State Codes and Statutes

Statutes > California > Fin > 14750-14768

FINANCIAL CODE
SECTION 14750-14768



14750.  Except as provided in Section 14950, any officer, director,
member of a committee of a credit union, loan officer appointed
pursuant to Section 14602, or employee who knowingly permits the
creation of an obligation with, or participates in the creation of an
obligation with, a nonmember of the credit union, or knowingly
permits the creation of an obligation or participates in the creation
of an obligation which is not made in conformity with the
requirements of this division, is guilty of a misdemeanor.



14751.  Any officer, director, member of a committee, credit
manager, or loan officer appointed pursuant to Section 14602 who
violates Section 14750 is primarily liable to the credit union for
the amount of any obligation that was created in violation of Section
14750. The illegality of the creation of the obligation is no
defense in an action by the credit union to recover any amounts owing
as a result of any obligation created in violation of Section 14750.



14752.  Except as provided for in Section 14051 and this article,
any person who willfully violates any provision of this division, or
who willfully violates any rule or order issued pursuant to this
division, shall upon conviction be fined not more than ten thousand
dollars ($10,000) or imprisoned in the state prison, or in a county
jail for not more than one year, or be punished by both such fine and
imprisonment, but no person may be imprisoned for the violation of
any rule or order unless he or she had knowledge of the rule or
order. Conviction under this section shall not bar the exercise of
the administrative authority of the commissioner provided in Section
14208.


14753.  Any director, officer, or employee of a credit union who
asks for, receives, or agrees to receive any money, property, or
thing of value for his personal benefit or advantage for (a)
procuring or attempting to procure for any person any loan from that
credit union, (b) for the purchase or discount of any note, draft,
check, bill of exchange, or other obligation by that credit union, or
(c) for permitting any person to overdraw any account with that
credit union, is guilty of a felony.



14754.  Any director, officer, or employee of a credit union who
knowingly overdraws his or her account with that credit union, except
for any overdraft pursuant to an agreement which is approved in
advance as provided in Section 14603 and which is in conformity with
Section 15050, is guilty of a felony.



14755.  Any director, officer, agent, or employee of any credit
union who knowingly receives or possesses the credit union's property
otherwise than in payment of a just demand with intent to defraud,
omits to make or omits to cause to be made a full and true entry
thereof in the credit union's books and accounts, or concurs in
omitting to make any material entry thereof, is guilty of a felony.



14756.  Any director, officer, agent, or employee of a credit union
who (1) knowingly concurs in making or publishing any written report,
exhibit, or statement of the credit union's affairs or financial
condition containing any material statement which is false, or (2)
having the custody of the credit union's books, willfully refuses or
neglects to make any proper entry in those books as required by law,
or (3) refuses to allow the books to be inspected or extracts to be
taken therefrom by the commissioner or the commissioner's deputies or
examiners, is guilty of a felony.



14758.  Any director, officer, or employee of a credit union who
makes or maintains, or attempts to make or maintain, a deposit of the
credit union's funds with any other person on the condition or with
the understanding, whether express or implied, that the person
receiving that deposit will make a loan or advance, directly or
indirectly, to any director, officer, or employee of the credit union
is guilty of a felony.



14759.  Any officer, director, employee, or agent of any credit
union who willfully makes a false or untrue entry in any book,
record, report, statement concerning the business or affairs of the
credit union, or statement of condition or in connection with any
transaction of the credit union with intent to deceive any officer or
director thereof, or with intent to deceive any agent or examiner,
whether private or public, employed or lawfully appointed to examine
into the credit union's condition or to examine into any of the
credit union's affairs or transactions, or with intent to deceive any
public officer, office, or board to which the credit union is
required by law to report or which has authority by law to examine
into the credit union's affairs or transactions or to examine into
any of the credit union's affairs or transactions or who, with like
intent, willfully omits to make a new entry of any matter
particularly pertaining to the business, property, condition,
affairs, transactions, assets, or accounts of the credit union in any
book, record, report, or statement of the credit union, or who with
like intent alters, abstracts, conceals, or destroys any book,
record, report, or statement of the credit union made, written, or
kept, or required to be made, written, or kept by him or her or under
his or her direction, is guilty of a felony.



