1. Membership is open to all who reside or work in San Juan County, Utah. New members are subject to Board of Directors approval. A $25 deposit must remain in the share account to be considered a member. Unpledged shares in excess of the $25 minimum may be withdrawn as desired.

The following fees are associated with the share accounts:

• One-time $1 for membership
• Accounts under $25 minimum-$1 per month
• $1 for each withdrawal over 5 withdrawals per month
  
  

2. Loans require the following: Must be a member, loan application filled out, $10 for credit report, proof of income (2 months of payroll stubs), and collateral. Loan processing fees-$15 for loans under $1000 and $40 for loans over $1000. Member may be required to have 10% pledged in shares of amount borrowed. Shares pledged can be in their own account or family member account and can be shares, certificates of deposit, or annual accounts and the balance pledge count as collateral.
   
   
3. Acceptable collateral includes: shares, certificates of deposit, annual accounts at the Credit Union, automobiles, recreational vehicles, jewelry, rugs, and other collateral as approved by the Board. The Credit Union may also extend unsecured credit for consumer purposes to qualified borrower.
   
   
4. Risk based lending will be considered in approval of loans. Risk based lending is determined by credit bureau Beacon score, credit history, length of loan, type of collateral, length of employment, and member’s standing with the Credit Union. Loan interest rate is also determined by this criteria-low interest rate 6% to maximum of 21%-any exception to interest rate requires Board approval.
   
   
5. Collateral will be secured via lien or kept in vault at the Credit Union. Picture of vehicle or visual inspection of vehicle by Credit Union is required. Loan value determined by NADA standards. Full insurance required on vehicles 7 years old or newer and liability insurance on older vehicles and we must have verification of insurance on file. Jewelry and rugs appraised by Barry Simpson from Twin Rocks in Bluff is acceptable. If Barry can’t do the appraisal then allowance for another appraiser will be made as determined by the Credit Union. The member is responsible for packaging of collateral for storage. Trailers may be used at 65% of NADA book value.
   
   ALL LOANS ARE TO BE PAID IN FULL BY MEMBER REGARDLESS OF WHAT MAY HAPPEN TO THE COLLATERAL.
   
   
6. Signature value will be given to members who are credit worthy and in good standing with the credit union. Signature value is determined as two times member’s gross monthly income to a maximum of $5000.
   
   
7. When there is more loan requests than money available the loans will be processed in the order as follows:
1. Members with loans secured by 100% shares
2. Members with no outstanding loans
3. Members with existing loans current and paid at least in half
4. New members will have to be members for at least 90 days at time of application.
   
   
8. Exceptions to loan criteria requires Board approval. Legal fees and late fees will be assessed on delinquent loans. Maximum loan limit for the Credit Union is based on the formula to determine money available to loan.