California Financial Code
(Last Updated August 2008)

California Financial Code Section 1
This act is known and may be cited as the Financial Code.
California Financial Code Section 2
The provisions of this code insofar as they are substantially the same as existing statutory provisions relating to the same subject matter shall be...
California Financial Code Section 3
Any action or proceeding commenced before this code takes effect, or any right accrued, is not affected by this code, but all procedure taken shall...
California Financial Code Section 4
Unless the context otherwise requires the general provisions hereinafter set forth govern the construction of this code.
California Financial Code Section 5
Division, part, chapter, article, and section headings do not in any manner affect the scope, meaning, or intent of the provisions of this code.
California Financial Code Section 6
Whenever a power is granted to, or a duty imposed on any person or board by any provision of this code, it may be exercised or performed by any...
California Financial Code Section 7
Whenever any reference is made to any portion of this code or of any other law, the reference applies to all amendments and additions thereto, now or
California Financial Code Section 8
Writing includes any form of recorded message capable of comprehension by ordinary visual means. Whenever any notice, report, statement, or record...
California Financial Code Section 9
"Section" means a section of this code unless some other statute is specifically mentioned, and "subdivision" means a subdivision of the section in...
California Financial Code Section 10
The present tense includes the past and future tenses; and the future, the present.
California Financial Code Section 11
The masculine gender includes the feminine and neuter.
California Financial Code Section 12
The singular number includes the plural and the plural the singular.
California Financial Code Section 13
"City" includes incorporated city, city and county, municipal corporation, municipality, town and incorporated town.
California Financial Code Section 14
"County" includes city and county.
California Financial Code Section 15
"Shall" is mandatory and "may" is permissive.
California Financial Code Section 16
"Oath" includes affirmation.
California Financial Code Section 17
"Signature" or "subscription" includes mark. The mark shall be made as required in the Civil Code.
California Financial Code Section 18
"Person" includes any person, firm, partnership, association, corporation, company, limited liability company, syndicate, estate, trust, business...
California Financial Code Section 19
If any provision of this code, or its application to any person or circumstance, is held invalid, the remainder of the code, or the application of...
California Financial Code Section 20
The existence of corporations formed or existing on the date this code takes effect is not affected by the enactment of this code nor by any change...
California Financial Code Section 21
All persons who, at the time this code goes into effect, hold office under any of the acts repealed by this code, which offices are continued by this
California Financial Code Section 22
Notwithstanding any other provision of this code, Chapter 10 (commencing with Section 10000) of Division 2 shall be known and may be cited as the...
California Financial Code Section 99
This division is known and may be cited as the "Banking Law."
California Financial Code Section 100
This division is applicable to the following: (a) All corporations engaging in commercial banking, industrial banking, or the trust business. ...
California Financial Code Section 100.5
If and to the extent that any provision of this division is preempted by federal law, the provision does not apply and shall not be enforced.
California Financial Code Section 101
(a) A California state bank is a corporation incorporated under Division 1 (commencing with Section 100) of the Corporations Code that is, with the...
California Financial Code Section 102
The word "bank" as used in this division means any incorporated banking institution that shall have been incorporated to engage in commercial banking
California Financial Code Section 103
Banks are divided into the following classes: (a) Commercial banks. (b) Industrial banks. (c) Trust companies.
California Financial Code Section 105
"Commercial bank" means a corporation organized for the purpose of engaging in the commercial banking business.
California Financial Code Section 105.2
"Commercial banking business" includes, but is not limited to, the business of soliciting, receiving, or accepting of money or its equivalent on...
California Financial Code Section 105.5
"Industrial bank" means a corporation organized for the purpose of engaging in the industrial banking business.
California Financial Code Section 105.7
"Industrial banking business" includes the making of loans and acceptance of deposits, including deposits evidenced by investment or thrift...
California Financial Code Section 106
"Trust business" means the business of acting as executor, administrator, guardian or conservator of estates, assignee, receiver, depositary or...
California Financial Code Section 107
"Trust company" means a corporation, industrial bank, or a commercial bank that is authorized to engage in the trust business.
California Financial Code Section 107.5
It shall be unlawful for any person, corporation, limited liability company, partnership, firm, or any other form of business entity allowed by law,...
California Financial Code Section 109
"Bank" or "banks" includes commercial banks, industrial banks, and trust companies unless the context otherwise requires. However, "bank" does not...
California Financial Code Section 110
"Office" includes head office, branch office, and any other authorized place of business of a bank. "Head office" means the principal place of...
California Financial Code Section 111
"Real property" and "personal property" have the meanings defined in and shall be construed in accordance with Title 1, Part 1, Division 2, Civil...
California Financial Code Section 112
"Commissioner" means the Commissioner of Financial Institutions and "department" means the Department of Financial Institutions.
California Financial Code Section 113
"Person" means an individual, sole proprietorship, partnership, joint venture, association, trust, estate, business trust, corporation, joint stock...
California Financial Code Section 115
Unless the provision or the context otherwise requires, the definitions set forth in this chapter govern the construction of this division.
California Financial Code Section 116
No corporation shall hereafter be organized under the laws of this state to transact the business of a commercial bank, industrial bank, or trust...
California Financial Code Section 117
Neither the enactment of this code nor the amendment or repeal thereof nor the repeal of any statute affected thereby shall take away or impair any...
California Financial Code Section 118
(a) All references in this division and in Division 1 (commencing with Section 100), Title 1 of the Corporations Code to financial statements,...
California Financial Code Section 119
References in this division to the voting of shares shall be construed in accordance with Section 111 of the Corporations Code.
California Financial Code Section 120
If the articles of a bank provide for more or less than one vote for any share on any matter, the references in Sections 123 and 124 to a majority or
California Financial Code Section 121
Any requirement in this division for a vote of each class of outstanding shares shall be construed in accordance with Section 117 of the Corporations
California Financial Code Section 122
"Approved by (or approval of) the board" means approved or ratified by the vote of the board or by the vote of a committee authorized to exercise the
California Financial Code Section 123
"Approved by (or approval of) the outstanding shares" has the meaning set forth in Section 152 of the Corporations Code and shall include approval by
California Financial Code Section 124
"Approved by (or approval of) the shareholders" has the meaning set forth in Section 153 of the Corporations Code and shall include approval or...
California Financial Code Section 125
"Articles" has the meaning set forth in Section 154 of the Corporations Code.
California Financial Code Section 126
"Board" has the meaning set forth in Section 155 of the Corporations Code.
California Financial Code Section 126.5
"California" means: (a) When used with respect to a bank, in the case of a state bank, a bank that is organized under the laws of this state and,...
California Financial Code Section 126.7
"CAMELS composite rating" shall have the meaning set forth in Section 327.8(j) of Title 12 of the Code of Federal Regulations.
California Financial Code Section 127
"Certificate of correction" means a certificate executed and filed with the Secretary of State pursuant to Section 109 of the Corporations Code,...
California Financial Code Section 128
"Certificate of determination" has the meaning set forth in Section 156 of the Corporations Code, subject, however, to the provisions of Section...
California Financial Code Section 129
"Certificate of revocation" means a certificate executed and filed with the Secretary of State pursuant to the second and third sentences of...
California Financial Code Section 130
"Common shares" has the meaning set forth in Section 159 of the Corporations Code.
California Financial Code Section 131
(a) "Confidential information" means any information regarding a licensee contained in, or related to, any of the following: (1) Applications...
California Financial Code Section 132
"Constituent corporation," when used with respect to a corporation: (a) In the case of a merger, has the meaning set forth in Section 161 of the...
California Financial Code Section 134
"Contributed capital" means all of shareholders' equity other than retained earnings. However, nothing in this section shall prohibit a bank from...
California Financial Code Section 134.5
"Credit union" means a corporation of the type described in Section 14002 organized under the laws of this state or a corporation of similar type...
California Financial Code Section 135
"Directors" has the meaning set forth in Section 164 of the Corporations Code.
California Financial Code Section 137
"Disappearing," when used with respect to a corporation, means a constituent corporation that is not the surviving corporation.
California Financial Code Section 139
"Distribution to its shareholders" has the meaning set forth in Section 166 of the Corporations Code. However, in Division 1 (commencing with...
California Financial Code Section 139.2
(a) "Foreign," when used with respect to a bank, an office of a bank, or any corporation other than a bank, means foreign (other nation) or foreign...
California Financial Code Section 139.3
"Foreign nation" means any nation other than the United States, including, without limitation, any subdivision, territory, trust territory,...
California Financial Code Section 139.4
(a) The definition of "state of the United States" in Section 146.7 does not apply to this section. In this section, "state of the United States"...
California Financial Code Section 139.5
"Foreign (other state)": (a) When used with respect to a bank, means a bank that is organized under the laws of any state of the United States...
California Financial Code Section 139.7
"Insured:" (a) When used with respect to a bank or an office of a bank, means a bank or office the deposits of which are insured by the Federal...
California Financial Code Section 139.9
"Law of the domicile" means: (a) When used with respect to a national bank, the law of the United States. (b) When used with respect to a state
California Financial Code Section 139.95
"Licensee" has the following meanings: (a) Any bank authorized by the commissioner pursuant to Section 401 to transact banking or trust business.
California Financial Code Section 140
"Majority-owned subsidiary" has the meaning set forth for "subsidiary" in subdivision (a) of Section 189 of the Corporations Code.
California Financial Code Section 140.3
(a) "National bank" or "national banking association" means a national banking association organized under the National Bank Act. (b) For...
California Financial Code Section 140.5
"Officers' certificate" has the meaning set forth in Section 173 of the Corporations Code.
California Financial Code Section 142
"Resulting," when used with respect to a corporation, means: (a) In the case of a consolidation, the corporation into which the constituent...
California Financial Code Section 142.5
"ROCA supervisory rating" shall have the meaning set forth in Section 327.8(k) of Title 12 of the Code of Federal Regulations.
California Financial Code Section 143
"Savings association" includes a savings association, a savings and loan association, and a savings bank. However, "savings association" does not...
California Financial Code Section 144
"Series," when used with respect to shares, has the meaning set forth in Section 183 of the Corporations Code.
California Financial Code Section 145
"Shares" has the meaning set forth in Section 184 of the Corporations Code.
California Financial Code Section 146
"Shareholder" has the meaning set forth in Section 185 of the Corporations Code.
California Financial Code Section 146.3
"State": (a) When used with respect to a corporation, means a corporation that is organized under the laws of a state of the United States. (b)
California Financial Code Section 146.7
"State of the United States" means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam,...
California Financial Code Section 148
"Surviving," when used with respect to a corporation, means a corporation in which one or more other corporations are merged.
California Financial Code Section 148.5
"Uniform Interagency Trust Rating System (UITRS)" shall have the meaning set forth in the policy statement regarding the uniform interagency trust...
California Financial Code Section 149.3
"Uniform Rating System for Informational Technology (URSIT)" shall have the meaning set forth in the policy statement regarding the uniform rating...
California Financial Code Section 150
"Vote" has the meaning set forth in Section 194 of the Corporations Code.
California Financial Code Section 151
"Voting power" has the meaning set forth in Section 194.5 of the Corporations Code.
California Financial Code Section 180
In this chapter, unless the provision or context requires otherwise: (a) "New General Corporation Law" means Division 1 (commencing with Section...
California Financial Code Section 181
For purposes of Chapter 23 (commencing with Section 2300) of the new General Corporation Law, in the case of any subject institution existing on...
California Financial Code Section 182
(a) Sections 600 and 600.2 of the revised Banking Law shall not apply to any subject institution existing on January 1, 1979, unless and until an...
California Financial Code Section 184
In case the board of a subject institution has, prior to January 1, 1979, adopted a resolution levying an assessment on the common shares of such...
California Financial Code Section 185
Article 3 (commencing with Section 640), Chapter 5 of the revised Banking Law applies to any distribution to its shareholders made after January 1,...
California Financial Code Section 200
(a) In this section: (1) "Business and industrial development corporation" means a corporation licensed under Division 15 (commencing with...
California Financial Code Section 201
This chapter is applicable to this division, Division 1 (commencing with Section 99), Division 1.5 (commencing with Section 4800), Division 5...
California Financial Code Section 210
The chief officer of the Department of Financial Institutions is the Commissioner of Financial Institutions. The Commissioner of Financial...
California Financial Code Section 210.5
As of the operative date of this section: (a) In this section, "order" means any approval, consent, authorization, exemption, denial, prohibition,
California Financial Code Section 211
The commissioner is appointed by the Governor, and holds office at the pleasure of the Governor. The appointment of the commissioner is subject to...
California Financial Code Section 212
The commissioner shall be a citizen of the United States and a resident of the state for at least three years prior to his or her appointment. The...
California Financial Code Section 213
The annual salary of the commissioner is provided for by Chapter 6 (commencing with Section 11550) of Part 1 of Division 3 of Title 2 of the...
California Financial Code Section 214
Before entering upon the duties of his or her office, the commissioner shall take and subscribe to the constitutional oath of office and file the...
California Financial Code Section 215
The commissioner is responsible for the performance of all duties, the exercise of all powers and jurisdiction, and the assumption and discharge of...
California Financial Code Section 215.5
(a) The commissioner shall apply the Interagency Guidance on Nontraditional Mortgage Product Risks issued in September 2006 and the Statement on...
California Financial Code Section 216
(a) The commissioner may make the agreements that he or she deems necessary or appropriate in exercising his or her powers. (b) (1) The agreements
California Financial Code Section 216.3
(a) For purposes of this section, the following definitions apply: (1) "Applicable law" means: (A) With respect to any bank, Division 1.5...
California Financial Code Section 217
The authority vested in the Superintendent of Banks under subdivision (2) of Section 1 of Article XV of the California Constitution is delegated to...
California Financial Code Section 218
Notwithstanding any other provision of law, the commissioner may adopt and implement any method of accepting electronic filings of applications,...
California Financial Code Section 219
(a) (1) In this section, "federal law" includes, but is not limited to, the United States Constitution, any federal statute, any federal court...
California Financial Code Section 230
The commissioner shall appoint a chief deputy who holds office at the pleasure of the commissioner. The annual salary of the chief deputy shall be...
California Financial Code Section 231
The commissioner may employ deputies in addition to the chief deputy, and examiners, appraisers, technical assistants, investigators, administrative...
California Financial Code Section 232
Before entering upon the duties of his office each deputy and examiner shall take and subscribe to the constitutional oath of office and file the...
California Financial Code Section 233
The commissioner may require, at any time, of any deputy, examiner, or other employee of the department, an official bond in such amount as the...
California Financial Code Section 234
Neither the commissioner nor any deputy or employee of the department shall do or be any of the following with respect to any bank, savings...
California Financial Code Section 235
If the commissioner is unable to perform his or her duties for more than 30 consecutive days or if the office of the commissioner becomes vacant, the
California Financial Code Section 250
The commissioner may have an office in the City of Sacramento, the City of Los Angeles, the City of San Diego, the City and County of San Francisco,...
