Statute · New York Banking Law
N.Y. Banking Law § 483 — Penalty for loans to non-members; recovery
N.Y. Banking Law § 483
- Type
- Statute
- Source
- New York Banking Law
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
§ 483. Penalty for loans to non-members; recovery. Any officer, director or member of a committee of a credit union who knowingly permits a loan to be made or participates in a loan to a non-member of the corporation shall be guilty of a misdemeanor and shall be primarily liable to the…
Citator
N.Y. Banking Law § 483 — Penalty for loans to non-members; recovery is in force in the current edition of the Code, and nothing recorded condemns it.
§ 483. Penalty for loans to non-members; recovery. Any officer, director or member of a committee of a credit union who knowingly permits a loan to be made or participates in a loan to a non-member of the corporation shall be guilty of a misdemeanor and shall be primarily liable to the corporation for the amount thus illegally loaned, and the illegality of such a loan shall be no defense in any action by the corporation to recover the amount lent.