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The most important thing a credit union must do in either participating in or originating member business loans is have well-written board approved policies in place.

These policies must reflect the following NCUA Rules and Regulations concerning not only member business loans but also appraisals and participations. Most state’s rules closely follow NCUA. If you are a state-chartered credit union, you will be better served by following NCUA rules. But in any case, check with your state department of financial institutions to be sure.

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