§ 6.2-1374. Lines of credit
Notwithstanding the requirements of § 6.2-1354, the credit committee or a loan officer may approve an application for a line of credit. When a line of credit has been approved, advances may be made as requested without further loan application or approval if the aggregate outstanding balance on all advances does not exceed the limit […]
§ 6.2-1375. Cooperative loans
A credit union may originate loans to credit union members jointly with other credit unions, credit union organizations, or other financial institutions pursuant to written policies established by the board of directors. The policies shall include the limitation set forth in § 6.2-1372. A credit union that originates such a loan shall retain at least […]
§ 6.2-1376. Authorized investments
The funds of a credit union that are not used in loans to members may be invested only: 1. In loans to other insured credit unions to the extent permitted in the bylaws; 2. In shares, share accounts, or deposits of other insured credit unions to the extent authorized in its bylaws, but not to […]
§ 6.2-1370. Purpose and condition of loans
A credit union may lend to its members for such purposes and upon such conditions as the bylaws may prescribe. The board of directors shall establish written policies with respect to granting loans and extending lines of credit, including the terms, conditions, and acceptable forms of security. Code 1950, § 6-207; 1956, c. 90; 1966, […]
§ 6.2-1371. Other charges
A. In addition to interest charged on loans, a credit union may charge members all reasonable expenses in connection with making, closing, disbursing, extending, collecting, or renewing loans. B. In accordance with the bylaws, a credit union may assess charges to members for failure to meet in a timely manner their obligations to the credit […]
§ 6.2-1372. Loan limits
A. No loan may be made by a credit union to a member if, upon making the loan, the member would be indebted to the credit union on loans to such member in an aggregate amount which would exceed the lesser of (i) 10 percent of the credit union’s share accounts and reserve fund or […]
§ 6.2-1373. Loans to members of credit committee; nonmember loans
A. If the borrower or endorser on a loan by a credit union is a member of the credit committee, or a member of the board of directors if the board is serving as the credit committee, the loan shall be approved by the supervisory committee or a loan officer instead of by the credit […]