Indiana § 28-7-1-23 - Loans to members; purposes; repayment plans; direct deposit
Full text of Indiana Indiana Code § 28-7-1-23 — Loans to members; purposes; repayment plans; direct deposit, with citation guidance and answers to common questions.
§ 28-7-1-23. Loans to members; purposes; repayment plans; direct deposit
Sec. 23. (a) A credit union may make loans to its members for such purposes and upon such security as the bylaws provide, and as the credit committee or loan officer shall approve.
(b) A member may receive a loan for crops in installments.
(c) A borrower may repay the whole loan or any part of a loan on any day on which the credit union is open.
(d) A credit union may offer payroll deduction for:
(1) the repayment of loans; and
(2) deposits into the accounts of members.
(e) A credit union may offer direct deposit.
Formerly: Acts 1961, c.182, s.23; Acts 1969, c.133, s.6; Acts 1974, P.L.130, SEC.6. As amended by P.L.270-1983, SEC.7; P.L.263-1995, SEC.20.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 28-7-1-23
What does Indiana Code § 28-7-1-23 cover?
Section 28-7-1-23 ("Loans to members; purposes; repayment plans; direct deposit") is part of the Indiana Code, the codified statutory law of Indiana. 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 Indiana § 28-7-1-23?
A common citation format is "Indiana Code § 28-7-1-23" (Indiana). 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 Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 28-7-1-23 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana 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 Indiana.