California Financial Code Section 251
The department may expend moneys in accordance with law for the necessary travel expenses of officers and employees of the department while traveling
California Financial Code Section 252
The commissioner shall adopt and keep an official seal. Papers executed by the commissioner in his or her official capacity pursuant to law and...
California Financial Code Section 253
(a) Whenever it is necessary for the commissioner to approve any instrument and to affix his or her official seal thereto, the commissioner shall...
California Financial Code Section 255
Official reports made by the commissioner and verified reports of an examination made by the commissioner, exclusively or in conjunction with or with
California Financial Code Section 258
At least once each month, the commissioner shall issue and disseminate as the commissioner deems appropriate a bulletin containing the following...
California Financial Code Section 259
Notwithstanding any other provision of this code, whenever any provision of this division requires the pledge of securities to be deposited with the...
California Financial Code Section 260
Whenever the commissioner is notified of or discovers a violation of the state law punishable by criminal penalties, he or she shall promptly advise...
California Financial Code Section 261
(a) For the purposes of this section the following definitions shall apply: (1) "Control" has the meaning set forth in subdivision (b) of Section...
California Financial Code Section 262
(a) The commissioner shall inform the Commissioner of Corporations and other appropriate state and federal officials charged with the regulation of...
California Financial Code Section 263
Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code does not apply to hearings conducted by the...
California Financial Code Section 265
As of the operative date of this section, there is established a Financial Institutions Fund in the State Treasury. Except as otherwise provided in...
California Financial Code Section 270
(a) The commissioner shall annually collect pro rata from the banks and trust companies under the supervision of the department a fund in amount...
California Financial Code Section 271
The commissioner shall annually collect from national banking associations and foreign (other state) banks operating trust departments in this state...
California Financial Code Section 271.5
Whenever the commissioner makes an assessment pursuant to Section 270 or 271, the commissioner shall fix the date when the assessment is due and...
California Financial Code Section 272
The commissioner, in addition to the annual assessment, shall collect from each bank authorized to engage in the trust business, to defray the cost...
California Financial Code Section 273
If any bank or trust company fails to make timely payment of any assessment made pursuant to Section 270, 271, or 272, the commissioner may, in the...
California Financial Code Section 273.5
As of the operative date of this section: (a) The State Banking Fund is converted into a separate account in the Financial Institutions Fund and...
California Financial Code Section 274
Except as otherwise provided in Section 276 or 277, all salaries and other expenses of the department, other than those incurred in administering...
California Financial Code Section 275
The commissioner shall deliver all moneys received or collected by the commissioner under Section 270, 271, or 272 or otherwise, other than moneys...
California Financial Code Section 276
(a) In this section, "assessment statute" means any statute that authorizes the commissioner to make or collect an assessment (other than a fine) on...
California Financial Code Section 277
Notwithstanding any other provision of this code or of Section 53667 of the Government Code, the commissioner may, at any time during a fiscal year,...
California Financial Code Section 280
(a) In this section, "governmental agency" includes, without limitation, any agency of this state, of any other state of the United States, of the...
California Financial Code Section 281
With the prior approval of the commissioner, a foreign (other state) or foreign (other nation) financial institutions regulatory agency may examine a
California Financial Code Section 282
(a) Directors, officers, employees, attorneys, accountants, or consultants of a licensee may not disclose in any manner to any person confidential...
California Financial Code Section 283
Every licensee shall make and file with the commissioner whenever required by him or her a report in any form as the commissioner may prescribe and...
California Financial Code Section 284
The commissioner shall call for the report specified in Section 283 from all licensees at least four times each year upon dates selected by the...
California Financial Code Section 285
The commissioner may at any time require any licensee to make and file with him or her a special report furnishing any information as the...
California Financial Code Section 286
Every licensee shall keep its corporate records, financial records, and books of account in words and figures of the English language and in form...
California Financial Code Section 287
Every licensee shall notify the commissioner of any change in the following officers of the licensee, to the extent that those officers exist within...
California Financial Code Section 288
(a) Each report required under this article, or under any other provision of law administered by the commissioner, shall be filed with the...
California Financial Code Section 289
(a) Every licensee shall file with the commissioner one copy of all material filed by the licensee with any applicable federal financial institutions
California Financial Code Section 290
Any person intentionally making a false statement in any report required to be rendered under this article or other provision of law administered by...
California Financial Code Section 350
When authorized by the commissioner as provided in this chapter a corporation may be formed by one or more persons in accordance with the laws of...
California Financial Code Section 351
No bank shall be a close corporation (as defined in Section 158 of the Corporations Code).
California Financial Code Section 360
The request for authority to organize and establish a corporation to engage in the banking or trust business shall be set forth in an application in...
California Financial Code Section 360.5
Upon receiving a request for an application, the commissioner shall inform the prospective applicant in writing that the commissioner is available to
California Financial Code Section 361
Upon the filing of an application the commissioner shall make or cause to be made a careful investigation and examination relative to the following:
California Financial Code Section 362
The commissioner may give or withhold his or her approval of the application in his or her discretion, but he or she shall not approve the...
California Financial Code Section 362.5
(a) In this section: (1) "Control" has the meaning set forth in Section 700. (2) "Officer" has the meaning set forth in Section 33057. (b)...
California Financial Code Section 363
At least 30 days before denying an application, the commissioner shall by mail or other method of service give written notice of the intended denial...
California Financial Code Section 364
The commissioner may, in approving an application to organize and establish a corporation to engage in the banking or trust business pursuant to...
California Financial Code Section 365
(a) With the approval of the commissioner, a bank may be formed to facilitate a merger or an acquisition of control. The new bank may survive the...
California Financial Code Section 399
In this article: (a) "Preopening expenditure" means any obligation incurred, or sum disbursed, by a bank prior to the time when it commences to...
California Financial Code Section 400
The articles of incorporation of the proposed bank or trust company shall be submitted to the commissioner for his or her approval before they are...
California Financial Code Section 401
If the commissioner finds that the proposed bank or trust company has in good faith complied with all the requirements of law and fulfilled all the...
California Financial Code Section 402
It shall be unlawful to accept payment of subscriptions for shares of any corporation proposing to engage in the banking or trust business unless...
California Financial Code Section 403
No corporation organized to transact a commercial banking or trust business shall transact any business until the commissioner has issued his or her...
California Financial Code Section 404
If the proposed bank or trust company fails to file evidence of incorporation and organization with the commissioner pursuant to Section 400 within...
California Financial Code Section 405
If the proposed bank or trust company fails to open for business within 90 days after the issuance of the certificate of authorization, the right to...
California Financial Code Section 406
It is unlawful to apply any part of the funds collected from subscribers or shareholders to the payment of commissions or fees for obtaining...
California Financial Code Section 407
Every bank and trust company shall keep posted in a conspicuous place in its banking room at its head office the certificate of authority to transact
California Financial Code Section 500
For purposes of this chapter, the following definitions apply: (a) "Automated teller machine" means any electronic information processing device...
California Financial Code Section 501
The commissioner shall issue a certificate in duplicate authorizing a bank to establish and maintain an office. A bank shall pay a fee of twenty-five
California Financial Code Section 502
Every bank shall establish and maintain a head office which shall be located in this state.
California Financial Code Section 503
A bank, with the approval of its board, may establish and maintain one or more offices.
California Financial Code Section 504
A bank, with the approval of its board, may relocate an office.
California Financial Code Section 505
A bank, with the approval of its board, may redesignate offices.
California Financial Code Section 506
Each time a bank establishes an office, relocates an office, or redesignates an office, the bank shall, within 10 days of the establishment,...
California Financial Code Section 507
On or before January 1 of each year, every bank shall file with the commissioner a list of all offices that are currently maintained and operated by...
California Financial Code Section 508
(a) A bank may close or discontinue the operation of any branch office if, before the closing or discontinuance, (1) the bank files with the...
California Financial Code Section 509
If the commissioner finds for any reason that the establishment, relocation, or redesignation of office would be unsafe or unsound for a bank, the...
California Financial Code Section 510
If a bank violates any provision of this chapter or fails to comply with any order, the commissioner may levy a penalty against the bank pursuant to...
California Financial Code Section 550
(a) Notwithstanding the provisions of Sections 1051, 1052, and 1054 of the Labor Code and Section 2947 of the Penal Code, a bank or any affiliate...
California Financial Code Section 551
(a) Notwithstanding Section 726 of the Code of Civil Procedure or any other provision of law to the contrary, a state or nationally chartered bank,...
California Financial Code Section 600
The articles of each bank shall contain the applicable one of the following statements: (a) In case the bank is, or is proposed to be, a...
California Financial Code Section 600.3
(a) In this section: (1) "Assessment provision" means the provision in the articles of a bank that complies with the requirements of Section...
California Financial Code Section 600.4
(a) No amendment of the articles of a bank (other than an amendment set forth in an agreement of merger or in a certificate of ownership executed...
California Financial Code Section 600.6
No restated articles of a bank shall become effective unless the certificate setting forth such restated articles is filed with the Secretary of...
California Financial Code Section 600.8
No certificate of determination of a bank shall become effective unless such certificate of determination is filed with the Secretary of State with...
California Financial Code Section 600.10
No certificate of correction of a bank shall become effective unless such certificate of correction is filed with the Secretary of State with the...
California Financial Code Section 600.12
No certificate of revocation of a bank shall become effective unless such certificate of revocation is filed with the Secretary of State with the...
California Financial Code Section 602
(a) A bank may change its name if it files with the commissioner a report on the proposed change not less than 30 days before the change. The report
California Financial Code Section 620
A bank may, with the approval of its board, determine and from time to time redetermine the par value of any class or series of its shares unless its
California Financial Code Section 621
No bank or trust company after October 1, 1949, shall issue any shares before they are fully paid for.
California Financial Code Section 622
No bank shall issue any shares in consideration of: (a) Services rendered in the organization of such bank; or (b) Any note (whether or not...
California Financial Code Section 640
This article does not apply to any distribution made to the shareholders of a bank in any proceeding to wind up and dissolve or to liquidate such...
California Financial Code Section 641
Section 500 of the Corporations Code does not apply to the making by a bank or by any majority-owned subsidiary of a bank of any distribution to the...
California Financial Code Section 642
Neither a bank nor any majority-owned subsidiary of a bank shall make any distribution to the shareholders of such bank in an amount which exceeds...
California Financial Code Section 643
Notwithstanding the provisions of Section 642, a bank or a majority-owned subsidiary of a bank may, with the prior approval of the commissioner, make
California Financial Code Section 644
Notwithstanding the provisions of Section 642, a bank may: (a) With the prior approval of the commissioner, make a distribution to its...
California Financial Code Section 645
If the commissioner finds that the shareholders' equity of a bank is not adequate or that the making by a bank or by any majority-owned subsidiary of
California Financial Code Section 646
(a) For purposes of Section 506 of the Corporations Code, the making by a bank or by any majority-owned subsidiary of a bank of a distribution to any
California Financial Code Section 660
In determining for purposes of this division whether the shareholders' equity of a bank or of a proposed bank is adequate, the commissioner shall...
California Financial Code Section 661
For purposes of any statute, regulation, or requirement of any governmental official or agency which refers to the capital (including, without...
California Financial Code Section 663
A bank which has deficit retained earnings may, with the prior approval of its outstanding shares and of the commissioner, readjust its accounts in a
California Financial Code Section 670
A bank at any time may, with the approval of its board, issue, sell or hypothecate its capital notes or debentures which may be payable upon such...
California Financial Code Section 679
Any reference in this article to the time a notice is given or sent shall be construed in accordance with Section 118 of the Corporations Code.
California Financial Code Section 680
The board of a bank or trust company hereafter organized shall consist of not less than five nor more than 25 directors, and no bank or trust company
California Financial Code Section 683
The board of each bank and of each trust company shall hold a meeting not less than once each calendar quarter. Regular meetings of the board shall...
California Financial Code Section 684
(a) The commissioner, whenever in his opinion such action is necessary or appropriate to carry out the purposes and provisions of this division, may...
California Financial Code Section 685
The commissioner may, in the name of the people of this state, bring or intervene in an action under Section 709 of the Corporations Code to...
California Financial Code Section 686
(a) The commissioner shall be deemed to be a party in interest within the meaning of Section 306 of the Corporations Code with respect to a bank and...
California Financial Code Section 687
(a) For purposes of Section 316 of the Corporations Code, to the extent that the making by a bank or by any majority-owned subsidiary of a bank of a...
California Financial Code Section 688
(a) For purposes of Section 316 of the Corporations Code, the making of a loan or guarantee by a bank or any other extending of credit by a bank...
California Financial Code Section 689
(a) Paragraph (1) of subdivision (b) of Section 1501 of the Corporations Code does not apply to the annual report of any bank with respect to any...
California Financial Code Section 690
Unless the context otherwise requires, in this article: (a) "Offer" or "offer to sell" includes every attempt or offer to dispose of, or...
California Financial Code Section 691
No bank organized under the laws of this state shall offer or sell any security issued by it unless the commissioner has issued a permit authorizing...
California Financial Code Section 691.1
The following transactions are exempt from Section 691: (a) (1) Any offer (but not a sale) not involving a public offering by a bank organized...
California Financial Code Section 692
An application for a permit shall be in such form and contain such information as the commissioner may prescribe.
California Financial Code Section 692.1
The commissioner shall charge and collect fees for applications filed under this article as fixed in this section. (a) The fee for a negotiating...
California Financial Code Section 693
If the commissioner finds that the proposed sale of securities is fair, just, and equitable, he or she shall issue to the applicant a permit...
California Financial Code Section 694
The commissioner may impose conditions in any permit issued under Section 693, requiring the deposit in escrow of securities, imposing a legend...
California Financial Code Section 695
Every permit issued pursuant to Section 693 shall recite that it is permissive only and does not constitute a recommendation or endorsement of the...
California Financial Code Section 696
The commissioner may amend, alter, suspend, or revoke any permit issued pursuant to Section 693.
California Financial Code Section 696.5
Whenever a bank applies for a permit to issue any security or to deliver any other consideration (whether or not such security or such transaction is
California Financial Code Section 697
There shall be exempted from the provisions of Section 691 any transaction or security, including, without limitation, any type or class of...
California Financial Code Section 698
Nothing contained in this article shall affect the Corporate Securities Law of 1968, Division 1 (commencing with Section 25000) of Title 4 of the...
California Financial Code Section 700
Unless the context otherwise requires, in this article: (a) "Bank" means a bank organized under the laws of this state. (b) "Control" means...
California Financial Code Section 701
No person shall, directly or indirectly, unless the commissioner has approved such acquisition of control, do any of the following: (a) Make a...
California Financial Code Section 701.1
Notwithstanding any other provision of this article, except for those persons approved by the commissioner prior to September 1, 2002, and for those...
California Financial Code Section 702
An application for approval to acquire control of a bank or a controlling person shall be in such form and contain such information as the...
California Financial Code Section 703
If the commissioner finds, with respect to the proposed acquisition of control of a bank or a controlling person, that any of the factors set forth...
