§ 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 […]
§ 6.2-1366. Repealed
Repealed by Acts 2010, c. 269, cl. 2.
§ 6.2-1367. Application of provisions to federal credit unions
The provisions of §§ 6.2-1365, 64.2-601, and 64.2-602 shall apply to federal credit unions operating in the Commonwealth to the extent that the same are not inconsistent with any federal law applicable to such credit unions. 1968, c. 560, § 6.1-208.5; 1979, c. 407; 1990, c. 373, § 6.1-225.50; 2010, cc. 269, 794; 2013, cc. […]
§ 6.2-1368. Accounts of fiduciaries
A credit union may issue shares and maintain share accounts in the name of any person or entity eligible for membership in such credit union pursuant to § 6.2-1327 as administrator, executor, custodian, conservator, guardian, trustee, or other fiduciary for a named beneficiary. The payment of funds from any such account pursuant to a share […]
§ 6.2-1364. Acceptance of money under Virginia Uniform Transfers to Minors Act
A credit union may accept money paid to it pursuant to the Virginia Uniform Transfers to Minors Act (§ 64.2-1900 et seq.) for credit to an account in the name of the custodian as provided in such Act if the custodian or the minor for whose benefit the transfer is made is a member of […]
§ 6.2-1365. Accounts of deceased or incapacitated person
A. A credit union may pay any share balance due a deceased person or any person under a disability to the personal representative, guardian, conservator, curator, or committee of such person upon proper proof of the appointment and qualification of such fiduciary. Such qualification shall be sufficient authority for making such payment. A credit union […]
§ 6.2-1359. Payment for shares; transfers; lien on shares
Shares shall be paid for in money. Shares may be subscribed to, paid for, and transferred in such manner as the bylaws prescribe. The credit union shall have a lien on the shares, including share accounts of a member in his individual, joint, or trust accounts and upon any dividends payable thereon as security for […]
§ 6.2-1360. Dividends
A. At such intervals and for such periods as the bylaws provide and after provision for the required reserves, the board of directors may declare dividends on share accounts from the undivided earnings or other funds set aside for dividends. B. Dividends may be paid at different rates on different types of share accounts and […]
§ 6.2-1361. Ascertaining value of assets
In ascertaining the value of the assets of a credit union: 1. A loan delinquent for more than two but less than six months shall be valued at 90 percent of the unpaid balance; 2. A loan delinquent for six months but less than 12 months shall be valued at 75 percent of the unpaid […]