HRS §412:10-413
Credit union loans and financing options
This section lets credit unions make government-backed loans to members, buy members' loan contracts, and help finance purchases of the credit union's own property. The credit union's board sets the loan terms. It is a permission, not a requirement.
borrowerscreditors
The statute, as written — Other loan programs
(a) A credit union may loan to members under any government guaranteed or insured loan program and such insurance on these loans shall be deemed adequate security. The terms of such loans shall be as defined by the board of directors under the provisions of the loan program. (b) A credit union may purchase the conditional sales contracts, notes and similar instruments of its members. (c) A credit union may finance for any person the sale of the credit union's personal property, including property obtained as a result of defaults in obligations owed to the credit union, under the terms, conditions and rates provided by this article.
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