17 Pa. C.S. § 512

Current through 2024 legislation effective May 8, 2024
Section 512 - Loans
(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.

17 Pa.C.S. § 512

Amended by P.L. 754 2014 No. 62, § 2, eff. 8/17/2014.
1990, Dec. 19, P.L. 834, No. 198, § 302, effective in two months. Amended 1994, Dec. 12, P.L. 1967, No. 146, § 4, effective in 60 days.