Section 490.424 – Property and Casualty Insurance as Condition to Mortgage Loan.
490.424 Property and casualty insurance as condition to mortgage loan. Sec. 424. (1) Except as provided in subsection (2), a domestic credit union that requires a mortgagor to maintain property and casualty insurance as a condition to receiving a mortgage loan shall not require an amount of property and casualty insurance that is greater than […]
Section 490.421 – Credit Committee; Powers; Meetings; Loan Officers; Appeals of Loan Rejections; Designation of Secretary; Maintenance of Records of Activities.
490.421 Credit committee; powers; meetings; loan officers; appeals of loan rejections; designation of secretary; maintenance of records of activities. Sec. 421. (1) If a domestic credit union has a credit committee, the credit committee has general supervision of all loans to members. (2) A credit committee shall meet as often as the business of the […]
Section 490.422 – Loan Agreement With Member or Another Domestic Credit Union.
490.422 Loan agreement with member or another domestic credit union. Sec. 422. (1) A loan made by a domestic credit union to another domestic credit union is not subject to any interest rate limitation contained in any law of this state. (2) In addition to any other loan authorized by law, a domestic credit union […]
Section 490.423 – Loan Conditions; Repayment; Rates, Terms, or Conditions to Officials or Family Member; Open-End Credit Arrangements; Joint Loans; Guaranteed Federal or State Loan Program; Reduced Rate Loans and Extensions; Restriction; Additional Security.
490.423 Loan conditions; repayment; rates, terms, or conditions to officials or family member; open-end credit arrangements; joint loans; guaranteed federal or state loan program; reduced rate loans and extensions; restriction; additional security. Sec. 423. (1) A loan by a domestic credit union to a member shall conform to any conditions contained in the bylaws. (2) […]