186.098 Loans.
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/wi/chapter-186/186-098-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
186.098 Loans.
(1)Loan approval. The credit union may make loans to members upon terms approved by the credit committee, loan officer or board of directors.
(2)Appeals. A loan applicant may appeal in writing the decision of the credit committee or a loan officer to the president and may appeal in writing the president’s decision to the board of directors.
(3)Loan applications. Every application for a loan shall be documented and acknowledged by the member and shall state the security or collateral offered, if any.
(4)Board approval. The board of directors or its designee shall act on the applications of credit committee members and loan officers.
(5)Limits. No loans shall be made to any member in excess of 10 percent of the credit union’s assets, plus the balance of the member’s share account pledged as security for the loan. This subsection shall not apply to loans made to member credit unions by a corporate central credit union.
(6)Policies. The board of directors shall determine policy regarding all of the following:
(a)Collateral acceptable for secured loans.
(b)Loan limits.
(c)Loan approval if a director, officer, credit committee member or employee provides security as a comaker, guarantor, endorser or other form of surety.
(7)Surety repayment evidence. An endorser, comaker, guarantor or other surety shall provide the credit union with evidence of ability to repay the obligation of the member.
(8)Credit extensions.