Maine § 9-B §851 Loans in general

Maine Statutes

§ 9-B §851 — Loans in general

Maine § 9-B §851

Title 9-BFINANCIAL INSTITUTIONS

Part 8CREDIT UNIONS

Ch. 85LOANS

This text of Maine § 9-B §851 (Loans in general) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 9-B, § 9-B §851 (2026).

Text

1.Authorization. A credit union may make, sell, purchase, arrange, participate in, invest in and otherwise deal in loans to its members for any purpose in accordance with the provisions of this chapter.

2.Applicability of other sections. In addition, a credit union is subject to sections 432, 433, 435 and 436.

3.Approvals required. The credit committee provided for in section 845 shall approve all loans to members made by the credit union. In addition, the approval of the credit union's board of directors or executive committee shall be required for all loans other than personal loans to members.

4.Written loan policy. The board of directors shall establish a written loan policy, which must be reviewed and ratified at least annually, that addresses at a minimum the following:

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1.
Authorization.
A credit union may make, sell, purchase, arrange, participate in, invest in and otherwise deal in loans to its members for any purpose in accordance with the provisions of this chapter.
2.
Applicability of other sections.
In addition, a credit union is subject to sections 432, 433, 435 and 436.
3.
Approvals required.
The credit committee provided for in section 845 shall approve all loans to members made by the credit union. In addition, the approval of the credit union's board of directors or executive committee shall be required for all loans other than personal loans to members.
4.
Written loan policy.
The board of directors shall establish a written loan policy, which must be reviewed and ratified at least annually, that addresses at a minimum the following: