1. (a) A credit union shall itself value or obtain an appraisal of personal property offered as security for an obligation in accordance with a written appraisal policy approved by the board of directors.
2. (b) A credit union shall obtain a valuation or an appraisal of real property offered as security for an obligation in accordance with Part 722 of the regulations of the National Credit Union Administration (12 C.F.R. Part 722).

Note: Authority cited: Section 14201, Financial Code. Reference: Sections 14950 and 14953, Financial Code; and Part 722 (commencing with Section 722.1), Title 12, Code of Federal Regulations.

History

1. Change without regulatory effect renumbering former section 986 to new section 30.901 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).

2. Amendment of section heading, section and Note filed 2-27-2003; operative 3-29-2003 (Register 2003, No. 9).