CHAPTER 7. Loans [14950. - 15103.]
Chapter 7 added by Stats. 1979, Ch. 112.
§§ 14950–15103 · 17 sections
ARTICLE 1. General §§ 14950–14961 · 10 sections
- § 14950 (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,…
- § 14952 (a) The board of directors of a credit union shall establish the maximum amount that the credit union may lend to a member under 18 years of age in any case…
- § 14953 (a) Any extension of credit in excess of the unsecured loan limit set by the board of directors pursuant to Section 15100 shall be secured either (1) by real…
- § 14954 For the purposes of this chapter, a person who is not an applicant for an extension of credit or the creation of an obligation with the credit union but…
- § 14955 “Security” includes, but is not limited to, the following: (a) A note endorsed by any member of the credit union or by any other person. (b) Any obligation…
- § 14957 Whenever the directors, the credit committee, or if applicable, the credit manager, deem any loan unsafe, they may require additional security to be given by…
- § 14958 A credit union may participate in guaranteed loan programs of the federal or state governments, subject to the limitations on loans set forth in this division.
- § 14959 (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…
- § 14960 (a) Any credit union that extends consumer credit to a covered borrower, as those terms are defined in Part 232 (commencing with Section 232.1) of Subchapter M…
- § 14961 Any licensee that violates any provision of any of the following federal acts or regulations violates this division: (a) The federal Real Estate Settlement…
ARTICLE 2. Maximum Charges and Fees § 15001 · 1 section
- § 15001 Every credit union may assess charges as approved by the board of directors for failure to meet punctually obligations to the credit union. Any late charge…
ARTICLE 3. Loans to Directors, Officers and Committee Members §§ 15050–15051 · 2 sections
- § 15050 (a) For purposes of this section: (1) “Credit manager” means any individual, regardless of title, designated pursuant to Section 14600 to fulfill the duties of…
- § 15051 The board of directors shall declare the office of any director, officer, committee member, or the credit manager vacant if the person fails to reduce any…
ARTICLE 4. Limitations §§ 15100–15103 · 4 sections
- § 15100 (a) The board of directors shall establish written policies which shall set forth the policies of the credit union with respect to any obligation that is…
- § 15101 Notwithstanding the provisions of Section 15100, if a loan is made for educational purposes and such loan would cause the aggregate of loans to an individual…
- § 15102 (a) Notwithstanding Section 726 of the Code of Civil Procedure or any other provision of law to the contrary, a credit union, an affiliate of a credit union, a…
- § 15103 A credit union, or the agent of a credit union, that has received a notice pursuant to Section 7507.6 of the Business and Professions Code, shall not make a…