Section 857-A - Lines of credit1.Authorization; limitations. Subject to the limitations set forth in sections 854 and 855, the credit committee of a credit union may approve a line of credit to a member upon written application by the member, and advances may be made to that member within the limits of that extension of credit. A line of credit given pursuant to this section must be reviewed periodically by a loan officer or the credit committee in accordance with the policy established under section 854. [1995, c. 512, §3(AMD).]
2.Repayment. Repayment of advances made pursuant to a line of credit shall be on such terms as shall be mutually agreed upon by the member and the credit union. [1979, c. 133, §2(NEW).]
1979, c. 133, § 2 (NEW) . 1987, c. 405, § 31 (AMD) . 1995, c. 512, § 3 (AMD) .