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Can you summarize Fin Code CACL Division 5?
Financial Code > CREDIT UNIONS [14000. - 16906.]
Short Summary
The provided legal document content pertains to the general provisions of the California Financial Code related to credit unions. It governs the definitions of terms used within the law, the applicability of the division to credit unions in California, and the preemption of any provision by federal law. The document also defines a credit manager as a person approved by the board of directors and employed by a credit union to supervise lending activities. It further describes a credit union as a cooperative organization that promotes thrift and savings among its members, provides credit at rates set by the board of directors, and allows members to use and control their own money on a democratic basis. The earnings, savings, benefits, or services of the credit union are distributed to its members. The Commissioner of Financial Protection and Innovation is responsible for overseeing credit unions. The document also states that all provisions of law applicable to nonprofit mutual benefit corporations generally apply to credit unions, except when inconsistent with any provision of law applicable to nonprofit mutual benefit corporations generally. However, specific provisions of the Corporations Code are not applicable to credit unions. Unauthorized use of the phrase ‘credit union’ in any name or title is considered a misdemeanor offense. Nonprofit associations formed for the mutual benefit and protection of credit unions, as well as associations formed by credit union employees, may use the phrase ‘credit union’ in their name or title. The document also mentions that spreading false statements or rumors about the financial condition of a credit union is a misdemeanor offense, punishable by a fine of up to $1,000 or imprisonment for up to one year, or both. No specific exemptions or penalties other than those related to spreading false statements or rumors are mentioned in the document.
Whom does it apply to?
Credit unions in California, commissioners, directors, members, and the Secretary of State
What does it govern?
General provisions of the California Financial Code related to credit unions
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
Spreading false statements or rumors about the financial condition of a credit union is a misdemeanor offense, punishable by a fine of up to $1,000 or imprisonment for up to one year, or both.
Jurisdiction
California