23-35-802. Commission or compensation for sale of shares, grant of loans, etc.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-35-802. Commission or compensation for sale of shares, grant of loans, etc.

23-35-802. Commission or compensation for sale of shares, grant of loans, etc. No credit union shall pay or receive any commission or compensation for securing members, for the sale of its shares, or for the granting of loans to its members or to other credit unions except for loan origination fees which are specifically provided for in § 23-35-603.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-35-802

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.

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Arkansas Code — all titles (historical 2020) · legal_authorities

23-35-603. Loans and extensions of credit in advance.

23-35-603. Loans and extensions of credit in advance. (a) A credit union may loan to members for a provident or productive purpose and upon such security as the bylaws may provide and as the credit committee or loan officer shall approve. (b)(1) No loan shall bear an interest rate to exceed the highest lawful rate permitted under the Constitution of the State of Arkansas. (2) No credit union shall charge the borrower anything of value in connection or in association with the loan, other than repayment of the unpaid principal balance and interest. However, on loans secured by real estate a credit union may charge a loan origination fee not to exceed three percent (3%) of the original principal balance of the loan. A borrower may be charged for the cost of appraisals and credit investigations. If permitted by the bylaws, the borrowing members may be charged for the cost of the filing fees on security instruments in connection with the transaction. (c) Every application for a loan shall be made upon a form, which the credit committee has prescribed and the board of directors of the credit union has approved, which shall state at least the purpose for which the loan is desired, the security, if any, offered, the amount of the loan being applied for, and any other information which may be required to determine the financial ability of the applicant to repay the loan. (d) Every loan shall be evidenced by a written instrument. (e)(1) No unsecured loan shall be made to any member in an aggregate amount in excess of three thousand dollars ($3,000). (2) No secured loan shall be made to any member in an aggregate amount in excess of ten percent (10%) of the credit union's total assets. (3) No loan shall be made to any member if, in the aggregate, the balances of th

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-35-603

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-35-603. This identifies an authority to review, not proof of applicability.