N.Y. BNK Law § 483
This is the official text of N.Y. BNK Law § 483, part of New York’s BNK Law — part of the compiled statutory law of New York, published by the state as "BNK Law." Browse the sections below, each linked to its official government source.
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Penalty for loans to non-members; recovery
Official statutory text
§ 483. Penalty for loans to non-members; recovery. Any officer,\ndirector or member of a committee of a credit union who knowingly\npermits a loan to be made or participates in a loan to a non-member of\nthe corporation shall be guilty of a misdemeanor and shall be primarily\nliable to the corporation for the amount thus illegally loaned, and the\nillegality of such a loan shall be no defense in any action by the\ncorporation to recover the amount lent.\n
Status: in_force · Read it on the official government site
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