A credit union may make loans to members of the credit union for such purpose and upon such security and terms as the credit committee, credit manager or loan officer approves. A person who is not a member of the credit union may be a guarantor or co-obligor on a credit union’s loan to a member of the credit union.

[1975 c.652 §52; 1981 c.412 §8; 2007 c.343 §7]