Financial Institutions

Credit Unions

SECTION 19-5-16

§ 19-5-16. Maximum aggregate liability of one person or company.

A credit union shall not permit any person or entity to borrow or guaranty, directly or indirectly, an amount(s), in the aggregate, that exceeds one percent (1%) of its total assets or twenty percent (20%) of the total unimpaired capital, whichever is greater. This limit shall not apply to a loan or loans secured by pledged shares or deposits in the credit union.

History of Section.
(P.L. 1995, ch. 82, § 43.)