17-2216.Loans to members;
conditions.
(a) Subject to rules and regulations of the administrator, a credit union
may loan to its members, as provided, for such
purposes and upon such security as the bylaws may provide and the credit
committee or duly authorized loan officer shall approve. Loans to members
shall be made in conformity with criteria established by the board of
directors.
No loan shall be made in excess of $500 or 10% of the credit union's total
assets,
whichever amount is greater. A member who needs funds with which to purchase
necessary supplies for growing crops may receive a loan in fixed monthly
installments instead of one sum. A borrower may repay the whole or any
part of the loan on any day on which the office of the credit union is
open for the transaction of business, except that on a first or second
mortgage loan, a credit union may require that any partial prepayments be
made on the date monthly installments are due and be in the amount of that
part of one or more monthly installments which would be applicable to
principal.
(b) Any loan secured by the insurance or guarantee of, or with advance
commitment to purchase the loan by the federal government, a state government
or any agency of either may be made under the terms and conditions specified
in the law under which such insurance, guarantee or commitment is provided.
History: L. 1929, ch. 141, § 16; L. 1941, ch. 181, § 4; L.
1949, ch. 190, § 2; L. 1951, ch. 204, § 6; L. 1953, ch. 131, § 1; L.
1959, ch. 117, § 4; L. 1963, ch. 140, § 3; L. 1965, ch. 153, § 5; L.
1972, ch. 60, § 1; L. 1976, ch. 108, § 1; L. 1981, ch. 101, § 5;
L. 1983, ch. 83, § 2;
L. 1992, ch. 225, § 7; July 1.
17-2216.Loans to members;
conditions.
(a) Subject to rules and regulations of the administrator, a credit union
may loan to its members, as provided, for such
purposes and upon such security as the bylaws may provide and the credit
committee or duly authorized loan officer shall approve. Loans to members
shall be made in conformity with criteria established by the board of
directors.
No loan shall be made in excess of $500 or 10% of the credit union's total
assets,
whichever amount is greater. A member who needs funds with which to purchase
necessary supplies for growing crops may receive a loan in fixed monthly
installments instead of one sum. A borrower may repay the whole or any
part of the loan on any day on which the office of the credit union is
open for the transaction of business, except that on a first or second
mortgage loan, a credit union may require that any partial prepayments be
made on the date monthly installments are due and be in the amount of that
part of one or more monthly installments which would be applicable to
principal.
(b) Any loan secured by the insurance or guarantee of, or with advance
commitment to purchase the loan by the federal government, a state government
or any agency of either may be made under the terms and conditions specified
in the law under which such insurance, guarantee or commitment is provided.
History: L. 1929, ch. 141, § 16; L. 1941, ch. 181, § 4; L.
1949, ch. 190, § 2; L. 1951, ch. 204, § 6; L. 1953, ch. 131, § 1; L.
1959, ch. 117, § 4; L. 1963, ch. 140, § 3; L. 1965, ch. 153, § 5; L.
1972, ch. 60, § 1; L. 1976, ch. 108, § 1; L. 1981, ch. 101, § 5;
L. 1983, ch. 83, § 2;
L. 1992, ch. 225, § 7; July 1.
17-2216.Loans to members;
conditions.
(a) Subject to rules and regulations of the administrator, a credit union
may loan to its members, as provided, for such
purposes and upon such security as the bylaws may provide and the credit
committee or duly authorized loan officer shall approve. Loans to members
shall be made in conformity with criteria established by the board of
directors.
No loan shall be made in excess of $500 or 10% of the credit union's total
assets,
whichever amount is greater. A member who needs funds with which to purchase
necessary supplies for growing crops may receive a loan in fixed monthly
installments instead of one sum. A borrower may repay the whole or any
part of the loan on any day on which the office of the credit union is
open for the transaction of business, except that on a first or second
mortgage loan, a credit union may require that any partial prepayments be
made on the date monthly installments are due and be in the amount of that
part of one or more monthly installments which would be applicable to
principal.
(b) Any loan secured by the insurance or guarantee of, or with advance
commitment to purchase the loan by the federal government, a state government
or any agency of either may be made under the terms and conditions specified
in the law under which such insurance, guarantee or commitment is provided.
History: L. 1929, ch. 141, § 16; L. 1941, ch. 181, § 4; L.
1949, ch. 190, § 2; L. 1951, ch. 204, § 6; L. 1953, ch. 131, § 1; L.
1959, ch. 117, § 4; L. 1963, ch. 140, § 3; L. 1965, ch. 153, § 5; L.
1972, ch. 60, § 1; L. 1976, ch. 108, § 1; L. 1981, ch. 101, § 5;
L. 1983, ch. 83, § 2;
L. 1992, ch. 225, § 7; July 1.