New York § 483 Penalty for loans to non-members; recovery

New York Statutes

§ 483 — Penalty for loans to non-members; recovery

New York § 483

Law BNKBanking

Art. 11Credit Unions

This text of New York § 483 (Penalty for loans to non-members; recovery) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Banking § 483 (2026).

Text

  § 483. Penalty for loans to non-members; recovery. Any officer,\ndirector or member of a committee of a credit union who knowingly\npermits a loan to be made or participates in a loan to a non-member of\nthe corporation shall be guilty of a misdemeanor and shall be primarily\nliable to the corporation for the amount thus illegally loaned, and the\nillegality of such a loan shall be no defense in any action by the\ncorporation to recover the amount lent.\n

Free access — add to your briefcase to read the full text and ask questions with AI

§ 483. Penalty for loans to non-members; recovery. Any officer,\ndirector or member of a committee of a credit union who knowingly\npermits a loan to be made or participates in a loan to a non-member of\nthe corporation shall be guilty of a misdemeanor and shall be primarily\nliable to the corporation for the amount thus illegally loaned, and the\nillegality of such a loan shall be no defense in any action by the\ncorporation to recover the amount lent.\n