14760.  (a) Every director of a credit union is guilty of a
misdemeanor who:
   (1) In case of the fraudulent insolvency of that credit union, has
participated in the fraud; or
   (2) Willfully does any act in his or her capacity as director
which is expressly forbidden by law or willfully omits to perform any
duty imposed upon him or her as such a director by law.
   (b) The insolvency of a credit union is deemed fraudulent for the
purposes of this section, unless its affairs appear upon
investigation to have been administered lawfully and with the same
care and diligence that agents receiving a compensation for their
services are bound to observe.



14761.  Any officer or agent of any credit union who makes or
delivers any guaranty or endorsement on behalf of the credit union
whereby the credit union may become liable upon any of the credit
union's discounted notes, bills, or obligations in a sum beyond the
amount of loans and discounts which the credit union may lawfully
make, is guilty of a misdemeanor.



14762.  A director of a credit union who concurs in any vote or act
of the directors of the credit union by which it is intended to make
a loan or discount to any director of the credit union exceeding the
amount allowed by law, is guilty of a misdemeanor.



14763.  Any officer or employee of any credit union who
intentionally conceals from the directors of the credit union any
discounts or loans made by the credit union between the regular
meetings of its board of directors, or intentionally conceals the
purchase of any securities or the sale of the credit union's
securities during that period, or who knowingly fails to report to
the board of directors when required to do so by law all discounts or
loans made by the credit union and all securities purchased or sold
by the credit union between the regular meetings of its board of
directors, is guilty of a misdemeanor.



14764.  No credit union shall purchase any real or personal property
or any interest in real or personal property, including, but not
limited to, a leasehold, or any contract arising from the sale of
real or personal property or any note or bond in which any officer,
director, or employee of the credit union is personally or
financially interested, directly or indirectly, for that person's own
account or as the partner or agent of others, without first
obtaining the written consent of the commissioner.



14765.  No officer, director, or employee of a credit union shall
purchase, directly or indirectly, or be interested in the purchase
of, any of the credit union's assets for an amount less than the then
current market value thereof. Every person violating this section
shall be liable to the people of this state for each offense in the
amount of twice the market value of the assets so purchased.



14766.  No officer, director, or employee of a credit union,
directly or indirectly, shall purchase or be interested in the
purchase of, any of the credit union's obligations or assets for an
amount less than the book value thereof, unless all the directors of
the credit union previously approve the purchase by resolution and a
copy of the resolution is delivered to the commissioner immediately
after adoption. Every person violating this section shall be liable
to the people of this state for each offense in the amount of twice
the book value of the assets so purchased.



14767.  It is unlawful for any person willfully to make any untrue
statement of a material fact in any document filed with the
commissioner under this division, or willfully to omit to state in
any document any material fact which is required to be stated
therein.



14768.  Any officer, director, employee, or agent of any credit
union who abstracts or willfully misapplies any of the money, funds,
or property of the credit union, or willfully misapplies its credit,
is guilty of a felony. Upon conviction, the court shall, in addition
to any other punishment imposed, order the person to make full
restitution to the credit union. Nothing in this section shall be
deemed or construed to repeal, amend, or impair any existing
provision of law prescribing a punishment for such an offense.


State Codes and Statutes

Statutes > California > Fin > 14750-14768

FINANCIAL CODE
SECTION 14750-14768



14750.  Except as provided in Section 14950, any officer, director,
member of a committee of a credit union, loan officer appointed
pursuant to Section 14602, or employee who knowingly permits the
creation of an obligation with, or participates in the creation of an
obligation with, a nonmember of the credit union, or knowingly
permits the creation of an obligation or participates in the creation
of an obligation which is not made in conformity with the
requirements of this division, is guilty of a misdemeanor.



14751.  Any officer, director, member of a committee, credit
manager, or loan officer appointed pursuant to Section 14602 who
violates Section 14750 is primarily liable to the credit union for
the amount of any obligation that was created in violation of Section
14750. The illegality of the creation of the obligation is no
defense in an action by the credit union to recover any amounts owing
as a result of any obligation created in violation of Section 14750.



14752.  Except as provided for in Section 14051 and this article,
any person who willfully violates any provision of this division, or
who willfully violates any rule or order issued pursuant to this
division, shall upon conviction be fined not more than ten thousand
dollars ($10,000) or imprisoned in the state prison, or in a county
jail for not more than one year, or be punished by both such fine and
imprisonment, but no person may be imprisoned for the violation of
any rule or order unless he or she had knowledge of the rule or
order. Conviction under this section shall not bar the exercise of
the administrative authority of the commissioner provided in Section
14208.


