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HomeFinancial CodeDiv. 15.5Ch. 2Art. 3§ 32326 Loan Committee Authority

§ 32326 Loan Committee Authority

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

§ 32326 Loan Committee Authority

Key Takeaways

  • •A group called the 'loan committee' decides who gets loans from the company.
  • •The committee follows rules set by the company's leaders (the board of directors).
  • •The board picks who is on the committee and can change them anytime.

Example

You apply for a loan to buy a house.

The loan committee checks your application, follows the company's rules, and decides if you get the loan or not.

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

Official Source
View on CA.gov

§ 32326 Loan Committee Authority

The board of directors of the corporation shall establish a loan committee, which shall review, rank, and approve or disapprove applications for loans under this division in accordance with procedures and criteria adopted by the board of directors. The loan committee shall consist of persons appointed by, and who shall serve at the pleasure of, the board of directors of the corporation. (Repealed and added by Stats. 1989, Ch. 1040, Sec. 9.5.)

Last verified: January 23, 2026

Key Terms

corporationdirectoraccordance

Related Statutes

  • § 32320 Corporate Board Composition Rules
  • § 32323 Director Appointment Requirements
  • § 32324 Director Compensation And Expenses
  • § 32325 Cdfi Private Directors
  • § 5604 Stock Association Capital Issuance

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 32326.
View Official Source