§412:6-302  Requirements and limitsfor certain loans.  (a)  Not less than fifty per cent of the amount ofloans and extensions of credit made by a savings bank shall be in loans andextensions of credit secured by real estate.

(b)  The aggregate amount loaned by any savingsbank for the following types of loans, whether secured or unsecured, shall notexceed the following limits:

(1)  Commercial loans:  fifteen per cent of thesavings bank's total assets.  For purposes of this section "commercialloan" means any loan primarily for business, corporate, commercial, oragricultural purposes where the savings bank substantially relies on theborrower's general credit standing for repayment of the loan and, if the loanis secured by real property, does not primarily rely on the value of or incomeor projected income from the security for repayment of the loan; and

(2)  Education loans:  ten per cent of the savingsbank's total assets.  For purposes of this section, "education loan"means any loan the proceeds of which are used to pay for tuition, fees, books,and other expenses related to primary, secondary, vocational and undergraduateand postgraduate college or university education.

(c)  A savings bank may reclassify or apportiona loan from one category to another in this section. [L 1993, c 350, pt of §1]