6.2-1375 - (Effective October 1, 2010) Cooperative loans. - Virginia Statutes

§ 6.2-1375. (Effective October 1, 2010) Cooperative loans.

A credit union may originate loans to credit union members jointly with othercredit unions, credit union organizations, or other financial institutionspursuant to written policies established by the board of directors. Thepolicies shall include the limitation set forth in § 6.2-1372. A credit unionthat originates such a loan shall retain at least a 10 percent interest insuch loan.

(1990, c. 373, § 6.1-225.56; 2010, c. 794.)