678.710 - Loans to members: Application; approval; limitations; participation loans; payment. - Nevada Statutes

678.710  Loans to members: Application; approval; limitations; participation loans; payment.

      1.  A credit union may make loans to members in accordance with the provisions of the bylaws upon receipt of approval by the credit committee or loan officer at a rate of interest agreed upon by the credit union and member.

      2.  Every application for a loan must be made in writing upon a form furnished by the credit union which has been approved by the board. The application must include the purpose for which the loan is desired and the security, if any, offered.

      3.  A loan must not be made to any member in an aggregate amount in excess of 10 percent of the credit union’s unimpaired capital and surplus.

      4.  A credit union may participate with other credit unions, corporations or financial institutions in making loans to credit union members.

      5.  A member may receive a loan in installments or in one sum and may pay the whole or any part of his or her loan on any day on which the office of the credit union is open for business.

      (Added to NRS by 1975, 389; A 1981, 1596)