Indiana Code
Chapter 1. Credit Unions
28-7-1-23. Loans to Members; Purposes; Repayment Plans; Direct Deposit

Sec. 23. (a) A credit union may make loans to its members for such purposes and upon such security as the bylaws provide, and as the credit committee or loan officer shall approve.
(b) A member may receive a loan for crops in installments.
(c) A borrower may repay the whole loan or any part of a loan on any day on which the credit union is open.
(d) A credit union may offer payroll deduction for:
(1) the repayment of loans; and
(2) deposits into the accounts of members.
(e) A credit union may offer direct deposit.
Formerly: Acts 1961, c.182, s.23; Acts 1969, c.133, s.6; Acts 1974, P.L.130, SEC.6. As amended by P.L.270-1983, SEC.7; P.L.263-1995, SEC.20.

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Structure Indiana Code

Indiana Code

Title 28. Financial Institutions

Article 7. Specialized Financial Institutions

Chapter 1. Credit Unions

28-7-1-0.1. Application of Certain Amendments to Chapter

28-7-1-0.5. Definitions

28-7-1-1. Persons Authorized to Organize; Application; Articles of Incorporation

28-7-1-2. Repealed

28-7-1-3. Bylaws; Requirement to Commence Business; Form

28-7-1-4. Bylaws; Contents

28-7-1-5. Repealed

28-7-1-6. Repealed

28-7-1-7. Amendment of Articles

28-7-1-8. Unauthorized Use of Name "Credit Union"; Violations

28-7-1-9. Powers; Investments; Maintenance of Files; Authority to Purchase and Hold Life Insurance

28-7-1-9.1. Sale of Life Insurance Policy or Annuity Contract; Prohibitions

28-7-1-9.2. Request to Exercise Rights and Privileges Granted to Federal Credit Unions; Appeal

28-7-1-10. Membership; Identification; Qualified Groups; Membership Cards

28-7-1-10.1. Illegal Members; Purging of Accounts; Loans Not Affected

28-7-1-10.5. Repealed

28-7-1-10.6. Issuing Shares in a Revocable or Irrevocable Trust; Conditions

28-7-1-11. Quarterly Call Report of Credit Union's Condition; Civil Penalty for Failure to Report; Information in Report

28-7-1-12. Examinations of Credit Unions and Affiliates; Recognition of Cpa Audit; Examination of Vendors

28-7-1-13. Repealed

28-7-1-14. Fiscal Year; Membership Meetings; Voting Rights

28-7-1-15. Selection of Board of Directors, Supervisory Committee, and Credit Committee; Oath; Term Length; Replacement of Chief Executive Officer; Qualification Criteria

28-7-1-16. Board of Directors; Board Officers; Credit Union Officers; Board Meetings; Executive Committee; Directors' Duties; Loan Officers; Delegation of Duties; Suspension or Removal of Officer; Action by Written Consent

28-7-1-16.5. Conflicts of Interest; Disqualification; Directors; Committee Members

28-7-1-17. Loans to Members; Application; Terms and Conditions; Loans Secured by Real Estate; Participation Loans; Indemnifying or Second Mortgage on Real Estate

28-7-1-17.1. Repealed

28-7-1-17.2. Extensions of Credit to Officers, Directors, or Supervisory Committee Members; Applicability of Federal Regulation; Delinquencies by Directors or Committee Members; Waiver

28-7-1-17.3. Quarterly Report of Outstanding Indebtedness of Officers, Directors, and Committee Members; Retention; Contents

28-7-1-17.5. Signature Limits

28-7-1-18. Duties and Powers of Supervisory Committee; Audits; Meeting Minutes

28-7-1-19. Capital; Lien on Shares; Transfer of Shares; Use of Secondary Capital by Federal Credit Unions

28-7-1-20. Repealed

28-7-1-20.1. Issuance of Shares; Joint Tenancy; Deposits, Investments, and Withdrawals by Minors

28-7-1-21. Repealed

28-7-1-22. Authority to Borrow; Limits; Authority to Receive Public Deposits and Pledge Securities

28-7-1-23. Loans to Members; Purposes; Repayment Plans; Direct Deposit

28-7-1-24. Regular Reserve Requirements; Undivided Profits Account; Financial Statements; Allowances for Loan and Investment Losses

28-7-1-24.1. Repealed

28-7-1-25. Dividends

28-7-1-26. Repealed

28-7-1-26.3. Termination of Membership; Termination or Suspension of Services to Member; Withdrawal From Membership; Notice

28-7-1-26.5. Refusal to Make Payment From Account

28-7-1-27. Repealed

28-7-1-27.1. Dissolution

28-7-1-28. Change of Place of Business

28-7-1-29. Conversion From Federal to State Charter; Conversion From State to Federal Charter; Procedures and Requirements

28-7-1-30. Repealed

28-7-1-31. Fidelity Coverage for Directors, Officers, and Employees With Access to Money or Bonds; Blanket Fidelity Bond or Separate Reserve Fund Required

28-7-1-31.3. Credit Union Officials; Discharge of Duties; Indemnification

28-7-1-31.5. Insurance; Examinations

28-7-1-32. Repealed

28-7-1-33. Merger of Credit Unions; Submission of Resolutions and Joint Agreement to Department; Approval or Disapproval; Shareholder Vote; Articles of Merger

28-7-1-33.1. Merger of Credit Unions; Surviving Credit Union Organized Under Federal or Other State Law; Department Approval Not Required

28-7-1-34. Out-of-State Credit Unions; Branch Offices in Indiana; Approval of Department or Exemption From Approval; Field of Membership; Application; Denial, Suspension, or Revocation of Application; Compliance; Examinations; Agreements Between Depa...

28-7-1-35. Effect of Amendments by Acts 1974, p.l.130

28-7-1-36. Atm Ownership

28-7-1-37. Withdrawal of Deposits

28-7-1-38. Requirement to Provide Property Tax Information in Certain Transactions

28-7-1-39. Limits on Loans to Members; Exceptions; Prohibition Against Accepting Compensation for Procuring Loan; Exception for Bona Fide Employment or Compensation Agreements; Deadline for Compliance