholder or member of the immediate family. 2. For purposes of this section, the following terms mean: (1) "Immediate family" , the spouse of the individual, the individual's minor children and any of the individual's children, including adults, residing in the individual's home; (2) "Related interest of the person" : (a) A company that is controlled by the person; or (b) A political or campaign committee that is controlled by such person or the funds or services of which will benefit such person. (L. 1994 H.B. 1248 & 1048 § 7)