Pennsylvania § 512 Loans

Pennsylvania Statutes

§ 512 — Loans

Pennsylvania § 512

Title 17CREDIT UNIONS

Ch. 5CORPORATE POWERS, DUTIES AND SAFEGUARDS

This text of Pennsylvania § 512 (Loans) is published on Counsel Stack Legal Research, covering Pennsylvania primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

17 Pa. Cons. Stat. § 512 (2026).

Text

(a)Loans to members only.--Except as otherwise provided in this title, a credit union may make loans to its members only.

(b)Loans subject to bylaws.--Loans must be made subject to the conditions contained in the bylaws.

(c)Borrower repayment of loans.--A borrower may repay the borrower's loan, in whole or in part, any day the office of the credit union is open for business.

(d)Nonpreferential treatment.--The following may not obtain or guarantee a loan from the credit union on terms, rates or conditions more favorable than those granted to any other member:

(1)A director.

(2)An officer.

(3)A member of any committee.

(4)A member of the immediate family of a director, officer or member of a committee.

(5)Any individual having a common ownership, investment or other pecuniar

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

(a) Loans to members only.--Except as otherwise provided in this title, a credit union may make loans to its members only.

(b) Loans subject to bylaws.--Loans must be made subject to the conditions contained in the bylaws.

(c) Borrower repayment of loans.--A borrower may repay the borrower's loan, in whole or in part, any day the office of the credit union is open for business.

(d) Nonpreferential treatment.--The following may not obtain or guarantee a loan from the credit union on terms, rates or conditions more favorable than those granted to any other member:

(1) A director.

(2) An officer.

(3) A member of any committee.

(4) A member of the immediate family of a director, officer or member of a committee.

(5) Any individual having a common ownership, investment or other pecuniary interest in a business enterprise with a director, officer or member of a committee.