Laws of New York (Last Updated: November 21, 2014)

Section 483. Penalty for loans to non-members; recovery

Latest version.

Any officer,
  director or member of a  committee  of  a  credit  union  who  knowingly
  permits  a  loan to be made or participates in a loan to a non-member of
  the corporation shall be guilty of a misdemeanor and shall be  primarily
  liable  to the corporation for the amount thus illegally loaned, and the
  illegality of such a loan shall be no  defense  in  any  action  by  the
  corporation to recover the amount lent.

                    
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