Idaho Code 26-2183 – Reserve Allocations — Idaho Corporate Credit Union
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 26-2183
- Credit union: means a cooperative nonprofit corporation chartered under the provisions of this chapter. See Idaho Code 26-2104
- Director: means the director of the department of finance of the state of Idaho. See Idaho Code 26-2104
- Month: means a calendar month, unless otherwise expressed. See Idaho Code 73-114
No reserve shall be required for the corporate credit union except a special reserve may be required by the director of finance when an annual examination reflects need for such reserves for potential losses from investments. Loans one (1) month to six (6) months delinquent shall be required to have a reserve equal to ten percent (10%) of the unpaid balance of such loans. Loans over six (6) months delinquent shall be required to have a reserve equal to one hundred percent (100%) of the unpaid balance of such loans. The director may allow distribution of the special reserve if the losses do not materialize.