California Financial Code Section 703.5
(a) In this section, "officer" has the meaning set forth in Section 33057. (b) For purposes of Section 703, the commissioner may find: (1) That
California Financial Code Section 704
The commissioner may, in approving a proposal to acquire control of a bank or a controlling person pursuant to Section 703, impose such conditions as
California Financial Code Section 705
The commissioner may, for good cause, amend, alter, suspend, or revoke any approval of a proposal to acquire control of a bank or a controlling...
California Financial Code Section 706
Notwithstanding any other provision of this article, any application for approval to acquire control of a bank or a controlling person which is not...
California Financial Code Section 707
(a) The commissioner, before determining whether, for purposes of this article, a person controls another person or before denying or approving an...
California Financial Code Section 708
There shall be exempted from the provisions of Section 701 any transaction, including, without limitation, any type or class of transactions, which...
California Financial Code Section 709
Whenever it appears to the commissioner that any person has committed or is about to commit a violation of any provision of this article or of any...
California Financial Code Section 710
No person shall be entitled to vote or to give a written consent with respect to any security acquired in contravention of any provision of this...
California Financial Code Section 711
If any provision or clause of this article or the application thereof to any person or circumstance is held invalid, illegal, or unenforceable, such...
California Financial Code Section 750
A bank or trust company may purchase, acquire, hold, or lease real property or an interest therein only as follows: (a) Such as may be necessary...
California Financial Code Section 751
Any real property not held for any purpose permitted by subdivisions (a) and (e) of Section 750 shall be sold whenever the same can be sold for an...
California Financial Code Section 751.3
(a) The Legislature finds and declares: (1) That it is necessary to increase job opportunities in real estate development and construction and to...
California Financial Code Section 752
Any director, officer, or employee of a bank or of a foreign banking corporation who asks for or receives, or consents or agrees to receive, any...
California Financial Code Section 753
Any director, officer, agent, or employee of any bank who knowingly receives or possesses himself or herself of any of its property otherwise than in
California Financial Code Section 754
Any director, officer, agent, or employee of a bank who knowingly concurs in making or publishing any written report, exhibit, or statement of its...
California Financial Code Section 755
No bank shall publish a statement of its resources or liabilities in connection with those of any other bank, unless such statement shall show the...
California Financial Code Section 756
(a) Any person who willfully and knowingly makes, circulates, or transmits to another or others, any statement or rumor, written, printed, or by word
California Financial Code Section 757
(a) A bank or trust company may engage in the business of renting safe deposit boxes and may receive personal property for safekeeping and storage on
California Financial Code Section 758
(a) In this section, "subject person," when used with respect to a bank, means any director or officer of the bank, any controlling person of the...
California Financial Code Section 759
(a) In this section, "subject person" has the meaning set forth in subdivision (a) of Section 758. (b) No subject person of a bank shall purchase,
California Financial Code Section 760
(a) For purposes of this section, the following terms have the following meanings: (1) "Carrying a security" means maintaining, reducing, or...
California Financial Code Section 761
Any officer, director, trustee, employee, or agent of any bank in this state, who abstracts or willfully misapplies any of the money, funds, or...
California Financial Code Section 762
(a) Every director of a bank in this state who does either of the following is guilty of a misdemeanor: (1) In case of the fraudulent insolvency...
California Financial Code Section 763
An officer or agent of any bank in this state, who makes or delivers any guaranty or endorsement on behalf of such bank, whereby it may become liable
California Financial Code Section 764
A director of a bank, organized under the laws of this state, who concurs in any vote or act of the directors of such corporation, or any of them, by
California Financial Code Section 765
Any director, trustee, officer, or employee of any bank organized under the laws of this state, who makes or maintains, or attempts to make or...
California Financial Code Section 766
Any officer or employee of any bank organized under the laws of this state, who intentionally conceals from the directors of the bank any discounts...
California Financial Code Section 767
Every officer, agent, teller, or clerk of any bank, and every individual banker, or agent, teller, or clerk of any individual banker, who receives...
California Financial Code Section 768
Any officer, director, trustee, employee, or agent of any bank, who willfully makes a false or untrue entry in any book or record or in any report,...
California Financial Code Section 769
Unless specifically authorized by law or by the commissioner, a bank shall not become, act as, or in any other manner assume the duties or...
California Financial Code Section 780
It is the intent of the Legislature that the provisions of this article, insofar as they are contained in Regulation O (12 C.F.R. Part 215) of the...
California Financial Code Section 781
As used in this article: (a) "Bank" means: (1) Any commercial bank, industrial bank, or trust company incorporated under the laws of this...
California Financial Code Section 782
Sections 215.2, 215.3, 215.4, 215.5, 215.8, and 215.9 of Regulation O in all of their particulars, including footnotes, are hereby referred to,...
California Financial Code Section 783
No bank shall extend credit in an aggregate amount greater than the amount permitted in paragraph (4) of subdivision (c) of Section 215.5 of...
California Financial Code Section 784
In making any extension of credit that is subject to this article, a bank shall comply with all other applicable provisions of this division relating
California Financial Code Section 785
No provision of this article or of Article 2 (commencing with Section 1220) of Chapter 10 shall apply to an advance of money made by a bank pursuant...
California Financial Code Section 786
A bank may make a loan, otherwise complying with the provisions of this division, for the benefit of a trust, notwithstanding that the bank or any...
California Financial Code Section 787
Any bank that makes an extension of credit in violation of this article is subject to a civil penalty pursuant to Section 216.3. Any person, other...
California Financial Code Section 790
No person who has not received a certificate from the commissioner authorizing it to engage in the banking business shall solicit or receive...
California Financial Code Section 791
No person who has not received a certificate from the commissioner authorizing it to engage in the banking business shall advertise that it is...
California Financial Code Section 792
No person who has not received a certificate from the commissioner authorizing it to engage in the banking business shall transact business under any
California Financial Code Section 793
No provision of Section 790, 791, or 792 prohibits any of the following from transacting any business or performing any activity if it is authorized...
California Financial Code Section 794
Any person or any bank violating any provision of the foregoing sections of this article shall be liable to the people of the state in the amount of...
California Financial Code Section 795
No person shall represent by advertisement, circular, or otherwise, or in any manner mislead anyone to believe, that any securities are legal...
California Financial Code Section 800
In this chapter, unless the context otherwise requires: (a) "Authorized agency activities" means receiving deposits, renewing time deposits,...
California Financial Code Section 801
This chapter does not apply to a California state bank having an insured depository institution engage in authorized agency activities as its agent...
California Financial Code Section 802
(a) In this section, "affiliated," when used with respect to a California state bank and an insured depository institution, means that the California
California Financial Code Section 810
Notwithstanding the provisions of Chapter 4 (commencing with Section 500) and Section 776, a California state bank may, with the prior approval of...
California Financial Code Section 811
An application by a California state bank for approval to have an insured depository institution engage in authorized agency activities as its agent...
California Financial Code Section 812
An application by a California state bank for approval to have an insured depository institution engage in authorized agency activities as its agent...
California Financial Code Section 813
In determining whether to approve or deny an application by a California state bank for approval to have an insured depository institution engage in...
California Financial Code Section 814
No California state bank may have an insured depository institution conduct as its agent any activity that the California state bank is prohibited...
California Financial Code Section 815
No office of an insured depository institution that is performing authorized agency activities as agent for a California state bank in accordance...
California Financial Code Section 816
If the commissioner finds that any activity performed by an insured depository institution as agent for a California state bank is not an authorized...
California Financial Code Section 820
Notwithstanding the provisions of Chapter 4 (commencing with Section 500) and Section 776, a California state bank may, with the prior approval of...
California Financial Code Section 821
An application by a California state bank for approval to engage in authorized agency activities as agent for an insured depository institution shall
California Financial Code Section 822
An application by a California state bank for approval to engage in authorized agency activities as agent for an insured depository institution shall
California Financial Code Section 823
In determining whether to approve or deny an application by a California state bank for approval to engage in authorized agency activities as agent...
California Financial Code Section 824
No California state bank may conduct any activity as an agent for an insured depository institution that the California state bank would be...
California Financial Code Section 825
(a) No office of a California state bank that conducts authorized agency activities as agent for an insured depository institution in accordance with
California Financial Code Section 826
If the commissioner finds that any activities performed by a California state bank as agent for an insured depository institution are not authorized...
California Financial Code Section 850
A bank account by or in the name of a minor shall be held for the exclusive right and benefit of such minor and shall be paid to such minor or to his
California Financial Code Section 851
A bank account by or in the name of a married person shall be held for the exclusive right and benefit of the person, shall be free from the control...
California Financial Code Section 852
A bank account that is a multiple-party account as defined in Section 5132 of the Probate Code is governed by Part 2 (commencing with Section 5100)...
California Financial Code Section 854
No bank, directly or indirectly, by any device whatever, shall pay any interest on any demand deposit except to the extent that the payment of...
California Financial Code Section 854.1
Notwithstanding Section 10145 of the Business and Professions Code or any other provision of law, but subject to the limitations of Section 854,...
California Financial Code Section 854.2
(a) Notwithstanding Section 10145 of the Business and Professions Code or any other provision of law, benefits accruing from the placement in an...
California Financial Code Section 857
(a) In this section: (1) "Creditor" includes, but is not limited to, a depositor. (2) "Insolvency," when used with respect to a bank, means...
California Financial Code Section 858
An overdraft of more than 90 days standing shall not be allowed as an asset of any bank.
California Financial Code Section 860
A bank may act as a depositary, paying agent, trustee, or fiscal agent for the holding or handling of public funds or securities notwithstanding the...
California Financial Code Section 861
When a statement of account has been rendered by a bank to a depositor accompanied by vouchers, if any, which are the basis for debit entries in such
California Financial Code Section 863
(a) No bank shall impose any charge on a savings account or on a depositor for the failure of a depositor to deposit, or for the late deposit of, any
California Financial Code Section 864
(a) For the purposes of this section: (1) "Customer" means one or more natural persons. (2) "Debt" means an interest-bearing obligation or an...
California Financial Code Section 866
As used in this article: (a) "Depository institution" means any of the following: (1) Any insured bank as defined in Section 3 of the Federal...
California Financial Code Section 866.2
(a) Prior to opening a deposit account a depository institution shall provide a written disclosure to the potential customer of its general policy...
California Financial Code Section 866.3
For the purposes of computing the amount of interest or dividends payable with respect to an interest-bearing deposit account, a depository...
California Financial Code Section 866.4
Except as otherwise provided in this section, any depository institution which fails to comply with any requirement imposed pursuant to this article...
California Financial Code Section 866.5
The commissioner shall issue administrative regulations to define a reasonable time for permitting customers to draw on items received for deposit in
California Financial Code Section 866.6
Pursuant to Section 866.5, the commissioner shall promulgate regulations which shall be reviewed annually to establish a reasonable period of time...
California Financial Code Section 866.7
The commissioner is authorized to gather from depository institutions such information as may be necessary for the formulation and promulgation of...
California Financial Code Section 866.8
The first regulations issued pursuant to this article shall be issued on or before July 1, 1984.
California Financial Code Section 866.9
The commissioner is authorized to issue regulations which provide for a different period of time for withdrawal as a matter of right against...
California Financial Code Section 867
(a) Funds deposited in an account at a depository institution shall be available on the second business day after the business day on which those...
California Financial Code Section 874
Any bank which delivers or has heretofore delivered to the State Treasurer pursuant to law any unclaimed or abandoned deposit shall not thereafter be
California Financial Code Section 952
Notice to any bank of an adverse claim (the person making the adverse claim being hereinafter called "adverse claimant") to a deposit standing on its
California Financial Code Section 953
When the depositor of a commercial or savings account has authorized any person to make withdrawals from the account, the bank, in the absence of...
California Financial Code Section 954
A bank need not recognize or give any effect to (1) any claim to a deposit of cash or securities standing on its books to the credit of, or held by...
California Financial Code Section 970
Whenever a bank certifies a check, the amount thereof shall be immediately charged against the account of the drawer.
California Financial Code Section 971
It shall be unlawful for any officer or employee of a bank to certify any check drawn upon such bank, unless the drawer has on deposit with the bank,
California Financial Code Section 1000
As used in this chapter, unless the context requires otherwise, the following terms have the following meanings: (a) "Net direct debt" of any...
California Financial Code Section 1001
Any securities or other assets that are described in Sections 1003 to 1018, inclusive, are legal investments for savings banks.
California Financial Code Section 1002
Where any laws of this state provide that the moneys of any pension fund, retirement plan, trust fund, or the moneys of any special fund the...
California Financial Code Section 1003
Gold and silver bullion and United States mint certificates of ascertained value.
California Financial Code Section 1004
Stock of a federal reserve bank or of a federal home loan bank to the extent authorized by Section 754.
California Financial Code Section 1005
Bonds or other interest-bearing notes and obligations of the United States and those for which the faith and credit of the United States are pledged...
California Financial Code Section 1006
Bonds of the State of California and those for which the faith and credit of the State of California are pledged for the payment of principal and...
California Financial Code Section 1007
Bonds of any flood control and water conservation districts, or any zone thereof, having an assessed valuation on taxable real property of not less...
California Financial Code Section 1008
Bonds of any other political subdivision, public corporation, or district of the State of California (herein referred to generally as public...
California Financial Code Section 1009
(a) Any of the following subject to the conditions set forth in subdivision (b) to (d), inclusive. (1) Bonds or other evidences of indebtedness...
California Financial Code Section 1010
Bonds of any irrigation district, water storage district, water conservation district, county water district, reclamation district, drainage...
California Financial Code Section 1011
(a) Bonds, consolidated bonds, collateral trust debentures, consolidated debentures, or other obligations issued by federal land banks or federal...
California Financial Code Section 1012
Bonds, notes or other obligations issued by the Federal Financing Bank, the United States Postal Service, or issued or assumed by the International...
California Financial Code Section 1013
(a) Notes with a maturity not exceeding 15 months after the date of issue, issued in anticipation of uncollected taxes, income, revenue, cash...
California Financial Code Section 1014
Revenue securities of any state of the United States, or of the Commonwealth of Puerto Rico, and of any city, county, city and county, political...
California Financial Code Section 1015
Bonds of any local public housing agency (as defined in the United States Housing Act of 1937, as amended) that are secured by either of the...
California Financial Code Section 1015.5
Bonds secured by an insurance commitment of the Federal Housing Administration.
California Financial Code Section 1016
Evidences of indebtedness of companies incorporated in the United States and, directly or indirectly, engaged in manufacturing, extraction,...
California Financial Code Section 1017
Fixed interest railroad bonds meeting the requirements of subdivisions (a) and (b); bonds secured by a mortgage on jointly operated railroad...
California Financial Code Section 1018
Bonds and debentures of gas, electric, or gas and electric companies meeting the requirements of subdivision (a); bonds and debentures of telephone...
California Financial Code Section 1200
A commercial bank shall not rediscount, borrow money, or hypothecate its assets as security for money borrowed except to the extent and upon the...
California Financial Code Section 1201
Assets hypothecated by a commercial bank as security for moneys borrowed shall not exceed in value the amount borrowed by more than 50 percent except
California Financial Code Section 1202
A commercial bank may borrow money by discounting or otherwise, and may borrow money secured by real property owned by the bank, to an amount not in...
