Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 1 - Banking, Securities, Small Loans and Corporations
Chapter 03 - Credit Unions
Article 2 - Credit Union Practices
3 AAC 03.110 - Loans to members

Universal Citation: 3 AK Admin Code 03.110

Current through February 24, 2025

(a) Loan Policies. The board of directors shall establish written loan policies which will be made available to members. The policies must include relevant considerations such as types of loans, security, interest rates and maturities.

(b) Loan Repayment.

(1) Late charges and accrued interest are to be deducted from proceeds of loan payments first, with the remainder, if any, to be applied to the loan principal.

(2) Interest payments will be required on all loans at least annually.

Authority:AS 06.45.010

AS 06.45.060(5)

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