Current with changes from the 2024 Legislative Session
Section 6-708 - Power to borrow(a)(1) Subject to the provisions of paragraph (2) of this subsection, a credit union may borrow money for the purchase of fixed assets.(2) The term of the loan may not exceed: (i) 15 years for borrowings secured by real or leasehold property; and(ii) 5 years for borrowings secured by other fixed assets.(b) A credit union may borrow money for a purpose other than the purchase of fixed assets as long as the total borrowing does not exceed the greater of: (1) Two times the net worth of the borrowing credit union; or(2) 10% of the total assets of the borrowing credit union.