§ 6-704. Allowance for loan and lease loss

Latest version.

   (a) Required. -- A credit union shall maintain an allowance for loan and lease loss account in accordance with generally accepted accounting principles.

(b) Coverage. -- The balance of the allowance for loan and lease loss account shall include coverage for:

   (1) Individually classified loans; and

   (2) The historical reserve needs of the credit union.

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

                    
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