6-561. Purpose and conditions of loans; prepayment penalties A. A credit union may make loans, including lines of credit, to members for the purposes and on the conditions as the bylaws provide. The board of directors shall establish written policies with respect to the granting of loans including the terms, conditions and acceptable forms of […]
6-562. Interest rates and other charges A. The board of directors shall determine the interest rates on loans. The board may also authorize any refund of interest on loans under the conditions it may prescribe. B. In addition to interest charged on loans, a credit union may charge all reasonable fees and expenses in connection […]
6-563. Other loan programs A. A credit union may participate in loans to its members jointly with other credit unions, credit union organizations or other organizations pursuant to written policies established by the board of directors. A credit union which originates such a loan shall retain an interest of at least ten per cent of […]
6-564. Loans to officials A. A credit union may make loans to an officer, director or member of its supervisory and credit committees if both of the following conditions are met: 1. The loan complies with all requirements of this chapter and is not on terms more favorable than those extended to other borrowers. 2. […]
