Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 305/52

(205 ILCS 305/52) (from Ch. 17, par. 4453)

Sec. 52.

Loans to directors, officers, credit committee, 
and supervisory
committee members.

   A credit union may make loans to its directors,
officers, credit committee members, and supervisory
committee members, provided
that the loan complies with all lawful requirements under this Act with
respect to loans to other borrowers.  No loan may be made to or cosigned
by any director, officer, credit committee member, or supervisory
committee
member which would cause the aggregate amount of all loans then outstanding
to or cosigned by all directors, officers, credit committee members, or supervisory
committee
 members to exceed 20% of the unimpaired capital and
surplus of the credit union.

(Source: P.A. 99-614, eff. 7-22-16.)