Sec. 23. (a) A credit union may make loans to its members for such purposes and upon such security as the bylaws provide, and as the credit committee or loan officer shall approve.

     (b) A member may receive a loan for crops in installments.

     (c) A borrower may repay the whole loan or any part of a loan on any day on which the credit union is open.

     (d) A credit union may offer payroll deduction for:

(1) the repayment of loans; and

(2) deposits into the accounts of members.

     (e) A credit union may offer direct deposit.

Formerly: Acts 1961, c.182, s.23; Acts 1969, c.133, s.6; Acts 1974, P.L.130, SEC.6. As amended by P.L.270-1983, SEC.7; P.L.263-1995, SEC.20.