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Pennsylvania Statutes Title 17 Pa.C.S.A. Credit Unions § 512. Loans

Current as of January 01, 2022 | Updated by FindLaw Staff

(a) Loans to members only.--Except as otherwise provided in this title, a credit union may make loans to its members only.

(b) Loans subject to bylaws.--Loans must be made subject to the conditions contained in the bylaws.

(c) Borrower repayment of loans.--A borrower may repay the borrower's loan, in whole or in part, any day the office of the credit union is open for business.

(d) Nonpreferential treatment.--The following may not obtain or guarantee a loan from the credit union on terms, rates or conditions more favorable than those granted to any other member:

(1) A director.

(2) An officer.

(3) A member of any committee.

(4) A member of the immediate family of a director, officer or member of a committee.

(5) Any individual having a common ownership, investment or other pecuniary interest in a business enterprise with a director, officer or member of a committee.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 17 Pa.C.S.A. Credit Unions § 512. Loans - last updated January 01, 2022 | https://codes.findlaw.com/pa/title-17-pacsa-credit-unions/pa-csa-sect-17-512/

Read this complete Pennsylvania Statutes Title 17 Pa.C.S.A. Credit Unions § 512. Loans on Westlaw

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