Wisconsin Administrative Code
Department of Financial Institutions
DFI-CU 51-75 - Department of Financial Institutions-Credit Unions
Chapter DFI-CU 72 - Member business loans
Section DFI-CU 72.02 - Member business loan
Universal Citation: WI Admin Code ยง DFI-CU 72.02
Current through February 26, 2024
(1) "Member business loan" means any loan, line of credit, letter of credit or any unfunded commitment to make a loan, where the borrower intends to use the proceeds for any of the following purposes:
(a) Commercial.
(b) Corporate.
(c) Investment property.
(d) Business venture.
(e) Agricultural.
(2) "Member business loan" shall not include any of the following:
(a) A business purpose
loan fully secured by a lien on a 1 to 4 family dwelling that is the member's
primary residence.
(b) A business
purpose loan fully secured by shares or deposits in the credit union making the
extension of credit or in other credit unions, or by deposits in other
financial institutions.
(c) One or
more business purpose loans to a member or an associated member that, in the
aggregate, are less than $50,000. The entire amount of such a loan or loans
that equals or exceeds this amount, or that causes the aggregate to exceed this
amount is a business loan.
(d) A
business purpose loan where a federal or state agency or any of their political
subdivisions fully insures repayment, or fully guarantees repayment, or
provides an advance commitment to purchase in full.
(e) A loan granted by a corporate credit
union to another credit union.
Disclaimer: These regulations may not be the most recent version. Wisconsin may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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