Any director, officer, or employee of a credit union who makes or maintains, or attempts to make or maintain, a deposit of the credit union’s funds with any other person on the condition or with the understanding, whether express or implied, that the person receiving that deposit will make a loan or advance, directly or indirectly, to any director, officer, or employee of the credit union is guilty of a felony.
Cal. Fin. Code § 14758
Penalties
Known as the California Credit Union Law
The act spans §§ 14000–16906 (329 sections).
Added by Stats. 1986, Ch. 673, Sec. 7.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.