1. Except as provided in subsections 3 and 4, an officer or employee of the Division of Financial Institutions shall not: (a) Be directly or indirectly interested in or act on behalf of any credit union chartered by this state; (b) Receive, directly or indirectly, any payment from any such credit union; (c) Be indebted to any state credit union; (d) Engage in the negotiation of loans for others with any such credit union; or (e) Obtain credit or services from a state credit union conditioned upon a fraudulent practice or undue or unfair preference over other customers. 2. An employee of the Division of Financial Institutions in the unclassified service of the State shall not obtain new extensions of credit from a state credit union while in office. 3. Any officer or employee of the Division of Financial Institutions may be indebted to a credit union on the same terms as are available to the public generally upon: (a) A mortgage loan on his or her own real property. (b) A secured installment debt. (c) An unsecured debt. 4. Any officer or employee of the Division of Financial Institutions may establish and maintain savings deposits or share accounts with credit unions to the greatest amount insured, receive interest on those deposits or shares and borrow money secured by a pledge of those deposits or shares. 5. If an officer or employee of the Division of Financial Institutions has a service, a preferred consideration, an interest or a relationship prohibited by this section at the time of his or her appointment or employment, or obtains it during his or her employment, he or she shall terminate it within 120 days after the date of his or her appointment or employment or the discovery of the prohibited act.
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