§ 14654 Credit Union Lease Investments

This law lets credit unions buy and keep certain contracts and lease agreements for personal property and vehicles that they sell or lease to their members.

Key Takeaways

•Credit unions can purchase conditional sale contracts or vehicle lease agreements from the seller or lessor.
•They may hold and retain those contracts or leases as investments.
•The rule applies to any personal property or vehicle sold or leased to members.

Example

A credit union buys a car lease from a dealership that it previously offered to its members and keeps that lease as an investment.

The credit union can purchase the lease from the dealer and hold onto it, because the law allows it to retain such lease agreements as investments.

Credit unions may purchase from the vendor or lessor of any personal property, conditional sale contracts or vehicle lease agreements covering the sale or lease of that property or vehicle to its members. The credit union may hold and retain any such conditional sale contract or vehicle lease agreement as an investment. (Amended by Stats. 1982, Ch. 1570, Sec. 4.5.)

This law lets credit unions buy and keep certain contracts and lease agreements for personal property and vehicles that they sell or lease to their members.

Key Takeaways

•Credit unions can purchase conditional sale contracts or vehicle lease agreements from the seller or lessor.
•They may hold and retain those contracts or leases as investments.
•The rule applies to any personal property or vehicle sold or leased to members.

Example

A credit union buys a car lease from a dealership that it previously offered to its members and keeps that lease as an investment.

The credit union can purchase the lease from the dealer and hold onto it, because the law allows it to retain such lease agreements as investments.

Key Takeaways

Example

Key Terms

References

§ 14654 Credit Union Lease Investments

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References