Wisconsin § 186.098 - Loans.

§ 186.098. Loans.

186.098(1) (1) Loan approval. The credit union may make loans to members upon terms approved by the credit committee, loan officer or board of directors. 186.098(2) (2) Appeals. A loan applicant may appeal in writing the decision of the credit committee or a loan officer to the president and may appeal in writing the president’s decision to the board of directors. 186.098(3) (3) Loan applications. Every application for a loan shall be documented and acknowledged by the member and shall state the security or collateral offered, if any. 186.098(4) (4) Board approval. The board of directors or its designee shall act on the applications of credit committee members and loan officers. 186.098(5) (5) Limits. No loans shall be made to any member in excess of 10 percent of the credit union’s assets, plus the balance of the member’s share account pledged as security for the loan. This subsection shall not apply to loans made to member credit unions by a corporate central credit union. 186.098(6) (6) Policies. The board of directors shall determine policy regarding all of the following: 186.098(6)(a) (a) Collateral acceptable for secured loans. 186.098(6)(b) (b) Loan limits. 186.098(6)(c) (c) Loan approval if a director, officer, credit committee member or employee provides security as a comaker, guarantor, endorser or other form of surety. 186.098(7) (7) Surety repayment evidence. An endorser, comaker, guarantor or other surety shall provide the credit union with evidence of ability to repay the obligation of the member. 186.098(8) (8) Credit extensions. 186.098(8)(a) (a) The credit committee or a loan officer may approve, upon its own motion or upon application by a member, an extension of credit, and loans may be granted to the member within the limit of the extension of credit. The credit committee or loan officers shall review all extensions of credit in accordance with written policies adopted by the board of directors. 186.098(8)(b) (b) A credit union may utilize credit cards, including point-of-purchase credit, if the credit committee or loan officer, upon its or his or her own motion or upon application by a member, has predetermined the extent of credit extension. 186.098(9m) (9m) Participation loans. A credit union may participate with other lenders in a loan of any type that the credit union may otherwise make. 186.098(10) (10) Loans to members secured by mortgages. Loans to members secured by mortgages on real estate may be made subject to the rules prescribed by the office of credit unions. Such loans may provide for additional advances, but any additional advance made to a member, if the mortgage and mortgage note so provide, may not exceed an amount specified in the mortgage. 186.098(11) (11) Guaranteed loans. A credit union may make loans to members that are guaranteed or insured by the federal government, any state or any federal or state agency. Loans under this subsection may be made under the conditions required for the insurance or guarantee. 186.098(12) (12) Loans to members. A credit union may make loans to members secured by assignment or transfer of stock certificates or other evidence of the borrower’s ownership interest in a corporation formed for the cooperative ownership of real estate. Sections