California Financial Code Section 1203
A commercial bank may hypothecate its assets in any manner provided by law to secure the deposits of moneys of the United States, of postal savings...
California Financial Code Section 1204
A commercial bank may borrow for the purpose of buying from the United States, United States bonds, United States Treasury certificates, or notes or...
California Financial Code Section 1205
A commercial bank may rediscount with, borrow money from, or hypothecate its assets as security for money borrowed from a Federal Reserve bank, the...
California Financial Code Section 1206
A commercial bank may issue negotiable certificates of deposit transferable by endorsement and delivery and nonnegotiable certificates transferable...
California Financial Code Section 1208
A commercial bank located in a place the population of which does not exceed 5,000 persons according to the most recent official federal or state...
California Financial Code Section 1210
(a) In this article and in Article 4 (commencing with Section 3860) of Chapter 22, "affiliate," when used with respect to a specified person, means...
California Financial Code Section 1211
(a) Subject to the limitations in Sections 1221 and 1330, a bank may hold both obligations made by a person, and securities issued by that same...
California Financial Code Section 1212
Subject to prior approval by the commissioner and to any limitations the commissioner may impose on an investment, the limitations in subdivision (b)
California Financial Code Section 1213
Sections 1211 and 1330 shall not apply to investments held by a bank prior to the operative date of this section. All authorizations regarding...
California Financial Code Section 1220
For the purpose of this article: (a) "Obligations" means the total sums for the payment of which a person is obligated, primarily or secondarily,...
California Financial Code Section 1221
The obligations, as defined in Section 1220, excepting the obligations described in Section 1226 and the obligations described in Section 1224, of...
California Financial Code Section 1223
An obligation shall not be deemed secured by personal property or collateral unless the personal property or collateral held as security is of a kind
California Financial Code Section 1224
(a) In addition to the limitations contained in Section 1221 a commercial bank may issue letters of credit and a commercial bank may accept drafts or
California Financial Code Section 1225
With the approval of the commissioner a commercial bank may accept drafts or bills of exchange drawn upon it having not more than three months' sight
California Financial Code Section 1226
The limitations of Section 1221 shall not apply to the following and the following shall not be included among the obligations of a person for the...
California Financial Code Section 1227
A commercial bank may lend on the security of a first lien on real property or a first lien on a leasehold under a lease which does not expire, or...
California Financial Code Section 1227.2
(a) The provisions of any deed of trust or mortgage on real property which authorize any state or nationally chartered bank to accelerate the...
California Financial Code Section 1227.3
The provisions of any deed of trust or mortgage on real property which authorize any state or nationally chartered bank to receive and control the...
California Financial Code Section 1228
A commercial bank may lend on the security of a first lien on real property or a first lien on a leasehold under a lease which does not expire, or...
California Financial Code Section 1229
A commercial bank shall not lend in the aggregate more than 5 percent of its assets upon the security of the stock of any one corporation or upon the
California Financial Code Section 1231
No loan shall be made by any commercial bank upon the securities of one or more corporations, the payment of which loan is undertaken, in whole or in
California Financial Code Section 1234
Nothing in this chapter restricts a commercial bank in taking any lien on or pledge of any property as additional security for a loan already made in
California Financial Code Section 1235
A commercial bank holding a first lien on real property may take, or purchase and hold, or loan upon another and immediately junior lien but all such
California Financial Code Section 1236
A commercial bank may lend on the security of a first security interest on stock or a membership certificate issued to a tenant-stockholder or...
California Financial Code Section 1238
(a) A commercial bank may make amortized loans upon the security of residential real property to finance the purchase and installation of material or
California Financial Code Section 1239
For the purpose of determining whether any loan or investment is secured by a first lien on real property as required by any provision of this...
California Financial Code Section 1240
No loan made by any bank in excess of any limitations contained in this division or which is made in violation of any of the provisions of this...
California Financial Code Section 1241
(a) Any state-chartered bank that makes a refund anticipation loan to a covered borrower, as defined in Section 232 of Title 32 of the Code of...
California Financial Code Section 1330
The total amount invested by a bank in the securities issued by a person shall not exceed 15 percent of the sum of the shareholders' equity,...
California Financial Code Section 1331
Section 1330 shall not apply to investments made pursuant to this section. A bank may invest in shares of an investment company (1) registered with...
California Financial Code Section 1332
Notwithstanding Section 1330, a bank may purchase, acquire, or hold the stock of any corporation pursuant to a plan of reorganization approved by the
California Financial Code Section 1337
If any commercial bank has made investments which it was authorized to make at the time they were made it shall not be required to dispose of such...
California Financial Code Section 1338
A commercial bank may organize, sponsor, operate, control, or render investment advice to, an investment company, or underwrite, distribute, or sell...
California Financial Code Section 1380
Whenever the public administrator becomes the administrator of the estate of a decedent who at the time of his death left money on deposit with a...
California Financial Code Section 1381
A commercial bank accepting savings deposits shall provide by its bylaws or by contract with its savings depositors the time and condition on which...
California Financial Code Section 1382
For the purposes of any law authorizing or providing for the deposit of funds with a savings bank, a commercial bank accepting savings deposits shall
California Financial Code Section 1400
Chapter 11 (commencing with Section 1400) of Division 1 is a restatement of Division 7 (commencing with Section 18000) as that division pertains to...
California Financial Code Section 1401
(a) Any reference in a provision of any statute or regulation of this state to banks or commercial banks includes industrial banks. (b)...
California Financial Code Section 1402
The Industrial Loan Account of the Financial Institutions Fund is renamed to be the Industrial Bank Account.
California Financial Code Section 1403
(a) The commissioner shall annually levy on and collect from industrial banks authorized to transact industrial banking business in this state, pro...
California Financial Code Section 1410
Each industrial bank shall be an insured bank at all times while it is engaged in the industrial banking business.
California Financial Code Section 1411
Subject to any order or regulation of the commissioner, an industrial bank may accept deposits evidenced by a deposit account or by certificates,...
California Financial Code Section 1412
In addition to other provisions of this division that are otherwise applicable to an industrial bank, the following provisions of this division apply
California Financial Code Section 1500
No corporation shall engage in the trust business unless: (a) Its articles comply with the requirements of subdivision (b), (d), or (e) of Section
California Financial Code Section 1500.1
Any commercial bank or industrial bank, with the prior authorization of the commissioner, may engage in the trust business, if its articles comply...
California Financial Code Section 1500.6
No California state bank may engage in trust business at a place unless the place is its head office, an authorized branch office, or an authorized...
California Financial Code Section 1501.2
The following persons are exempt from the restrictions and prohibitions contained in Section 1500 and Article 3 (commencing with Section 3390) of...
California Financial Code Section 1502
In this section, "subject national banking association" means a national banking association that (a) maintains its main office or a branch office in
California Financial Code Section 1503
No foreign corporation, other than a national banking association or a foreign (other state) state bank that is authorized to conduct a trust...
California Financial Code Section 1504
Pursuant to the authority contained in Section 1 of Article XV of the California Constitution, the restrictions upon rates of interest contained in...
California Financial Code Section 1505
The Legislature finds and declares that it is important to inform taxpayers that they may make voluntary contributions to certain funds or programs,...
California Financial Code Section 1520
It is the intent of the Legislature that the provisions of this article, insofar as they are contained in the regulations regarding fiduciary...
California Financial Code Section 1521
For purposes of Section 1522, the following terms have the following meanings: (a) "Bank" means any of the following: (1) A commercial bank,...
California Financial Code Section 1522
(a) Sections 9.4 to 9.6, inclusive, Sections 9.8 to 9.15, inclusive, and Sections 9.18 to 9.101, inclusive, of the Fiduciary Regulations in all of...
California Financial Code Section 1540
Every trust company shall deposit with the State Treasurer money or securities of the character described in Section 1542 as security for its court...
California Financial Code Section 1541
Whenever any trust company receives trust funds or property, other than real property, from court trusts accepted by it to the amount of one million...
California Financial Code Section 1542
Security deposited with the Treasurer by trust companies pursuant to Section 1540 or 1541 shall consist of the following: (a) Bonds or other...
California Financial Code Section 1543
Such money or securities shall be approved by the commissioner and be deposited with the Treasurer upon the written order of the commissioner. Upon...
California Financial Code Section 1544
Securities deposited pursuant to this article may be exchanged from time to time, with the approval of the commissioner, for other like securities of
California Financial Code Section 1545
Should any security deposited pursuant to this article so depreciate in value as to reduce the deposit below the amount required by this article,...
California Financial Code Section 1545.5
When any revaluation of securities is made by the commissioner pursuant to Section 1545, other than at the time such securities are presented for...
California Financial Code Section 1546
The money and securities deposited pursuant to this article shall be subject to sale and the same or the proceeds thereof shall be subject to...
California Financial Code Section 1547
The commissioner may, pursuant to Section 216.3, levy a civil penalty against any trust company that fails to comply with this article.
California Financial Code Section 1560
A trust company may invest its contributed capital only in the securities and properties in which a commercial bank is permitted to invest its funds...
California Financial Code Section 1561
Trust funds received by any trust company in connection with its trust business, if invested, shall be invested as provided in Part 4 (commencing...
California Financial Code Section 1561.1
(a) As used in this section: (1) "Fund" means any investment company registered under the Investment Company Act of 1940 (15 U.S.C. Sec. 80a-1 et...
California Financial Code Section 1562
Any trust company or bank authorized to engage in the trust business holding trust funds awaiting investment or distribution may deposit or leave on...
California Financial Code Section 1563
Any trust company acting in any capacity under a court or private trust or when acting in such capacity with one or more persons as cofiduciary or...
California Financial Code Section 1564
(a) For purposes of this section, two or more trust companies shall be deemed to be affiliated if they are members of the same affiliated group,...
California Financial Code Section 1565
With regard to any participation certificates heretofore issued by any trust company, secured by a trust deed or mortgage, the full legal title in...
California Financial Code Section 1580
A trust company has the following powers: (a) It may act, or may be appointed by any court to act, in like manner as an individual, as executor,...
California Financial Code Section 1581
For the purposes of this chapter, all trusts and other business permitted to be accepted or executed by a trust company are hereby classified and...
California Financial Code Section 1582
A trust company, its officers and employees, shall not disclose any information to any person concerning the existence, condition, management, and...
California Financial Code Section 1583
The commissioner shall examine the court trust business of a trust company at least once every two calendar years and shall examine the private trust
California Financial Code Section 1584
In making the reports to the commissioner required by this division, every trust company shall report, in addition to the other facts called for,...
California Financial Code Section 1586
Any court having jurisdiction of any executor, administrator, guardian, conservator, assignee, receiver, depositary, or trustee, upon the application
California Financial Code Section 1586.5
Securities held by a trust company by direction of any court order issued pursuant to Section 1586 may be deposited, pursuant to the provisions of...
California Financial Code Section 1587
Whenever an executor, administrator, guardian or conservator of estates, assignee, receiver, depositary, or trustee is required to qualify by taking...
California Financial Code Section 1588
Whenever any corporation desires to withdraw from and discontinue doing a trust business, it shall furnish to the commissioner satisfactory evidence...
California Financial Code Section 1589
The validity or legality of any act or proceeding done or taken by any trust company, relating to or in connection with the administration of its...
California Financial Code Section 1590
Nothing in this chapter shall make it unlawful for any person or corporation to engage in the business of receiving and holding money in escrow or of
California Financial Code Section 1591
A bank or trust company shall not mingle trust funds received by it with other assets of the corporation or association and such funds shall not be...
California Financial Code Section 1592
Notwithstanding any other provision of law, any bank and any trust company holding securities in a fiduciary capacity or while engaged in a trust...
California Financial Code Section 1593
Notwithstanding any other provision of law, any bank and any trust company holding securities in a fiduciary capacity or while engaged in a trust...
California Financial Code Section 1650
Notice to a bank operating a safety deposit department or to a company conducting a safety deposit business of an adverse claim (the person making...
California Financial Code Section 1660
Every bank conducting a safe-deposit business shall be entitled to the special remedies set forth in this article in enforcing the liabilities of...
California Financial Code Section 1661
If the rental of any safe-deposit box is not paid within six months from the day it is due, the bank, or at any time thereafter and while such rental
California Financial Code Section 1662
At any time after the date specified in such notice, if the rental for such safe-deposit box to the date of payment and the cost of giving such...
California Financial Code Section 1662.5
The following persons, and no others, are entitled to receive from the bank a copy of the inventory: (a) An executor of the decedent's will. ...
California Financial Code Section 1663
All contents removed from a safe-deposit box pursuant to Section 1662 shall be retained by the bank for at least two years unless sooner delivered to
California Financial Code Section 1664
At any time after two years from the day when a safe-deposit box has been opened pursuant to this article, the bank may mail a notice to the person...
California Financial Code Section 1665
Notwithstanding any of the provisions of this article, no stocks, bonds, or other securities which, at the time of sale pursuant to Section 1664, are
California Financial Code Section 1666
Upon the making of a sale of any securities, an officer of the bank shall execute and attach to the securities so sold an affidavit reciting facts...
California Financial Code Section 1667
From the proceeds of any sale the bank shall deduct the amount set forth in such notice and any further charges which may have accrued since the...
California Financial Code Section 1668
Any documents, letters, or other articles found in a safe-deposit box opened pursuant to Section 1662, which in the judgment of at least two officers
California Financial Code Section 1669
If, before the effective date of this section, a bank or its predecessor in interest, has caused a safe-deposit box to be opened for nonpayment of...
California Financial Code Section 1670
Whenever a bank receives personal property for safekeeping or storage as bailee and issues a receipt therefor, the bank may enforce its lien as...
California Financial Code Section 1671
If the amount charged by a bank for the safekeeping or storage of personal property is not paid within six months from the day it is due, the bank,...
California Financial Code Section 1672
From the proceeds of the sale, the bank shall deduct all charges as stated in the final notice, together with any further charges that have accured...
California Financial Code Section 1673
Any documents, letters, or other articles which, in the judgment of an officer of the bank, have no apparent intrinsic or marketable value, need not...
California Financial Code Section 1674
The power conferred on a bank to sell the contents of a safe-deposit box or personal property received for safekeeping or storage for nonpayment of...
California Financial Code Section 1675
A bank holding a safe-deposit box originally rented from, or personal property against which a safekeeping or storage receipt was issued by, a...
California Financial Code Section 1676
The provisions of this article do not preclude any other remedy by action or otherwise now or hereafter existing for the enforcement of the claims of
California Financial Code Section 1677
If the principal of, or interest or dividends on, any securities that have come into the possession of any bank by reason of action taken pursuant to
California Financial Code Section 1678
(a) Whenever this article requires that notice be sent to a person, and the box stood or stands on the records of the bank or the safekeeping or...
California Financial Code Section 1679
Whenever an amount of safe-deposit rental, custody, safekeeping, or other charge is to be paid or deducted pursuant to this article, there shall be...
