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#76899 - 04/29/03 08:43 PM Reg O lending limits
Anonymous
Unregistered

Does anybody know if Michigan established a lending limit lower than the amount permitted for national banks, and if so, where I can find a link to the site? I believe the limit on loans to a single borrower established by national banks is 15% of the bank's unimpaired capital on loans not fully secured and 10% on loans fully secured by readily marketable collateral.

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#76900 - 04/30/03 02:48 PM Re: Reg O lending limits
Anonymous
Unregistered

I think I was able to answer my own question. The banking code act of 1999, act 276 from www.michiganlegislature.org.
Total loans and extensions of credit and leases by a bank to a person at no time shall exceed 15% of the capital and surplus of the bank, except that upon approval by 2/3 vote of its board of directors the limit may be increased to not exceed 25% of the capital and surplus of the bank.

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