Montana Code 32-3-416. Credit committee or credit manager duties
32-3-416. Credit committee or credit manager duties. (1) A credit union may use a credit committee or a credit manager to approve or disapprove loans under conditions the board of directors prescribes.
Terms Used In Montana Code 32-3-416
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
- Quorum: The number of legislators that must be present to do business.
(2)The credit committee or the credit manager may appoint one or more loan officers with the power to approve loans, subject to limitations or conditions that the board of directors prescribes. The board of directors shall provide an appeal process for applications rejected by loan officers.
(3)If a credit union uses a credit committee, a quorum of the credit committee shall meet as often as required to consider loan applications. A majority of the credit committee members who are present at the meeting at which an application is considered is required for approval of the application.
(4)Credit union policies set by the board of directors may determine the loan size or type of loans that a credit committee or credit manager may approve.