9-B M.R.S. §431-A: Loan powers

1. General loan authority. Unless otherwise prohibited by state law, a financial institution may make, sell, purchase, arrange, participate in, invest in or otherwise deal in loans or extensions of credit, as defined in section 439‑A, for any purpose.

2. Written loan policy. A financial institution's governing body shall establish a written loan policy, which must be reviewed and ratified at least annually, that addresses at a minimum, the following:

A. Individual lending officer authority;

B. Loan mix and diversification;

C. Loan quality parameters; and

D. Delegation of authority to officers and committees responsible for administering the portfolio.