California Financial Code Section 1680
Any bank or trust company may receive bonds issued by the United States Government for safekeeping, collection, or storage, and shall receipt...
California Financial Code Section 1700
In this chapter, unless the context otherwise requires: (a) "Agency" means a depositary agency or a nondepositary agency. (b) "Branch office"...
California Financial Code Section 1700.3
Nothing in this chapter, except Section 1707, applies to a federal agency or branch in this state.
California Financial Code Section 1700.5
(a) In this section, "subject bank" means a bank organized under the laws of any territory of the United States, Puerto Rico, Guam, American Samoa,...
California Financial Code Section 1701
For purposes of this chapter, offices of foreign (other nation) banks are divided into classes and ranked in ascending order, as follows: (a)...
California Financial Code Section 1701.5
(a) For purposes of this chapter: (1) Changing a lower class office into a higher class office shall be treated as establishing the higher class...
California Financial Code Section 1702
Fees shall be paid to, and collected by, the commissioner, as follows: (a) The fee for filing with the commissioner an application by a foreign...
California Financial Code Section 1703
Each application filed with the commissioner under this chapter or under any regulation or order issued under this chapter shall be in such form,...
California Financial Code Section 1704
(a) In this section, "act" includes (without limitation) omission. (b) For purposes of making findings on an application by a foreign (other...
California Financial Code Section 1705
(a) Each foreign (other nation) bank that is licensed to maintain an office shall file with the commissioner reports as and when the commissioner...
California Financial Code Section 1706
Each foreign (other nation) bank that is licensed to maintain an office shall make, keep, and preserve at the office or at another place that the...
California Financial Code Section 1707
(a) No foreign (other nation) bank which is licensed to maintain an agency or branch office shall concurrently maintain a federal agency or federal...
California Financial Code Section 1708
(a) No foreign (other nation) bank shall concurrently be licensed to maintain offices of different classes. (b) Subdivision (a) does not prohibit...
California Financial Code Section 1710
(a) (1) No foreign (other nation) bank (other than a bank that is licensed to maintain an agency or branch office) shall be issued a license to...
California Financial Code Section 1711
No license shall be transferable or assignable.
California Financial Code Section 1712
Each foreign (other nation) bank that is licensed to maintain an office shall post its license in a conspicuous place at the office.
California Financial Code Section 1713
(a) Each foreign (other nation) bank that is licensed to maintain an office shall assign to the office a popular name that consists of a specific...
California Financial Code Section 1714
Whenever a foreign (other nation) bank is licensed to maintain two or more agencies or branch offices, it shall designate one of such offices as its...
California Financial Code Section 1715
Each foreign (other nation) bank that is licensed to maintain an office shall conduct all of the business of the office in a single building or in...
California Financial Code Section 1716
Any foreign (other nation) bank that, at the time it makes a loan or forbearance or executes a contract therefor, has assets equal to at least one...
California Financial Code Section 1725
(a) No foreign (other nation) bank shall establish or maintain an office in this state at which it engages in representational functions unless it is
California Financial Code Section 1726
(a) (1) No foreign (other nation) bank shall establish or maintain a representative office unless the commissioner shall have first approved the...
California Financial Code Section 1727
(a) No foreign (other nation) bank that is licensed to maintain a representative office shall relocate the office unless the commissioner shall have...
California Financial Code Section 1728
A foreign (other nation) bank that is licensed to maintain a representative office may, subject to any regulations that the commissioner may...
California Financial Code Section 1729
(a) (1) No foreign (other nation) bank that is licensed to maintain a representative office shall close the office unless the commissioner shall have
California Financial Code Section 1750
(a) No foreign (other nation) bank shall transact business in this state except at an agency or branch office that it is licensed to maintain and at...
California Financial Code Section 1751
No foreign (other nation) bank shall be licensed to maintain any agency or branch office unless it is qualified to transact intrastate business in...
California Financial Code Section 1752
No foreign (other nation) bank shall be licensed to maintain a retail branch office unless the deposits in such office are insured by the Federal...
California Financial Code Section 1753
(a) (1) No foreign (other nation) bank shall establish or maintain an agency or branch office unless the commissioner shall have first approved the...
California Financial Code Section 1754
(a) No foreign (other nation) bank which is licensed to maintain an agency or branch office shall relocate such office unless the commissioner shall...
California Financial Code Section 1755
(a) A foreign (other nation) bank that is licensed to maintain an agency or branch office may transact commercial banking business at the office,...
California Financial Code Section 1756
(a) In addition to other provisions of this division that are otherwise applicable to or with respect to foreign (other nation) banks licensed to...
California Financial Code Section 1757
(a) Whenever the commissioner calls for a report under Section 283 from commercial banks organized under the laws of this state, the commissioner...
California Financial Code Section 1758
Each foreign (other nation) bank which is licensed to maintain a depositary agency, limited branch office, or wholesale branch office shall, in...
California Financial Code Section 1759
(a) In case a foreign (other nation) bank is licensed to maintain a depositary agency or branch office and such office is not subject to the...
California Financial Code Section 1760
(a) Each foreign (other nation) bank which is licensed to transact business in this state shall keep the assets of such business separate and apart...
California Financial Code Section 1761
(a) In this section: (1) "Adjusted liabilities," when used with respect to a foreign (other nation) bank, means the liabilities of such bank's...
California Financial Code Section 1762
(a) In this section: (1) "Adjusted liabilities," when used with respect to a foreign (other nation) bank which is licensed to maintain a branch...
California Financial Code Section 1763
(a) (1) No foreign (other nation) bank which is licensed to maintain an agency or branch office shall close such office unless the commissioner shall
California Financial Code Section 1775
(a) Any foreign (other nation) bank that holds a license to maintain an office may voluntarily surrender the license by filing the license and a...
California Financial Code Section 1780
If the commissioner finds that any person has violated any provision of this chapter or of any regulation or order issued under this chapter, the...
California Financial Code Section 1781
If, after notice and a hearing, the commissioner finds any of the following with respect to a foreign (other nation) bank that is licensed to...
California Financial Code Section 1782
(a) If the commissioner finds that any of the factors set forth in Section 1781 is true with respect to any foreign (other nation) bank that is...
California Financial Code Section 1783
Any foreign (other nation) bank whose license to maintain an office is suspended or revoked shall immediately surrender the license to the...
California Financial Code Section 1784
(a) Any foreign (other nation) bank to which an order is issued under Section 1781 or 1782 may apply to the commissioner to modify or rescind such...
California Financial Code Section 1785
(a) If the commissioner finds that any of the factors set forth in Section 1781 is true with respect to any foreign (other nation) bank which is...
California Financial Code Section 1800
(a) It is the intent of the Legislature in enacting this chapter to protect the people of this state from being victimized by unscrupulous practices...
California Financial Code Section 1800.3
(a) No person shall engage in the business of receiving money for the purpose of transmitting the same or its equivalent to foreign countries without
California Financial Code Section 1800.4
The receipt of money by an incorporated telegraph company, or its agents, for immediate transmission by telegraph to foreign countries shall be...
California Financial Code Section 1800.5
For the purposes of this chapter: (a) (1) "Receiving money for transmission" means receiving money for the purpose of transmitting the same or its
California Financial Code Section 1800.7
(a) As used in this section, "designated person" means any agent, any applicant, the officers, directors, and controlling persons of any applicant or
California Financial Code Section 1800.9
The commissioner may impose on any authorization, approval, license, or order issued pursuant to this chapter any conditions that he or she deems...
California Financial Code Section 1801
(a) Fees shall be paid to, and collected by, the commissioner, as follows: (1) The fee for filing with the commissioner an application for a...
California Financial Code Section 1801.1
Each fiscal year the commissioner shall levy an assessment on a pro rata basis on those licensees which at any time during the preceding calendar...
California Financial Code Section 1802
(a) An application for a license shall be in writing, under oath, and in a form prescribed by the commissioner. It shall contain the name and...
California Financial Code Section 1802.2
If the commissioner finds, with respect to an application for a license: (a) That the applicant has adequate capital as specified in Section 1814...
California Financial Code Section 1802.6
The license is not transferable or assignable.
California Financial Code Section 1802.7
If the application is approved by the commissioner he or she shall, upon the payment of the license fees, issue and deliver to the applicant a...
California Financial Code Section 1802.8
(a) Before any applicant is issued a license the applicant shall file with the commissioner, in the form required by the commissioner, an irrevocable
California Financial Code Section 1803
No licensee shall appoint or continue any person as an agent, unless the licensee and the person have made a written contract which contains each of...
California Financial Code Section 1803.1
(a) No licensee shall appoint any person as an agent unless it has conducted a review of the proposed agent's fitness to act as an agent and has...
California Financial Code Section 1803.2
(a) Each licensee shall be liable as a principal for the transmission of the transmission money from the time when the transmission money is received
California Financial Code Section 1803.3
(a) If, after notice and a hearing, the commissioner finds that an agent of a licensee or any director, officer, employee, or controlling person of...
California Financial Code Section 1803.4
(a) The licensee or the agent or former agent with respect to whom an order has been issued under Section 1803.3 may apply to the commissioner to...
California Financial Code Section 1803.5
(a) Any licensee, having as an agent any person to whom an order has been issued pursuant to Section 1803.3 shall, when that order becomes effective,
California Financial Code Section 1803.6
An agent of a licensee shall not appoint a subagent to receive transmission money.
California Financial Code Section 1804
(a) No person shall, directly or indirectly, acquire control of a licensee unless the commissioner has first approved in writing of the acquisition...
California Financial Code Section 1807
(a) The commissioner may by order or regulation grant exemptions from this section in cases where the commissioner finds that the requirements of...
California Financial Code Section 1807.5
(a) Each licensee and each agent of a licensee shall make, keep, and preserve within the United States such books, accounts, and other records in...
California Financial Code Section 1808
(a) The commissioner may at any time and from time to time examine the business and any office, within or outside this state, of any licensee or any...
California Financial Code Section 1809
(a) (1) Each licensee shall file with the commissioner a certified copy of every receipt form used by it or by its agents for money received for...
California Financial Code Section 1810
(a) Every licensee or its agent shall forward all moneys received for transmission to a foreign country or give instructions committing equivalent...
California Financial Code Section 1810.5
(a) Every licensee or its agent shall refund to the customer within 10 days of receipt of the customer's written request for a refund any and all...
California Financial Code Section 1811
(a) As security for the timely and proper delivery of transmission money received by it, each licensee subject to the order of the commissioner,...
California Financial Code Section 1812
In lieu of the deposit of cash or securities pursuant to Section 1811, a licensee may deliver to the commissioner the bond of a surety company, in...
California Financial Code Section 1813
The money and securities deposited with the State Treasurer pursuant to Section 1811 and the proceeds of any bond held by the State Treasurer...
California Financial Code Section 1814
(a) Each licensee shall at all times maintain tangible shareholders' equity determined to be adequate by the commissioner of at least five hundred...
California Financial Code Section 1815
(a) The receipt presented to each customer for each transaction pursuant to subdivision (b) of Section 1810.5 shall clearly state the rate of...
California Financial Code Section 1816
All funds, less fees, received by a licensee or its agents for transmission to a foreign country shall constitute trust funds owned by and belonging...
California Financial Code Section 1816.1
For purposes of Sections 1816.2 to 1816.8, inclusive, the following definitions shall apply: (a) "Eligible security" means any United States...
California Financial Code Section 1816.2
(a) For purposes of Sections 1816.3 to 1816.8, inclusive, a licensee shall be deemed to own an eligible security only if the following apply: (1)...
California Financial Code Section 1816.3
If the commissioner finds that any eligible security or class of eligible securities is not of sufficient liquidity or quality to be eligible...
California Financial Code Section 1816.4
If the commissioner finds that any security or class of securities that is not an eligible security is of sufficient liquidity and quality to be an...
California Financial Code Section 1816.5
The commissioner may by regulation or order declare a securities rating service to be an eligible securities rating service if the commissioner finds
California Financial Code Section 1816.6
If the commissioner finds that a rating assigned to a class of securities by an eligible securities rating service indicates that the class of...
California Financial Code Section 1816.7
Each licensee shall at all times own eligible securities having an aggregate value computed in accordance with generally accepted accounting...
California Financial Code Section 1816.8
(a) In computing for purposes of Section 1816.7 the aggregate value of eligible securities owned by a licensee, all of the following shall be...
California Financial Code Section 1817
If it appears to the commissioner that a licensee is violating or failing to comply with any law of this state, the commissioner may direct such...
California Financial Code Section 1818
If upon any hearing held pursuant to Section 1817 the commissioner finds that the licensee is violating or failing to comply with any law of this...
California Financial Code Section 1819
The commissioner may revoke or suspend any license issued pursuant to this chapter, if, after notice and opportunity for hearing, he or she finds any
California Financial Code Section 1819.5
(a) If the commissioner finds that any of the factors set forth in Section 1819 is true with respect to any licensee and that it is necessary for the
California Financial Code Section 1820
Every order, decision, or other official act of the commissioner is subject to review in accordance with law.
California Financial Code Section 1821
Whenever it appears to the commissioner that a licensee has done or is doing any of the acts specified in subdivisions (a) to (g), inclusive, the...
California Financial Code Section 1822
Whenever the commissioner has taken possession of the property and business of any licensee, such licensee, within 10 days after such taking, if it...
California Financial Code Section 1823
Every person who violates or fails to comply with this chapter, or who, without complying with this chapter, represents that he or she is authorized...
California Financial Code Section 1824
An appeal may be taken from the judgment of the court by the commissioner or by the licensee in the manner provided by law for appeals from the...
California Financial Code Section 1825
When the commissioner takes possession of the property or business of any licensee for the purpose of liquidation or conservation, the commissioner...
California Financial Code Section 1826
Any person who violates this chapter shall be liable to the people of the State of California in an action brought by the commissioner for a civil...
California Financial Code Section 1827
(a) No agent of a licensee who has actual notice that the commissioner has suspended or revoked the license of a licensee or that the commissioner...
California Financial Code Section 1851
This chapter is known and may be cited as the Travelers Checks Act.
California Financial Code Section 1852
Unless the context otherwise requires, the definitions set forth in this section govern the construction of this chapter: (a) "Agent" means any...
California Financial Code Section 1852.1
(a) Each fee for filing an application with the commissioner shall be paid at the time when such application is filed with the commissioner. (b)...
California Financial Code Section 1852.2
Fees shall be paid to, and collected by, the commissioner, as follows: (a) The fee for filing with the commissioner an application for a license...
California Financial Code Section 1852.3
The commissioner shall annually assess and collect from licensees an assessment in accordance with Section 33302.
California Financial Code Section 1853
No person shall engage in the business of issuing travelers checks without having first obtained a license hereunder.
California Financial Code Section 1854
(a) No license to issue travelers checks shall be required of any bank that is organized under the laws of this state, any national bank that...
California Financial Code Section 1854.1
There is exempted from the provisions of Section 1853 the sale by a person licensed under Chapter 14 (commencing with Section 1800) or by any agent...
