The California Credit Union Law provides for the regulation of credit unions within the state by the Commissioner of Financial Protection and Innovation. Existing law authorizes a credit union to enter into obligations with its members upon the approval of the credit committee or the credit manager, subject to the terms and conditions established by the board of directors, but prohibits a credit union from accepting notes receivable from nonmembers as consideration for the sale of assets owned by the credit union, except as specified.
This bill would make a nonsubstantive change to that provision.

Statutes affected:
AB 743: 14950 FIN
02/18/25 - Introduced: 14950 FIN