Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SACRAMENTO, Calif. — Nearly a year after a California assembly bill was signed into law that included updates on granting nonmember loans, the California Department of Financial Institutions has weighed in on the changes.

Passed on July 27, 2007, California assembly bill 1518, added paragraph (c) to financial code 14950 that states a CU may permit a nonmember to participate in an obligation or extension of credit to a member as a joint applicant or co-obligor. California state-chartered CUs previously faced a number of restrictions, said Daniel Loritz, an attorney with Okun Lortiz LLP, a Glendale, Calif.-based firm.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.