14753.  Any director, officer, or employee of a credit union who
asks for, receives, or agrees to receive any money, property, or
thing of value for his personal benefit or advantage for (a)
procuring or attempting to procure for any person any loan from that
credit union, (b) for the purchase or discount of any note, draft,
check, bill of exchange, or other obligation by that credit union, or
(c) for permitting any person to overdraw any account with that
credit union, is guilty of a felony.



14754.  Any director, officer, or employee of a credit union who
knowingly overdraws his or her account with that credit union, except
for any overdraft pursuant to an agreement which is approved in
advance as provided in Section 14603 and which is in conformity with
Section 15050, is guilty of a felony.



14755.  Any director, officer, agent, or employee of any credit
union who knowingly receives or possesses the credit union's property
otherwise than in payment of a just demand with intent to defraud,
omits to make or omits to cause to be made a full and true entry
thereof in the credit union's books and accounts, or concurs in
omitting to make any material entry thereof, is guilty of a felony.



14756.  Any director, officer, agent, or employee of a credit union
who (1) knowingly concurs in making or publishing any written report,
exhibit, or statement of the credit union's affairs or financial
condition containing any material statement which is false, or (2)
having the custody of the credit union's books, willfully refuses or
neglects to make any proper entry in those books as required by law,
or (3) refuses to allow the books to be inspected or extracts to be
taken therefrom by the commissioner or the commissioner's deputies or
examiners, is guilty of a felony.



14758.  Any director, officer, or employee of a credit union who
makes or maintains, or attempts to make or maintain, a deposit of the
credit union's funds with any other person on the condition or with
the understanding, whether express or implied, that the person
receiving that deposit will make a loan or advance, directly or
indirectly, to any director, officer, or employee of the credit union
is guilty of a felony.



14759.  Any officer, director, employee, or agent of any credit
union who willfully makes a false or untrue entry in any book,
record, report, statement concerning the business or affairs of the
credit union, or statement of condition or in connection with any
transaction of the credit union with intent to deceive any officer or
director thereof, or with intent to deceive any agent or examiner,
whether private or public, employed or lawfully appointed to examine
into the credit union's condition or to examine into any of the
credit union's affairs or transactions, or with intent to deceive any
public officer, office, or board to which the credit union is
required by law to report or which has authority by law to examine
into the credit union's affairs or transactions or to examine into
any of the credit union's affairs or transactions or who, with like
intent, willfully omits to make a new entry of any matter
particularly pertaining to the business, property, condition,
affairs, transactions, assets, or accounts of the credit union in any
book, record, report, or statement of the credit union, or who with
like intent alters, abstracts, conceals, or destroys any book,
record, report, or statement of the credit union made, written, or
kept, or required to be made, written, or kept by him or her or under
his or her direction, is guilty of a felony.



14760.  (a) Every director of a credit union is guilty of a
misdemeanor who:
   (1) In case of the fraudulent insolvency of that credit union, has
participated in the fraud; or
   (2) Willfully does any act in his or her capacity as director
which is expressly forbidden by law or willfully omits to perform any
duty imposed upon him or her as such a director by law.
   (b) The insolvency of a credit union is deemed fraudulent for the
purposes of this section, unless its affairs appear upon
investigation to have been administered lawfully and with the same
care and diligence that agents receiving a compensation for their
services are bound to observe.



14761.  Any officer or agent of any credit union who makes or
delivers any guaranty or endorsement on behalf of the credit union
whereby the credit union may become liable upon any of the credit
union's discounted notes, bills, or obligations in a sum beyond the
amount of loans and discounts which the credit union may lawfully
make, is guilty of a misdemeanor.



14762.  A director of a credit union who concurs in any vote or act
of the directors of the credit union by which it is intended to make
a loan or discount to any director of the credit union exceeding the
amount allowed by law, is guilty of a misdemeanor.



14763.  Any officer or employee of any credit union who
intentionally conceals from the directors of the credit union any
discounts or loans made by the credit union between the regular
meetings of its board of directors, or intentionally conceals the
purchase of any securities or the sale of the credit union's
securities during that period, or who knowingly fails to report to
the board of directors when required to do so by law all discounts or
loans made by the credit union and all securities purchased or sold
by the credit union between the regular meetings of its board of
directors, is guilty of a misdemeanor.



