§ 6-605. Required security

   (a) Consistency with written policies. -- A credit union may make a loan, including a business loan, to a member with or without security in accordance with the written lending policies established by the board that cover all secured and unsecured loans.

(b) Acceptable security. -- A credit union may accept as security for a loan:

   (1) An endorsed note;

   (2) A note secured by a lien on real, leasehold, or personal property;

   (3) An assignment of shares or deposits in the credit union; or

   (4) Any other kind of security that is approved by the Commissioner.

(c) Policy review. -- The Commissioner may review the lending policies of the credit union and order changes.

HISTORY: An. Code 1957, art. 11, § 152; 1980, ch. 33, § 2; 1987, ch. 369; 1992, ch. 444; 1994, ch. 546; 1996, ch. 326, § 2; 1997, ch. 679; 2001, ch. 147, § 1; ch. 148, § 1.