N.Y. Banking Law Section 473
Loan officers, credit committee

  • duties

Whenever the term “credit committee” is used in this article, it shall solely be applicable to those credit unions whose bylaws provide for such committee. The credit committee of every credit union shall meet as often as necessary, after due notice has been given to each member, for the purpose of passing upon applications of members for loans. No loan shall be made unless approved by a loan officer or by a majority of the members of the credit committee; except the credit committee or a loan officer may approve in advance upon application by a member, an extension of credit, and loans may be granted to such members within the limits of such extension of credit. The loan officers or the credit committee shall be responsible for reviewing and affirming all extensions of credit and any extension of credit shall expire if the member becomes more than ninety days delinquent in his obligations to the credit union. If the credit union has shares in excess of fifty thousand dollars, the credit committee may appoint one or more loan officers and delegate to him, her or them the power to approve loans within the limits fixed by the board of directors. If the credit committee appoints one or more loan officers, not more than one loan officer shall be a member of the credit committee and each loan officer shall report to the credit committee a record of each loan approved or disapproved by him, her or them within seven days after filing of the loan application. All applications not approved by a loan officer shall be acted upon by the credit committee. If there is no credit committee, a member shall have the right, upon written request, of review by the board of directors of a loan application which has been denied. In no case shall a loan officer or a member of the credit committee serve as a member of the supervisory committee. No officer who is authorized to sign checks shall act as a loan officer. If a credit union has less than five hundred thousand dollars in assets, its board of directors may act as its credit committee. The credit committee of every credit union shall keep full and complete minutes of all the business transacted at each of its meetings. Such minutes shall include the names of those present at such meetings.

Source: Section 473 — Loan officers, credit committee; duties, https://www.­nysenate.­gov/legislation/laws/BNK/473 (updated Sep. 22, 2014; accessed Jun. 8, 2024).

450
Incorporation
450‑A
Designation of low income credit union
450‑B
Designation of student branches
451
Proposed bylaws
451‑A
Qualifications for membership
452
When corporate existence begins
453
Corporate credit unions
454
General powers
455
Trust powers
456
Limitations upon powers
457
Capital
458‑A
Maintenance of reserves
459
Allowance for loan loss
460
Dividends to shareholders
461
Change of location
462
Foreign credit unions
463
Exemptions and individual liability of shareholders
464
Manner of withdrawal
465
Withdrawal of shares after voting to liquidate
466
Meetings of shareholders
467
Qualifications and disqualifications of directors and committee members
468
Oaths of directors, officers and members of committees
469
Vacancies
470
Powers and duties of directors
471
Duty of directors and officers
472
Special duties of directors
473
Loan officers, credit committee
474
Loan reports to directors
475
Supervisory committee
476
Officers
477
Retirement and insurance benefits for officers and employees
478
Amendment of bylaws
479
Credit union not liable for taxation
480
Fiscal year
481
Communications from department of financial services must be submitted to directors and supervisory committee, and noted in the minutes
482
Reports to superintendent
483
Penalty for loans to non-members
484
Penalty for use of term “credit union”
485
Entries in books
486
Conversion of a federal credit union into a state credit union
486‑A
Retention of special additional mortgage recording tax exemption for converted federal credit unions
487
Conversion of a credit union into a federal credit union
487‑A
Conversion of a credit union into a mutual savings bank

Accessed:
Jun. 8, 2024

Last modified:
Sep. 22, 2014

§ 473’s source at nysenate​.gov

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