3 AAC 03.135. Purchase or sale of eligible obligations

(a) Contract. All purchases or sales of eligible obligations from a credit union's members or purchase from a liquidating credit union of notes made by individual members of the liquidating credit union must be within limitations of written policies established by the board of directors and must be documented by a contract which specifies the items being sold, purchased or pledged, the monetary consideration, and all other terms and conditions of the transaction.

(b) Limitation. Government guaranteed education loans and real estate loans purchased for pooling and resale are not included in determining the aggregate unpaid balance of notes purchased under AS 06.45.070 (13), and may exceed five percent of the unimpaired capital and surplus of the credit union.

History: Eff. 1/21/81, Register 77

Authority: AS 06.45.010

AS 06.45.060 (13)

Editor's note: As of Register 160 (January 2002), the regulations attorney made a technical revision under AS 44.62.125 (b)(6), and in accordance with ch. 85, sec. 45, SLA 2001, to change "student loans" to "education loans" in 3 AAC 35.135(b).

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