South Carolina § 34-26-850 Limitation on loan advances by approved line of credit; periodic review.

South Carolina Statutes

§ 34-26-850 — Limitation on loan advances by approved line of credit; periodic review.

South Carolina § 34-26-850

Title 34BANKING, FINANCIAL INSTITUTIONS AND MONEY

Ch. 26SOUTH CAROLINA CREDIT UNION ACT

This text of South Carolina § 34-26-850 (Limitation on loan advances by approved line of credit; periodic review.) 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. § 34-26-850 (2026).

Text

(1)Upon application by a member, the credit committee, or loan officer may approve a line of credit, and loan advances may be granted to the member within the limit of such line of credit. Where a line has been approved, no additional credit application is required as long as the aggregate indebtedness does not exceed the approved limit.

(2)Lines of credit shall be subject to periodic review by the credit union, in accordance with the written policies of the board of directors.

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(1) Upon application by a member, the credit committee, or loan officer may approve a line of credit, and loan advances may be granted to the member within the limit of such line of credit. Where a line has been approved, no additional credit application is required as long as the aggregate indebtedness does not exceed the approved limit. (2) Lines of credit shall be subject to periodic review by the credit union, in accordance with the written policies of the board of directors.