Code of Virginia § 6.2-1370. Purpose and condition of loans.
77 words·~1 min read·
/va/title-6-2/chapter-13/6-2-1370A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A credit union may lend to its members for such purposes and upon such conditions as the bylaws may prescribe. The board of directors shall establish written policies with respect to granting loans and extending lines of credit, including the terms, conditions, and acceptable forms of security.
Code 1950, § 6-207; 1956, c. 90; 1966, c. 584, § 6.1-198; 1968, c. 560; 1980, c. 181; 1983, c. 300; 1990, c. 373, § 6.1-225.51; 2010, c. 794 .