GroundRules
FIN § 14959
Where this section sits in the code
- Financial Code - FIN
- DIVISION 5. CREDIT UNIONS [14000. - 16906.]
- CHAPTER 7. Loans [14950. - 15103.]
- ARTICLE 1. General [14950. - 14961.]
(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.
Collected 2026-09-14T05:56:33Z. Source file · JSON