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United States — Maine Act or statute

United States — Maine legislation

Maine Revised Statutes, Title 9-B, § 854: Loans, 1975

The board must set credit union loan policies, loans to one member may not exceed 10% of total assets, fully share-secured loans are unlimited, and the superintendent may adopt rules for the section.

Source excerpt

board governanceloan limitsrulemaking
Jurisdiction
United States — Maine
Structure
1 provisions
Official identity
Year 1975
Dates
Enacted 1975 · Source version 1 Oct 2025
More statute details
Dates
Enacted 1975 · Source version 1 Oct 2025
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01

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“The board must set credit union loan policies, loans to one member may not exceed 10% of total assets, fully share-secured loans are unlimited, and the superintendent may adopt rules for the section.”

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    Enacted 1975 · Source version 1 Oct 2025. The date shown identifies this source expression and should not be treated as proof that no later change exists.

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Loans

The board must set credit union loan policies, loans to one member may not exceed 10% of total assets, fully share-secured loans are unlimited, and the superintendent may adopt rules for the section.

Section 854

04

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Source record from legislature.maine.gov · Enacted 1975 · Source version 1 Oct 2025

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Provision
§ 854LoansProvision

Source excerpt

The board must set credit union loan policies, loans to one member may not exceed 10% of total assets, fully share-secured loans are unlimited, and the superintendent may adopt rules for the section.

1. Authorization; limitations. It is the duty of the board of directors to establish the policies of the credit union with respect to the granting of loans and the extending of lines of credit, including the maximum amount that may be loaned to any one member. A loan may not be made to any member in an aggregate amount in excess of 10% of the credit union's total assets. Any loan made in violation of this subsection is subject to the remedies prescribed in section 465‑A. [PL 1991, c. 681, §4 (AMD).] 2. Exception. Loans fully secured by a pledge of shares of a credit union may be made without limitation as to amount. [PL 1983, c. 51, §8 (RPR).] 3. Rulemaking. The superintendent may adopt rules to administer and carry out this section, including rules to define or further define terms used in this section and to establish limits or requirements other than those specified in this section. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A. [PL 2003, c. 322, §38 (NEW).]
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  • 1 Oct 2025 · currentEnglish

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