Section 62. A credit union may make a loan for the purpose of financing the purchase of a boat, camper or trailer to an amount not exceeding, on each loan, one percent of its assets, or fifty-five thousand dollars, whichever is less. Loans on such vehicles shall be required to be repaid in substantially equal weekly or monthly installments within a period of not more than fifteen years from the date of such purchase and such loans shall be secured by a security interest on such recreational vehicle.
The credit union shall promptly, upon making any such loan, take all action necessary to perfect its security interest.
The aggregate balance of principal of such loans outstanding at any one time shall not exceed ten percent of the assets of a credit union.
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