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23-35-803. Prohibited actions by officers, directors, agents, etc.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-35-803. Prohibited actions by officers, directors, agents, etc.
(a)(1) It is unlawful for any officer, director, committee member, agent, employee, or loan officer of a credit union to permit a loan to be made to a nonmember or to participate in a loan to a nonmember.
(2) It is unlawful for any corporation, officer, director, member, committee member, agent, employee, or loan officer of a credit union to receive either directly or indirectly the proceeds of a credit union loan made in the name of another person, corporation, or credit union with the purpose to avoid compliance with this chapter.
(3) Any person who willfully violates this subsection shall be guilty of a Class A misdemeanor and shall be primarily liable to the credit union for the amount thus illegally loaned.
(4) The illegality of such a loan shall be no defense in any action of the credit union to recover on the loan.
(b)(1) It is unlawful for any officer, director, committee member, agent, or employee of a credit union to make or subscribe to false entries or exhibit a false or fictitious paper, instrument, or security to a person authorized to examine the credit union books and records.
(2) Any person who willfully violates this subsection shall be guilty of a Class D felony.
(c)(1) It is unlawful for any officer, director, committee member, agent, or employee of a credit union to receive payments on shares knowing the credit union is insolvent.
(2) Any person who willfully violates this subsection shall be guilty of a Class C felony.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-35-803
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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Stable record: arkansas_code:legal_authorities:23-35-803
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0e3f3a3a03e6ddf5a693be06823d6087dd8724c272a9e1bf1a91fb7be4d1d9dc
Source location: content.xml paragraph 16879
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23-35-803. Prohibited actions by officers, directors, agents, etc.
(a)(1) It is unlawful for any officer, director, committee member, agent, employee, or loan officer of a credit union to permit a loan to be made to a nonmember or to participate in a loan to a nonmember.
(2) It is unlawful for any corporation, officer, director, member, committee member, agent, employee, or loan officer of a credit union to receive either directly or indirectly the proceeds of a credit union loan made in the name of another person, corporation, or credit union with the purpose to avoid compliance with this chapter.
(3) Any person who willfully violates this subsection shall be guilty of a Class A misdemeanor and shall be primarily liable to the credit union for the amount thus illegally loaned.
(4) The illegality of such a loan shall be no defense in any action of the credit union to recover on the loan.
(b)(1) It is unlawful for any officer, director, committee member, agent, or employee of a credit union to make or subscribe to false entries or exhibit a false or fictitious paper, instrument, or security to a person authorized to examine the credit union books and records.
(2) Any person who willfully violates this subsection shall be guilty of a Class D felony.
(c)(1) It is unlawful for any officer, director, committee member, agent, or employee of a credit union to receive payments on shares knowing the credit union is insolvent.
(2) Any person who willfully violates this subsection shall be guilty of a Class C felony.
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