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2017 South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
CHAPTER 26 - SOUTH CAROLINA CREDIT UNION ACT
Section 34-26-840. Limitation of size of loan; in general.
Universal Citation: SC Code § 34-26-840 (2017)
The aggregate of direct or indirect loans to any one member shall be limited to fifteen percent of the credit union's reserves and undivided earnings. This limit shall not apply to loans which are fully secured by assignment of shares or deposits in the credit union or obligations of the United States Government. However, for credit unions in operation for five years or less, the aggregate of direct or indirect loans to any one member shall not exceed ten percent of the credit union's shares.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
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