LOAN POLICY. If the Advisory Committee adopts a loan policy, pursuant to paragraph (j), the loan policy must be a written document and must include:
(1) the identity of the person or positions authorized to administer the participant loan program; (2) a procedure for applying for the loan; (3) the criteria for approving or denying a loan; (4) the limitations, if any, on the types and amounts of loans available; (5) the procedure for determining a reasonable rate of interest; (6) the types of collateral which may secure the loan; and (7) the events constituting default and the steps the Plan will take to preserve plan assets in the event of default. This
LOAN POLICY. The Plan Administrator, at any time and in its sole discretion, may establish, amend or terminate a policy which the Trustee must observe in making Plan loans, if any, to Participants and to Beneficiaries. If the Plan Administrator adopts a loan policy, the loan policy must be nondiscriminatory and must be in writing. The policy must include:
(1) the identity of the person or positions authorized to administer the Participant loan program; (2) the procedure for applying for a loan; (3) the criteria for approving or denying a loan; (4) the limitations, if any, on the types and amounts of loans available; (5) the procedure for determining a reasonable rate of interest; (6) the types of collateral which may secure the loan; and (7) the events constituting default and the steps the Plan will take to preserve Plan assets in the event of default. A loan policy the Plan Administrator adopts under this Section 7.06(A) is part of the Plan, except that the Plan Administrator may amend or terminate the policy without regard to Section 11.02.
LOAN POLICY. The loan policy ("Loan Policy") shall be a written document setting forth the specific provisions for Participant loans, and is herein incorporated as part of the Plan by reference. A signed copy of the Loan Policy shall be kept on file by the Plan Administrator, and also shall be set forth in the Summary Plan Description for the Plan. The Loan Policy shall include (1) the identity of the person or position authorized to administer the Participant loan program; (2) a procedure for applying for loans; (3) the basis on which loans shall be approved or denied; (4) limitations (if any) on the types and amounts of loans offered; (5) the procedure under the program for determining a reasonable rate of interest; (6) the types of collateral which may secure a Participant loan; (7) the events constituting default and the steps that shall be taken to preserve Plan assets in the event of such default; and (8) all other information sufficient to apprise all possible borrowers of the scope and procedures of the loan program. Loans shall be available to Plan Participants on a nondiscriminatory basis without regard to any individual's race, color, religion, sex, age or national origin.
LOAN POLICY. 9.04(A) (9.02) Mandatory Contributions................................... 14.04(A) (14.04) Mandatory Contributions Account........................... 14.04(A) (14.04) Master or Prototype Plan.................................. 3.19(f) (3.09) Matching Contributions.................................... 14.03(i) (14.03) Maximum Permissible Amount................................ 3.19(g) (3.09)
LOAN POLICY. (1) Within sixty (60) days of the date of this Agreement, the Board shall make appropriate revisions to the Bank’s loan policy and procedures designed to correct the Bank’s deficiencies in credit underwriting, administration and risk management, to include at a minimum:
(a) maximum amortization periods for financing of speculative raw land, and developed commercial or residential lot loans held for investment;
(b) guidance on how to determine whether a loan is impaired under Financial Accounting Statement #114 and how to determine the amount of impairment;
(c) criteria for placing loans on nonaccrual status or removing loans from nonaccrual status that is consistent with current Call Report Glossary definition of nonaccrual loans;
(d) minimum expectations for guarantor financial analysis;
(e) minimum expectations for stress-testing land development loans and nonowner occupied Commercial Real Estate Loans; and
(f) clarification of real estate appraisal requirements to be consistent with 12 C.F.R. Part 34.
(2) After the Board has implemented these policy changes, the Board should immediately implement these changes and forward a copy to the Assistant Deputy Comptroller within thirty (30) days.
LOAN POLICY. 9.04(A) (9.02) Mandatory Contributions . . . . . . . . . . . . . . . . . .14.04(A) (14.04) Mandatory Contributions Account . . . . . . . . . . . . . .14.04(A) (14.04) Master or Prototype Plan. . . . . . . . . . . . . . . . . . 3.19(f) (3.09) Matching Contributions. . . . . . . . . . . . . . . . . . .14.03(i) (14.03) Maximum Permissible Amount. . . . . . . . . . . . . . . . . 3.19(g) (3.09)
LOAN POLICY. The Committee shall establish a nondiscriminatory loan policy that must be observed in making loans to Participants. The loan policy must be a written document and must include: (i) the identity of the persons or positions authorized to administer the Participant loan program; (ii) a procedure for applying for a loan; (iii) the criteria used in approving or denying a loan; (iv) the limitations, if any, on the types and amounts of loans available; (v) the procedures used in determining a reasonable fixed rate of interest; (vi) the types of collateral that may secure the loan; and (vii) the events constituting default and the steps the Plan will take to preserve Plan assets in the event of default.
LOAN POLICY. (1) By August 31, 2008, the Board shall establish and implement systems and controls to ensure compliance with lending policy requirements, including but not limited to:
(a) Systems and controls to ensure new and renewed loans are underwritten according to loan policy standards;
(b) systems and controls to ensure that loans receive proper review and approval prior to origination or renewal;
(c) systems and controls to ensure compliance with the bank’s internal credit risk rating system; and,
(d) systems and controls to ensure the timely receipt and review of borrower and guarantor financial information.
(2) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure adherence to the Bank’s Loan Policy.
LOAN POLICY. (1) By December 31, 2007, the Board shall revise the bank’s loan policy to include the following:
(a) annual review requirements for lending relationships in excess of $200,000;
(b) requirements for completing global cash flow analyses;
(c) guidance detailing when lenders are required to obtain borrower projections (i.e., for start-up businesses); and;
(d) requirements for deduction of estimated living expenses when performing cash flow analyses.
(2) The Board shall submit a copy of the bank’s revised loan policy to the Assistant Deputy Comptroller for his prior determination of no objection.
(3) In addition to the preceding, the bank may amend its loan policy as to what constitutes current credit information, provided that any such change shall be submitted by the Board to the Assistant Deputy Comptroller for his prior determination of no objection.
(4) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure adherence with the loan policy developed pursuant to this Article.
LOAN POLICY. (1) Within sixty-five (65) days of the date of this Agreement, the Board shall review and revise the Bank's written Loan Policy. A copy of the revised Loan Policy shall be forwarded to the Assistant Deputy Comptroller for a prior written determination of no supervisory objection. In revising this policy, the Board shall refer to and comply with applicable laws, regulations, and regulatory guidance, including, but not limited to:
(a) OTS’ Examination Handbook, Section 201, “Overview: Lending Operations and Portfolio Risk Management;”
(b) OTS’ Examination Handbook, Section 212, “One-to-Four Family Residential Real Estate Lending;”
(c) OTS’ Examination Handbook, Section 213, “Construction Lending;”
(d) OTS’ Examination Handbook, Section 214 “Other Commercial Lending;” (e) 12 C.F.R. §§ 160.170 (Records for Lending Transactions) and 160.101 (Real Estate Lending Standards); and
