Section 6-609 - Purchase of certain obligations and loans authorized(a)(1) In this section the following words have the meanings indicated.(2) "Eligible obligation" means a loan or a group of loans made to a member of a credit union by a lender other than the credit union to which the member belongs.(3) "Student loan" means a loan that is: (i) Granted to finance the borrower's attendance at an institution of higher education or at a vocational school; and(ii) Secured by, and on which payment of the outstanding principal and interest has been deferred in accordance with, the insurance or guarantee of the federal government, a state government, or a unit of the federal government or of a state government.(b)(1) Subject to the provisions of paragraph (2) of this subsection, a credit union may purchase, in whole or in part, in accordance with the board's purchase policies:(i) Eligible obligations of its members;(ii) Eligible obligations of the individual members of a liquidating credit union, from the liquidating credit union;(iii) Student loans if the credit union is granting student loans on an ongoing basis and if the purchase will facilitate the credit union's packaging of a pool of the loans to be sold or pledged on the secondary market; and(iv) Real estate loans if the credit union is granting real estate loans under this subtitle on an ongoing basis and if the purchase will facilitate the credit union's packaging of a pool of the loans to be sold or pledged on the secondary mortgage market.(2) A credit union may make a purchase under paragraph (1) of this subsection if:(i) The board or investment committee approves the purchase;(ii) A written agreement and a schedule of the eligible obligations covered by the agreement are retained by the credit union for inspection;(iii) The aggregate of the unpaid balance of eligible obligations purchased under paragraph (1)(i) and (ii) of this subsection does not exceed 5% of the total assets of the credit union; and(iv) For purchases of real estate loans under paragraph (1)(iv) of this subsection, the pool of loans to be sold or pledged on the secondary mortgage market:1. Includes a substantial portion of the credit union's members' real estate loans, but no less than 20% of the aggregate principal amount of the loans purchased; and2. Is sold promptly, but no later than 6 months after the purchase.(c) A credit union may sell or pledge, in whole or in part, the eligible obligations or loans purchased under subsection (b)(1) of this section if:(1) The board or investment committee approves the sale or pledge; and(2) The written agreement covering the sale or pledge and a schedule of the eligible obligations or loans covered by the agreement are retained by the credit union for inspection.(d) A credit union may agree to service any eligible obligation the credit union purchases or sells in whole or in part.