Any loan commitment made by an association shall be counted as an investment and shall be included in total assets of the association only to the extent that funds have been advanced (and not repaid) pursuant to the commitment. For the purposes of this section, the term “loan commitment” includes a loan in process, a letter of credit, or any other commitment to extend credit.
Cal. Fin. Code § 7456
Investment in Loans
Known as the Savings Association Law
The act spans §§ 5000–10009 (387 sections).
Added by Stats. 1984, Ch. 225, 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.