Duties of credit committee--credit manager authorized--delegation ofloan authority--appeal from decision--extension of credit, when.
370.220. 1. The credit committee or credit manager, ifauthorized, shall approve every loan or advance made by thecredit union to its members.
2. Every application for a loan shall be in the formatapproved by the board of directors. The applicant shall statethe purpose for which the loan is desired and the security, ifany, offered.
3. Security must be taken for any loan in excess of thelimit set by written policy of the board of directors.Endorsement of a note or assignment of shares in any credit unionshall be deemed security within the meaning of this section.
4. No loan shall be made unless it has received themajority approval of the members of the committee present whenthe loan was considered, which number shall constitute at least amajority of the committee. However, in the case of any creditunion having total assets in excess of one hundred thousanddollars, the board of directors may appoint a credit manager.The credit manager may be delegated authority to act on all orsome applications for loans, reporting monthly thereon to thecredit committee or board of directors, as the case may be.
5. An applicant for a loan may appeal to the directors fromthe decision of the credit committee or credit manager, if it isso provided in the bylaws, and in the way and manner thereinprovided.
6. Notwithstanding any other provisions in this chapter,the board of directors may delegate to the treasurer, or manager,the power to make loans to members provided the amount of any onesuch loan shall not exceed one hundred dollars and the period ofany such loan shall not exceed thirty days.
7. The credit committee or, when authorized, a creditmanager may approve in advance, upon its or his own motion orupon application by a member, an extension of credit, and loansmay be granted to such members within the limits of suchextensions of credit. When an extension of credit has beenapproved, applications for loans need no further consideration aslong as the aggregate obligation does not exceed the limits ofsuch extension of credit. The credit committee or, whenauthorized, the credit manager shall, at least once a year,review, or cause to be reviewed, all extensions of credit and anyextension of credit shall expire if the member becomes more thanninety days delinquent in his obligation to the credit union.
Duties of credit committee--credit manager authorized--delegation ofloan authority--appeal from decision--extension of credit, when.
370.220. 1. The credit committee or credit manager, ifauthorized, shall approve every loan or advance made by thecredit union to its members.
2. Every application for a loan shall be in the formatapproved by the board of directors. The applicant shall statethe purpose for which the loan is desired and the security, ifany, offered.
3. Security must be taken for any loan in excess of thelimit set by written policy of the board of directors.Endorsement of a note or assignment of shares in any credit unionshall be deemed security within the meaning of this section.
4. No loan shall be made unless it has received themajority approval of the members of the committee present whenthe loan was considered, which number shall constitute at least amajority of the committee. However, in the case of any creditunion having total assets in excess of one hundred thousanddollars, the board of directors may appoint a credit manager.The credit manager may be delegated authority to act on all orsome applications for loans, reporting monthly thereon to thecredit committee or board of directors, as the case may be.
5. An applicant for a loan may appeal to the directors fromthe decision of the credit committee or credit manager, if it isso provided in the bylaws, and in the way and manner thereinprovided.
6. Notwithstanding any other provisions in this chapter,the board of directors may delegate to the treasurer, or manager,the power to make loans to members provided the amount of any onesuch loan shall not exceed one hundred dollars and the period ofany such loan shall not exceed thirty days.
7. The credit committee or, when authorized, a creditmanager may approve in advance, upon its or his own motion orupon application by a member, an extension of credit, and loansmay be granted to such members within the limits of suchextensions of credit. When an extension of credit has beenapproved, applications for loans need no further consideration aslong as the aggregate obligation does not exceed the limits ofsuch extension of credit. The credit committee or, whenauthorized, the credit manager shall, at least once a year,review, or cause to be reviewed, all extensions of credit and anyextension of credit shall expire if the member becomes more thanninety days delinquent in his obligation to the credit union.
Duties of credit committee--credit manager authorized--delegation ofloan authority--appeal from decision--extension of credit, when.
370.220. 1. The credit committee or credit manager, ifauthorized, shall approve every loan or advance made by thecredit union to its members.
2. Every application for a loan shall be in the formatapproved by the board of directors. The applicant shall statethe purpose for which the loan is desired and the security, ifany, offered.
3. Security must be taken for any loan in excess of thelimit set by written policy of the board of directors.Endorsement of a note or assignment of shares in any credit unionshall be deemed security within the meaning of this section.
4. No loan shall be made unless it has received themajority approval of the members of the committee present whenthe loan was considered, which number shall constitute at least amajority of the committee. However, in the case of any creditunion having total assets in excess of one hundred thousanddollars, the board of directors may appoint a credit manager.The credit manager may be delegated authority to act on all orsome applications for loans, reporting monthly thereon to thecredit committee or board of directors, as the case may be.
5. An applicant for a loan may appeal to the directors fromthe decision of the credit committee or credit manager, if it isso provided in the bylaws, and in the way and manner thereinprovided.
6. Notwithstanding any other provisions in this chapter,the board of directors may delegate to the treasurer, or manager,the power to make loans to members provided the amount of any onesuch loan shall not exceed one hundred dollars and the period ofany such loan shall not exceed thirty days.
7. The credit committee or, when authorized, a creditmanager may approve in advance, upon its or his own motion orupon application by a member, an extension of credit, and loansmay be granted to such members within the limits of suchextensions of credit. When an extension of credit has beenapproved, applications for loans need no further consideration aslong as the aggregate obligation does not exceed the limits ofsuch extension of credit. The credit committee or, whenauthorized, the credit manager shall, at least once a year,review, or cause to be reviewed, all extensions of credit and anyextension of credit shall expire if the member becomes more thanninety days delinquent in his obligation to the credit union.
