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. (1) the amount of each indebtedness; and

2. (2) a description of the terms and conditions of each loan, including:

   1. (A) the interest rate;
   2. (B) the original amount and date of the loan;
   3. (C) the maturity date;
   4. (D) payment terms;
   5. (E) security, if any; and
   6. (F) any unusual term or condition of a particular extension of credit.

As added by P.L.90-2008, SEC.44.