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Indiana Code Title 28. Financial Institutions § 28-7-1-17.3

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 17.3. At least quarterly, the president or manager shall prepare and deliver to the board of directors a report listing the outstanding indebtedness of all officers, directors, and committee members.  A report prepared under this subsection must be retained at the credit union for three (3) years and shall not be filed with the department unless specifically requested.  A report required by this section must include:

(1) the amount of each indebtedness;  and

(2) a description of the terms and conditions of each loan, including:

(A) the interest rate;

(B) the original amount and date of the loan;

(C) the maturity date;

(D) payment terms;

(E) security, if any;  and

(F) any unusual term or condition of a particular extension of credit.

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Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-7-1-17.3 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-7-1-17-3/

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