1. (a) Loans to members only.— Except as otherwise provided in this title, a credit union may make loans to its members only.
2. (b) Loans subject to bylaws.— Loans must be made subject to the conditions contained in the bylaws.
3. (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.

4. (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. (1) A director.
   2. (2) An officer.
   3. (3) A member of any committee.
   4. (4) A member of the immediate family of a director, officer or member of a committee.
   5. (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.

(Dec. 12, 1994, P.L.1067, No.146, eff. 60 days; June 18, 2014, P.L.754, No.62, eff. 60 days)