§ 32-3-416

32-3-416. Credit committee or credit manager duties. (1) A credit union may use a credit committee or a credit manager to approve or disapprove loans under conditions the board of directors prescribes. (2) The credit committee or the credit manager may appoint one or more loan officers with the power to approve loans, subject to limitations or conditions that the board of directors prescribes. The board of directors shall provide an appeal process for applications rejected by loan officers. (3) If a credit union uses a credit committee, a quorum of the credit committee shall meet as often as required to consider loan applications. A majority of the credit committee members who are present at the meeting at which an application is considered is required for approval of the application. (4) Credit union policies set by the board of directors may determine the loan size or type of loans that a credit committee or credit manager may approve. History: En. 14-635 by Sec. 35, Ch. 38, L. 1975; R.C.M. 1947, 14-635; amd. Sec. 1046, Ch. 56, L. 2009; amd. Sec. 9, Ch. 317, L. 2015.