31.12.428 - Limit on loan amount.

Limit on loan amount.

(1) No loan may be made to any borrower if the loan would cause the borrower to be indebted to the credit union on all types of loans in an aggregated amount exceeding ten thousand dollars or twenty-five percent of the capital of the credit union, whichever is greater, without the approval of the director.

     (2) The director by rule may establish separate limits on business loans to one borrower.

[2001 c 83 § 18; 1997 c 397 § 35; 1994 c 256 § 92. Formerly RCW 31.12.317.]

Notes: Effective date -- 1997 c 397 § 35: "Section 35 of this act takes effect July 1, 1998." [1997 c 397 § 90.]

Findings -- Construction -- 1994 c 256: See RCW 43.320.007.