Arizona § 6-564 Loans to officials

Arizona Statutes

§ 6-564 — Loans to officials

Arizona § 6-564

Title 6Arizona Revised Statutes

Ch. 4CREDIT UNIONS

Art. 7Loans

This text of Arizona § 6-564 (Loans to officials) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 6-564 (2026).

Text

A.A credit union may make loans to an officer, director or member of its supervisory and credit committees if both of the following conditions are met:

1.The loan complies with all requirements of this chapter and is not on terms more favorable than those extended to other borrowers.

2.The aggregate of loans to all such officials, except those fully secured by share or deposit accounts, is not more than twenty percent of the credit union's capital.

B.A credit union may allow officers, directors and members of its supervisory and credit committees to act as comakers, guarantors or endorsers of loans to other members, subject to the requirements of subsection A of this section.

C.Any loan that would result in an official becoming obligated as a direct obligor, endorser, cosigner or

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A. A credit union may make loans to an officer, director or member of its supervisory and credit committees if both of the following conditions are met:

1. The loan complies with all requirements of this chapter and is not on terms more favorable than those extended to other borrowers.

2. The aggregate of loans to all such officials, except those fully secured by share or deposit accounts, is not more than twenty percent of the credit union's capital.

B. A credit union may allow officers, directors and members of its supervisory and credit committees to act as comakers, guarantors or endorsers of loans to other members, subject to the requirements of subsection A of this section.

C. Any loan that would result in an official becoming obligated as a direct obligor, endorser, cosigner or guarantor in an aggregate amount of more than one percent of the credit union's net worth must be approved by the board of directors. At the same time a credit union submits each report of condition, the credit union shall provide to the deputy director a list of the credit obligations of each official if the aggregate obligations of an official to the credit union are more than the lesser of $50,000 or one percent of the credit union's net worth. For the purposes of this subsection, "net worth" has the same meaning prescribed in 12 Code of Federal Regulations part 702.