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12 U.S.C. § 1757a — Omitted
Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
#### Codification
Section, act July 22, 1942, ch. 516, 56 Stat. 700, which authorized reimbursement of Farm Credit Administration personnel for use of private automobiles for examining, supervising, and servicing Federal credit unions, was from the Department of Agriculture Appropriation Act, 1943, and was not repeated in subsequent appropriation acts. Similar provisions were contained in act July 1, 1941, ch. 267, 55 Stat. 444, the Department of Agriculture Appropriation Act, 1942.
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Source location: Title 12, Chapter 14, § 1757a; chapter-014-federal-credit-unions.md
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### Statutory Notes
#### Codification
Section, act July 22, 1942, ch. 516, 56 Stat. 700, which authorized reimbursement of Farm Credit Administration personnel for use of private automobiles for examining, supervising, and servicing Federal credit unions, was from the Department of Agriculture Appropriation Act, 1943, and was not repeated in subsequent appropriation acts. Similar provisions were contained in act July 1, 1941, ch. 267, 55 Stat. 444, the Department of Agriculture Appropriation Act, 1942.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** On and after August 7, 1998, no insured credit union may make any member business loan that would result in a total amount of such loans outstanding at that credit union at any one time equal to more than the lesser of—
(1) 1.75 times the actual net worth of the credit union; or
(2) 1.75 times the minimum net worth required under [section 1790d(c)(1)(A) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1790d/c/1/A&num=0&edition=prelim) for a credit union to be well capitalized.
**(b) Exceptions** Subsection (a) does not apply in the case of—
(1) an insured credit union chartered for the purpose of making, or that has a history of primarily making, member business loans to its members, as determined by the Board; or
(2) an insured credit union that—
(A) serves predominantly low-income members, as defined by the Board; or
(B) is a community development financial institution, as defined in [section 4702 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4702&num=0&edition=prelim).
**(c) Definitions** As used in this section—
(1) the term “member business loan”—
(A) means any loan, line of credit, or letter of credit, the proceeds of which will be used for a commercial, corporate or other business investment property or venture, or agricultural purpose; and
(B) does not include an extension of credit—
(i) that is fully secured by a lien on a 1- to 4-family dwelling;
(ii) that is fully secured by shares in the credit union making the extension of credit or deposits in other financial institutions;
(iii) that is described in subparagraph (A), if it was made to a borrower or an associated member that has a total of all such extensions of credit
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1759
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Federal law — U.S. Code and appendices · legal_authorities
Page 865
TITLE 12—BANKS AND BANKING
§ 1757a
to include obligations, participations, or other instru-
ments of or issued by, or fully guaranteed as to prin-
cipal and interest by, the Federal National Mortgage
Association and participation certificates evidencing
beneficial interests in obligations, or in the right to re-
ceive interest and principal collections therefrom,
which obligations have been subjected by one or more
Government agencies to a trust or trusts for which any
executive department, agency, or instrumentality of
the United States (or the head thereof) has been named
to act as trustee.
1964—Par. (7)(E). Pub. L. 88–353 added cl. (E).
1959—Pub. L. 86–354 made numerous capitalization,
punctuation and phraseological changes throughout
text; increased maturities limits for loans from three
to five years, authorized approval of loans by a loan of-
ficer and authorized loans in an amount which shall in-
clude total unencumbered and unpledged shareholdings
in the Federal credit union of any member pledged as
security for the obligation of the director or committee
member, provided for payment and amortization of
loans, redesignated provisions (a) to (d) as (A) to (D) in
par. (7), substituted ‘‘levy late charges’’ for ‘‘fine mem-
bers’’ and inserted ‘‘of members’’ in par. (10), sub-
stituted ‘‘charges’’ for ‘‘fines’’ in par. (11), added par.
(12); and redesignated former par. (12) as par. (13).
1952—Par. (7)(d). Act May 13, 1952, authorized invest-
ment of funds in shares or accounts of any other insti-
tutions whose accounts are insured by the Federal Sav-
ings and Loan Insurance Corporation.
1949—Par. (5). Act Oct. 25, 1949, increased from 2 years
to 3 years the limit for maturity of loans.
1946—Par. (5). Act July 31, 1946, inserted last
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1757a
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