Pennsylvania § 512 - Loans.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 512 — Loans., with citation guidance and answers to common questions.
§ 512. Loans.
(a) Loans to members only.--Except as otherwise provided in this title, a credit union may make loans to its members only.
(b) Loans subject to bylaws.--Loans must be made subject to the conditions contained in the bylaws.
(c) Borrower repayment of loans.--A borrower may repay the borrower's loan, in whole or in part, any day the office of the credit union is open for business.
(d) Nonpreferential treatment.--The following may not obtain or guarantee a loan from the credit union on terms, rates or conditions more favorable than those granted to any other member:
(1) A director.
(2) An officer.
(3) A member of any committee.
(4) A member of the immediate family of a director, officer or member of a committee.
(5) Any individual having a common ownership, investment or other pecuniary interest in a business enterprise with a director, officer or member of a committee.
(Dec. 12, 1994, P.L.1067, No.146, eff. 60 days; June 18, 2014, P.L.754, No.62, eff. 60 days)
Frequently Asked Questions About Pennsylvania § 512
What does Pennsylvania Consolidated Statutes § 512 cover?
Section 512 ("Loans.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. 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 Pennsylvania § 512?
A common citation format is "Pennsylvania Consolidated Statutes § 512" (Pennsylvania). 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 Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 512 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania 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 Pennsylvania.