Nebraska Statutes 21-1791. Loan limit
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The aggregate of loans to any one member shall be limited to ten percent of a credit union‘s share accounts, undivided earnings, and reserves. This limit shall not apply to loans which are fully secured by assignment of share accounts in the credit union.
Terms Used In Nebraska Statutes 21-1791
- Credit union: shall mean a cooperative, not-for-profit corporation organized under the Credit Union Act for purposes of educating and encouraging its members in the concept of thrift, creating a source of credit for provident and productive purposes, and carrying on such collateral activities as are set forth in the act. See Nebraska Statutes 21-1705
- Reserves: shall mean an allocation of retained income and shall include regular and special reserves, except for any allowance for loan or investment losses. See Nebraska Statutes 21-1720