§ 14959
149 words·~1 min read·
/ca/financial-code/14959A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.