Ind. Code § 28-7-1-17.3

Current through P.L. 171-2024

Section 28-7-1-17.3 - Quarterly report of outstanding indebtedness of officers, directors, and committee members; retention; contents

At least quarterly, the president or manager shall prepare and deliver to the board of directors a report listing the outstanding indebtedness of all officers, directors, and committee members. A report prepared under this subsection must be retained at the credit union for three (3) years and shall not be filed with the department unless specifically requested. A report required by this section must include:

(1) the amount of each indebtedness; and

(2) a description of the terms and conditions of each loan, including:

(A) the interest rate;

(B) the original amount and date of the loan;

(C) the maturity date;

(D) payment terms;

(E) security, if any; and

(F) any unusual term or condition of a particular extension of credit.

IC 28-7-1-17.3

As added by P.L. 90-2008, SEC.44.