§ 473 — Loan officers, credit committee; duties

§ 473. Loan officers, credit committee; duties. Whenever the term\n"credit committee" is used in this article, it shall solely be\napplicable to those credit unions whose bylaws provide for such\ncommittee. The credit committee of every credit union shall meet as\noften as necessary, after due notice has been given to each member, for\nthe purpose of passing upon applications of members for loans. No loan\nshall be made unless approved by a loan officer or by a majority of the\nmembers of the credit committee; except the credit committee or a loan\nofficer may approve in advance upon application by a member, an\nextension of credit, and loans may be granted to such members within the\nlimits of such extension of credit. The loan officers or the credit\ncommittee shall be responsible for reviewing and affirming all\nextensions of credit and any extension of credit shall expire if the\nmember becomes more than ninety days delinquent in his obligations to\nthe credit union. If the credit union has shares in excess of fifty\nthousand dollars, the credit committee may appoint one or more loan\nofficers and delegate to him, her or them the power to approve loans\nwithin the limits fixed by the board of directors. If the credit\ncommittee appoints one or more loan officers, not more than one loan\nofficer shall be a member of the credit committee and each loan officer\nshall report to the credit committee a record of each loan approved or\ndisapproved by him, her or them within seven days after filing of the\nloan application. All applications not approved by a loan officer shall\nbe acted upon by the credit committee. If there is no credit committee,\na member shall have the right, upon written request, of review by the\nboard of directors of a loan application which has been denied.\n In no case shall a loan officer or a member of the credit committee\nserve as a member of the supervisory committee. No officer who is\nauthorized to sign checks shall act as a loan officer. If a credit\nunion has less than five hundred thousand dollars in assets, its board\nof directors may act as its credit committee. The credit committee of\nevery credit union shall keep full and complete minutes of all the\nbusiness transacted at each of its meetings. Such minutes shall include\nthe names of those present at such meetings.\n