Section 28-7-1-23 - Loans to members; purposes; repayment plans; direct deposit(a) A credit union may make loans to its members for such purposes and upon such security as the bylaws provide, and as the credit committee or loan officer shall approve.(b) A member may receive a loan for crops in installments.(c) A borrower may repay the whole loan or any part of a loan on any day on which the credit union is open.(d) A credit union may offer payroll deduction for: (1) the repayment of loans; and(2) deposits into the accounts of members.(e) A credit union may offer direct deposit.(Formerly: Acts 1961, c.182, s.23; Acts 1969, c.133, s.6; Acts1974 , P.L. 130, SEC.6.) As amended by P.L. 270-1983, SEC.7; P.L. 263-1995, SEC.20.