- (1) Upon application by a member, the credit committee, or loan officer may approve a line of credit, and loan advances may be granted to the member within the limit of such line of credit. Where a line has been approved, no additional credit application is required as long as the aggregate indebtedness does not exceed the approved limit.
- (2) Lines of credit shall be subject to periodic review by the credit union, in accordance with the written policies of the board of directors.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.