Or. Admin. Code § 441-710-0400

Current through Register Vol. 63, No. 11, November 1, 2024

Section 441-710-0400 - Loans to Officials

(1) Any single loan to a person described in ORS 723.532(2) or the aggregate of all outstanding loans for which such person is directly or indirectly obligated to repay which exceeds $100,000 shall be approved by the Board of Directors.

(2) If the credit union has a staff of three persons or less, all loans to a person described in ORS 723.532(2) shall be approved by the Board of Directors.

(3) This rule shall not apply to loans secured by share or deposit accounts.

Or. Admin. Code § 441-710-0400

FCS 3-2001, f. & cert. ef. 2-13-01; FCS 2-2005, f. & cert. ef. 8-25-05

Stat. Auth.: ORS 723.532

Stats. Implemented: ORS 723.532