12 CFR 701.38 - Borrowed funds from natural persons.

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There is 1 rule appearing in the Federal Register for 12 CFR Part 701. View below or at eCFR (GPOAccess)
§ 701.38 Borrowed funds from natural persons.
(a) Federal credit unions may borrow from a natural person, provided:
(1) The borrowing is evidenced by a signed promissory note which sets forth the terms and conditions regarding maturity, prepayment, interest rate, method of computation, and method of payment;
(2) The promissory note and any advertisement for such funds contains conspicuous langauge indicating that:
(i) The note represents money borrowed by the credit union;
(ii) The note does not represent shares and, therefore, isnot insured by the National Credit Union Share Insurance Fund.
(b) Federal credit unions must comply with the maximum borrowing authority of§ 741.2 of this chapter.
[45 FR 29271, May 2, 1980, as amended at 47 FR 17979, Apr. 27, 1982; 72 FR 30246, May 31, 2007]

Title 12 published on 2015-01-01.

The following are only the Rules published in the Federal Register after the published date of Title 12.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2015-05-06; vol. 80 # 87 - Wednesday, May 6, 2015
    1. 80 FR 25924 - Chartering and Field of Membership Manual
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      Final rule.
      This rule is effective July 6, 2015.
      12 CFR Part 701

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United States Code
U.S. Code: Title 12 - BANKS AND BANKING
U.S. Code: Title 15 - COMMERCE AND TRADE

Title 12 published on 2015-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR Part 701 after this date.

  • 2015-07-01; vol. 80 # 126 - Wednesday, July 1, 2015
    1. 80 FR 37898 - Member Business Loans; Commercial Lending
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      Proposed rule.
      Comments must be received on or before August 31, 2015.
      12 CFR Parts 701, 723, and 741