California · Financial Code

FIN §14954: For the purposes of this chapter, a person who is not an applicant for an extension of credit or the creation of an obligation with the credit union but guarantees performance of the underlying obliga

What this law says, in plain English

This statute defines a person who guarantees a credit union obligation but is not applying for credit themselves for purposes of this chapter.

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For the purposes of this chapter, a person who is not an applicant for an extension of credit or the creation of an obligation with the credit union but guarantees performance of the underlying obligation is a surety. A surety may act as security pursuant to subdivision (a) of Section 14955.

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