§ 6-607. Participation with other institutions

Latest version.

(a) Authorized. -- Subject to the provisions of subsection (b) of this section, a credit union may participate with a depository financial institution or a credit union service organization for purposes of making a loan to a credit union member in accordance with the lending policies of the board.

(b) Retention of 10% interest. -- A credit union may participate in a loan under subsection (a) of this section provided that the credit union that originates the loan retains an interest of at least 10% of the face amount of the loan.

HISTORY: 2001, ch. 147, § 1; ch. 148, § 1.

                    
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