370.310. Limitations on loans--installment loans--repayment--exceptions--loans to directors and committee members, limitation, report required. - Missouri Statutes

Limitations on loans--installment loans--repayment--exceptions--loansto directors and committee members, limitation, report required.

370.310. 1. A credit union may lend to its members, asherein provided, for such purposes and upon such security as thebylaws provide and the credit committee or credit manager shallapprove, provided that no secured or unsecured loan shall be madein excess of two thousand dollars, except that if ten percent ofthe assets of the credit union exceeds two thousand dollars thenthe maximum amount of a loan by the credit union shall be tenpercent of its assets, and unsecured loans to any one membershall not exceed the limitations found in current writtenpolicies of the board of directors.

2. A member who needs funds with which to purchasenecessary supplies for growing crops may receive a loan ininstallments instead of one sum.

3. A borrower may repay the whole or any part of his loanon any day on which the office of the credit union is open forthe transaction of business.

4. All loans to directors, credit and supervisory committeemembers of the credit union shall comply with all therequirements in this chapter and the credit union bylaws withrespect to loans to other members and may not be on terms morefavorable than those of loans extended to other member-borrowersexcept that such loans, other than those secured by mortgages onprimary and secondary borrower-occupied residences, negotiablesecurities, licensed motor vehicles, or shares shall not exceedtwenty-five thousand dollars for each official and such loansshall also be reported at the next regularly scheduled meeting ofthe board of directors; and further, all such loans shall bereported to the director of the division of credit unionsannually.

(RSMo 1939 § 5536, A.L. 1945 p. 689, A.L. 1951 p. 287, A.L. 1965 p. 568, A.L. 1969 H.B. 117, A.L. 1972 S.B. 502, A.L. 1982 H.B. 1099, A.L. 1986 H.B. 1193, A.L. 1988 H.B. 1097, A.L. 1991 H.B. 180, A.L. 1994 H.B. 1312)

Prior revision: 1929 § 5094