A credit union may participate in loans to credit union members jointly with other credit unions pursuant to written policies established by the board of directors. A credit union which originates such a loan shall retain an interest of at least ten percent of the face amount of the loan.
S.C. Code Ann. § 34-26-870
Credit union participation in joint loan with other credit union
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.