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Title 3 . Commerce, Community, and Economic Development
Chapter 3 . Land Sales
Section 120. Loans to other credit unions

3 AAC 03.120. Loans to other credit unions

(a) Written Policy. Loans to other credit unions will be considered investments. However, loans to other credit unions from a corporate credit union will be considered member loans. If a credit union intends to make loans to other credit unions, the board of directors of the lending credit union shall establish written investment policies regarding those loans to other credit unions. The policies will include maximum amounts, rates, terms and other relevant criteria.

(b) Documentation. A lending credit union must require a current financial statement, audit report and other appropriate corporate documents from a borrowing credit union.

History: Eff. 1/21/81, Register 77

Authority: AS 06.45.010

AS 06.45.060 (7)

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Last modified 7/05/2006