Credit Union Modernization Act of 1981

[AI summary unavailable — showing source text] Credit Union Modernization Act of 1981 - Title I: Amends the Federal Credit Union Act to redefine the purposes of a 'Federal credit union' to be: (1) encouraging thrift; (2) creating a source of credit at fair and reasonable rates of interest; (3) meeting the financial needs of its members and the members' families; and (4) providing an opportunity for its members to use and control their own money in order to improve their economic and social condition. Declares that the par value of the shares of a Federal credit union shall be in $5 multiples, not less than $5 and not more than $50 each. Grants a Federal credit union the power to make: (1) residential real estate loans on a one-to-four family dwelling, including a cooperative unit that is or will be the principal residence of a credit union member, and which is secured by a first lien upon such dwelling; and (2) a second mortgage loan secured by a residential dwelling which is the residence of a credit union member and has a maturity not to exceed 15 years. Permits a Federal credit union, on first or second mortgage loans, to require that any partial payments be: (1) made on the date monthly installments are due; and (2) be in t…