{"id":3802,"date":"2022-05-14T13:29:09","date_gmt":"2022-05-14T13:29:09","guid":{"rendered":"https:\/\/crowdsourcelawyers.com\/california-statutes\/?page_id=3802"},"modified":"2022-05-20T23:46:25","modified_gmt":"2022-05-20T23:46:25","slug":"financial-code-fin-14602","status":"publish","type":"page","link":"https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/financial-code-fin-14602\/","title":{"rendered":"Financial Code &#8211; FIN 14602"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-l35wlvhc-a11f32f64bd0439a971bc2a513a9b06c\">\n#top .av-special-heading.av-l35wlvhc-a11f32f64bd0439a971bc2a513a9b06c{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-l35wlvhc-a11f32f64bd0439a971bc2a513a9b06c .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-l35wlvhc-a11f32f64bd0439a971bc2a513a9b06c .av-subheading{\nfont-size:22px;\n}\n<\/style>\n<div  class='av-special-heading av-l35wlvhc-a11f32f64bd0439a971bc2a513a9b06c av-special-heading-h1 blockquote modern-quote  avia-builder-el-0  el_before_av_hr  avia-builder-el-first '><div class='av-subheading av-subheading_above'><p>California<\/p>\n<\/div><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >Financial Code &#8211; FIN \u00a7 14602<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_hr-3a876428eececa9d35452247ddb053af\">\n#top .hr.hr-invisible.av-av_hr-3a876428eececa9d35452247ddb053af{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-av_hr-3a876428eececa9d35452247ddb053af hr-invisible  avia-builder-el-1  el_after_av_heading  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-av_textblock-e878f05c31dff72941bf1e49a00d9ff5 '   itemscope=\"itemscope\" 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#searchsubmit{\nbackground-color:#edae44;\n}\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad .av_searchsubmit_wrapper{\nbackground-color:#edae44;\n}\n<\/style>\n<div  class='avia_search_element av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad  avia-builder-el-3  el_after_av_textblock  el_before_av_hr '><search><form action='https:\/\/crowdsourcelawyers.com\/california-statutes\/' id='searchform_element' method='get' class='' data-element_id='av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad' ><div class='av_searchform_wrapper'><input type='search' value='' id='s' name='s' placeholder='Search CA statutes' aria-label='Search CA statutes' class='av-input-field ' required \/><div class='av_searchsubmit_wrapper '><input type='submit' value='Find' id='searchsubmit' class='button ' title='View results on search page' aria-label='View results on search page' \/><\/div><input type='hidden' name='numberposts' value='10' \/><input type='hidden' name='results_hide_fields' value='' \/><\/div><\/form><\/search><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_hr-3a876428eececa9d35452247ddb053af\">\n#top .hr.hr-invisible.av-av_hr-3a876428eececa9d35452247ddb053af{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-av_hr-3a876428eececa9d35452247ddb053af hr-invisible  avia-builder-el-4  el_after_avia_sc_search  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-l35wmo1u-90b01db8a3711cf45cd74ebccd31fe0a '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><div class=\"row\">\n<div class=\"subsection\">(a)<span class=\"added-material\">(1)<\/span>\u2002No credit union shall create any obligation with a credit union member, without the written approval of a majority of\u00a0<span class=\"added-material\">all<\/span>\u00a0the members of the credit committee<span class=\"added-material\">,<\/span>\u00a0the credit manager<span class=\"added-material\">,<\/span>\u00a0or\u00a0a loan officer appointed as provided in this section.<\/div>\n<div class=\"subsection\">\n<div class=\"subsection\">\n<div class=\"subsection\">\n<p style=\"padding-left: 40px\"><span class=\"added-material\">(2)\u2002Paragraph (1) does not apply to the creation of an obligation in accordance with a credit scoring program, preapproval credit program, or similar program, if the program was adopted by the board of directors, credit committee, or credit manager and complies with a written lending policy on programs of that type established by the board of directors in accordance with\u00a0<span class=\"cite\">Section 15100\u00a0<\/span>.<\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"subsection\">\n<p>(b)\u2002The credit committee or the credit manager may, with the approval of the board of directors, appoint one or more loan officers who shall be authorized to approve obligations with credit union members.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p>(c)\u2002<span class=\"added-material\">Neither the\u00a0<\/span>credit\u00a0committee, a credit manager,\u00a0<span class=\"added-material\">or<\/span>\u00a0any loan officer shall\u00a0have the power to approve membership applications.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p>(d)\u2002No loan officers shall be permitted to approve any extension agreement of any\u00a0obligation or the refinancing of any\u00a0obligation except as prescribed in regulations promulgated by the commissioner.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p>(e)\u2002The credit committee, or in the alternative, the credit manager shall be provided with a record of each obligation approved or not approved by any loan officer, within 30 days of the approval or disapproval.<\/p>\n<\/div>\n<p><br class=\"avia-permanent-lb\" \/><br class=\"avia-permanent-lb\" \/><\/p>\n<\/div>\n<\/div>\n<hr \/>\n<p><a href=\"https:\/\/crowdsourcelawyers.com\/\">CrowdSourceLawyers.com<\/a><\/p>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":9,"featured_media":0,"parent":2019,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-3802","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Financial Code - FIN 14602 - California Statutes<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/financial-code-fin-14602\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial Code - FIN 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