California Financial Code

§ 14751

FIN § 14751Div. 5 · Ch. 4 · Art. 8

Statute text

Any officer, director, member of a committee, credit manager, or loan officer appointed pursuant to Section 14602 who violates Section 14750 is primarily liable to the credit union for the amount of any obligation that was created in violation of Section 14750. The illegality of the creation of the obligation is no defense in an action by the credit union to recover any amounts owing as a result of any obligation created in violation of Section 14750.

Legislative history

Amended by Stats. 1984, Ch. 789, Sec. 7.