Virginia Decodedhttps://vacode.org792856.2-1374Lines of credit2025Financial Institutions and ServicesDepository Institutions and Trust OrganizationsCredit UnionsLoans and Investments

Notwithstanding the requirements of § 6.2-1354, the credit committee or a loan officer may approve an application for a line of credit. When a line of credit has been approved, advances may be made as requested without further loan application or approval if the aggregate outstanding balance on all advances does not exceed the limit specified.

1976, c. 204, § 6.1-212.1; 1986, c. 147; 1990, c. 373, § 6.1-225.55; 2010, c. 794.