Missouri Laws 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:
Terms Used In Missouri Laws 620.1060
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
(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.