{"data":{"id":"us-ny/n.y.-banking-law-483","jurisdiction":"us-ny","citation":"N.Y. Banking Law § 483","heading":"Penalty for loans to non-members; recovery","body":"§ 483. Penalty for loans to non-members; recovery. Any officer,\ndirector or member of a committee of a credit union who knowingly\npermits a loan to be made or participates in a loan to a non-member of\nthe corporation shall be guilty of a misdemeanor and shall be primarily\nliable to the corporation for the amount thus illegally loaned, and the\nillegality of such a loan shall be no defense in any action by the\ncorporation to recover the amount lent.","path":["Banking Law","Article 11. Credit Unions"],"source_url":"https://legislation.nysenate.gov/api/3/laws/BNK/483","current_through":"2026-09-11","vintage":"","retrieved_at":"2026-09-14T19:32:44Z","sha256":"d5e2b33b1ad543d0d500ccca1a23cd1ef565cbcc321db88db8ab1244c3d0eb8d","source_id":"us-ny","stale":false,"prev":"us-ny/n.y.-banking-law-482","next":"us-ny/n.y.-banking-law-484"},"notice":"GroundRules: Original legal text. Not legal advice."}