A. The board of directors shall determine the interest rates on loans. The board may also authorize any refund of interest on loans under the conditions it may prescribe.

Terms Used In Arizona Laws 6-562

  • Credit union: means a cooperative nonprofit association that is incorporated under this chapter for the purposes of encouraging thrift among its members and creating a source of credit and other financial services at fair and reasonable cost. See Arizona Laws 6-501

B. In addition to interest charged on loans, a credit union may charge all reasonable fees and expenses in connection with the making, closing, disbursing, extending, modifying, collecting or renewing of loans.

C. A credit union may assess charges to members, in accordance with board policy, for failure to meet their obligations to the credit union in a timely manner.

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