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1CREDIT UNIONS, 533.315533.315 Loans.
1. General lending power. A state credit union may loan to a member for a provident or
productive purpose.
a. Loans are subject to the conditions contained in
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What is general lending power?
General lending power refers to the authority given to financial institutions or lenders to lend money or provide credit to borrowers.
Who is required to file general lending power?
Financial institutions, such as banks, credit unions, and money lenders, are required to file general lending power.
How to fill out general lending power?
General lending power should be filled out with accurate and up-to-date information about the institution's lending practices and policies.
What is the purpose of general lending power?
The purpose of general lending power is to ensure transparency and accountability in the lending practices of financial institutions.
What information must be reported on general lending power?
Information such as loan amounts, interest rates, terms and conditions, and borrower details must be reported on general lending power.
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