California Financial Code

§ 14950

FIN § 14950 Effective Jan 1, 2017Div. 5 · Ch. 7 · Art. 1

Statute text

(a)Every credit union may enter into obligations with its members upon the approval of the credit committee or, in the alternative, the credit manager, subject to the terms and conditions established by the board of directors pursuant to Section 15100.

(b)(1) The board of directors of a credit union shall adopt a policy governing the acceptance by the credit union of notes receivable from nonmembers as consideration for the sale of assets owned by the credit union through bona fide transactions.

(2)No credit union may accept notes receivable from nonmembers as consideration for the sale of assets owned by the credit union except in accordance with a policy adopted by the board of directors pursuant to paragraph (1).

…

Legislative history

Amended by Stats. 2016, Ch. 353, Sec. 8. (AB 2274) Effective January 1, 2017.