California Government Code

§ 63089.65

GOV § 63089.65 Effective Oct 4, 2013Div. 1 · Title 6.7 · Ch. 6 · Art. 6

Statute text

(a)A corporation shall establish one or more loan committees, each of which shall be composed of five or more persons, a majority of whom shall be experienced in banking and lending operations.

(b)A loan committee shall review applications to the corporation for a loan or guarantee and shall do each of the following:

(1)Determine the feasibility of the proposed transaction. The loan committee shall recommend approval of the application only upon a determination that there is a reasonable chance that the loan will be repaid.

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Legislative history

Added by Stats. 2013, Ch. 537, Sec. 4. (AB 1247) Effective October 4, 2013.