New York Codes Rules Regulations (Last Updated: March 27,2024) |
TITLE 3. Banking |
Chapter I. General Regulations of the Superintendent |
Part 96. Lending Limits for Credit Unions |
Sec. 96.4. Unsecured loans
Latest version.
- A credit union may make loans to a member which are not secured by a member's unhypothecated shares or by shares pledged by other members in an amount not exceeding 15 percent of the net worth of the credit union, provided that any credit union may make unsecured loans to a member in an amount of at least $5,000.