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§ 510. Loan interest

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 17 Pa.C.S.A. Credit UnionsEffective: August 18, 2014

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 17 Pa.C.S.A. Credit Unions (Refs & Annos)
Chapter 5. Corporate Powers, Duties and Safeguards
Effective: August 18, 2014
17 Pa.C.S.A. § 510
§ 510. Loan interest
(a) General rule.--Interest rates on loans made by a credit union to its members shall not exceed the interest rates and finance charges permissible for a Federal credit union as authorized by the Federal Credit Union Act (48 Stat. 1216, 12 U.S.C. § 1751 et seq.) and the rules and regulations of the National Credit Union Administration.
(b) Deleted by 2014, June 18, P.L. 754, No. 62, § 2, effective in 60 days [Aug. 18, 2014].
(c) Penalty for overcharge.--The taking, receiving, reserving or charging interest greater than allowed by this section shall be deemed a forfeiture of the entire interest on the loan, except when such overcharge is the result of a clerical error in computation. In case an interest greater than that which is allowed by this section has been paid, the borrower may, within six months after payment, recover from the credit union the entire amount of interest paid, except when such overcharge is the result of a clerical error in computation in which case only the excess interest paid may be recovered.
(d) Additional powers of certain insured credit unions.--A credit union insured by a share insurance fund other than the National Credit Union Share Insurance Fund may make any loan authorized by this title, at such interest, finance charge, rate and terms as a credit union insured by the National Credit Union Share Insurance Fund, except that the authority permitted under this subsection shall not apply to the extension of credit for the purchase of goods and services through the issuance and use of credit cards.

Credits

1990, Dec. 19, P.L. 834, No. 198, § 302, effective in two months. Amended 2014, June 18, P.L. 754, No. 62, § 2, effective in 60 days [Aug. 18, 2014].
17 Pa.C.S.A. § 510, PA ST 17 Pa.C.S.A. § 510
Current through the end of the 2023 Regular Session. Some statute sections may be more current, see credits for details.
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