Sec. 36. 9-B MRSA §851, as amended by PL 1997, c. 398, Pt. L, §9, is further amended to read:

§851. Loans in general

1. Authorization. A credit union may make, sell, purchase, arrange, participate in, invest in and otherwise deal in loans to its members for any purpose in accordance with the provisions of this chapter.

2. Applicability of other sections. In addition, a credit union is subject to section sections 432 relating to interest absent in writing, 433, 435 and 436.

3. Approvals required. The credit committee provided for in section 845 shall approve all loans to members made by the credit union. In addition, the approval of the credit union's board of directors or executive committee shall be required for all loans other than personal loans to members.

4.__Written loan policy.__The board of directors shall establish a written loan policy, which must be reviewed and ratified at least annually, that addresses at a minimum the following:

A.__Individual lending officer authority;

B.__Loan mix and diversification;

C.__Loan quality parameters; and

D.__Delegation of authority to officers and committees responsible for administering the portfolio.

Sec. 37. 9-B MRSA §852, sub-§2, as enacted by PL 1975, c. 500, §1, is repealed.

Sec. 38. 9-B MRSA §854, sub-§3 is enacted to read:

3.__Rulemaking.__The superintendent may adopt rules to administer and carry out this section, including rules to define or further define terms used in this section and to establish limits or requirements other than those specified in this section.__Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2- A.