(a) (1) A credit union may make a loan to an official of the credit union if the official takes no part in consideration of the loan application.
(2) A loan authorized under paragraph (1) of this subsection requires approval of the board if:
(i) The official is the debtor in the loan or is the guarantor, endorser, or cosigner of the loan; and
(ii) The loan, standing alone or when added to the aggregate of all outstanding loans for which the official is the debtor or acts as guarantor, endorser, or cosigner, or both, exceeds $25,000 plus pledged shares.
(b) The rates, terms, and conditions on any loan from a credit union to, or guaranteed, endorsed, or cosigned by, an official or officer of the credit union may not be more favorable than the rates, terms, and conditions for a comparable loan to another member of the credit union.