17 Pa.C.S. § 512
This is the official text of 17 Pa.C.S. § 512, part of Pennsylvania’s Pa.C.S — part of the compiled statutory law of Pennsylvania, published by the state as "Pa.C.S." Browse the sections below, each linked to its official government source.
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Loans.
Official statutory text
(a) Loans to members only.--Except as otherwise provided in this title, a credit union may make loans to its members only.
(b) Loans subject to bylaws.--Loans must be made subject to the conditions contained in the bylaws.
(c) Borrower repayment of loans.--A borrower may repay the borrower's loan, in whole or in part, any day the office of the credit union is open for business.
(d) Nonpreferential treatment.--The following may not obtain or guarantee a loan from the credit union on terms, rates or conditions more favorable than those granted to any other member:
(1) A director.
(2) An officer.
(3) A member of any committee.
(4) A member of the immediate family of a director, officer or member of a committee.
(5) Any individual having a common ownership, investment or other pecuniary interest in a business enterprise with a director, officer or member of a committee.
(Dec. 12, 1994, P.L.1067, No.146, eff. 60 days; June 18, 2014, P.L.754, No.62, eff. 60 days)
(b) Loans subject to bylaws.--Loans must be made subject to the conditions contained in the bylaws.
(c) Borrower repayment of loans.--A borrower may repay the borrower's loan, in whole or in part, any day the office of the credit union is open for business.
(d) Nonpreferential treatment.--The following may not obtain or guarantee a loan from the credit union on terms, rates or conditions more favorable than those granted to any other member:
(1) A director.
(2) An officer.
(3) A member of any committee.
(4) A member of the immediate family of a director, officer or member of a committee.
(5) Any individual having a common ownership, investment or other pecuniary interest in a business enterprise with a director, officer or member of a committee.
(Dec. 12, 1994, P.L.1067, No.146, eff. 60 days; June 18, 2014, P.L.754, No.62, eff. 60 days)
Status: in_force · Read it on the official government site
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