{"code":"FIN","codeName":"Financial Code","section":"14803","citation":"Fin. Code, § 14803","status":"in-force","lawOn":"2026-09-28","headings":[{"name":"DIVISION 5. CREDIT UNIONS [14000. - 16906.]","url":"https://blackletter.si/financial-code/division-5"},{"name":"CHAPTER 5. Members [14800. - 14822.]","url":"https://blackletter.si/financial-code/division-5/chapter-5"}],"history":"Amended by Stats. 1998, Ch. 539, Sec. 31.   Effective January 1, 1999.","effective":"1999-01-01","html":"<p>(a) No credit union shall pay any commission or compensation to any person for securing a new member or for getting an existing member to make an additional deposit.</p><p>(b) Notwithstanding subdivision (a), a credit union may, pursuant to an incentive policy approved by the board of directors, offer and pay a reasonable incentive or inducement to (1) a nonmember for becoming a member of the credit union, (2) an existing member for depositing additional funds, and (3) an employee or member who assists in getting a nonmember to become a new member of the credit union or who assists in getting an existing member to make an additional deposit.</p><p>(c) Nothing in subdivision (a) limits a credit union from using growth in the number of members in the credit union as part of its compensation program for its employees.</p>","text":"(a) No credit union shall pay any commission or compensation to any person for securing a new member or for getting an existing member to make an additional deposit. (b) Notwithstanding subdivision (a), a credit union may, pursuant to an incentive policy approved by the board of directors, offer and pay a reasonable incentive or inducement to (1) a nonmember for becoming a member of the credit union, (2) an existing member for depositing additional funds, and (3) an employee or member who assists in getting a nonmember to become a new member of the credit union or who assists in getting an existing member to make an additional deposit. (c) Nothing in subdivision (a) limits a credit union from using growth in the number of members in the credit union as part of its compensation program for its employees.","otherVersions":[],"url":"https://blackletter.si/financial-code/members-14803","source":"California Legislative Information bulk export (pubinfo)"}