ARTICLE 1. Definitions

Article 1 added by Stats. 1979, Ch. 112.

§§ 14000–14007 · 11 sections

• § 14000 This division shall be known as the “California Credit Union Law.”
• § 14001 The definitions given in this division govern the construction of this division unless the context otherwise requires.
• § 14001.1 This division is applicable to any person, other than a federal credit union engaging in the business of a credit union in this state. For purposes of this…
• § 14001.5 If and to the extent that any provision of this division is preempted by federal law, the provision shall not apply and shall not be enforced.
• § 14002 A credit union is a cooperative, organized for the purposes of promoting thrift and savings among its members, creating a source of credit for them at rates of…
• § 14002.5 (a) Except as provided in subdivision (b), all provisions of law applicable to nonprofit mutual benefit corporations generally (including, but not limited to,…
• § 14003 “Commissioner” means the Commissioner of Financial Protection and Innovation.
• § 14004 “Impaired capital” means that the losses or projected losses of a credit union are such that the book value of a member’s share is reduced below 100 percent of…
• § 14005 Unless otherwise defined in this division, “insolvent” means a credit union has ceased to pay its debts in the ordinary course of business, or cannot pay its…
• § 14006 “Credit manager” means a natural person approved by the board of directors and employed by a credit union to supervise the lending activities of the credit…
• § 14007 “Obligation” means any contractual obligation to the credit union for money borrowed or credit extended or guaranteed from its members, including, but not…