California Statutes
§ 14803. — 14803. (Amended by Stats. 1998, Ch. 539, Sec. 31.)
California·Code FIN Financial Code - FIN·Div. 5. DIVISION 5. CREDIT UNIONS·Ch. 5. CHAPTER 5. Members
(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 fo
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California § 14803. (14803. (Amended by Stats. 1998, Ch. 539, Sec. 31.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Amended by Stats. 1998, Ch. 539, Sec. 31. Effective January 1, 1999.