§ 5-17-30 — Penalties - Overdraws; Receipt of Commission, Emolument, Etc., for Procuring Loans

Alabama § 5-17-30

• Jurisdiction: Alabama
• Title 5: Banks and Financial Institutions
• Ch. 17: Credit Unions
• Art. 1: General Provisions

Text

Any officer, director, committee member, or employee of a credit union who willfully and knowingly overdraws his own account with such credit union and thereby obtains money or funds of any such credit union except as specifically permitted by the written loan policy of the board of directors or asks, receives, consents or agrees to receive any commission, emolument, gratuity, or reward or any promise of any commission, emolument or reward, or any money, property or thing of value or of personal advantage in procuring or endeavoring to procure for any person, firm or corporation any loan from or the purchase or discount of any paper, note, draft check or bill of exchange by any such credit union is guilty of a Class C misdemeanor.

Legislative History

(Acts 1989, No. 89-632, p. 1241, §4.)