HTML has links - PDF has Authentication
208-460-030  <<  208-460-040 >>   208-460-050

PDFWAC 208-460-040

How do you implement a member business loan program?

The board of directors must adopt specific member business loan policies and review them at least annually. The credit union must utilize the services of an individual with at least two years direct experience with the type of lending the credit union will be engaging in, except as required by WAC 208-460-030(4).
Credit unions do not have to hire staff to meet the requirements of this section; however, credit unions must ensure that the expertise is available. A credit union can meet the experience requirement through various approaches. For example, a credit union can use the services of a credit union service organization, an employee of another credit union, an independent contractor, or other third parties. However, the actual decision to grant a loan must reside with the credit union.
[Statutory Authority: RCW 31.12.426(1), 31.12.516(2), 43.320.040. WSR 01-10-084, ยง 208-460-040, filed 5/1/01, effective 6/1/01.]
Site Contents
Selected content listed in alphabetical order under each group