Pennsylvania § 512 Loans

Pennsylvania Statutes

§ 512 — Loans

Pennsylvania·Title 17 CREDIT UNIONS·Ch. 5 CORPORATE POWERS, DUTIES AND SAFEGUARDS

(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

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(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.

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