14764.  No credit union shall purchase any real or personal property
or any interest in real or personal property, including, but not
limited to, a leasehold, or any contract arising from the sale of
real or personal property or any note or bond in which any officer,
director, or employee of the credit union is personally or
financially interested, directly or indirectly, for that person's own
account or as the partner or agent of others, without first
obtaining the written consent of the commissioner.



14765.  No officer, director, or employee of a credit union shall
purchase, directly or indirectly, or be interested in the purchase
of, any of the credit union's assets for an amount less than the then
current market value thereof. Every person violating this section
shall be liable to the people of this state for each offense in the
amount of twice the market value of the assets so purchased.



14766.  No officer, director, or employee of a credit union,
directly or indirectly, shall purchase or be interested in the
purchase of, any of the credit union's obligations or assets for an
amount less than the book value thereof, unless all the directors of
the credit union previously approve the purchase by resolution and a
copy of the resolution is delivered to the commissioner immediately
after adoption. Every person violating this section shall be liable
to the people of this state for each offense in the amount of twice
the book value of the assets so purchased.



14767.  It is unlawful for any person willfully to make any untrue
statement of a material fact in any document filed with the
commissioner under this division, or willfully to omit to state in
any document any material fact which is required to be stated
therein.



14768.  Any officer, director, employee, or agent of any credit
union who abstracts or willfully misapplies any of the money, funds,
or property of the credit union, or willfully misapplies its credit,
is guilty of a felony. Upon conviction, the court shall, in addition
to any other punishment imposed, order the person to make full
restitution to the credit union. Nothing in this section shall be
deemed or construed to repeal, amend, or impair any existing
provision of law prescribing a punishment for such an offense.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 14750-14768

FINANCIAL CODE
SECTION 14750-14768



14750.  Except as provided in Section 14950, any officer, director,
member of a committee of a credit union, loan officer appointed
pursuant to Section 14602, or employee who knowingly permits the
creation of an obligation with, or participates in the creation of an
obligation with, a nonmember of the credit union, or knowingly
permits the creation of an obligation or participates in the creation
of an obligation which is not made in conformity with the
requirements of this division, is guilty of a misdemeanor.



14751.  Any officer, director, member of a committee, credit
manager, or loan officer appointed pursuant to Section 14602 who
violates Section 14750 is primarily liable to the credit union for
the amount of any obligation that was created in violation of Section
14750. The illegality of the creation of the obligation is no
defense in an action by the credit union to recover any amounts owing
as a result of any obligation created in violation of Section 14750.



14752.  Except as provided for in Section 14051 and this article,
any person who willfully violates any provision of this division, or
who willfully violates any rule or order issued pursuant to this
division, shall upon conviction be fined not more than ten thousand
dollars ($10,000) or imprisoned in the state prison, or in a county
jail for not more than one year, or be punished by both such fine and
imprisonment, but no person may be imprisoned for the violation of
any rule or order unless he or she had knowledge of the rule or
order. Conviction under this section shall not bar the exercise of
the administrative authority of the commissioner provided in Section
14208.


14753.  Any director, officer, or employee of a credit union who
asks for, receives, or agrees to receive any money, property, or
thing of value for his personal benefit or advantage for (a)
procuring or attempting to procure for any person any loan from that
credit union, (b) for the purchase or discount of any note, draft,
check, bill of exchange, or other obligation by that credit union, or
(c) for permitting any person to overdraw any account with that
credit union, is guilty of a felony.



14754.  Any director, officer, or employee of a credit union who
knowingly overdraws his or her account with that credit union, except
for any overdraft pursuant to an agreement which is approved in
advance as provided in Section 14603 and which is in conformity with
Section 15050, is guilty of a felony.



14755.  Any director, officer, agent, or employee of any credit
union who knowingly receives or possesses the credit union's property
otherwise than in payment of a just demand with intent to defraud,
omits to make or omits to cause to be made a full and true entry
thereof in the credit union's books and accounts, or concurs in
omitting to make any material entry thereof, is guilty of a felony.



14756.  Any director, officer, agent, or employee of a credit union
who (1) knowingly concurs in making or publishing any written report,
exhibit, or statement of the credit union's affairs or financial
condition containing any material statement which is false, or (2)
having the custody of the credit union's books, willfully refuses or
neglects to make any proper entry in those books as required by law,
or (3) refuses to allow the books to be inspected or extracts to be
taken therefrom by the commissioner or the commissioner's deputies or
examiners, is guilty of a felony.



