Home > Statutes > Statute

      17-2254.   Contract provisions. Contracts written by a guarantee corporation under the provisions of this act shall provide for:

      (a)   The minimum investment required by a credit union;

      (b)   Any additional periodic investment required as a condition for continuing the guarantee of credit union member shares and how such investment shall be determined;

      (c)   The amount of the guarantee;

      (d)   The period for which the guarantee shall be in force and provisions for renewal;

      (e)   Cancellation by either the credit union or the guarantee corporation and the return of any unused portion of the investment, if any, with penalties;

      (f)   All standards of equipment type and operation which must be met as a condition to a continuing guarantee and how such standards will be determined; and

      (g)   Conditions under which payment will be made, and to whom and in what manner payment will be made.

      History:   L. 1975, ch. 136, § 13; July 1.