Section 6-904 - Improper loans.
§ 6-904. Improper loans.
(a) Prohibited.- An officer or official who in any way knowingly permits or participates in making a loan in violation of § 6-611 of this title is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $3,000 or imprisonment not exceeding 5 years or both, per occurrence.
(b) Recovery.- If a loan is made in violation of § 6-611 of this title, the credit union may recover the amount of the loan from:
(1) Any borrower; or
(2) Any officer or official who knowingly permitted or participated in making the loan.
[2001, ch. 147, § 1; ch. 148, § 1.]