Section 12.01.04.005 - DEFINITIONSThe definitions found in Section 26-2104, Idaho Code are incorporated herein and those defined terms have the same meaning in these rules. These rules have the following additional defined terms:
01.Associated Borrower. As that term is defined in Section 26-2120(1)(b), Idaho Code.02.Immediate Family Member. As that term is defined in Section 26-2109(4)(c), Idaho Code.03.Member Business Loan. Means any loan, line of credit, or letter of credit, the proceeds of which will be used for a commercial, business, or agricultural purpose, except: a. A loan or loans secured by a 1 to 4 family residential property.b. A loan that is fully secured by shares in the credit union or shares or deposits in other financial institutions.c. A loan, the proceeds of which are used for a commercial, business, or agricultural purpose, made to a borrower or an associated borrower, which, when added to such other loans to the borrower, is less than fifty thousand dollars ($50,000).d. A loan, the repayment of which is fully insured or fully guaranteed by, or where there is an advance commitment to purchase in full by, an agency of the federal government or a state or any of its political subdivisions.04.Loan or Loans Secured by a 1 to 4 Family Residential Property. Means a loan that, at origination, is secured wholly or substantially by a lien on a 1- to 4-family residential property for which the lien is central to the extension of the credit; that is, the borrower would not have been extended credit in the same amount or on terms as favorable without the lien. A loan is wholly or substantially secured by a lien on a 1- to 4-family residential property if the estimated value of the real estate collateral at origination (after deducting any senior liens held by others) is greater than 50 percent of the principal amount of the loan.05.NCUA. Means the National Credit Union Administration.Idaho Admin. Code r. 12.01.04.005