Oregon Statutes - Chapter 723 - Credit Unions - Section 723.512 - Loan limit; exception.

(1) No loan shall be made to any member in an aggregate amount in excess of $15,000, or 15 percent of the credit unionís equity, whichever is greater. In determining the amount of loans to be made to a member, loans for which that member is a guarantor or surety shall be included, as well as loans to persons who are not individuals if the individual member is a principal or owner of the person who is not an individual or the loan is for that memberís benefit.

(2) The restrictions in subsection (1) of this section do not apply to any loan fully guaranteed by shares or deposits. [1975 c.652 §54; 1977 c.628 §3; 1979 c.88 §34; 1987 c.650 §8; 1995 c.319 §8; 1999 c.185 §42]

Section:  Previous  723.492  723.494  723.496  723.498  723.502  723.506  723.510  723.512  723.516  723.520  723.522  723.526  723.530  723.532  723.536  Next

Last modified: August 7, 2008