Ca_Law

statute | California

Financial Code - FIN - FIN § 14803

  • UIDca_leginfo_codes:fin-14803
  • CitationFinancial Code - FIN - FIN § 14803
  • Court / bodyCalifornia Legislative Counsel
  • Decision dateN/A
  • CollectionPUBINFO_2025
  • SourceOriginal

Summary

(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

Text

(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 for its employees.

Retrieval chunks

  • #1 | Financial Code - FIN - FIN § 14803

    (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 reasonabl…