Purchase of participation interest by state-chartered credit unions

Notwithstanding another law to the contrary, a credit union with a state charter may purchase a participation interest in a loan from a bank, another credit union, or another eligible organization as provided in 12 CFR 701.22 , without requiring membership of the borrower of the loan. Added by 2024 Tenn. Acts, ch. 803,s 1, eff. 7/1/2024. Notwithstanding another law to the contrary, a credit union with a state charter may purchase a participation interest in a loan from a bank, another credit union, or another eligible organization as provided in 12 CFR 701.22 , without requiring membership of the borrower of the loan. Added by 2024 Tenn. Acts, ch. 803,s 1, eff. 7/1/2024.