Wis. Admin. Code Department of Financial Institutions DFI-CU 72.01 - Definitions
In this chapter:
(1)
"Amount" of a business loan includes all the following:
(a) Any unfunded commitment to make the
loan.
(b) The outstanding balance
of the loan.
(c) Any undisbursed
proceeds of the loan.
(2) "Associated member" means a person who is
associated with another by means of a shared ownership, investment or other
pecuniary interest in a business or commercial endeavor.
(3) "Business purpose loan" means a loan
where the borrower intends to use the proceeds for any of the purposes listed
in s.
DFI-CU
72.02(1).
(4) "Construction or development loan" means
a financing arrangement for acquiring real property or rights to real property,
including land or structures, with the intent to develop or improve it for any
of the following:
(a) Residential housing for
sale.
(b) Income
property.
(c) Commercial
use.
(d) Industrial use.
(e) Any similar uses.
(5) "Director" means the director of the
office of credit unions or an authorized representative of the
director.
(6) "Loan-to-value ratio"
or "LTV ratio" means the amount of all loans by the credit union secured by an
item of collateral added to the amount of all outstanding loans by other
lenders secured by that item of collateral, that total amount then being
divided by the market value of that item of collateral.
(7) "Member business loan" has the meaning
set forth in s.
DFI-CU
72.02.
(8)
"NCUA" means the National Credit Union Administration.
(9) "Net worth" means the retained earnings
as defined under Generally Accepted Accounting Principles. Retained earnings
include undivided earnings, regular reserves and any other appropriations
designated by management or regulatory authorities.
Notes
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