California Financial Code

§ 7456

FIN § 7456 Effective Jun 21, 1984Div. 2 · Ch. 6 · Art. 5

Statute text

Any loan commitment made by an association shall be counted as an investment and shall be included in total assets of the association only to the extent that funds have been advanced (and not repaid) pursuant to the commitment. For the purposes of this section, the term “loan commitment” includes a loan in process, a letter of credit, or any other commitment to extend credit.

Legislative history

Added by Stats. 1984, Ch. 225, Sec. 7. Effective June 21, 1984.