Rhode Island § 19-5-17 - Credit Unions
Full text of Rhode Island Rhode Island General Laws § 19-5-17 — Credit Unions, with citation guidance and answers to common questions.
§ 19-5-17. Credit Unions
R.I. Gen. Laws § 19-5-17
§ 19-5-17. Compensation or loans to officers.
(a) No member of the board of directors or member of either the credit or supervisory committee shall directly or indirectly borrow from or become surety for any loan or advance made by the credit union, except that any member of the board of directors or any member from either of the committees may borrow from the credit union up to the amount of shares and deposits pledged for the loan or upon prior authorization and approval by the board of directors.
(b) Any credit union may pay to each of the members of the board of directors, credit committee, and supervisory committee for his or her services as a member of the board or committee(s) a sum that may, from time to time, be fixed by the members at an annual meeting. No officers, directors, or employees may receive any other compensation or fee for services provided to the credit union beyond their compensation as officers, directors, and/or employees.
(c) The director, or the director’s designee, shall promulgate regulations relating to loans to officers and directors of credit unions. The regulations shall provide for limitations and requirements similar to federal regulations governing loans to officers and directors of financial institutions.
History of Section.
P.L. 1995, ch. 82, § 43.
Source: official Rhode Island text · Last verified 2026-08-27
Frequently Asked Questions About Rhode Island § 19-5-17
What does Rhode Island General Laws § 19-5-17 cover?
Section 19-5-17 ("Credit Unions") is part of the Rhode Island General Laws, the codified statutory law of Rhode Island. 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 Rhode Island § 19-5-17?
A common citation format is "Rhode Island General Laws § 19-5-17" (Rhode Island). 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 Rhode Island law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Rhode Island official source linked on this page or consult a licensed Rhode Island attorney.
How does Rhode Island § 19-5-17 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Rhode Island 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 Rhode Island.