Upon their own motion or upon application by a member, the credit committee or credit manager may approve a line of credit in advance, and advances may be granted to each member within the limit of such extension of credit. Where a line of credit has been approved, no additional loan applications are required as long as the aggregate obligation does not exceed the limit of such extension of credit.
Mont. Code Ann. § 32-3-606
Line of credit
Known as the Montana Credit Union Act
The act spans §§ 32–32 (102 sections).
En. 14-653 by Sec. 53, Ch. 38, L. 1975; R.C.M. 1947, 14-653.
Official source: Montana Code Annotated (Montana Legislature). Reproduced from public-domain Montana statutes; confirm against the official source for the current text. Not legal advice.