Kentucky Statutes 286.6-515 – Other loan programs
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(1) A credit union may participate in any guaranteed loan program of the federal or state government under the terms and conditions specified in the law under which such a program is provided.
(2) A credit union may purchase the conditional sales contracts, notes and similar instruments of its members.
Effective: July 13, 1984
History: Created 1984 Ky. Acts ch. 408, sec. 52, effective July 13, 1984.
Formerly codified as KRS § 290.515.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286.
(2) A credit union may purchase the conditional sales contracts, notes and similar instruments of its members.
Terms Used In Kentucky Statutes 286.6-515
- Credit union: means a cooperative, nonprofit association, incorporated under this subtitle, for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, and providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition. See Kentucky Statutes 286.6-005
- Federal: refers to the United States. See Kentucky Statutes 446.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
Effective: July 13, 1984
History: Created 1984 Ky. Acts ch. 408, sec. 52, effective July 13, 1984.
Formerly codified as KRS § 290.515.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286.