Utah Admin. Code R331-23-7 - Record Keeping
(1) The board of
directors shall review at least annually the most recent financial statements
on all loans and extensions of credit, including credit exposure to a
derivative transaction, to one person exceeding 10% of total capital. Based
upon this review, the board of directors shall approve a determination that the
conditions outlined in Rule
R331-23-4 do not exist for such loans and extensions of credit. A statement of the above
approval shall be incorporated into the minutes of the board of directors
meeting at which the review was accomplished.
(2) In the case of loans and extensions of
credit subject to the limitations of Section
7-3-19(2) and Rule
R331-23-3(2),
a record of the market value of the collateral securing such loans or
extensions of credit shall be maintained as set forth in Rule
R331-23-3.
Notes
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