§ 14959. — 14959. (Amended by Stats. 2018, Ch. 267, Sec. 8.)

California § 14959.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 5.: DIVISION 5. CREDIT UNIONS
• Ch. 7.: CHAPTER 7. Loans
• Art. 1.: ARTICLE 1. General

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.

Legislative History

Amended by Stats. 2018, Ch. 267, Sec. 8. (AB 2862) Effective January 1, 2019.