81-13-39 - Authority to lend or invest funds; interest rates.
§ 81-13-39. Authority to lend or invest funds; interest rates.
A credit union may lend to its members at reasonable rates of interest, which shall not exceed one and three-fourths percent (1-3/4%) per month, computed on unpaid balances, or invest the funds accumulated as herein provided. Fines and penalties shall not be considered as interest. A charge of Ten Dollars ($10.00) in lieu of interest may be made on any loan payable in a single payment, and a charge of Fifteen Dollars ($15.00) in lieu of interest may be made on any loan payable in installments.
Sources: Codes, 1930, § 4249; 1942, § 5410; Laws, 1924, ch. 177; Laws, 1980, ch. 492, § 4; Laws, 1982, chs. 304, § 22; 468, § 4; Laws, 1984, ch. 501, § 4; Laws, 1986, ch. 510, § 14; Laws, 1987, ch. 381, § 15; reenacted, 1995, ch. 374, § 22; reenacted without change, Laws, 1997, ch. 368, § 21; reenacted without change, Laws, 2001, ch. 408, § 21, eff from and after July 1, 2001.