(1) A credit union may participate in any guaranteed loan program of the federal or state government under the terms and conditions specified in the law under which such a program is provided.

(2) A credit union may purchase conditional sales contracts, notes, and similar instruments of its members.

Terms Used In South Carolina Code 34-26-880

  • Contract: A legal written agreement that becomes binding when signed.
  • Personal property: All property that is not real property.

(3) A credit union may finance for any person by way of installment sales contract the sale of the credit union’s property, including property obtained as a result of defaults in obligations owed to it.

(4) A credit union may engage in the leasing of personal property to its members.

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