14758.  Any director, officer, or employee of a credit union who
makes or maintains, or attempts to make or maintain, a deposit of the
credit union's funds with any other person on the condition or with
the understanding, whether express or implied, that the person
receiving that deposit will make a loan or advance, directly or
indirectly, to any director, officer, or employee of the credit union
is guilty of a felony.



14759.  Any officer, director, employee, or agent of any credit
union who willfully makes a false or untrue entry in any book,
record, report, statement concerning the business or affairs of the
credit union, or statement of condition or in connection with any
transaction of the credit union with intent to deceive any officer or
director thereof, or with intent to deceive any agent or examiner,
whether private or public, employed or lawfully appointed to examine
into the credit union's condition or to examine into any of the
credit union's affairs or transactions, or with intent to deceive any
public officer, office, or board to which the credit union is
required by law to report or which has authority by law to examine
into the credit union's affairs or transactions or to examine into
any of the credit union's affairs or transactions or who, with like
intent, willfully omits to make a new entry of any matter
particularly pertaining to the business, property, condition,
affairs, transactions, assets, or accounts of the credit union in any
book, record, report, or statement of the credit union, or who with
like intent alters, abstracts, conceals, or destroys any book,
record, report, or statement of the credit union made, written, or
kept, or required to be made, written, or kept by him or her or under
his or her direction, is guilty of a felony.



14760.  (a) Every director of a credit union is guilty of a
misdemeanor who:
   (1) In case of the fraudulent insolvency of that credit union, has
participated in the fraud; or
   (2) Willfully does any act in his or her capacity as director
which is expressly forbidden by law or willfully omits to perform any
duty imposed upon him or her as such a director by law.
   (b) The insolvency of a credit union is deemed fraudulent for the
purposes of this section, unless its affairs appear upon
investigation to have been administered lawfully and with the same
care and diligence that agents receiving a compensation for their
services are bound to observe.



14761.  Any officer or agent of any credit union who makes or
delivers any guaranty or endorsement on behalf of the credit union
whereby the credit union may become liable upon any of the credit
union's discounted notes, bills, or obligations in a sum beyond the
amount of loans and discounts which the credit union may lawfully
make, is guilty of a misdemeanor.



14762.  A director of a credit union who concurs in any vote or act
of the directors of the credit union by which it is intended to make
a loan or discount to any director of the credit union exceeding the
amount allowed by law, is guilty of a misdemeanor.



14763.  Any officer or employee of any credit union who
intentionally conceals from the directors of the credit union any
discounts or loans made by the credit union between the regular
meetings of its board of directors, or intentionally conceals the
purchase of any securities or the sale of the credit union's
securities during that period, or who knowingly fails to report to
the board of directors when required to do so by law all discounts or
loans made by the credit union and all securities purchased or sold
by the credit union between the regular meetings of its board of
directors, is guilty of a misdemeanor.



14764.  No credit union shall purchase any real or personal property
or any interest in real or personal property, including, but not
limited to, a leasehold, or any contract arising from the sale of
real or personal property or any note or bond in which any officer,
director, or employee of the credit union is personally or
financially interested, directly or indirectly, for that person's own
account or as the partner or agent of others, without first
obtaining the written consent of the commissioner.



14765.  No officer, director, or employee of a credit union shall
purchase, directly or indirectly, or be interested in the purchase
of, any of the credit union's assets for an amount less than the then
current market value thereof. Every person violating this section
shall be liable to the people of this state for each offense in the
amount of twice the market value of the assets so purchased.



14766.  No officer, director, or employee of a credit union,
directly or indirectly, shall purchase or be interested in the
purchase of, any of the credit union's obligations or assets for an
amount less than the book value thereof, unless all the directors of
the credit union previously approve the purchase by resolution and a
copy of the resolution is delivered to the commissioner immediately
after adoption. Every person violating this section shall be liable
to the people of this state for each offense in the amount of twice
the book value of the assets so purchased.



14767.  It is unlawful for any person willfully to make any untrue
statement of a material fact in any document filed with the
commissioner under this division, or willfully to omit to state in
any document any material fact which is required to be stated
therein.



14768.  Any officer, director, employee, or agent of any credit
union who abstracts or willfully misapplies any of the money, funds,
or property of the credit union, or willfully misapplies its credit,
is guilty of a felony. Upon conviction, the court shall, in addition
to any other punishment imposed, order the person to make full
restitution to the credit union. Nothing in this section shall be
deemed or construed to repeal, amend, or impair any existing
provision of law prescribing a punishment for such an offense.


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