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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>60888</law_id><section_number>6.2-1375</section_number><catch_line>Cooperative loans</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="6.2">Financial Institutions and Services</unit><unit label="subtitle" level="2" order_by="1" identifier="II">Depository Institutions and Trust Organizations</unit><unit label="chapter" level="3" order_by="1" identifier="13">Credit Unions</unit><unit label="article" level="4" order_by="1" identifier="9">Loans and Investments</unit></structure><text>
						<section><p>A <span class="dictionary">credit union</span> may originate loans to <span class="dictionary">credit union</span> <span class="dictionary">members</span> jointly with other <span class="dictionary">credit unions</span>, <span class="dictionary">credit union</span> organizations, or other <span class="dictionary">financial institutions</span> pursuant to written policies established by the board of directors. The policies shall include the limitation set forth in &#xA7;&#xA0;<a class="law" title="Loan limits" href="/6.2-1372/">6.2-1372</a>. A <span class="dictionary">credit union</span> that originates such a loan shall retain at least a 10 percent interest in such loan.</p></section></text><history>1990, c. 373, &#xA7; 6.1-225.56; 2010, c. 794.</history><metadata></metadata></law>
