{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1354.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1354.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1354.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1354.html"}],"law_id":60059,"edition_id":1,"section_id":60059,"structure_id":15648,"section_number":"6.2-1354","catch_line":"Credit committee or loan officers; appeal","history":"Code 1950, \u00a7 6-221; 1964, c. 75; 1966, c. 584, \u00a7 6.1-212; 1974, c. 143; 1983, c. 302; 1990, c. 373, \u00a7 6.1-225.37; 2010, c. 794.","full_text":"A\n\nThe credit committee of a credit union shall approve every loan or advance made by the credit union to members, unless the committee is replaced by a loan officer as provided in subdivision E 2 of § 6.2-1348.B\n\nIf the credit committee has not been replaced by action of the board of directors, it may appoint and delegate to loan officers the authority to approve or disapprove loan applications, subject to the written policies prescribed by the board of directors. The approval of an application by the credit committee shall be by a majority of members of the committee who are present at the meeting at which it is considered, provided a majority of the full committee is present.C\n\nAll applications disapproved by a loan officer may, upon request of the applicant, be reviewed by the credit committee. The approval of a majority of members of the credit committee who are present at the meeting when such review is undertaken shall be required to reverse the loan officer’s decision. A majority of members of the full credit committee shall be present at such review. A member whose application was disapproved by a loan officer or the credit committee may appeal such action to the board of directors.D\n\nNo individual shall have the authority to disburse funds of the credit union for any loan for which the application has been approved by him in his capacity as a loan officer.E\n\nThe credit committee shall meet as often as the business of the credit union may require to consider applications for loans or to review the work of the loan officers, as the case may be. Reasonable notice of each such meeting shall be given to each member of the committee.","order_by":null,"text":{"0":{"id":219826,"text":"The credit committee of a credit union shall approve every loan or advance made by the credit union to members, unless the committee is replaced by a loan officer as provided in subdivision E 2 of § 6.2-1348.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":219827,"text":"If the credit committee has not been replaced by action of the board of directors, it may appoint and delegate to loan officers the authority to approve or disapprove loan applications, subject to the written policies prescribed by the board of directors. The approval of an application by the credit committee shall be by a majority of members of the committee who are present at the meeting at which it is considered, provided a majority of the full committee is present.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":219828,"text":"All applications disapproved by a loan officer may, upon request of the applicant, be reviewed by the credit committee. The approval of a majority of members of the credit committee who are present at the meeting when such review is undertaken shall be required to reverse the loan officer’s decision. A majority of members of the full credit committee shall be present at such review. A member whose application was disapproved by a loan officer or the credit committee may appeal such action to the board of directors.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":219829,"text":"No individual shall have the authority to disburse funds of the credit union for any loan for which the application has been approved by him in his capacity as a loan officer.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":219830,"text":"The credit committee shall meet as often as the business of the credit union may require to consider applications for loans or to review the work of the loan officers, as the case may be. Reasonable notice of each such meeting shall be given to each member of the committee.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":15648,"edition_id":1,"name":"Direction of Affairs","identifier":"7","label":"article","depth":4,"order_by":1,"parent_id":13635,"metadata":{},"date_created":"2026-06-26 03:57:21","date_modified":"2026-06-26 03:57:21","permalink":{"id":264779,"object_type":"structure","relational_id":15648,"identifier":"7","token":"6.2\/II\/13\/7","url":"\/6.2\/II\/13\/7\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13635,"edition_id":1,"name":"Credit Unions","identifier":"13","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:26","date_modified":"2026-06-26 03:45:26","permalink":{"id":264545,"object_type":"structure","relational_id":13635,"identifier":"13","token":"6.2\/II\/13","url":"\/6.2\/II\/13\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13000,"edition_id":1,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263685,"object_type":"structure","relational_id":13000,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":60311,"structure_id":15648,"section_number":"6.2-1348","catch_line":"Board of directors; number; election; term; appointment of supervisory and credit committees","url":"\/6.2-1348\/","token":"6.2\/II\/13\/7\/6.2-1348","metadata":false},{"id":70635,"structure_id":15648,"section_number":"6.2-1349","catch_line":"Board of directors; election of officers","url":"\/6.2-1349\/","token":"6.2\/II\/13\/7\/6.2-1349","metadata":false},{"id":87127,"structure_id":15648,"section_number":"6.2-1350","catch_line":"Executive committee","url":"\/6.2-1350\/","token":"6.2\/II\/13\/7\/6.2-1350","metadata":false},{"id":59807,"structure_id":15648,"section_number":"6.2-1351","catch_line":"Meetings of directors","url":"\/6.2-1351\/","token":"6.2\/II\/13\/7\/6.2-1351","metadata":false},{"id":67236,"structure_id":15648,"section_number":"6.2-1352","catch_line":"Compensation of officials","url":"\/6.2-1352\/","token":"6.2\/II\/13\/7\/6.2-1352","metadata":false},{"id":64794,"structure_id":15648,"section_number":"6.2-1353","catch_line":"Powers