LawWiki
HomeCodesSearchGlossaryAPIAbout
LawWiki

Plain English summaries of California law with zero-hallucination AI. Every summary is verified against official source text.

Product

  • Search
  • Codes
  • About

Legal

  • Privacy Policy
  • Terms of Service
  • Disclaimer

© 2026 LawWiki. All rights reserved.

HomeFinancial CodeDiv. 5Ch. 4Art. 5§ 14601 Credit Committee Conflict Rules

§ 14601 Credit Committee Conflict Rules

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 14601 Credit Committee Conflict Rules

This law stops people who work on credit committees or as credit managers or loan officers from also being on the supervisory committee.

Key Takeaways

  • •You cannot be on both the credit committee and the supervisory committee.
  • •You cannot be a credit manager or loan officer and also serve on the supervisory committee.
  • •The rule applies to anyone in those job titles.

Example

A bank employee who helps decide who gets loans also sits on the board that checks the bank's safety.

The employee must choose one role; they cannot hold both positions at the same time.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 14601 Credit Committee Conflict Rules

No member of the credit committee or the credit manager or any loan officer shall serve as a member of the supervisory committee. (Amended by Stats. 1998, Ch. 539, Sec. 24. Effective January 1, 1999.)

Last verified: January 11, 2026

Key Terms

credit committeecredit managerloan officersupervisory committee

Related Statutes

  • § 14602 Credit Union Loan Approval
  • § 14603 Credit Extension Approval Limits
  • § 14604 Member Loan Appeal Rights
  • § 14554 Supervisory Committee Restrictions
  • § 14600 Credit Union Oversight Committee

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 14601.
View Official Source