32-3-704. Risk assets defined. For the purpose of establishing the reserves required, all assets except the following are considered risk assets:
     (1) cash on hand;
     (2) deposits and shares in federal or state banks, savings and loan associations, and credit unions;
     (3) assets that are insured, fully guaranteed as to principal and interest, or due from the United States government or its agencies, the federal national mortgage association, or the government national mortgage association;
     (4) loans to other credit unions;
     (5) loans to students insured under the provisions of Title IV, part B, of the Higher Education Act of 1965, or similar state insurance programs;
     (6) loans insured under Title I of the National Housing Act by the federal housing administration;
     (7) shares in corporate credit unions organized under this chapter or of any other state law or of the Federal Credit Union Act;
     (8) common trust investments that deal in investments authorized by this chapter;
     (9) prepaid expenses;
     (10) accrued interest on nonrisk investments;
     (11) loans fully secured by a pledge of shares in the lending credit union, equal to and maintained to at least the amount of the loan outstanding;
     (12) furniture and equipment; and
     (13) land and buildings.

     History: En. 14-662 by Sec. 62, Ch. 38, L. 1975; R.C.M. 1947, 14-662; amd. Sec. 1, Ch. 4, L. 1991; amd. Sec. 42, Ch. 18, L. 1995.