208-444-030 - Nonpreferential loans

208-444-030. Nonpreferential loans

(1) The rates, terms and conditions on any loan either made to, or endorsed or guaranteed by

(a) An official

(b) An immediate family member of an official, or

(c) Any individual having a common ownership, investment or other pecuniary interest in a business enterprise with an official or with an immediate family member of an official shall not be more favorable than the rates, terms and conditions for comparable loans to other credit union members.

(2) For purposes of this section, "official" means any member of the board of directors, credit committee or supervisory committee.

Statutory Authority: RCW 31.12.535 and 43.320.040. 97-23-071, ยง 208-444-030, filed 11/19/97, effective 3/19/98 by letter filed as WSR 98-10-072.

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