South Carolina § 34-26-650 Credit committee supervision of member loans.

South Carolina Statutes

§ 34-26-650 — Credit committee supervision of member loans.

South Carolina § 34-26-650

Title 34BANKING, FINANCIAL INSTITUTIONS AND MONEY

Ch. 26SOUTH CAROLINA CREDIT UNION ACT

This text of South Carolina § 34-26-650 (Credit committee supervision of member loans.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 34-26-650 (2026).

Text

(1)The credit committee shall have the general supervision of all loans to members. It may approve or disapprove loans, subject to written policies established by the board of directors.

(2)The credit committee shall meet as often as the business of the credit union requires to consider applications for loans or review the work of the loan officers. No loan shall be made unless it is approved by a majority of the committee who are present at the meeting at which the application is considered.

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

(1) The credit committee shall have the general supervision of all loans to members. It may approve or disapprove loans, subject to written policies established by the board of directors. (2) The credit committee shall meet as often as the business of the credit union requires to consider applications for loans or review the work of the loan officers. No loan shall be made unless it is approved by a majority of the committee who are present at the meeting at which the application is considered.