1The board of directors shall adopt and maintain written policies that establish appropriate limits and standards for loans that are secured by liens on or interests in real estate. Real estate lending policies must be: consistent with safe and sound industry practices; appropriate for the size of the credit union and scope of its operations; and reviewed and approved by the board of directors in accordance with Rule 6969U-110.0212, 70F.A.C. The lending policies must establish: loan portfolio diversification standards; prudent underwriting standards; loan administration procedures for the credit union’s real estate portfolio; and documentation, approval, and reporting requirements to monitor compliance with the credit union's real estate lending policies.
110Rulemaking Authority 112655.012(2), 113657.038(5), 114(11) FS. Law Implemented 118655.60, 119657.038(5), 120(11) FS. History–New 7-25-66, Amended 10-26-67, 3-9-70, Renumbered from 3-5.01 to 3D-10.13 on 7-18-75, Amended 10-21-75, Formerly 3D-10.13, Amended 10-13-81, Formerly 3C-30.13, 3C-30.013, Amended 10-8-95, Formerly 3C-110.0381, Amended 3-6-07.
