South Carolina § 34-26-890 Limitation on loans to directors and members of supervisory and credit committees.

South Carolina Statutes

§ 34-26-890 — Limitation on loans to directors and members of supervisory and credit committees.

South Carolina § 34-26-890

Title 34BANKING, FINANCIAL INSTITUTIONS AND MONEY

Ch. 26SOUTH CAROLINA CREDIT UNION ACT

This text of South Carolina § 34-26-890 (Limitation on loans to directors and members of supervisory and credit committees.) 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. § 34-26-890 (2026).

Text

(1)A credit union may make loans to its directors and members of its supervisory and credit committees, provided that:

(a)the loan complies with all requirements of this chapter and is not on terms more favorable than those extended to other borrowers; and (b) the aggregate of loans to such officials, excepting those secured by shares or deposits, may not exceed fifteen percent of the credit union's reserves and undivided earnings.

(2)A credit union may permit officers, directors, and members of its supervisory and credit committees to act as comakers, guarantors, or endorsers of loans to family members, subject to the requirements of subsection (1) above. Officials may secure loans for other members with shares on deposit.

(3)A credit union may make loans to its employees.

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(1) A credit union may make loans to its directors and members of its supervisory and credit committees, provided that: (a) the loan complies with all requirements of this chapter and is not on terms more favorable than those extended to other borrowers; and (b) the aggregate of loans to such officials, excepting those secured by shares or deposits, may not exceed fifteen percent of the credit union's reserves and undivided earnings. (2) A credit union may permit officers, directors, and members of its supervisory and credit committees to act as comakers, guarantors, or endorsers of loans to family members, subject to the requirements of subsection (1) above. Officials may secure loans for other members with shares on deposit. (3) A credit union may make loans to its employees.