6.2-1372 - (Effective October 1, 2010) Loan limits. - Virginia Statutes

§ 6.2-1372. (Effective October 1, 2010) Loan limits.

A. No loan may be made by a credit union to a member if, upon making theloan, the member would be indebted to the credit union on loans to suchmember in an aggregate amount which would exceed the lesser of (i) 10 percentof the credit union's share accounts and reserve fund or (ii) the maximumamount as authorized by its bylaws.

B. The aggregate amount of a credit union's "member business loans," asdefined in 12 C.F.R. § 701.21 (h), shall not exceed the limit prescribed forinsured credit unions by subsection (a) of § 107A of the Federal Credit UnionAct (12 U.S.C. § 1757a), taking into account also the provisions ofsubsections (b) through (d) of that section.

(Code 1950, § 6-226; 1956, c. 90; 1966, c. 584, § 6.1-217; 1968, c. 560;1972, c. 192; 1975, c. 448; 1979, c. 139; 1987, c. 150; 1990, c. 373, §6.1-225.53; 1999, c. 63; 2010, c. 794.)