California Financial Code

§ 14602

FIN § 14602 Effective Jan 1, 1999Div. 5 · Ch. 4 · Art. 5

Statute text

(a)(1) No credit union shall create any obligation with a credit union member, without the written approval of a majority of all the members of the credit committee, the credit manager, or a loan officer appointed as provided in this section.

(2)Paragraph (1) does not apply to the creation of an obligation in accordance with a credit scoring program, preapproval credit program, or similar program, if the program was adopted by the board of directors, credit committee, or credit manager and complies with a written lending policy on programs of that type established by the board of directors in accordance with Section 15100.

(b)The credit committee or the credit manager may, with the approval of the board of directors, appoint one or more loan officers who shall be authorized to approve obligations with credit union members.

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Legislative history

Amended by Stats. 1998, Ch. 539, Sec. 25. Effective January 1, 1999.