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Code · California · Financial Code

§ 14803

140 words·~1 min read·/ca/financial-code/14803

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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.
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