{"code":"FIN","codeName":"Financial Code","section":"14959","citation":"Fin. Code, § 14959","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 7. Loans [14950. - 15103.]","url":"https://blackletter.si/financial-code/division-5/chapter-7"},{"name":"ARTICLE 1. General [14950. - 14961.]","url":"https://blackletter.si/financial-code/division-5/chapter-7/article-1"}],"history":"Amended by Stats. 2018, Ch. 267, Sec. 8.   (AB 2862)   Effective January 1, 2019.","effective":"2019-01-01","html":"<p>(a) A credit union may do either or both of the following:</p><p>(1) Purchase, in whole or in part, from any source, loans made to its members.</p><p>(2) Sell, in whole or in part, to any source, loans made to its members.</p><p>(b) A credit union may purchase, in whole or in part, either or both of the following:</p><p>(1) A loan originated by another credit union, which is made to a member of the originating credit union even though the member is not also a member of the credit union purchasing the loan.</p><p>(2) A loan from any source, if the purchase will facilitate the purchasing credit union’s packaging of a pool of those loans to be sold or pledged on the secondary market.</p><p>(c) A loan purchase that is authorized by this section shall not be an obligation with a nonmember within the meaning of Section <a href=\"/fin/14750\">14750</a>.</p>","text":"(a) A credit union may do either or both of the following: (1) Purchase, in whole or in part, from any source, loans made to its members. (2) Sell, in whole or in part, to any source, loans made to its members. (b) A credit union may purchase, in whole or in part, either or both of the following: (1) A loan originated by another credit union, which is made to a member of the originating credit union even though the member is not also a member of the credit union purchasing the loan. (2) A loan from any source, if the purchase will facilitate the purchasing credit union’s packaging of a pool of those loans to be sold or pledged on the secondary market. (c) A loan purchase that is authorized by this section shall not be an obligation with a nonmember within the meaning of Section 14750.","otherVersions":[],"url":"https://blackletter.si/financial-code/general-14959","source":"California Legislative Information bulk export (pubinfo)"}