32-3-601. Repealed

32-3-601. Repealed. Sec. 14, Ch. 317, L. 2015. History: En. 14-648 by Sec. 48, Ch. 38, L. 1975; R.C.M. 1947, 14-648; amd. Sec. 6, Ch. 275, L. 1981; amd. Sec. 1, Ch. 9, L. 1983; amd. Sec. 32, Ch. 237, L. 2003.

32-3-602. Loan application

32-3-602. Loan application. Every application for a loan must be made upon a form prescribed by the credit union. The application must state the security, if any, offered. Each loan must be evidenced by a written document or electronic data capable of being converted into written form. History: En. 14-649 by Sec. 49, Ch. 38, L. 1975; […]

32-3-603. Loan limit

32-3-603. Loan limit. No loan shall be made to any member in an aggregate amount in excess of 10% of the credit union’s total assets. History: En. 14-650 by Sec. 50, Ch. 38, L. 1975; R.C.M. 1947, 14-650.

32-3-604. Security — real property loans

32-3-604. Security — real property loans. (1) In addition to generally accepted types of security, the endorsement of a note by a surety, comaker, or guarantor or pledge of shares, in a manner consistent with the laws of this state, must be considered security within the meaning of this chapter. The adequacy of any security is […]

32-3-605. Installments

32-3-605. Installments. A member may receive a loan in installments or in one sum and may pay the whole or any part of the loan on any day on which the office of the credit union is open for business. History: En. 14-652 by Sec. 52, Ch. 38, L. 1975; R.C.M. 1947, 14-652; amd. Sec. 1049, Ch. 56, […]

32-3-606. Line of credit

32-3-606. Line of credit. Upon their own motion or upon application by a member, the credit committee or credit manager may approve a line of credit in advance, and advances may be granted to each member within the limit of such extension of credit. Where a line of credit has been approved, no additional loan applications […]

32-3-607. Other loan programs

32-3-607. Other loan programs. (1) A credit union may participate in loans to credit union members jointly with other credit unions, corporations, or financial organizations. (2) A credit union may participate in guaranteed loan programs of the federal and state government. (3) A credit union may purchase the conditional sales contracts, notes, and similar instruments of its members. […]

32-3-608. Loans to officials

32-3-608. Loans to officials. (1) (a) Except as provided in subsection (1)(b), a credit union may make loans to its officials if: (i) the loan complies with the requirements of this chapter with respect to loans to other borrowers and is not on terms more favorable than those extended to other borrowers; and (ii) the loan or aggregate of […]

32-3-609. Insurance for members — debt cancellation and suspension programs

32-3-609. Insurance for members — debt cancellation and suspension programs. (1) A credit union may purchase or make available insurance for its members in amounts related to their respective ages, shares, or loan balances or to any combination of them. (2) A credit union may, upon application to and approval by the department of administration pursuant to […]

32-3-610. Liability insurance for officers

32-3-610. Liability insurance for officers. A credit union may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee, or agent of the credit union or who is or was serving at the request of the credit union as a director, officer, employee, or agent of another corporation, partnership, […]

32-3-611. Share insurance

32-3-611. Share insurance. (1) Each credit union shall maintain insurance on its share accounts under the provisions of Title II of the Federal Credit Union Act or through a legally constituted insurance plan approved by the commissioner of insurance and the department of administration. (2) A credit union may not begin operation or transact any business until […]