Financial Code - FIN - FIN § 14959

Summary

(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

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.

Retrieval chunks

• #1 | Financial Code - FIN - FIN § 14959

  (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 o…