Or. Admin. Code § 441-710-0400 - Loans to Officials
(1) Any
single loan to a person described in ORS
723.532(2) or
the aggregate of all outstanding loans for which such person is directly or
indirectly obligated to repay which exceeds $100,000 shall be approved by the
Board of Directors.
(2) If the
credit union has a staff of three persons or less, all loans to a person
described in ORS 723.532(2)
shall be approved by the Board of Directors.
(3) This rule shall not apply to loans
secured by share or deposit accounts.
Notes
Stat. Auth.: ORS 723.532
Stats. Implemented: ORS 723.532
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