California § 14803 - No credit union shall pay any commission or compensation to any person for securi
Full text of California Public Contract Code - PCC § 14803 — No credit union shall pay any commission or compensation to any person for securi, with citation guidance and answers to common questions.
§ 14803. No credit union shall pay any commission or compensation to any person for securi
(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.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 14803
What does Public Contract Code - PCC § 14803 cover?
Section 14803 ("No credit union shall pay any commission or compensation to any person for securi") is part of the Public Contract Code - PCC, the codified statutory law of California. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite California § 14803?
A common citation format is "Public Contract Code - PCC § 14803" (California). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of California law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the California official source linked on this page or consult a licensed California attorney.
How does California § 14803 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in California can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in California.