{"data":{"id":"us-ca/fin-14863","jurisdiction":"us-ca","citation":"FIN § 14863","heading":"","body":"(a) A credit union shall not impose any charge on a member or depositor holding a periodic certificate for funds for the failure of such member or depositor to invest, or for the late investment of, any agreed periodic installment investment in such a periodic certificate for funds. A credit union shall pay interest on periodic certificates for funds at the same rate of interest per annum as is paid on certificates for funds as to which a member or depositor has not agreed to make periodic installment investments.\n(b) As used in this section “periodic certificate for funds” means a certificate for funds under which a member or depositor undertakes to make periodic investments of a specified amount into one account, except, however, a periodic certificate for funds shall not mean an impound account established for the purpose of payment of taxes or other expenses and obligations in connection with a loan secured by real property.","path":["Financial Code - FIN","DIVISION 5. CREDIT UNIONS [14000. - 16906.]","CHAPTER 6. Share Accounts and Certificates for Funds [14850. - 14905.]","ARTICLE 1. General [14850. - 14870.]"],"source_url":"https://downloads.leginfo.legislature.ca.gov/pubinfo_2025.zip","current_through":"2026-09-13","vintage":"","retrieved_at":"2026-09-14T05:56:33Z","sha256":"ea4558e32af4104c97b8cf1d3aefa4c88ebea82741c1a4b33af84c16d64099ea","source_id":"us-ca","stale":false,"prev":"us-ca/fin-14861","next":"us-ca/fin-14865"},"notice":"GroundRules: Original legal text. Not legal advice."}