CA Fin Code Section 14803


(a)

No credit union shall pay any commission or compensation to any person for securing a new member or for getting an existing member to make an additional deposit.

(b)

Notwithstanding subdivision (a), a credit union may, pursuant to an incentive policy approved by the board of directors, offer and pay a reasonable incentive or inducement to (1) a nonmember for becoming a member of the credit union, (2) an existing member for depositing additional funds, and (3) an employee or member who assists in getting a nonmember to become a new member of the credit union or who assists in getting an existing member to make an additional deposit.

(c)

Nothing in subdivision (a) limits a credit union from using growth in the number of members in the credit union as part of its compensation program for its employees.
Last Updated

Aug. 19, 2023

§ 14803’s source at ca​.gov