SEC. 81-13-39. Authority to lend or invest funds; interest rates.

A credit union may lend to its members at reasonable rates of interest, which shall not exceed one and three-fourths percent (1-3/4%) per month, computed on unpaid balances, or invest the funds accumulated as herein provided. Fines and penalties shall not be considered as interest. A charge of Ten Dollars ($10.00) in lieu of interest may be made on any loan payable in a single payment, and a charge of Fifteen Dollars ($15.00) in lieu of interest may be made on any loan payable in installments.

SOURCES: Codes, 1930, Sec. 4249; 1942, Sec. 5410; Laws, 1924, ch. 177; 1980, ch. 492, Sec. 4; 1982, chs. 304, Sec. 22; 468, Sec. 4; 1984, ch. 501, Sec. 4; 1986, ch. 510, Sec. 14; 1987, ch. 381, Sec. 15; reenacted, 1995, ch. 374, Sec. 22, eff from and after July 1, 1995

1997 Amendment

Reenacted.

SOURCE: 1997 Laws, Chapter 368, Sec. 21, HB561, Effective Jluly 1, 1997.