Code of the District of Columbia

§ 26–507.06. Participation loans.

(a) A District credit union may participate in loans to District credit union members jointly with other credit unions, credit union organizations, or other organizations pursuant to written policies established by the board of directors.

(b) If the aggregate amount of participation loans exceeds the District credit union's lending limitations, the District credit union may originate the participation loans only on a non-recourse basis. An interest in a participation loan may be negotiated to another credit union, credit union organization, or other approved organization.

(c) A member benefiting from the proceeds of a participation loan need not be a member of every credit union participating in the loan.

(May 6, 2020, D.C. Law 23-86, § 706, 67 DCR 3476.)