Source: https://uscode.house.gov/view.xhtml?req=(title:12%20section:1757a%20edition:prelim)
Timestamp: 2019-10-16 14:05:16
Document Index: 343638688

Matched Legal Cases: ['§ 1757', '§107', '§203', '§105', '§105', '§203']

[USC02] 12 USC 1757a: Limitation on member business loans
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12 USC 1757a: Limitation on member business loans Text contains those laws in effect on October 15, 2019
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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-
Subsection (a) does not apply in the case of-
(2) an insured credit union that-
(1) the term "member business loan"-
(B) does not include an extension of credit-
(2) the term "net worth"-
(B) with respect to a credit union that serves predominantly low-income members, as defined by the Board, includes secondary capital accounts that are-
(June 26, 1934, ch. 750, title I, §107A, as added Pub. L. 105–219, title II, §203(a), Aug. 7, 1998, 112 Stat. 920 ; amended Pub. L. 115–174, title I, §105(a), May 24, 2018, 132 Stat. 1301 .)
2018-Subsec. (c)(1)(B)(i). Pub. L. 115–174 struck out "that is the primary residence of a member" after "dwelling".
Pub. L. 115–174, title I, §105(b), May 24, 2018, 132 Stat. 1301 , provided that: "Nothing in this section [amending this section] or the amendment made by this section shall preclude the National Credit Union Administration from treating an extension of credit that is fully secured by a lien on a 1- to 4-family dwelling that is not the primary residence of a member as a member business loan for purposes other than the member business loan limitation requirements under section 107A of the Federal Credit Union Act (12 U.S.C. 1757a)."
Pub. L. 105–219, title II, §203(b), Aug. 7, 1998, 112 Stat. 922 , required the Secretary to conduct a study of member business lending by insured credit unions, with a final report to be sent to Congress not later than 12 months after Aug. 7, 1998.