Oregon Administrative Rules|Section 441-720-0305 - Member Business Loan

                                                
Current through Register Vol. 60, No. 12, December 1, 2021 
(1) A member business loan includes any loan, line of credit, or letter of credit (including any unfunded commitments), of which the proceeds will be used for the following purposes:
(a) Commercial;
 
(b) Corporate;
 
(c) Other business investment property or venture; or
 
(d) Agricultural.
 
 
(2) Exceptions. The following are not considered a member business loan: 
(a) A loan secured by a lien on a 1 to 4 family dwelling that is the member's primary residence;
 
(b) A loan fully secured by shares in the credit union making the extension of credit or fully secured by deposits in other financial institutions;
 
(c) Loan(s) to a member or an associated member which, when added together, are equal to less than $50,000.
 
(d) A loan where a federal or state agency (or any political subdivision of a state) fully insures or guarantees repayment, or provides an advance commitment to purchase the loan in full; or
 
(e) A loan granted by a corporate credit union to another credit union.
 
 
Or. Admin. R. 441-720-0305
FCS 2-2002, f. & cert. ef. 8-27-02
Stat. Auth.: ORS 723.102 & 723.156
 
Stats. Implemented: ORS 723.156 & 723.502