Washington § 31.12.428 - Limit on loan amount.

Full text of Washington Revised Code of Washington § 31.12.428 — Limit on loan amount., with citation guidance and answers to common questions.

§ 31.12.428. Limit on loan amount.

(1) No loan may be made to any borrower if the loan would cause the borrower to be indebted to the credit union on all types of loans in an aggregated amount exceeding ten thousand dollars or twenty-five percent of the capital of the credit union, whichever is greater, without the approval of the director.
(2) The director by rule may establish separate limits on business loans to one borrower.
[ 2001 c 83 s 18; 1997 c 397 s 35; 1994 c 256 s 92. Formerly RCW 31.12.317.]

Notes

Effective date—1997 c 397 s 35: "Section 35 of this act takes effect July 1, 1998." [ 1997 c 397 s 90.]
Findings—Construction—1994 c 256: See RCW 43.320.007.

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Frequently Asked Questions About Washington § 31.12.428

What does Revised Code of Washington § 31.12.428 cover?

Section 31.12.428 ("Limit on loan amount.") is part of the Revised Code of Washington, the codified statutory law of Washington. 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 Washington § 31.12.428?

A common citation format is "Revised Code of Washington § 31.12.428" (Washington). 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 Washington law?

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

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Sources & Verification

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