370.300.  Loans, interest rate — charges — refunds to members. — 1.  A credit union may lend to its members at reasonable rates of interest, which shall not exceed the maximum rate in similar classes allowed all other lenders under the laws of this state; however, a minimum interest charge not exceeding one dollar per month shall be allowable in all cases.

  2.  A credit union may charge a borrower expenses of making a loan including title examinations on real estate as defined in section 442.010, used as security for a loan, credit investigations, credit life insurance, and filing and recording fees by governmental agencies.

  3.  The board may at the close of a dividend period allocate a portion of receipts from interest on loans for the purpose of making an interest refund to members.  The refund when made shall be made in proportion to the interest paid by members during the dividend period.  The board may deny a refund to a member whose loans have been delinquent during the period.  The board may limit the refund to interest from specific classes of loans and make the interest refund to members whose loans are included in such classes.