California · Financial Code
FIN §7457: An association may make loans on the security of its savings accounts, whether or not the borrower is the owner of the account, subject to the limitations of this article.
What this law says, in plain English
An association may lend money using savings accounts as security, regardless of account ownership, within legal limits.
Read the full statutory text
An association may make loans on the security of its savings accounts, whether or not the borrower is the owner of the account, subject to the limitations of this article.
Verify at the official source: California legislative text
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