SACRAMENTO, Calif. — California state-chartered credit unions may not be aware of sweeping legislation passed in July 2007 that removed a number of member business lending constraints.
California Assembly Bill 1518 became law on July 27, 2007, and added a paragraph permitting credit unions to allow nonmembers to participate in an obligation or extension of credit to a member as a joint applicant or co-obligor, according to Daniel Loritz. Loritz is a partner with Okun Loritz LLP, a Glendale, Calif.-based firm that provides legal services to credit unions and tracked the amendment's impact.
The California Credit Union League sponsored the bill that updated eight sections of the credit union code with the changes effective Jan. 1, 2008.
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