California Financial Code Section 1855
An application for a license shall be in writing, under oath, and in a form prescribed by the commissioner. It shall contain the name and address of
California Financial Code Section 1856
Each application for a license shall be accompanied by such information and documents as the commissioner may by regulation or order reasonably...
California Financial Code Section 1857
The commissioner shall approve an application for a license within 90 days from the date of filing unless after a duly noticed hearing, the...
California Financial Code Section 1857.5
(a) In this section: (1) "Control" has the meaning set forth in Section 700. (2) "Officer" has the meaning set forth in Section 33057. (b)...
California Financial Code Section 1858
Prior to the issuance of a license pursuant to this chapter, and as a further condition to the issuance and continuing validity of such license, each
California Financial Code Section 1859
(a) Prior to the issuance of a license pursuant to this chapter, and as a further condition to the issuance of such license, each applicant shall...
California Financial Code Section 1860
If the application is approved by the commissioner, and the applicant has complied with Sections 1858 and 1859, the commissioner shall, upon the...
California Financial Code Section 1862
The license is not transferable or assignable.
California Financial Code Section 1863
Each licensee shall file with the commissioner quarterly a report as of the end of the preceding calendar quarter which shall include: (a) An...
California Financial Code Section 1863.1
Each licensee shall, not more than 90 days after the close of each of its fiscal years or within a longer period as the commissioner may by...
California Financial Code Section 1864
The commissioner may at any time require any licensee to make and file with the commissioner a special report furnishing such relevant information as
California Financial Code Section 1865
(a) No licensee shall issue any form of traveler's check for sale in this state unless all of the following are satisfied: (1) The traveler's...
California Financial Code Section 1866
Every travelers check issued by a licensee, for sale in this state, shall bear the name of the licensee clearly imprinted thereon.
California Financial Code Section 1867
Each licensee shall be liable in accordance with the California Commercial Code for the payment of all travelers checks duly issued by it and...
California Financial Code Section 1868
Each licensee shall at all times maintain shareholder equity determined to be adequate by the commissioner.
California Financial Code Section 1869
No person shall become or continue to be an agent in California of a licensee, nor shall any licensee appoint or continue any person as its agent in...
California Financial Code Section 1870
No agent of a licensee shall, nor shall any licensee cause or permit any of its agents to, sell any travelers check issued by such licensee without...
California Financial Code Section 1871
Each agent of a licensee which sells any traveler's check issued by such licensee shall, and each licensee shall require each of its agents which...
California Financial Code Section 1872
No agent of a licensee shall, nor shall any licensee cause or permit any of its agents to, commingle any funds, less fees due agents, received from...
California Financial Code Section 1873
If any agent of a licensee shall commingle any funds, less fees due agents, received from the sale of travelers checks issued by such licensee with...
California Financial Code Section 1874
All funds, less fees due agents pursuant to the agreement required by Section 1869, received by agents from the sale of travelers checks shall...
California Financial Code Section 1875
No funds, less fees due agents, received by any agent of a licensee from the sale of travelers checks issued by such licensee, while held by such...
California Financial Code Section 1876
Nothing in this chapter shall be construed to prevent any licensee from taking any legal action necessary to enforce any claim which such licensee...
California Financial Code Section 1876.1
In this article: (a) "Eligible security" means any United States currency eligible security or foreign currency eligible security. (b)...
California Financial Code Section 1876.2
(a) For purposes of this article, a licensee shall be deemed to own an eligible security only if: (1) The licensee owns the eligible security...
California Financial Code Section 1876.3
If the commissioner finds that any eligible security or class of eligible securities is not of sufficient liquidity or quality to be eligible...
California Financial Code Section 1876.4
If the commissioner finds that any security or class of securities which is not an eligible security is of sufficient liquidity and quality to be an...
California Financial Code Section 1876.5
If the commissioner finds that a securities rating service: (a) Has been continuously engaged in the business of rating securities for a period...
California Financial Code Section 1876.6
If the commissioner finds that a rating assigned to a class of securities by an eligible securities rating service indicates that such class of...
California Financial Code Section 1876.8
(a) Each licensee shall at all times own United States currency eligible securities having an aggregate value not less than the aggregate face amount
California Financial Code Section 1876.9
(a) In computing for purposes of Section 1876.8 the aggregate value of eligible securities owned by a licensee, all of the following shall be...
California Financial Code Section 1876.10
In computing for purposes of subdivision (b) of Section 1876.8 the aggregate value of foreign currency eligible securities owned by a licensee, there
California Financial Code Section 1876.11
In the case of a licensee which is also licensed under Division 16 (commencing with Section 33000), the amount of aggregate value of eligible...
California Financial Code Section 1876.12
(a) (1) Upon application, the commissioner may exempt from this article a licensee, or an applicant for licensure under this chapter. (2) An...
California Financial Code Section 1877
(a) The commissioner in his or her discretion may at any time make such examinations within or outside of this state of any licensee under this...
California Financial Code Section 1880
In this article, unless the context otherwise requires: (a) "Act" includes omission. (b) "Insolvent", when used with respect to any person,...
California Financial Code Section 1880.5
(a) No order issued by the commissioner under Section 1883, 1885, or 1886 shall become effective earlier than the 10th business day after the...
California Financial Code Section 1881
(a) Whenever it appears to the commissioner that any person has violated, or that there is reasonable cause to believe that any person is about to...
California Financial Code Section 1882
(a) If the commissioner finds that any person has violated, or that there is reasonable cause to believe that any person is about to violate, Section
California Financial Code Section 1883
If, after notice and a hearing, the commissioner finds: (a) That any licensee or any California agent of a licensee has engaged or participated,...
California Financial Code Section 1884
(a) If the commissioner finds that any of the factors set forth in Section 1883 is true with respect to any licensee or any California agent of a...
California Financial Code Section 1885
If, after notice and a hearing, the commissioner finds: (a) (1) That any subject person of a licensee has engaged or participated in any unsafe or
California Financial Code Section 1886
If, after notice and a hearing, the commissioner finds that any subject person of a licensee has, by engaging or participating in any act with...
California Financial Code Section 1887
(a) If the commissioner finds: (1) That any subject person of a licensee has been charged in an indictment issued by a grand jury or in an...
California Financial Code Section 1888
(a) Any licensee to which an order is issued under Section 1885, 1886, or 1887 or any subject person or former subject person of a licensee with...
California Financial Code Section 1889
If, after notice and a hearing, the commissioner finds: (a) That any licensee has violated any provision of this chapter or of any regulation or...
California Financial Code Section 1890
(a) If the commissioner finds that any of the factors set forth in Section 1889 is true with respect to any licensee and that it is necessary for the
California Financial Code Section 1891
Any person whose license is suspended or revoked shall immediately deliver such license to the commissioner.
California Financial Code Section 1892
(a) Any person to whom an order is issued under Section 1889 or 1890 may apply to the commissioner to modify or rescind such order. The commissioner
California Financial Code Section 1893
(a) If the commissioner finds that any of the factors set forth in Section 1889 is true with respect to any licensee and that it is necessary for the
California Financial Code Section 1894
(a) No California agent of a licensee who has actual notice that the commissioner has suspended or revoked the license of such licensee or that the...
California Financial Code Section 1894.5
In case any person engages in the business of selling in this state travelers checks that are issued by a second person which is neither (i) a...
California Financial Code Section 1895
Nothing in this chapter limits the power of the state to punish any person for any act which constitutes a crime under any statute.
California Financial Code Section 1896
Any person who willfully violates Section 1853 shall upon conviction be fined not more than ten thousand dollars ($10,000) or be imprisoned in the...
California Financial Code Section 1897
Any person who violates any provision of this chapter shall be liable to the people of the State of California in an action brought by the...
California Financial Code Section 1900
(a) (1) For purposes of this section, "foreign bank" means the business in this state of every foreign (other nation) bank licensed under Article 3...
California Financial Code Section 1901
(a) Whenever, in the judgment of the commissioner, it is necessary or advisable to make an extra examination of or to devote any extraordinary...
California Financial Code Section 1902
(a) The commissioner may by order or regulation grant exemptions from this section in cases where the commissioner finds that the requirements of...
California Financial Code Section 1906
The commissioner, whenever in his or her opinion the condition of the bank, trust company, or foreign banking corporation is such as to require such...
California Financial Code Section 1907
The commissioner, for good cause, at any time and from time to time may employ appraisers to appraise the value of any investment, asset, or property
California Financial Code Section 1908
The commissioner, a deputy commissioner, and every examiner assigned to an examination may administer an oath to any person whose testimony is...
California Financial Code Section 1910
If a deputy commissioner or any examiner has knowledge of the insolvency or unsafe condition of any bank, trust company, or foreign banking...
California Financial Code Section 1911
A national banking association doing business in this state and receiving deposits of any bank organized under the laws of this state, at the request
California Financial Code Section 1911.5
In Sections 1912 and 1913, "holding company" shall have the meaning set forth in Section 3700.
California Financial Code Section 1912
If it appears to the commissioner that a bank, trust company, or foreign banking corporation, or any holding company or subsidiary of the bank, trust
California Financial Code Section 1913
If upon any hearing held pursuant to Section 1912 it appears to the commissioner that the bank, trust company, or foreign banking corporation, or any
California Financial Code Section 1913.5
(a) For the purposes of this section, the following definitions are applicable: (1) "Account holder" includes, in the case of a deposit account,...
California Financial Code Section 1914
Whenever he or she deems it expedient, the commissioner may call a meeting of the stockholders of any bank or trust company. Notice of the time and...
California Financial Code Section 1915
During any emergency period declared by the President of the United States, each bank shall conform to any order of the commissioner directed to it,...
California Financial Code Section 1916
During any emergency period declared by the Governor no bank shall transact any banking business except to such extent and subject to such...
California Financial Code Section 1917
(a) The commissioner may, in his or her discretion, bring an action in the name of the people of this state in a superior court to enjoin a violation
California Financial Code Section 1935
(a) A California state bank shall prominently display in the lobby of its main office and each branch office, except an automated teller machine...
California Financial Code Section 1951
Any debt due a bank on which interest is past due and unpaid for the period of one year shall be charged off, unless it is well secured or is in...
California Financial Code Section 1952
The commissioner at any time may require a bank to write down any asset held by it to a valuation which will represent its then fair market value.
California Financial Code Section 3100
The commissioner may, whenever it appears to him or her that any of the conditions described in subdivisions (a) to (h), inclusive, exist with...
California Financial Code Section 3101
Whenever the commissioner has taken possession of the property and business of any bank, such bank, within 10 days after such taking, if it deems...
California Financial Code Section 3102
An appeal may be taken from the judgment of the court by the commissioner or by the bank in the manner provided by law for appeals from the judgment...
California Financial Code Section 3103
Upon taking possession of the property and business of any bank, the commissioner shall forthwith give notice of such fact to all persons holding or...
California Financial Code Section 3104
Upon taking possession of the property and business of any bank, the commissioner has authority and it is his or her duty to collect all moneys due...
California Financial Code Section 3105
No attachment shall be issued against the property of any bank or trust company.
California Financial Code Section 3106
The commissioner, from time to time, under his or her official seal, may appoint one or more special deputy commissioners as his or her agent or...
California Financial Code Section 3107
The compensation of special deputies, counsel, and other employees and assistants appointed to assist in the liquidation of any bank and the...
California Financial Code Section 3108
Upon the commissioner taking possession of the business and property of any bank the superior court of the State of California for the county in...
California Financial Code Section 3109
The commissioner may sell, compromise, or compound any bad or doubtful debt owing the bank, which is for a principal sum not exceeding five hundred...
California Financial Code Section 3110
The commissioner may sell any real or personal property of the bank for cash or on credit and on such other terms and conditions as the commissioner...
California Financial Code Section 3110.1
(a) The commissioner may, with the approval of the court and of the commissioner, sell any part or the whole of the business of the bank to any other
California Financial Code Section 3111
Within six months after taking possession of the property and business of any bank the commissioner may terminate or adopt any executory contract to...
California Financial Code Section 3112
The commissioner in his or her own name or in the name of the bank may execute, acknowledge, and deliver any and all conveyances and other...
California Financial Code Section 3113
The commissioner in the name of the delinquent bank or in his or her own name may prosecute and defend any and all actions and other legal...
California Financial Code Section 3114
The commissioner from time to time shall deposit all moneys coming into his or her hands in the course of the liquidation of the bank in one or more...
California Financial Code Section 3115
The commissioner shall make an inventory of the assets of the bank in duplicate and file one in the office of the commissioner and one with the clerk
California Financial Code Section 3116
When the time fixed for the presentation of claims has expired the commissioner shall make in duplicate a full and complete list of all claims...
California Financial Code Section 3117
The commissioner shall cause notice to be given by advertisement in such newspapers of general circulation as he or she may select weekly for three...
California Financial Code Section 3118
All claims of every kind against the bank or against any property owned or held by such bank shall be presented to the commissioner in writing...
California Financial Code Section 3119
At any time and from time to time after the expiration of the time fixed for the presentation of claims, the commissioner, after obtaining approval...
California Financial Code Section 3119.5
(a) Expenses and claims of unsecured creditors have priority in the following order: (1) Expenses of liquidation and approved claims for fees and...
California Financial Code Section 3120
Objections to any claim not rejected by the commissioner may be made by any person interested by filing a copy of such objections with the...
California Financial Code Section 3121
Dividends remaining unpaid and any sums available for payment of deposits for which no claim was filed, which remain in the hands of the commissioner
California Financial Code Section 3121.5
Whenever, under the provisions of this chapter, the commissioner is required to transmit unclaimed money or other unclaimed property to any state...
California Financial Code Section 3122
All approved claims of depositors and other creditors shall bear interest at the rate provided by law on judgments from the date that the...
California Financial Code Section 3123
Should the bank have in its possession for safekeeping or storage any jewelry, plate, money, specie, bullion, stocks, bonds, securities, valuable...
California Financial Code Section 3124
On the last day fixed in said notice for the removal of such property or on the date when such property is removed or the box surrendered any...
California Financial Code Section 3125
If any property be not removed within the time fixed by notice mailed by the commissioner, the commissioner may make such disposition of the property
California Financial Code Section 3126
(a) When the commissioner has completed the liquidation of the bank, he or she shall petition the court for an order declaring the bank duly wound up
California Financial Code Section 3131
Whenever pursuant to the provisions of this chapter the approval of the court is required of any step in the liquidation proceedings such approval...
California Financial Code Section 3132
Whenever in the opinion of the commissioner the liquidation or reorganization of any bank taken in charge by him or her would be facilitated thereby,
California Financial Code Section 3150
Any bank which voluntarily has ceased to do a banking business shall immediately notify the commissioner thereof and shall then proceed to liquidate...
California Financial Code Section 3160
Whenever any bank or trust company is being liquidated or whenever the trust business of any bank or trust company has been discontinued and the bank
California Financial Code Section 3161
Upon the delivery of any money to the State Treasurer or upon the delivery of any property to the State Controller a certified copy of the order of...
