1.  The credit committee or loan officer may approve, at his or her own discretion or upon application by a member, an extension of the maximum credit any member had previously been allowed. If an extension of credit is permitted, applications for loans within the credit limitation need no further consideration so long as the aggregate obligation of the member does not exceed the credit limit.

2.  The credit committee or loan officer shall, at least once each year, review all extensions of credit and any extension of credit shall expire if the member becomes more than 90 days delinquent in his or her obligations to the credit union.