14803
Effective Jan 1, 1999Amended by Stats. 1998, Ch. 539, Sec. 31. Effective January 1, 1999.
- (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.