6-563. Other loan programs
A. A credit union may participate in loans to its members jointly with other credit
unions, credit union organizations or other organizations pursuant to written policies
established by the board of directors. A credit union which originates such a loan shall
retain an interest of at least ten per cent of the outstanding principal balance of the
loan. Before participating in a loan transaction, each credit union shall perform its
own independent evaluation of the creditworthiness of the borrower.
B. In making loans to its members a credit union may participate in any guaranteed
loan program of the federal or state government under the terms and conditions specified
in the law or rules under which such a program is provided.
C. A credit union may finance for any person the sale of the credit union's
property, including property obtained as a result of defaults in obligations owed to it,
under the terms, conditions and rates provided by this chapter.
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