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  • SECTION 482
    Reports to superintendent; penalty for failure to make
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  • ARTICLE 11
    Credit Unions
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  • SECTION 484
    Penalty for use of term "credit union"
    • This entry was published on 2014-09-22
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    SECTION 483

    Penalty for loans to non-members; recovery

    Banking (BNK) CHAPTER 2, ARTICLE 11

    § 483. Penalty for loans to non-members; recovery. Any officer,
    director or member of a committee of a credit union who knowingly
    permits a loan to be made or participates in a loan to a non-member of
    the corporation shall be guilty of a misdemeanor and shall be primarily
    liable to the corporation for the amount thus illegally loaned, and the
    illegality of such a loan shall be no defense in any action by the
    corporation to recover the amount lent.