512 - Loans. - Pennsylvania Statutes

§ 512. Loans. Except as otherwise provided in this title, a credit union may make loans to its members only. Loans must be made subject to the conditions contained in the bylaws. A borrower may repay his loan, in whole or in part, any day the office of the credit union is open for business. No director, officer or member of any committee may obtain or guarantee a loan from the credit union in which he holds office on terms, rates or conditions more favorable than those granted to any other member. (Dec. 12, 1994, P.L.1067, No.146, eff. 60 days)