Illinois § 52
Full text of Illinois Illinois Compiled Statutes § 52, with citation guidance and answers to common questions.
§ 52.
Loans to directors, officers, credit committee, and supervisory committee members. A credit union may make loans to its directors, officers, credit committee members, and supervisory committee members, provided that the loan complies with all lawful requirements under this Act with respect to loans to other borrowers. No loan may be made to or cosigned by any director, officer, credit committee member, or supervisory committee member which would cause the aggregate amount of all loans then outstanding to or cosigned by all directors, officers, credit committee members, or supervisory committee members to exceed 20% of the unimpaired capital and surplus of the credit union. (Source: P.A. 99-614, eff. 7-22-16.)
Frequently Asked Questions About Illinois § 52
What does Illinois Compiled Statutes § 52 cover?
Section 52 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 52?
A common citation format is "Illinois Compiled Statutes § 52" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 52 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.