Section 490.116. Delinquent loans.

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(1) A credit union shall maintain a monthly delinquent loan report reflecting all loans that are at least 1 month delinquent. The report shall contain, at a minimum, all of the following information with respect to the borrower:

(a) ) Name.

(b)   Account number.

(c)   Loan balance.

(d) Number of months delinquent.

(e)   Any other information determined necessary by the board of directors to determine the condition of the loan.

(2) The application of proceeds from a liquidation of   collateral to a delinquent loan by a credit union shall reduce the balance due, but not the months delinquent, of that loan.

History: 2005 AACS.

                    
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