Washington Code 31.12.426 – Loans — Secured or unsecured loans
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(1) A credit union may make secured and unsecured loans to its members under policies established by the board, subject to the loans to one borrower limits provided for in RCW 31.12.428. Each loan must be evidenced by records adequate to support enforcement or collection of the loan and any review of the loan by the director. Loans must be in compliance with rules adopted by the director.
Terms Used In Washington Code 31.12.426
- Board: means the board of directors of a credit union. See Washington Code 31.12.005
- Credit union: means a credit union organized and operating under this chapter. See Washington Code 31.12.005
- Director: means the director of financial institutions. See Washington Code 31.12.005
- Loan: means any loan, overdraft line of credit, extension of credit, or lease, in whole or in part. See Washington Code 31.12.005
(2) Loans to directors, supervisory committee members, and credit committee members may not be made under more favorable terms and conditions than those made to members generally.
(3) A credit union may obligate itself to purchase loans in accordance with RCW 31.12.436(1)(a), if the credit union’s underwriting policies would have permitted it to originate the loans.
[ 2013 c 34 § 7; 2001 c 83 § 17; 1997 c 397 § 34. Prior: 1994 c 256 § 84; 1994 c 92 § 195; 1987 c 338 § 6; 1984 c 31 § 42. Formerly RCW 31.12.406.]
NOTES:
Findings—Construction—1994 c 256: See RCW 43.320.007.