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Beginning of Chapter  <<  208-460-010 >>   208-460-020

What is a member business loan?

(1) Definition of MBL. "Member business loan" or "MBL" includes any loan, line of credit, letter of credit, or any unfunded commitment to make a loan, where the borrower intends to use the proceeds for any of the following purposes:
(a) Commercial;
(b) Corporate;
(c) Investment property;
(d) Business venture; or
(e) Agricultural.
(2) Exemptions. The following are not member business loans:
(a) A business purpose loan fully secured by a lien on a one to four family dwelling that is the member's primary residence;
(b) A business purpose loan fully secured by shares or deposits in the credit union making the extension of credit or in other credit unions, or by deposits in other financial institutions;
(c) One or more business purpose loans to a member or any associated member which in the aggregate do not exceed the amount of 49,999 dollars. The entire amount of such a loan that exceeds this figure, or that causes the aggregate to exceed this figure, is a MBL;
(d) A business purpose loan where a federal or state agency (or any political subdivision of a state) fully insures repayment, or fully guarantees repayment, or provides an advance commitment to purchase in full; or
(e) A loan granted by a corporate credit union to another credit union.
(3) Other definitions. Certain other terms used in this chapter are defined in WAC 208-460-170.
[Statutory Authority: RCW 31.12.426(1), 31.12.516(2), 43.320.040. WSR 01-10-084, § 208-460-010, filed 5/1/01, effective 6/1/01.]