California · Financial Code
FIN §14959: (a) A credit union may do either or both of the following: (1) Purchase, in whole or in part, from any source, loans made to its members.
Read the full statutory text
(a) A credit union may do either or both of the following: (1) Purchase, in whole or in part, from any source, loans made to its members. (2) Sell, in whole or in part, to any source, loans made to its members. (b) A credit union may purchase, in whole or in part, either or both of the following: (1) A loan originated by another credit union, which is made to a member of the originating credit union even though the member is not also a member of the credit union purchasing the loan. (2) A loan from any source, if the purchase will facilitate the purchasing credit union’s packaging of a pool of those loans to be sold or pledged on the secondary market. (c) A loan purchase that is authorized by this section shall not be an obligation with a nonmember within the meaning of Section 14750.
Verify at the official source: California legislative text
Facing this? Know exactly what happens next.
MOFRD turns this code section into your situation: the deadlines that apply to you, the forms your county uses, and the resolution paths people in your position actually take. Free for 3 days — no card required.
This page is legal information, not legal advice. Code text is sourced from official publications and may lag amendments — always confirm at the official source linked above. Plain-English summaries and relationship data are AI-derived and reviewed on an ongoing basis; verify with a licensed attorney before acting.