California Financial Code

§ 7650

FIN § 7650 Effective Sep 26, 1985Div. 2 · Ch. 6 · Art. 8

Statute text

(a)Except as provided in subdivision (b), nothing in this division or the laws of this state shall be construed as denying to an association the right to invest its funds, operate a business, manage or deal in property, or take any other action over whatever period of time may reasonably be necessary to avoid loss on a loan or investment made or an obligation created in good faith.

(b)Associations which do not meet the requirements of Section 6475, or have been issued an order pursuant to Section 8200, shall not take any action pursuant to this section without first obtaining approval, in writing, from the commissioner.

Legislative history

Amended by Stats. 1985, Ch. 983, Sec. 12.7. Effective September 26, 1985.