DIVISION 5. CREDIT UNIONS 14000-16906›CHAPTER 4. Management and Operations 14400-14768›ARTICLE 8. Penalties 14750-14768

§ 14765

California Financial Code · 2020-11 edition · updated 2026-10-04 · California

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.

(Added by Stats. 1986, Ch. 673, Sec. 14.)

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California Financial Code

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