Any officer or agent of any credit union who makes or delivers any guaranty or endorsement on behalf of the credit union whereby the credit union may become liable upon any of the credit union’s discounted notes, bills, or obligations in a sum beyond the amount of loans and discounts which the credit union may lawfully make, is guilty of a misdemeanor.
Cal. Fin. Code § 14761
Penalties
Known as the California Credit Union Law
The act spans §§ 14000–16906 (329 sections).
Added by Stats. 1986, Ch. 673, Sec. 10.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.