and duties of directors","url":"\/6.2-1353\/","token":"6.2\/II\/13\/7\/6.2-1353","metadata":false},{"id":60059,"structure_id":15648,"section_number":"6.2-1354","catch_line":"Credit committee or loan officers; appeal","url":"\/6.2-1354\/","token":"6.2\/II\/13\/7\/6.2-1354","metadata":false},{"id":76057,"structure_id":15648,"section_number":"6.2-1355","catch_line":"Supervisory committee; suspension and removal of officials","url":"\/6.2-1355\/","token":"6.2\/II\/13\/7\/6.2-1355","metadata":false},{"id":82509,"structure_id":15648,"section_number":"6.2-1356","catch_line":"Special audit","url":"\/6.2-1356\/","token":"6.2\/II\/13\/7\/6.2-1356","metadata":false},{"id":75284,"structure_id":15648,"section_number":"6.2-1357","catch_line":"Qualifications of officials","url":"\/6.2-1357\/","token":"6.2\/II\/13\/7\/6.2-1357","metadata":false}],"previous_section":{"id":64794,"structure_id":15648,"section_number":"6.2-1353","catch_line":"Powers and duties of directors","url":"\/6.2-1353\/","token":"6.2\/II\/13\/7\/6.2-1353","metadata":false},"next_section":{"id":76057,"structure_id":15648,"section_number":"6.2-1355","catch_line":"Supervisory committee; suspension and removal of officials","url":"\/6.2-1355\/","token":"6.2\/II\/13\/7\/6.2-1355","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1354\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 6 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1964, chapter 75; in 1966, chapter 584; in 1974, chapter 143; in 1983, chapter 302; in 1990, chapter 373; in 2010, chapter 794<\/a>.<\/p>","references":[{"id":79285,"section_number":"6.2-1374","catch_line":"Lines of credit","order_by":null,"url":"\/6.2-1374\/"}],"refers_to":false,"permalink":{"id":264805,"object_type":"law","relational_id":60059,"identifier":"6.2-1354","token":"6.2\/II\/13\/7\/6.2-1354","url":"\/6.2-1354\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1354\/","token":"6.2\/II\/13\/7\/6.2-1354","dublin_core":{"Title":"Credit committee or loan officers; appeal","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1354","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The credit committee of a credit union<\/span> shall approve every loan or advance made by the credit union<\/span> to members<\/span>, unless the committee is replaced by a loan officer as provided in subdivision E 2 of § 6.2-1348<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If the credit committee has not been replaced by action of the board of directors, it may appoint and delegate to loan officers the authority to approve or disapprove loan applications, subject to the written policies prescribed by the board of directors. The approval of an application by the credit committee shall be by a majority of members<\/span> of the committee who are present at the meeting at which it is considered, provided a majority of the full committee is present. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> All applications disapproved by a loan officer may, upon request of the applicant, be reviewed by the credit committee. The approval of a majority of members<\/span> of the credit committee who are present at the meeting when such review is undertaken shall be required to reverse<\/span> the loan officer’s decision. A majority of members<\/span> of the full credit committee shall be present at such review. A member<\/span> whose application was disapproved by a loan officer or the credit committee may appeal<\/span> such action to the board of directors. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> No individual shall have the authority to disburse funds of the credit union<\/span> for any loan for which the application has been approved by him in his capacity as a loan officer. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> The credit committee shall meet as often as the business of the credit union<\/span> may require to consider applications for loans or to review the work of the loan officers, as the case may be. Reasonable notice of each such meeting shall be given to each member<\/span> of the committee. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCREDIT COMMITTEE OR LOAN OFFICERS; APPEAL (\u00a7 6.2-1354)\n\nA. The credit committee of a credit union shall approve every loan or advance\nmade by the credit union to members, unless the committee is replaced by a loan\nofficer as provided in subdivision E 2 of § 6.2-1348.\n\nB. If the credit committee has not been replaced by action of the board of\ndirectors, it may appoint and delegate to loan officers the authority to approve\nor disapprove loan applications, subject to the written policies prescribed by\nthe board of directors. The approval of an application by the credit committee\nshall be by a majority of members of the committee who are present at the\nmeeting at which it is considered, provided a majority of the full committee is\npresent.\n\nC. All applications disapproved by a loan officer may, upon request of the\napplicant, be reviewed by the credit committee. The approval of a majority of\nmembers of the credit committee who are present at the meeting when such review\nis undertaken shall be required to reverse the loan officer’s decision. A\nmajority of members of the full credit committee shall be present at such\nreview. A member whose application was disapproved by a loan officer or the\ncredit committee may appeal such action to the board of directors.\n\nD. No individual shall have the authority to disburse funds of the credit union\nfor any loan for which the application has been approved by him in his capacity\nas a loan officer.\n\nE. The credit committee shall meet as often as the business of the credit union\nmay require to consider applications for loans or to review the work of the loan\nofficers, as the case may be. Reasonable notice of each such meeting shall be\ngiven to each member of the committee.\n\nHISTORY: Code 1950, \u00a7 6-221; 1964, c. 75; 1966, c. 584, \u00a7 6.1-212; 1974, c.\n143; 1983, c. 302; 1990, c. 373, \u00a7 6.1-225.37; 2010, c. 794.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}