§ 6.1-225.53. Loan limit
No loan may be made to a member if, upon making the loan, the member would be indebted to the credit union on loans to such member in an aggregate amount which would exceed ten percent of its share accounts and reserve fund, or the maximum amount as authorized by its bylaws, whichever is less. The aggregate amount of a credit union's "member business loans," as defined in 12 C.F.R. § 701.21 (h), shall not exceed the limit prescribed for insured credit unions by subsection (a) of § 107A of the Federal Credit Union Act (12 U.S.C. § 1757 a), taking into account also the provisions of subsections (b) through (d) of that section.
(Code 1950, § 6-226; 1956, c. 90; 1966, c. 584, § 6.1-217; 1968, c. 560; 1972, c. 192; 1975, c. 448; 1979, c. 139; 1987, c. 150; 1990, c. 373; 1999, c. 63.)
Sections: Previous 6.1-225.48 6.1-225.49 6.1-225.50 6.1-225.50:1 6.1-225.50:2 6.1-225.51 6.1-225.52 6.1-225.53 6.1-225.54 6.1-225.55 6.1-225.56 6.1-225.57 6.1-225.58 6.1-225.59 6.1-225.60 NextLast modified: April 2, 2009