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 72.04 - Construction and development loans
Current through February 26, 2024
Unless the director grants a waiver, a credit union that makes construction or development loans shall be subject to all of the following:
(1) The aggregate of all construction and development loans shall not exceed 15% of the credit union's net worth. In determining the aggregate, the credit union may exclude any portion of a loan that is any of the following:
(2) The borrower shall have a minimum of the following:
(3) The funds shall be released only after on-site inspections, documented in writing, by qualified personnel and according to a preapproved draw schedule and any other conditions as set forth in the loan documentation.
(4) The credit union shall not make construction or development loans unless it utilizes the services of an individual with at least 5 years direct experience in construction and development lending.