§ 473. Loan officers, credit committee; duties. Whenever the term
"credit committee" is used in this article, it shall solely be
applicable to those credit unions whose bylaws provide for such
committee. The credit committee of every credit union shall meet as
often as necessary, after due notice has been given to each member, for
the purpose of passing upon applications of members for loans. No loan
shall be made unless approved by a loan officer or by a majority of the
members of the credit committee; except the credit committee or a loan
officer may approve in advance upon application by a member, an
extension of credit, and loans may be granted to such members within the
limits of such extension of credit. The loan officers or the credit
committee shall be responsible for reviewing and affirming all
extensions of credit and any extension of credit shall expire if the
member becomes more than ninety days delinquent in his obligations to
the credit union. If the credit union has shares in excess of fifty
thousand dollars, the credit committee may appoint one or more loan
officers and delegate to him, her or them the power to approve loans
within the limits fixed by the board of directors. If the credit
committee appoints one or more loan officers, not more than one loan
officer shall be a member of the credit committee and each loan officer
shall report to the credit committee a record of each loan approved or
disapproved by him, her or them within seven days after filing of the
loan application. All applications not approved by a loan officer shall
be acted upon by the credit committee. If there is no credit committee,
a member shall have the right, upon written request, of review by the
board of directors of a loan application which has been denied.

In no case shall a loan officer or a member of the credit committee
serve as a member of the supervisory committee. No officer who is
authorized to sign checks shall act as a loan officer. If a credit
union has less than five hundred thousand dollars in assets, its board
of directors may act as its credit committee. The credit committee of
every credit union shall keep full and complete minutes of all the
business transacted at each of its meetings. Such minutes shall include
the names of those present at such meetings.