§857-A. Lines of credit
1.
Authorization; limitations.
Subject to the limitations set forth in sections 854 and 855, the credit committee of a credit union may approve a line of credit to a member upon written application by the member, and advances may be made to that member within the limits of that extension of credit. A line of credit given pursuant to this section must be reviewed periodically by a loan officer or the credit committee in accordance with the policy established under section 854.
[PL 1995, c. 512, §3 (AMD).]
2.
Repayment.
Repayment of advances made pursuant to a line of credit shall be on such terms as shall be mutually agreed upon by the member and the credit union.
[PL 1979, c. 133, §2 (NEW).]
SECTION HISTORY
PL 1979, c. 133, §2 (NEW). PL 1987, c. 405, §31 (AMD). PL 1995, c. 512, §3 (AMD).