Fin. Code, § 14959 · Article 1. General
Fin. Code, § 14959
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(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.
Notes and commentary — not statutory text
History
Amended by Stats. 2018, Ch. 267, Sec. 8. (AB 2862) Effective January 1, 2019.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FIN§ionNum=14959.
- Text hash
- sha256 ea87231a7fd618943ebc33c43c63f3ba8786df762d1d2d149c3229f50ed072d6
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
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