California Financial Code Section 3162
All money or other property delivered to the State Treasurer or State Controller pursuant to this article, except Section 3163, shall be deemed to be
California Financial Code Section 3180
Whenever the commissioner deems it necessary in order to conserve the assets of any bank for the benefit of the depositors and other creditors, he or
California Financial Code Section 3181
A conservator so appointed has all of the powers and rights with relation to the business and the property of the bank for which he or she is...
California Financial Code Section 3182
The commissioner shall cause to be made and completed at the earliest possible date such an examination of the affairs of a bank for which the...
California Financial Code Section 3183
While any bank is in the hands of a conservator the commissioner may require the conservator to set aside and make available for withdrawal by...
California Financial Code Section 3184
The commissioner in his or her discretion may permit the conservator to receive deposits but any deposits received while the bank is in the hands of...
California Financial Code Section 3185
If the commissioner becomes satisfied that it may safely be done and that it would be in the public interest he or she may terminate the...
California Financial Code Section 3186
In any case in which a bank for which a conservator has been appointed has been permitted to accept deposits since the appointment of a conservator,...
California Financial Code Section 3187
The commissioner is authorized to assess and collect from all banks as may become subject to the provisions of this article their ratable share of...
California Financial Code Section 3200
Any bank, including a bank of which the commissioner has taken possession pursuant to Article 1 hereof or a bank for which a conservator has been...
California Financial Code Section 3201
All depositors, creditors, stockholders, and other interested persons shall be given notice of any proposed plan of reorganization in such manner and
California Financial Code Section 3202
No plan of reorganization shall become effective until the commissioner finds that the plan is fair and equitable to all depositors, creditors, and...
California Financial Code Section 3203
No creditor having security for the payment of his claim shall be affected in his right to enforce such security by the provisions of any plan for...
California Financial Code Section 3204
When any plan of reorganization becomes effective all books, records, and assets of such bank shall be disposed of in accordance with the provisions...
California Financial Code Section 3220
The Federal Deposit Insurance Corporation, in this article called the corporation, may be and act as the receiver without bond of any bank the...
California Financial Code Section 3221
The commissioner, when he or she has taken possession of the property and assets of a closed insured bank for the purpose of liquidation and if he or
California Financial Code Section 3222
If the corporation accepts the appointment as such receiver, the rights of depositors and other creditors of the insured bank shall be determined in...
California Financial Code Section 3223
The corporation as such receiver shall possess with respect to such closed insured bank all the powers, rights, and privileges given the commissioner
California Financial Code Section 3224
If the corporation pays or makes available for payment the insured deposit liabilities of a closed insured bank, the corporation, whether or not it...
California Financial Code Section 3225
When acting as the receiver of a closed insured bank, the corporation with the consent of the commissioner and the approval of the court may sell to...
California Financial Code Section 3240
The holder or transferor of a negotiable instrument transferred to a bank for collection has a preferred claim in the amount of the liability of such
California Financial Code Section 3500
As used in this article, unless the context otherwise requires, "corporation" means a corporation organized under the laws of this state for the...
California Financial Code Section 3500.5
The provisions of Chapter 1 (commencing with Section 99) applicable to, or with respect to, banks shall apply to, or with respect to, as the case may
California Financial Code Section 3501
When authorized by the previous written consent of the commissioner as provided by Chapter 3 (commencing with Section 350) one or more persons may...
California Financial Code Section 3502
The articles of a corporation shall provide that the purpose of the corporation is to engage in the business of international and foreign banking and
California Financial Code Section 3503
The articles of incorporation shall be submitted to the commissioner for his or her approval before they are filed with the Secretary of State...
California Financial Code Section 3504
Each corporation shall have power, under such rules and regulations as the commissioner may prescribe: (a) To purchase, sell, discount, and...
California Financial Code Section 3505
Except with the approval of the commissioner, no corporation shall invest in any one corporation an amount in excess of 10 per centum of its own...
California Financial Code Section 3506
No corporation shall purchase, own, or hold stock or certificates of ownership in any other corporation organized under this article or under the...
California Financial Code Section 3507
Nothing contained in this article shall prevent corporations from purchasing and holding stock in any corporation where such purchase shall be...
California Financial Code Section 3508
No corporation shall carry on any part of its business in the United States except such as, in the judgment of the commissioner, shall be incidental...
California Financial Code Section 3509
No corporation shall engage in commerce or trade in commodities except as specifically provided in this article, nor shall it either directly or...
California Financial Code Section 3510
It shall be unlawful for any director, officer, agent, or employee of any corporation to use or to conspire to use the credit, the funds, or the...
California Financial Code Section 3511
No corporation shall be organized without adequate shareholders' equity.
California Financial Code Section 3512
The provisions of Chapter 5 (commencing with Section 600) (except the provisions of Section 621) applicable to, or with respect to, banks shall apply
California Financial Code Section 3513
Any bank may invest in the shares of any corporation organized under the provisions of this article, but the aggregate amount of stock held in all...
California Financial Code Section 3514
(a) In this section, "foreign bank" means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico,...
California Financial Code Section 3515
Whenever it shall appear to the commissioner that any corporation has violated the provisions of its articles of incorporation or any law of this...
California Financial Code Section 3516
No corporation shall deposit any of its funds with any other moneyed corporation unless the other corporation has been nominated and designated as a...
California Financial Code Section 3517
No corporation shall be the holder of any shares of its own capital stock unless such stock shall have been taken to prevent loss upon a debt...
California Financial Code Section 3518
No corporation shall, either directly or indirectly, make any discount to any person for the purpose of enabling him to pay for or hold shares of its
California Financial Code Section 3519
No corporation shall by any system of accounting or any device of bookkeeping, directly or indirectly enter any of its assets upon its books in the...
California Financial Code Section 3520
Every corporation shall conform its methods of keeping its books and records to such orders in respect thereto as have been made and promulgated by...
California Financial Code Section 3521
Each official communication directed by the commissioner to a corporation or to any officer thereof, relating to an examination or investigation...
California Financial Code Section 3522
On or before the first day of February in each year, each corporation and every foreign corporation licensed by the commissioner to transact the...
California Financial Code Section 3523
Every corporation and foreign corporation shall also make such other special reports to the commissioner as he or she may from time to time require,...
California Financial Code Section 3524
If any corporation or foreign corporation shall fail to make any report required by this article on or before the day designated for the making...
California Financial Code Section 3525
Every corporation shall hold a meeting of its stockholders annually upon a date fixed in its bylaws at its main office, or if its main office is to...
California Financial Code Section 3526
Every corporation shall keep at its main office, or if its main office is to be located outside of this state, at its branch or other office in this...
California Financial Code Section 3527
Every corporation shall make reports to the commissioner at such times and in such form as the commissioner may require and is subject to examination
California Financial Code Section 3529
No officer, director, clerk or other employee of any corporation, and no person in any way interested or concerned in the management of its affairs,...
California Financial Code Section 3531
Every officer, director, clerk, employee, or agent of any corporation who embezzles, abstracts, or willfully misapplies any of the moneys, funds,...
California Financial Code Section 3532
Whoever being connected in any capacity with any corporation represents in any way that the State of California is liable for the payment of any bond
California Financial Code Section 3533
No person shall act in this State as the representative of any foreign corporation in transacting the business described in this article as the...
California Financial Code Section 3534
Every foreign corporation before being licensed by the commissioner to transact in this state the business of a corporation, or any part thereof,...
California Financial Code Section 3535
At the time the application certificate is first submitted to the commissioner, such corporation shall also submit a duly authenticated copy of its...
California Financial Code Section 3536
No foreign corporation shall transact in this state the business defined in this article or any part thereof, unless such corporation shall have: ...
California Financial Code Section 3537
When the commissioner shall have issued a license to any foreign corporation, it may engage in the business of a corporation of the kind authorized...
California Financial Code Section 3538
Every foreign corporation, before receiving a license to transact business in this state, shall deposit with the State Treasurer of the State of...
California Financial Code Section 3539
The foreign corporation shall pay a license fee of five hundred dollars ($500).
California Financial Code Section 3540
Every foreign corporation, duly licensed by the commissioner to transact in this state the business defined and authorized in this article, or any...
California Financial Code Section 3541
Whenever the commissioner shall have revoked the license of any such foreign corporation and shall have taken the action to make such revocation...
California Financial Code Section 3542
Nothing in this division restricts the right of a state international or foreign banking or financing corporation to convert into an international or
California Financial Code Section 3543
An international or foreign banking or financing corporation organized under the laws of the United States may convert into a state international or...
California Financial Code Section 3544
Nothing in this division restricts the right of any one or more state international or foreign banking or financing corporations to merge into or...
California Financial Code Section 3545
Nothing in this division restricts one or more international or foreign banking or financing corporations organized under the laws of the United...
California Financial Code Section 3546
Whenever a state international or foreign banking or financing corporation survives the merger of one or more international or foreign banking or...
California Financial Code Section 3547
Whenever one or more state international or foreign banking or financing corporations and one or more international or foreign banking or financing...
California Financial Code Section 3548
Whenever an international or foreign banking or financing corporation organized under the laws of the United States converts into a state...
California Financial Code Section 3560
Any bank may, with the consent of the commissioner, upon such conditions and under such regulations as the commissioner may prescribe, invest in the...
California Financial Code Section 3561
Every bank investing in the capital stock of any corporation described in Section 3560 shall be required to furnish information concerning the...
California Financial Code Section 3562
Before any bank shall be permitted to purchase stock in any corporation described in Section 3560 the said corporation shall enter into an agreement...
California Financial Code Section 3570
Any bank may, with the consent of the commissioner, upon such conditions and under such regulations as the commissioner may prescribe, invest in the...
California Financial Code Section 3580
Any bank may, with the consent of the commissioner, upon such conditions and under such regulations as the commissioner may prescribe, acquire and...
California Financial Code Section 3600
This chapter is known and may be cited as the "Bank Extraordinary Situation Closing Act."
California Financial Code Section 3601
"Extraordinary Situation" means any condition or occurrence, other than as set forth in Section 3100, which may interfere or is inconsistent with the
California Financial Code Section 3602
Whenever the commissioner determines that an extraordinary situation exists anywhere in this state the commissioner may, by proclamation, authorize...
California Financial Code Section 3603
(a) Whenever the officers of a bank are of the opinion that an extraordinary situation exists which affects or may affect one or more of a bank's...
California Financial Code Section 3604
A bank closing an office or offices pursuant to the authority granted under subdivision (a) of Section 3603 shall give prompt notice of its action to
California Financial Code Section 3605
Any day on which a bank or any one or more of its offices is closed pursuant to the authorization granted by this chapter shall be, with respect to...
California Financial Code Section 3606
Provisions of this chapter shall be construed and applied as being in addition to, and not a substitution for, or limitation of, any other law of...
California Financial Code Section 3700
"Bank holding company" means: (a) Any person or company which: (1) Directly or indirectly owns, controls, or holds with power to vote, 10...
California Financial Code Section 3701
"Company" means any domestic or foreign corporation, voting trust, business trust, limited partnership, partnership fund, joint stock company,...
California Financial Code Section 3702
"Subsidiaries", with respect to a specified bank holding company, means: (1) Any company 10 percent or more of whose voting securities are...
California Financial Code Section 3703
The commissioner may from time to time require, under oath or otherwise, reports from any bank holding company and its subsidiaries in such form and...
California Financial Code Section 3704
Each bank holding company and its subsidiaries shall be subject to examination by the commissioner. The commissioner may use, for this purpose, his...
California Financial Code Section 3705
With respect to a trust company controlled by or under common control with a title insurance company, the commissioner in cooperation with the...
California Financial Code Section 3706
Nothing in this chapter shall be construed to authorize the commissioner to require reports from a national bank or to examine a national bank...
California Financial Code Section 3707
Pursuant to the authority contained in Section 1 of Article XV of the California Constitution, the restrictions upon rates of interest contained in...
California Financial Code Section 3750
This chapter does not apply to any of the following transactions: (a) An acquisition of control of a California state bank that requires the...
California Financial Code Section 3751
Each application filed with the commissioner for an approval under this chapter shall be in the form, shall contain the information, shall be signed...
California Financial Code Section 3752
The fee for filing with the commissioner an application for an approval under this chapter is two thousand five hundred dollars ($2,500).
California Financial Code Section 3753
(a) The definitions that are set forth in or are applicable to Section 3(d) of the Bank Holding Company Act of 1956 (12 U.S.C. Sec. 1842(d)) apply...
California Financial Code Section 3754
(a) The definitions that are set forth in or are applicable to Section 44 of the Federal Deposit Insurance Act (12 U.S.C. Sec. 1831u) apply to this...
California Financial Code Section 3800
In this chapter, unless the context otherwise requires: (a) "Branch business unit" has the meaning set forth in subdivision (a) of Section 4840.
California Financial Code Section 3801
Each application filed with the commissioner under this chapter or under any regulation or order issued under this chapter shall be in the form,...
California Financial Code Section 3802
(a) Each foreign (other state) bank that maintains a facility or a California branch office shall file with the commissioner such reports as and when
California Financial Code Section 3803
Each foreign (other state) bank that maintains a facility (other than a foreign (other state) national bank that maintains a California branch...
California Financial Code Section 3804
Fees shall be paid to and collected by the commissioner as follows: (a) The fee for filing with the commissioner an application by an uninsured...
California Financial Code Section 3805
(a) Any foreign (other state) state bank is exempted from the restrictions of Section 1 of Article XV of the California Constitution relating to...
California Financial Code Section 3806
(a) In this section, "subject bank" means a bank organized under the laws of any territory of the United States, Puerto Rico, Guam, American Samoa,...
California Financial Code Section 3820
No foreign (other state) state bank may transact core banking business in this state except at a branch office established in accordance with federal
California Financial Code Section 3821
Section 3820 does not prohibit: (a) Any foreign (other state) state bank that does not maintain a California branch office from carrying on the...
California Financial Code Section 3822
No foreign (other state) bank may establish or maintain a California branch office unless it is qualified to transact intrastate business in this...
California Financial Code Section 3823
No foreign (other state) bank may establish or maintain a California branch office unless the bank is insured.
California Financial Code Section 3824
(a) (1) No foreign (other state) bank may merge as the surviving corporation with a California bank, except that an insured foreign (other state)...
California Financial Code Section 3825
(a) No foreign (other state) bank that does not already maintain a California branch office may: (1) Merge as the surviving bank with a California
California Financial Code Section 3826
The minimum age requirement set forth in Section 3825 does not apply in any case in which the factor set forth in subdivision (a) and any of the...
California Financial Code Section 3827
(a) In case a foreign (other state) state bank that maintains a California branch office is a commercial bank, in addition to other provisions of...
California Financial Code Section 3840
No provision of this article applies to an insured foreign (other state) bank that maintains a California branch office.
California Financial Code Section 3841
(a) No insured foreign (other state) bank may establish or maintain an office in this state at which it engages in noncore banking business unless...
California Financial Code Section 3842
Not less than 30 days before an insured foreign (other state) bank establishes a facility, it shall file with the commissioner a report and the...
California Financial Code Section 3843
(a) Not less than 30 days before establishing a facility, an insured foreign (other state) bank shall file with the commissioner, in the form that...
