Cal. Financial Code § 14803
Cal. Financial Code § 14803
California · California Financial Code · Status: effective · Effective 1999-01-01
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- Citation
- Cal. Financial Code § 14803, California, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/814577
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Full text
(a) No credit union shall pay any commission or compensation to any person for securing a new member or for getting an existing member to make an additional deposit.
(b) Notwithstanding subdivision (a), a credit union may, pursuant to an incentive policy approved by the board of directors, offer and pay a reasonable incentive or inducement to (1) a nonmember for becoming a member of the credit union, (2) an existing member for depositing additional funds, and (3) an employee or member who assists in getting a nonmember to become a new member of the credit union or who assists in getting an existing member to make an additional deposit.
(c) Nothing in subdivision (a) limits a credit union from using growth in the number of members in the credit union as part of its compensation program for its employees.