§ 512. Loans.
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/pa/title-17/chapter-5/512A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 512. Loans.
(a)Loans to members only.-- Except as otherwise provided in this title, a credit union may make loans to its members only.
(b)Loans subject to bylaws.-- Loans must be made subject to the conditions contained in the bylaws.
(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.
(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)A director.
(2)An officer.
(3)A member of any committee.
(4)A member of the immediate family of a director, officer or member of a committee.
(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.
17c512v
(Dec. 12, 1994, P.L.1067, No.146, eff. 60 days; June 18, 2014, P.L.754, No.62, eff. 60 days)
17c513s