§ 6.1-225.37. Credit committee or loan officers; appeal
A. The credit committee of a credit union shall approve every loan or advance made by the credit union to members, unless it is replaced by a loan officer, as provided in subsection D of § 6.1-225.31.
B. If the credit committee has not been replaced by action of the board of directors, it may appoint and delegate to loan officers the authority to approve or disapprove loan applications, subject to the written policies prescribed by the board of directors. The approval of an application by the credit committee shall be by a majority of the committee who are present at the meeting at which it is considered, provided a majority of the full committee is present.
C. All applications disapproved by a loan officer may, upon request of the applicant, be reviewed by the credit committee. The approval of a majority of the credit committee who are present at the meeting when such review is undertaken shall be required to reverse the loan officer's decision. A majority of the full committee shall be present at such review. No individual shall have the authority to disburse funds of the credit union for any loan for which the application has been approved by him in his capacity as a loan officer. A member whose application was disapproved by a loan officer or the credit committee may appeal such action to the board of directors.
D. The credit committee shall meet as often as the business of the credit union may require to consider applications for loans or to review the work of the loan officers, as the case may be. Reasonable notice of each such meeting shall be given to each member of the committee.
(Code 1950, § 6-221; 1964, c. 75; 1966, c. 584, § 6.1-212; 1974, c. 143; 1983, c. 302; 1990, c. 373.)
Sections: Previous 6.1-225.30 6.1-225.31 6.1-225.32 6.1-225.33 6.1-225.34 6.1-225.35 6.1-225.36 6.1-225.37 6.1-225.38 6.1-225.39 6.1-225.40 6.1-225.41 6.1-225.42 6.1-225.43 6.1-225.44 NextLast modified: April 16, 2009