Section 72.05. Implementation of a member business loan program.

 

(1)  The board of directors shall adopt a specific member business loan policy and review it at least annually.

(2)  In making member business loans, the credit union shall utilize the services of an individual with at least 2 years direct experience with the type of lending in which it will engage, except as provided s. DFI-CU 72.04 (4) .

(3)  A credit union does not have to hire staff to meet the requirements of this section. However, credit unions shall ensure that expertise with the type of lending in which it will engage is available.

Example: A credit union may meet the experience requirement through various approaches, such as the services of a credit union service organization, an employee of another credit union, an independent contractor or other third parties.

(4)  The actual decision to grant a loan shall reside solely with the credit union.

CR 02-034 : cr. Register August 2002 No. 560 , eff. 9-1-02.