California Financial Code

§ 14703

FIN § 14703 Effective Jan 1, 2005Div. 5 · Ch. 4 · Art. 7

Statute text

A credit union shall establish and maintain an allowance-for-loan-losses account in accordance with generally accepted accounting principles. The commissioner may order the credit union to increase the amount of its allowance-for-loan-losses account if the commissioner finds that the amount of the account is not adequate.

Legislative history

Amended by Stats. 2004, Ch. 324, Sec. 2. Effective January 1, 2005.