Colorado § 11-30-110 Credit committee - credit officer

Colorado Statutes

§ 11-30-110 — Credit committee - credit officer

Colorado·Title 11 Financial·Art. Credit Unions - General Provisions

The credit committee or credit
officer has general supervision of all loans to members. Applications for loans must
be on a form approved by the credit committee or the credit officer. At least a
majority of the members of the credit committee or the credit officer shall pass and
approve or disapprove all loans; except that the credit committee or the credit
officer may delegate to one or more loan officers the power to approve or
disapprove loans that are within limits prescribed by the credit committee or the
credit officer. Each loan officer shall furnish to the credit committee or the credit
officer a record of each loan application received by the loan officer within seven
days after the date the application is filed. All loans not approved by a loan officer
may be considere

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The credit committee or credit
officer has general supervision of all loans to members. Applications for loans must
be on a form approved by the credit committee or the credit officer. At least a
majority of the members of the credit committee or the credit officer shall pass and
approve or disapprove all loans; except that the credit committee or the credit
officer may delegate to one or more loan officers the power to approve or
disapprove loans that are within limits prescribed by the credit committee or the
credit officer. Each loan officer shall furnish to the credit committee or the credit
officer a record of each loan application received by the loan officer within seven
days after the date the application is filed. All loans not approved by a loan officer
may be considered by the credit committee or the credit officer. A member of the
credit committee shall not receive any compensation as a loan officer or be
employed by the credit union in any other capacity. A credit officer may receive
compensation in connection with the performance of the credit officer's duties. The
credit committee shall meet as often as may be necessary after due notice to each
member. Vacancies in the credit committee shall be filled pursuant to section 11-30-109 (1)(e).

Colorado § 11-30-110 (Credit committee - credit officer) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 31: p. 301, � 10. CSA: C. 47, � 10. L. 41: p. 375, � 10. CRS 53: � 38-1-10. C.R.S. 1963: � 38-1-10. L. 67: p. 319, � 9. L. 75: Entire section amended, p. 394, � 2, effective June 16. L. 79: Entire section amended, p. 416, � 2, effective July 1. L. 2024: Entire section amended, (HB 24-1381), ch. 350, p. 2366, � 13, effective August 7.