- (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.
Statutory/Other Authority
ORS 723.532
Statutes/Other Implemented
ORS 723.532
History
FCS 2-2005, f. & cert. ef. 8-25-05
FCS 3-2001, f. & cert. ef. 2-13-01