A credit union may loan to members for such purposes and upon such conditions and by such means as the bylaws may provide. The board of directors shall establish written policies with respect to the granting of loans and the extending of lines of credit, including the terms, conditions, and acceptable forms of security.
S.C. Code Ann. § 34-26-800
Loans and lines of credit; establishment of written policies
1996 Act No. 371, SECTION 1, eff May 29, 1996.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.