District of Columbia § 26-507.05 Lines of credit.

District of Columbia Statutes

§ 26-507.05 — Lines of credit.

District of Columbia § 26-507.05

JurisdictionDistrict of Columbia

Title 26Banks and Other Financial Institutions.

Ch. 5Credit Unions.

Subch. ICredit Union Act of 2020.

Part GLoans.

This text of District of Columbia § 26-507.05 (Lines of credit.) is published on Counsel Stack Legal Research, covering District of Columbia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

D.C. Code § 26-507.05 (2026).

Text

(a)A District credit union may approve lines of credit to members and loan advances may be granted to members within the limit of the approved lines of credit. The terms and conditions upon which a line of credit is extended to any member may be different from the terms and conditions established for another member. Where a line of credit has been approved, no additional credit application is required as long as the aggregate indebtedness does not exceed the approved limit.

(b)Lines of credit shall be subject to periodic review by the District credit union, in accordance with the written policies adopted by the board of directors.

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(a) A District credit union may approve lines of credit to members and loan advances may be granted to members within the limit of the approved lines of credit. The terms and conditions upon which a line of credit is extended to any member may be different from the terms and conditions established for another member. Where a line of credit has been approved, no additional credit application is required as long as the aggregate indebtedness does not exceed the approved limit.

(b) Lines of credit shall be subject to periodic review by the District credit union, in accordance with the written policies adopted by the board of directors.