(a) Loans to members only.-- Except as otherwise provided in this title, a credit union may make loans to its members only. (b) Loans subject to bylaws.-- Loans must be made subject to the conditions contained in the bylaws. (c) Borrower repayment of loans.-- A borrower may repay the borrower's loan, in whole or in part, any day the office of the credit union is open for business. (d) Nonpreferential treatment.-- The following may not obtain or guarantee a loan from the credit union on terms, rates or conditions more favorable than those granted to any other member: (1) A director. (2) An officer. (3) A member of any committee. (4) A member of the immediate family of a director, officer or member of a committee. (5) Any individual having a common ownership, investment or other pecuniary interest in a business enterprise with a director, officer or member of a committee.
‹ Prev All Pennsylvania sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.