§ 6-904. Improper loans

Latest version.

   (a) Prohibited. -- An officer or official who in any way knowingly permits or participates in making a loan in violation of § 6-611 of this title is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $ 3,000 or imprisonment not exceeding 5 years or both, per occurrence.

(b) Recovery. -- If a loan is made in violation of § 6-611 of this title, the credit union may recover the amount of the loan from:

   (1) Any borrower; or

   (2) Any officer or official who knowingly permitted or participated in making the loan.

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

                    
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