Kan. Admin. Regs. § 121-5-1 - Definitions

For the purpose of this article, the following definitions shall apply.

(a) "Appropriate state official" means the administrator of the Kansas department of credit unions.

(b) "Call report" means a statement of the financial condition of a credit union.

(c) "Credit union" means a credit union, as defined in K.S.A. 17-2231 and amendments thereto, that serves primarily natural person members.

(d) "FISCU" means federally insured state credit union.

(e) "Investment" means any security, obligation, account, or deposit. This term shall not include any loans to members.

(f)

(1) "Member business loan" means any loan, line of credit, or letter of credit, including any unfunded commitments, in which the borrower uses the proceeds for commercial, corporate, other business investment property or venture, or agricultural purposes.

(2) "Member business loan" shall not include any of the following:

(A) Any loan fully secured by a lien on a one-family to four-family dwelling that is the member's primary residence;

(B) any loan fully secured by shares in the credit union making the extension of credit or by deposits in other financial institutions;

(C) any loan or loans to a member or an associated member that, in total, are equal to less than $50,000;

(D) any loan for which a federal or state agency or its political subdivision fully insures repayment, fully guarantees repayment, or provides an advance commitment to purchase in full; or

(E) any loan granted by a corporate credit union to another credit union.

Notes

Kan. Admin. Regs. § 121-5-1

Authorized by K.S.A. 17-2260; implementing K.S.A. 17-2206(d); effective July 7, 1997; amended, T-121-9-6-06, Sept. 6, 2006; amended Dec. 15, 2006.