District of Columbia § 26-507.06 Participation loans.

District of Columbia Statutes

§ 26-507.06 — Participation loans.

District of Columbia § 26-507.06

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 § 26-507.06 (Participation loans.) 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 § 26-507.06 (2026).

Text

(a)A District credit union may participate in loans to District credit union members jointly with other credit unions, credit union organizations, or other organizations pursuant to written policies established by the board of directors.

(b)If the aggregate amount of participation loans exceeds the District credit union's lending limitations, the District credit union may originate the participation loans only on a non-recourse basis. An interest in a participation loan may be negotiated to another credit union, credit union organization, or other approved organization.

(c)A member benefiting from the proceeds of a participation loan need not be a member of every credit union participating in the loan.

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(a) A District credit union may participate in loans to District credit union members jointly with other credit unions, credit union organizations, or other organizations pursuant to written policies established by the board of directors.

(b) If the aggregate amount of participation loans exceeds the District credit union's lending limitations, the District credit union may originate the participation loans only on a non-recourse basis. An interest in a participation loan may be negotiated to another credit union, credit union organization, or other approved organization.

(c) A member benefiting from the proceeds of a participation loan need not be a member of every credit union participating in the loan.