North Carolina Administrative Code
Title 04 - COMMERCE
Chapter 06 - CREDIT UNION DIVISION
Subchapter C - CREDIT UNIONS
Section .0400 - LOANS
Section 06C .0408 - SALE OF LOANS
Current through Register Vol. 39, No. 6, September 16, 2024
(a) A credit union may sell its loans provided the Board of Directors or designated Committee approves the sale and a written agreement and a schedule of loans covered by the agreement are retained in the credit union office.
(b) A credit union may not sell loans with recourse without the permission of the Administrator of Credit Unions.
(c) A credit union may agree to service any obligation it purchases or sells in whole or in part.
Authority
G.S.
54-109.12;
54-109.21(9);
54-109.21(25);
54-109.22;
Eff. June
1, 1991;
Pursuant to
G.S.
150B-21.3A, rule is necessary without
substantive public interest Eff. September 6,
2016.
