{"code":"FIN","codeName":"Financial Code","section":"14863","citation":"Fin. Code, § 14863","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 6. Share Accounts and Certificates for Funds [14850. - 14905.]","url":"https://blackletter.si/financial-code/division-5/chapter-6"},{"name":"ARTICLE 1. General [14850. - 14870.]","url":"https://blackletter.si/financial-code/division-5/chapter-6/article-1"}],"history":"Added by Stats. 1979, Ch. 112.","effective":null,"html":"<p>(a) A credit union shall not impose any charge on a member or depositor holding a periodic certificate for funds for the failure of such member or depositor to invest, or for the late investment of, any agreed periodic installment investment in such a periodic certificate for funds. A credit union shall pay interest on periodic certificates for funds at the same rate of interest per annum as is paid on certificates for funds as to which a member or depositor has not agreed to make periodic installment investments.</p><p>(b) As used in this section “periodic certificate for funds” means a certificate for funds under which a member or depositor undertakes to make periodic investments of a specified amount into one account, except, however, a periodic certificate for funds shall not mean an impound account established for the purpose of payment of taxes or other expenses and obligations in connection with a loan secured by real property.</p>","text":"(a) A credit union shall not impose any charge on a member or depositor holding a periodic certificate for funds for the failure of such member or depositor to invest, or for the late investment of, any agreed periodic installment investment in such a periodic certificate for funds. A credit union shall pay interest on periodic certificates for funds at the same rate of interest per annum as is paid on certificates for funds as to which a member or depositor has not agreed to make periodic installment investments. (b) As used in this section “periodic certificate for funds” means a certificate for funds under which a member or depositor undertakes to make periodic investments of a specified amount into one account, except, however, a periodic certificate for funds shall not mean an impound account established for the purpose of payment of taxes or other expenses and obligations in connection with a loan secured by real property.","otherVersions":[],"url":"https://blackletter.si/financial-code/general-14863","source":"California Legislative Information bulk export (pubinfo)"}