04 NCAC 06C .0408         SALE OF LOANS

(a)  A credit union may sell its loans provided the Board of Directors or designated Committee approves the sale and a written agreement and a schedule of loans covered by the agreement are retained in the credit union office.

(b)  A credit union may not sell loans with recourse without the permission of the Administrator of Credit Unions.

(c)  A credit union may agree to service any obligation it purchases or sells in whole or in part.

History Note:        Authority G.S. 54‑109.12; 54‑109.21(9); 54‑109.21(25); 54‑109.22;

Eff. June 1, 1991;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. September 6, 2016.