California Financial Code ARTICLE 1 - Definitions

• Section 14000.
  This division shall be known as the “California Credit Union Law.”(Repealed and added by Stats. 1979, Ch. 112.)
• Section 14001.
  The definitions given in this division govern the construction of this division unless the context otherwise requires.(Repealed and added by Stats. 1979, Ch. 112.)
• Section 14001.1.
  This division is applicable to any person, other than a federal credit union engaging in the business of a credit union in this state. For...
• Section 14001.5.
  If and to the extent that any provision of this division is preempted by federal law, the provision shall not apply and shall not be...
• Section 14002.
  A credit union is a cooperative, organized for the purposes of promoting thrift and savings among its members, creating a source of credit for them...
• Section 14002.5.
  (a) Except as provided in subdivision (b), all provisions of law applicable to nonprofit mutual benefit corporations generally (including, but not limited to, the Nonprofit Mutual...
• Section 14003.
  “Commissioner” means the Commissioner of Business Oversight.(Amended by Stats. 2013, Ch. 353, Sec. 60. (SB 820) Effective September 26, 2013. Operative July 1, 2013, by...
• Section 14004.
  “Impaired capital” means that the losses or projected losses of a credit union are such that the book value of a member’s share is reduced...
• Section 14005.
  Unless otherwise defined in this division, “insolvent” means a credit union has ceased to pay its debts in the ordinary course of business, or cannot...
• Section 14006.
  “Credit manager” means a natural person approved by the board of directors and employed by a credit union to supervise the lending activities of the...
• Section 14007.
  “Obligation” means any contractual obligation to the credit union for money borrowed or credit extended or guaranteed from its members, including, but not limited to,...

Last modified: October 22, 2018