2016 Iowa Code
Title XIII - COMMERCE
Chapter 533 - CREDIT UNIONS
Section 533.207 - Credit committee.
533.207
Credit committee.
1. The credit committee shall have responsibility for the general supervision of all loans to members.
2. Applications for loans shall be on a form approved by the credit committee.
a. All applications shall set forth the purpose for which the loan is desired, the security, if any, offered, and such other data as may be required.
b. Within the meaning of this section, an assignment of shares or deposits or the endorsement of a note may be deemed security.
3. At least a majority of the members of the credit committee shall review and act on all loan applications and may grant approval, or the credit committee, with the prior approval of the board of directors, may grant one or more loan officers the power to approve or reject loans subject to written conditions and regulations adopted by the credit committee.
4. The credit committee shall meet as often as may be necessary after due notice to each committee member.
2007 Acts, ch 174, §24; 2011 Acts, ch 34, §125
Disclaimer: These codes may not be the most recent version. Iowa may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
