4 N.C. Admin. Code 6C.0408

Current through Register Vol. 39, No. 12, December 1, 2024

Section 06C .0408 - SALE OF LOANS

(a) A credit union may sell its loans provided the Board of Directors or designated Committee approves the sale and a written agreement and a schedule of loans covered by the agreement are retained in the credit union office.

(b) A credit union may not sell loans with recourse without the permission of the Administrator of Credit Unions.

(c) A credit union may agree to service any obligation it purchases or sells in whole or in part.

04 N.C. Admin. Code 06C .0408

Authority G.S. 54-109.12; 54-109.21(9); 54-109.21(25); 54-109.22;
Eff. June 1, 1991;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. September 6, 2016.

Authority G.S. 54-109.12; 54-109.21(9); 54-109.21(25); 54-109.22;
Eff. June 1, 1991.