Reporting of loans over $500,000

(a) The purpose of this section is to encourage the board of directors to review larger loans to ensure that lending practices are consistent with the bank's established lending policies, but not to require the reporting of the aggregate liability of a borrower. (b) In each report to the board of directors under AS 06.05.438(c), the reporting officer shall specifically identify each loan made since the last report that exceeds $500,000.