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 at rates of interest set by the board of directors, and providing an opportunity for them to use and control their own money on a democratic basis in order to improve their economic and social conditions. As a cooperative, a credit union conducts its business for the mutual benefit and general welfare of its members with the earnings, savings, benefits, or services of the credit union being distributed to its members as patrons.
Cal. Fin. Code § 14002
Definitions
Known as the California Credit Union Law
The act spans §§ 14000–16906 (329 sections).
Applied in 1 court decision — leading case 849 F. Supp. 1015 - Ament v. PNC National Bank (1994)
Most recently applied in 849 F. Supp. 1015 - Ament v. PNC National Bank (April 1994)
Amended by Stats. 1984, Ch. 209, Sec. 1.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.