A credit union may make loans to members subject to the provisions of this article and the bylaws of the credit union. A borrower may repay a loan in whole or in part any day the office of the credit union is open for business. A credit union may make loans to its own directors, credit officers, or members of its own supervisory committee or credit committee, but no such loan or aggregate of loans to any one director, credit officer, or committee member that exceeds twenty thousand dollars plus pledged shares may be made unless approved by the board of directors.L. 31: p. 303, § 16. CSA: C. 47, § 16. L. 41: p. 376, § 16. L. 51: p. 315, § 5. L. 53: p. 239, § 2. CRS 53: § 38-1-16. C.R.S. 1963: § 38-1-16. L. 67: p. 320, § 13. L. 83: Entire section amended, p. 485, § 7, effective July 1. L. 84: Entire section amended, p. 375, § 8, effective July 1. L. 87: Entire section amended, p. 464, § 1, effective May 8. L. 2004: Entire section amended, p. 131, § 6, effective July 1.
Colorado Legal Code