New York § 483 - 483Penalty for loans to non-members; recovery

Full text of New York New York Consolidated Laws § 483 — 483Penalty for loans to non-members; recovery, with citation guidance and answers to common questions.

§ 483. 483Penalty for loans to non-members; recovery

§ 483. Penalty for loans to non-members; recovery. Any officer, director or member of a committee of a credit union who knowingly permits a loan to be made or participates in a loan to a non-member of the corporation shall be guilty of a misdemeanor and shall be primarily liable to the corporation for the amount thus illegally loaned, and the illegality of such a loan shall be no defense in any action by the corporation to recover the amount lent.

Source: official New York text · Last verified 2026-08-27

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Frequently Asked Questions About New York § 483

What does New York Consolidated Laws § 483 cover?

Section 483 ("483Penalty for loans to non-members; recovery") is part of the New York Consolidated Laws, the codified statutory law of New York. 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 New York § 483?

A common citation format is "New York Consolidated Laws § 483" (New York). 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 New York law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.

How does New York § 483 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York 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 New York.