533.207 Credit committee.
161 words·~1 min read·
/ia/chapter-533-credit-unions/533-207·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. The credit committee shall have responsibility for the general supervision of all loans to members.
2. Applications for loans shall be on a form approved by the credit committee.
a. All applications shall set forth the purpose for which the loan is desired, the security, if any, offered, and such other data as may be required.
b. Within the meaning of this section, an assignment of shares or deposits or the endorsement of a note may be deemed security.
3. At least a majority of the members of the credit committee shall review and act on all loan applications and may grant approval, or the credit committee, with the prior approval of the board of directors, may grant one or more loan officers the power to approve or reject loans subject to written conditions and regulations adopted by the credit committee.
4. The credit committee shall meet as often as may be necessary after due notice to each committee member.