Indiana § 28-7-1-23 Loans to members; purposes; repayment plans; direct deposit

Indiana Statutes

§ 28-7-1-23 — Loans to members; purposes; repayment plans; direct deposit

Indiana·Art. 7 SPECIALIZED FINANCIAL INSTITUTIONS·Ch. 1 Credit Unions

(a)A credit union may make loans to its members for such purposes and upon such security as the bylaws provide, and as the credit committee or loan officer shall approve.

(b)A member may receive a loan for crops in installments.

(c)A borrower may repay the whole loan or any part of a loan on any day on which the credit union is open.

(d)A credit union may offer payroll deduction for:

(1)the repayment of loans; and

(2)deposits into the accounts of members.

(e)A credit union may offer direct deposit. Formerly: Acts 1961, c.182, s.23; Acts 1969, c.133, s.6; Acts 1974, P.L.130, SEC.6. As amended by P.L.270-1983, SEC.7; P.L.263-1995, SEC.20.

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(a) A credit union may make loans to its
members for such purposes and upon such security as the bylaws
provide, and as the credit committee or loan officer shall approve.
(b) A member may receive a loan for crops in installments.
(c) A borrower may repay the whole loan or any part of a loan on
any day on which the credit union is open.
(d) A credit union may offer payroll deduction for:
(1) the repayment of loans; and
(2) deposits into the accounts of members.
(e) A credit union may offer direct deposit.
Formerly: Acts 1961, c.182, s.23; Acts 1969, c.133, s.6; Acts
1974, P.L.130, SEC.6. As amended by P.L.270-1983, SEC.7;
P.L.263-1995, SEC.20.

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