17-2210.Method of making loans.
(a) The credit committee shall approve every loan or advance made by the
credit union. Every application for a loan shall be in writing and shall
state the purpose for which
the loan is desired and the security, if any, offered. Endorsement of a
note or assignment of shares or investments in any credit union shall be deemed security
in the meaning of this section.
(b) No loan shall be made unless it has
received the unanimous approval of the members of the credit committee present
when the loan was considered, which number shall constitute at least a
majority of the credit committee, nor if any member of the credit
committee shall
disapprove thereof. The credit committee may
appoint one or more loan officers, who may be the treasurer or an assistant
treasurer and delegate to such persons power to approve or disapprove
loans. Each loan officer shall furnish to the credit
committee a record of each loan approved or not approved by such officer within
seven days of the date of the filing of the application therefor or the
date of the next credit committee meeting, whichever is later. All
such loans not approved by a loan officer may be acted upon by the credit
committee. An applicant for a loan may appeal to the directors from the
decision of the credit committee, if it is so provided in the bylaws, and
in the way and manner therein provided.
(c) The credit committee shall meet as
often as the business of the credit union requires, to consider applications
for loans or review the work of the loan officers, or both and after due
notice has been given to each member.
History: L. 1929, ch. 141, § 10; L. 1941, ch. 181, § 2; L. 1959,
ch. 117, §
3; L. 1976, ch. 107, § 1; L. 1982, ch. 103, § 3; July 1.
17-2210.Method of making loans.
(a) The credit committee shall approve every loan or advance made by the
credit union. Every application for a loan shall be in writing and shall
state the purpose for which
the loan is desired and the security, if any, offered. Endorsement of a
note or assignment of shares or investments in any credit union shall be deemed security
in the meaning of this section.
(b) No loan shall be made unless it has
received the unanimous approval of the members of the credit committee present
when the loan was considered, which number shall constitute at least a
majority of the credit committee, nor if any member of the credit
committee shall
disapprove thereof. The credit committee may
appoint one or more loan officers, who may be the treasurer or an assistant
treasurer and delegate to such persons power to approve or disapprove
loans. Each loan officer shall furnish to the credit
committee a record of each loan approved or not approved by such officer within
seven days of the date of the filing of the application therefor or the
date of the next credit committee meeting, whichever is later. All
such loans not approved by a loan officer may be acted upon by the credit
committee. An applicant for a loan may appeal to the directors from the
decision of the credit committee, if it is so provided in the bylaws, and
in the way and manner therein provided.
(c) The credit committee shall meet as
often as the business of the credit union requires, to consider applications
for loans or review the work of the loan officers, or both and after due
notice has been given to each member.
History: L. 1929, ch. 141, § 10; L. 1941, ch. 181, § 2; L. 1959,
ch. 117, §
3; L. 1976, ch. 107, § 1; L. 1982, ch. 103, § 3; July 1.
17-2210.Method of making loans.
(a) The credit committee shall approve every loan or advance made by the
credit union. Every application for a loan shall be in writing and shall
state the purpose for which
the loan is desired and the security, if any, offered. Endorsement of a
note or assignment of shares or investments in any credit union shall be deemed security
in the meaning of this section.
(b) No loan shall be made unless it has
received the unanimous approval of the members of the credit committee present
when the loan was considered, which number shall constitute at least a
majority of the credit committee, nor if any member of the credit
committee shall
disapprove thereof. The credit committee may
appoint one or more loan officers, who may be the treasurer or an assistant
treasurer and delegate to such persons power to approve or disapprove
loans. Each loan officer shall furnish to the credit
committee a record of each loan approved or not approved by such officer within
seven days of the date of the filing of the application therefor or the
date of the next credit committee meeting, whichever is later. All
such loans not approved by a loan officer may be acted upon by the credit
committee. An applicant for a loan may appeal to the directors from the
decision of the credit committee, if it is so provided in the bylaws, and
in the way and manner therein provided.
(c) The credit committee shall meet as
often as the business of the credit union requires, to consider applications
for loans or review the work of the loan officers, or both and after due
notice has been given to each member.
History: L. 1929, ch. 141, § 10; L. 1941, ch. 181, § 2; L. 1959,
ch. 117, §
3; L. 1976, ch. 107, § 1; L. 1982, ch. 103, § 3; July 1.
