TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: OFFICE OF BANKS AND REAL ESTATE
PART 354 ADMINISTRATION OF ASSETS OBTAINED IN COLLECTION OF A DEBT
SECTION 354.20 GENERAL RULE
Section 354.20 General Rule
a) A state bank and its subsidiaries may take actions that are necessary to administer assets obtained in the collection of a debt, provided such actions are in conjunction with ongoing efforts to dispose of the assets by sale or liquidation.
b) A state bank and its subsidiaries shall adopt a written policy for the disposition of assets obtained in the collection of a debt.
c) A state bank and its subsidiaries shall document in each loan file any deviation from the written policy for the disposition of assets obtained in the collection of a debt.
d) When making a request for an extension of the period for which assets may be retained, whether pursuant to Section 5(9) of the Act or otherwise, a state bank or its subsidiary shall furnish the following information to the Commissioner:
1) the good faith actions the bank has taken to dispose of the assets;
2) why further retention of the assets is in the best interests of the bank;
3) the bank's estimate of time frame for ultimate disposition of the assets;
4) the cost for administering the assets during the interim; and
5) such other pertinent information as the Commissioner may request.