Sec. 17.3. At least quarterly, the president or manager shall prepare and deliver to the board of directors a report listing the outstanding indebtedness of all officers, directors, and committee members. A report prepared under this subsection must be retained at the credit union for three (3) years and shall not be filed with the department unless specifically requested. A report required by this section must include: (1) the amount of each indebtedness; and (2) a description of the terms and conditions of each loan, including: (A) the interest rate; (B) the original amount and date of the loan; (C) the maturity date; (D) payment terms; (E) security, if any; and (F) any unusual term or condition of a particular extension of credit.
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