Washington Administrative Code
Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460)
Chapter 208-444 - Miscellaneous credit union rules
Section 208-444-030 - Nonpreferential loans
Universal Citation: WA Admin Code 208-444-030
Current through Register Vol. 24-18, September 15, 2024
(1) The rates, terms and conditions on any loan either made to, or endorsed or guaranteed by
(a) An official
(b) An immediate family member of an
official, or
(c) Any individual
having a common ownership, investment or other pecuniary interest in a business
enterprise with an official or with an immediate family member of an official
shall not be more favorable than the rates, terms and conditions for comparable
loans to other credit union members.
(2) For purposes of this section, "official" means any member of the board of directors, credit committee or supervisory committee.
Statutory Authority: RCW 31.12.535 and 43.320.040. 97-23-071, § 208-444-030, filed 11/19/97, effective 3/19/98 by letter filed as WSR 98-10-072.
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