Code of Virginia § 6.2-1372. Loan limits.
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/va/title-6-2/chapter-13/6-2-1372·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. No loan may be made by a credit union to a member if, upon making the loan, the member would be indebted to the credit union on loans to such member in an aggregate amount which would exceed the lesser of
(i)10 percent of the credit union's share accounts and reserve fund or
(ii)the maximum amount as authorized by its bylaws.
B. The aggregate amount of a credit union's "member business loans," as defined in 12 C.F.R. § 701.21 (h), shall not exceed the limit prescribed for insured credit unions by subsection
(a)of § 107A of the Federal Credit Union Act (12 U.S.C. § 1757a), taking into account also the provisions of subsections
(b)through
(d)of that section.
Code 1950, § 6-226; 1956, c. 90; 1966, c. 584, § 6.1-217; 1968, c. 560; 1972, c. 192; 1975, c. 448; 1979, c. 139; 1987, c. 150; 1990, c. 373, § 6.1-225.53; 1999, c. 63 ; 2010, c. 794 .