{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1373.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1373.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1373.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1373.html"}],"law_id":73077,"edition_id":1,"section_id":73077,"structure_id":15799,"section_number":"6.2-1373","catch_line":"Loans to members of credit committee; nonmember loans","history":"Code 1950, \u00a7 6-226; 1956, c. 90; 1966, c. 584, \u00a7 6.1-217; 1968, c. 560; 1972, c. 192; 1975, c. 448; 1979, c. 139; 1987, c. 150; 1990, c. 373, \u00a7 6.1-225.54; 2010, c. 794.","full_text":"A\n\nIf the borrower or endorser on a loan by a credit union is a member of the credit committee, or a member of the board of directors if the board is serving as the credit committee, the loan shall be approved by the supervisory committee or a loan officer instead of by the credit committee. If the loan is fully secured by shares, such loan may be approved by the credit committee.B\n\nNo loan shall be made to an individual or entity that is not a member of the credit union. If the credit committee or loan officer should knowingly approve such a loan, the members of the credit committee shall be jointly and severally liable, or in the case of a loan officer, he shall be individually liable, to the credit union for the immediate repayment thereof.","order_by":null,"text":{"0":{"id":263145,"text":"If the borrower or endorser on a loan by a credit union is a member of the credit committee, or a member of the board of directors if the board is serving as the credit committee, the loan shall be approved by the supervisory committee or a loan officer instead of by the credit committee. If the loan is fully secured by shares, such loan may be approved by the credit committee.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":263146,"text":"No loan shall be made to an individual or entity that is not a member of the credit union. If the credit committee or loan officer should knowingly approve such a loan, the members of the credit committee shall be jointly and severally liable, or in the case of a loan officer, he shall be individually liable, to the credit union for the immediate repayment thereof.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":15799,"edition_id":1,"name":"Loans and Investments","identifier":"9","label":"article","depth":4,"order_by":1,"parent_id":13635,"metadata":{},"date_created":"2026-06-26 03:59:42","date_modified":"2026-06-26 03:59:42","permalink":{"id":264871,"object_type":"structure","relational_id":15799,"identifier":"9","token":"6.2\/II\/13\/9","url":"\/6.2\/II\/13\/9\/","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":64987,"structure_id":15799,"section_number":"6.2-1370","catch_line":"Purpose and condition of loans","url":"\/6.2-1370\/","token":"6.2\/II\/13\/9\/6.2-1370","metadata":false},{"id":70966,"structure_id":15799,"section_number":"6.2-1371","catch_line":"Other charges","url":"\/6.2-1371\/","token":"6.2\/II\/13\/9\/6.2-1371","metadata":false},{"id":69162,"structure_id":15799,"section_number":"6.2-1372","catch_line":"Loan limits","url":"\/6.2-1372\/","token":"6.2\/II\/13\/9\/6.2-1372","metadata":false},{"id":73077,"structure_id":15799,"section_number":"6.2-1373","catch_line":"Loans to members of credit committee; nonmember loans","url":"\/6.2-1373\/","token":"6.2\/II\/13\/9\/6.2-1373","metadata":false},{"id":79285,"structure_id":15799,"section_number":"6.2-1374","catch_line":"Lines of credit","url":"\/6.2-1374\/","token":"6.2\/II\/13\/9\/6.2-1374","metadata":false},{"id":60888,"structure_id":15799,"section_number":"6.2-1375","catch_line":"Cooperative loans","url":"\/6.2-1375\/","token":"6.2\/II\/13\/9\/6.2-1375","metadata":false},{"id":61660,"structure_id":15799,"section_number":"6.2-1376","catch_line":"Authorized investments","url":"\/6.2-1376\/","token":"6.2\/II\/13\/9\/6.2-1376","metadata":false}],"previous_section":{"id":69162,"structure_id":15799,"section_number":"6.2-1372","catch_line":"Loan limits","url":"\/6.2-1372\/","token":"6.2\/II\/13\/9\/6.2-1372","metadata":false},"next_section":{"id":79285,"structure_id":15799,"section_number":"6.2-1374","catch_line":"Lines of credit","url":"\/6.2-1374\/","token":"6.2\/II\/13\/9\/6.2-1374","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1373\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 9 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 1956, chapter 90; in 1966, chapter 584; in 1968, chapter 560; in 1972, chapter 192; in 1975, chapter 448; in 1979, chapter 139; in 1987, chapter 150; in 1990, chapter 373; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":264885,"object_type":"law","relational_id":73077,"identifier":"6.2-1373","token":"6.2\/II\/13\/9\/6.2-1373","url":"\/6.2-1373\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1373\/","token":"6.2\/II\/13\/9\/6.2-1373","dublin_core":{"Title":"Loans to members of credit committee; nonmember loans","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1373","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> If the borrower or endorser on a loan by a credit union<\/span> is a member<\/span> of the credit committee, or a member<\/span> of the board of directors if the board is serving as the credit committee, the loan shall be approved by the supervisory committee or a loan officer instead of by the credit committee. If the loan is fully secured by shares<\/span>, such loan may be approved by the credit committee. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> No loan shall be made to an individual or entity<\/span> that is not a member<\/span> of the credit union<\/span>. If the credit committee or loan officer should knowingly approve such a loan, the members<\/span> of the credit committee shall be jointly and severally liable, or in the case of a loan officer, he shall be individually liable, to the credit union<\/span> for the immediate repayment thereof. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLOANS TO MEMBERS OF CREDIT COMMITTEE; NONMEMBER LOANS (\u00a7 6.2-1373)\n\nA. If the borrower or endorser on a loan by a credit union is a member of the\ncredit committee, or a member of the board of directors if the board is serving\nas the credit committee, the loan shall be approved by the supervisory committee\nor a loan officer instead of by the credit committee. If the loan is fully\nsecured by shares, such loan may be approved by the credit committee.\n\nB. No loan shall be made to an individual or entity that is not a member of the\ncredit union. If the credit committee or loan officer should knowingly approve\nsuch a loan, the members of the credit committee shall be jointly and severally\nliable, or in the case of a loan officer, he shall be individually liable, to\nthe credit union for the immediate repayment thereof.\n\nHISTORY: Code 1950, \u00a7 6-226; 1956, c. 90; 1966, c. 584, \u00a7 6.1-217; 1968, c.\n560; 1972, c. 192; 1975, c. 448; 1979, c. 139; 1987, c. 150; 1990, c. 373, \u00a7\n6.1-225.54; 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}}