In this section the following words have the meanings indicated. “Commercial loan” means a loan that is made: Solely to acquire or carry on a business or commercial enterprise; or To any business or commercial organization. “Consumer loan” means a loan that is made primarily for personal, family, or household purposes. “Executive officer” has the meaning stated in Title 12 of the Code of Federal Regulations, § 215.2. Unless the loan is approved or exempted from approval as provided in this section, the following persons may not borrow, directly or indirectly, any money from a banking institution: Any director, officer, or employee of the banking institution; Any partnership of which the director, officer, or employee is a member; or Any corporation in which the director, officer, or employee is an officer or owns the majority interest. This section does not require approval of: A commercial loan that is made to: A director of the banking institution, unless the director also is an officer or employee of the banking institution; A partnership of which the director is a member, unless an officer or employee of the banking institution also is a member of that partnership; or A corporation in which the director holds any interest, unless an officer or employee of the banking institution is an officer or owns the majority interest in that corporation; or A loan that is: A consumer loan; and Is made to an employee of a banking institution who is not an executive officer or director of the banking institution. A loan to a director, officer, or employee of a banking institution may be made only if the loan has been approved by a resolution adopted at and recorded in the minutes of a meeting of: The board of directors of the banking institution; or The executive committee of the banking institution, if that committee is authorized to make loans. If a loan is approved by an executive committee, the loan approval shall be reported to the board of directors at its next meeting. A loan made under this section shall be reviewed every 6 months by the board of directors. The loan may not be renewed or extended unless the renewal or extension has been approved by a resolution adopted at a meeting of the board of directors and recorded in the minutes of the meeting. All loans to a director, officer, or employee of a banking institution are subject to the limitations imposed by § 3-601 of this article.