California Financial Code Section 3844
Not less than 30 days before an insured foreign (other state) bank relocates a facility, it shall file a report with the commissioner.
California Financial Code Section 3845
Not less than 30 days before an insured foreign (other state) bank closes a facility, it shall file a report with the commissioner.
California Financial Code Section 3860
In this article, unless the context otherwise requires: (a) "Controlling person," when used with respect to an uninsured foreign (other state)...
California Financial Code Section 3861
(a) In this section, "act" includes (without limitation) omission. (b) For purposes of making findings on an application by an uninsured foreign...
California Financial Code Section 3862
(a) No uninsured foreign (other state) bank may establish or maintain an office in this state at which it engages in noncore banking business unless...
California Financial Code Section 3863
(a) No uninsured foreign (other state) bank may establish or maintain a facility unless the commissioner has first approved the establishment of the...
California Financial Code Section 3864
(a) No uninsured foreign (other state) bank that is licensed to maintain a facility may relocate the office unless the commissioner has first...
California Financial Code Section 3865
An uninsured foreign (other state) bank that is licensed to maintain a facility may, subject to any regulations that the commissioner may prescribe,...
California Financial Code Section 3866
(a) (1) No uninsured foreign (other state) bank that is licensed to maintain a facility may close the office unless the commissioner has first...
California Financial Code Section 3867
(a) Any uninsured foreign (other state) bank that holds a license to maintain a facility may voluntarily surrender the license by filing the license...
California Financial Code Section 3868
(a) (1) No uninsured foreign (other state) bank may be issued a license to maintain a facility unless it has first filed with the commissioner, in...
California Financial Code Section 3869
Each uninsured foreign (other state) bank that is licensed to maintain a facility shall assign to the office a popular name that includes the term...
California Financial Code Section 3870
Each uninsured foreign (other state) bank that is licensed to maintain a facility shall post its license in a conspicuous place at the office.
California Financial Code Section 3871
No license is transferable or assignable.
California Financial Code Section 3900
In this chapter: (a) "Nonbank corporation" means any corporation incorporated or proposed to be incorporated under the laws of this state, other...
California Financial Code Section 3901
An application for a certificate of approval of the subject name of a nonbank corporation shall be in such form, shall contain such information,...
California Financial Code Section 3902
The fee for filing with the commissioner an application for a certificate of approval of the subject name of a nonbank corporation shall be...
California Financial Code Section 3903
If the commissioner finds, with respect to an application for a certificate of approval of the subject name of a nonbank corporation, that the...
California Financial Code Section 3904
Promptly after the articles of a nonbank corporation, with the certificate of approval of the subject name of such nonbank corporation attached...
California Financial Code Section 4000
(a) For purposes of this division, the following terms have the following meanings: (1) "Charge cardholder" and "charge card issuer" have the...
California Financial Code Section 4001
(a) A supervised financial organization or charge card issuer may not charge more than any of the following amounts: (1) If set forth in the...
California Financial Code Section 4002
(a) (1) Upon the request of a person who has obtained a police report pursuant to Section 530.6 of the Penal Code, a supervised financial...
California Financial Code Section 4050
This division shall be known and may be cited as the California Financial Information Privacy Act.
California Financial Code Section 4051
(a) The Legislature intends for financial institutions to provide their consumers notice and meaningful choice about how consumers' nonpublic...
California Financial Code Section 4051.5
(a) The Legislature finds and declares all of the following: (1) The California Constitution protects the privacy of California citizens from...
California Financial Code Section 4052
For the purposes of this division: (a) "Nonpublic personal information" means personally identifiable financial information (1) provided by a...
California Financial Code Section 4052.5
Except as provided in Sections 4053, 4054.6, and 4056, a financial institution shall not sell, share, transfer, or otherwise disclose nonpublic...
California Financial Code Section 4053
(a) (1) A financial institution shall not disclose to, or share a consumer's nonpublic personal information with, any nonaffiliated third party as...
California Financial Code Section 4053.5
Except as otherwise provided in this division, an entity that receives nonpublic personal information from a financial institution under this...
California Financial Code Section 4054
(a) Nothing in this division shall require a financial institution to provide a written notice to a consumer pursuant to Section 4053 if the...
California Financial Code Section 4054.6
(a) When a financial institution and an organization or business entity that is not a financial institution ("affinity partner") have an agreement to
California Financial Code Section 4056
(a) This division shall not apply to information that is not personally identifiable to a particular person. (b) Notwithstanding Sections 4052.5,...
California Financial Code Section 4056.5
(a) The provisions of this division do not apply to any person or entity that meets the requirements of paragraph (1) or (2) below. However, when...
California Financial Code Section 4057
(a) An entity that negligently discloses or shares nonpublic personal information in violation of this division shall be liable, irrespective of the...
California Financial Code Section 4058
Nothing in this division shall be construed as altering or annulling the authority of any department or agency of the state to regulate any financial
California Financial Code Section 4058.5
This division shall preempt and be exclusive of all local agency ordinances and regulations relating to the use and sharing of nonpublic personal...
California Financial Code Section 4058.7
Nothing in this division shall prevent an insurer, as defined in Section 23 of the Insurance Code, from combining the form required by subdivision...
California Financial Code Section 4059
The provisions of this division shall be severable, and if any phrase, clause, sentence, or provision is declared to be invalid or is preempted by...
California Financial Code Section 4060
This division shall become operative on July 1, 2004.
California Financial Code Section 4100
On or after July 1, 2006, a supervised financial institution shall not issue a consumer deposit account number to a customer, if that account number...
California Financial Code Section 4800
This division shall be known and may be cited as the "Depository Corporation Sale, Merger, and Conversion Law."
California Financial Code Section 4801
In this division, unless otherwise expressly provided: (a) A reference to a statute or to a regulation includes the statute or regulation, as...
California Financial Code Section 4802
If any provision of this division or the application thereof to any person or circumstances is held invalid, illegal, or unenforceable, such...
California Financial Code Section 4803
If and to the extent that any provision of this division is preempted by federal law, the provision does not apply and shall not be enforced.
California Financial Code Section 4805.01
Subject to additional definitions contained in this division that are applicable to specific provisions of this division and unless the context...
California Financial Code Section 4805.02
(a) In this division, "bank" means a commercial bank or trust company (other than an industrial loan company authorized to engage in trust business).
California Financial Code Section 4805.03
"California" means: (a) When used with respect to a savings association, in the case of a state savings association, a savings association that...
California Financial Code Section 4805.04
"California federally licensed foreign (other nation) bank," when used with respect to a sale or merger, means a foreign (other nation) bank that is...
California Financial Code Section 4805.05
"California state-licensed foreign (other nation) bank," when used with respect to a sale or merger, means a foreign (other nation) bank that is...
California Financial Code Section 4805.055
"Commissioner" means the Commissioner of Financial Institutions.
California Financial Code Section 4805.06
"Depository corporation" means a state or federal depository corporation.
California Financial Code Section 4805.07
"Federal depository corporation" means a national banking association or a federal savings association.
California Financial Code Section 4805.08
"Federal savings association" means a savings association or savings bank organized pursuant to Section 5 of the Home Owners' Loan Act (12 U.S.C....
California Financial Code Section 4805.09
"Foreign" or "foreign (other state)" means: (a) When used with respect to a savings association, in the case of a state savings association, a...
California Financial Code Section 4805.10
In this division, "industrial loan company" means an industrial bank as defined in Section 105.5.
California Financial Code Section 4805.11
"Insured," when used with respect to a depository corporation, means a depository corporation the deposits of which are insured by the Federal...
California Financial Code Section 4805.12
"Law of the domicile" means: (a) When used with respect to a federal depository corporation, the law of the United States. (b) When used with...
California Financial Code Section 4805.13
"Merger," when used with respect to a merger in a case where the surviving corporation is a federal depository corporation and federal law authorizes
California Financial Code Section 4805.15
"Share" means: (a) When used with respect to a California state savings association that is authorized to issue guarantee stock, a share of...
California Financial Code Section 4805.16
"Shareholder" means: (a) When used with respect to a California state savings association that is authorized to issue guarantee stock, a holder...
California Financial Code Section 4805.17
"State depository corporation" means a state bank, a state savings association, or an industrial loan company.
California Financial Code Section 4805.18
"Uninsured," when used with respect to a deposit, means a deposit or any part of a deposit that is not insured by the Federal Deposit Insurance...
California Financial Code Section 4820
For purposes of this division, a national banking association or federal savings association is deemed to be a corporation.
California Financial Code Section 4820.5
For purposes of this division, depository corporations are divided into the following classes: (a) Banks. (b) Savings associations. (c)...
California Financial Code Section 4821
The provisions of the General Corporation Law (Division 1 (commencing with Section 100) of Title 1 of the Corporations Code) shall apply to any...
California Financial Code Section 4821.5
Any certificate of authority, license, or other authorization issued under subdivision (b) of Section 4858, subdivision (b) of Section 4877.13,...
California Financial Code Section 4822
(a) References in this division to the voting of the shares of a California state depository corporation shall be construed in accordance with...
California Financial Code Section 4823
References in this division to shareholders' equity mean shareholders' equity determined in accordance with generally accepted accounting principles,
California Financial Code Section 4824
In determining for purposes of this division whether the shareholders' equity of a California state depository corporation will be adequate: (a)...
California Financial Code Section 4825
A California state depository corporation may merge with a corporation or other business entity that is not a depository corporation if the...
California Financial Code Section 4826
Notwithstanding any other provision of law, no savings association or industrial loan company may convert into a bank if the ownership of the savings
California Financial Code Section 4826.5
Notwithstanding any other provision of this division: (a) The provisions of Chapter 22 (commencing with Section 3800) of Division 1 apply to any...
California Financial Code Section 4827
Except as expressly provided otherwise in this division: (a) (1) No sale of a whole business unit (as defined in Section 4840) or merger in which...
California Financial Code Section 4827.3
Except as otherwise provided in paragraph (2) of subdivision (a) of Section 4827.7 in the case of a California state-licensed foreign (other nation)...
California Financial Code Section 4827.7
(a) (1) Except as otherwise provided in paragraph (2): (A) No California state depository corporation may, as the selling or disappearing...
California Financial Code Section 4828
Subject to the provisions of Sections 4827.3 and 4827.7 but notwithstanding any other provision of law: (a) (1) If, as a result of any sale,...
California Financial Code Section 4828.3
A California state bank or an industrial loan company may, with the approval of the commissioner and its board and, if the transaction constitutes a...
California Financial Code Section 4828.7
(a) The definitions in Section 4840 apply to this section. (b) In case a California state-licensed foreign (other nation) bank sells all or...
California Financial Code Section 4830
Every final order, decision, license, or other official act of the commissioner under this division is subject to judicial review in accordance with...
California Financial Code Section 4831
(a) The commissioner may from time to time issue regulations and orders as may in his or her opinion be necessary to carry out the provisions and...
California Financial Code Section 4832
Whenever the commissioner issues an order or license under this division, he or she may impose conditions as may in his or her opinion be necessary...
California Financial Code Section 4833
In any proceeding under this division: (a) The burden of proving that an application should be approved is upon the applicant. (b) The burden...
California Financial Code Section 4834
The commissioner may honor applications from interested persons for interpretive opinions regarding any provision of this division or of any...
California Financial Code Section 4835
Each application and report filed with the commissioner under this division or under any regulation or order issued under this division shall be in...
California Financial Code Section 4836
No person shall make any untrue statement of any material fact in any application or report filed with the commissioner under this division or under...
California Financial Code Section 4837
In determining whether to approve any application filed under this division or under any regulation or order issued under this division, the...
California Financial Code Section 4838
If the commissioner finds, with respect to any application filed under this division or under any regulation or order issued under this division,...
California Financial Code Section 4839
Fees shall be paid to, and collected by, the commissioner, as follows: (a) The fee for filing an application for approval of a sale under this...
California Financial Code Section 4840
In this chapter, unless the context otherwise requires: (a) "Branch business unit" means all or substantially all of the business of a branch...
California Financial Code Section 4841
The provisions of Section 1001 of the Corporations Code shall not apply to any transaction which is subject to this chapter.
California Financial Code Section 4842
If a trust is transferred under this chapter, the transfer shall be good cause for removal of the trustee under the Trust Law (Division 9 (commencing
California Financial Code Section 4843
In case a national banking association or federal savings association that is authorized to transact trust business in this state sells a partial...
California Financial Code Section 4845
In this article, unless the context otherwise requires, "sale" means any of the sales described in Section 4846.
California Financial Code Section 4846
With the approval of the commissioner: (a) A bank may sell its whole business unit to a California state bank or a California state-licensed...
California Financial Code Section 4847
A seller and purchaser shall make an agreement of sale, providing: (a) That the seller shall sell to the purchaser, and the purchaser shall...
California Financial Code Section 4848
The agreement of sale shall be approved by the seller and purchaser, as follows: (a) In the case of a California state depository corporation: ...
California Financial Code Section 4849
(a) Any amendment to an agreement of sale shall be approved by the seller and purchaser, as follows: (1) In the case of a California state...
California Financial Code Section 4850
In the case of a seller or purchaser which is a California state depository corporation, any approval of the outstanding shares of the corporation...
California Financial Code Section 4851
In obtaining any approval of outstanding shares required for an agreement of sale, in case the purchaser is a California state depository...
California Financial Code Section 4852
A purchaser or seller that is a California state depository corporation, with the approval of its board and without further approval of the...
California Financial Code Section 4853
In case a purchaser is a California state depository corporation, the provisions of Chapter 13 (commencing with Section 1300) of Division 1 of Title...
California Financial Code Section 4854
A purchaser shall file the following with the commissioner: (a) A copy of the agreement of sale. (b) An officers' certificate of the purchaser,
California Financial Code Section 4855
If the commissioner finds all of the following with respect to an application for approval of a sale, the commissioner shall approve the...
California Financial Code Section 4857
After an application for approval of a sale has been approved and all conditions precedent to the sale have been fulfilled, the commissioner shall...
California Financial Code Section 4858
When a sale becomes effective: (a) Unless the purchaser provided otherwise in the application for approval of the sale or unless the commissioner...
California Financial Code Section 4859
When a sale becomes effective: (a) The purchaser shall succeed, without other transfer, to all the rights and property of the seller except any...
California Financial Code Section 4860
No action on account of any debt or liability assumed by a purchaser in a sale may be commenced against the seller more than one year after the time...
California Financial Code Section 4861
Promptly after a sale becomes effective: (a) The seller shall: (1) Surrender to the commissioner for cancellation the certificates of authority
California Financial Code Section 4862
(a) After a sale becomes effective, the commissioner shall issue, upon application, a certificate under his or her official seal, stating that the...
California Financial Code Section 4870
In this article, unless the context otherwise requires, "sale" means any of the sales described in Section 4871.
California Financial Code Section 4871
(a) A California state bank may sell its whole business unit to a national banking association, a California federally licensed foreign (other...
California Financial Code Section 4871.5
(a) No provision of Division 1 (commencing with Section 99), except the provisions of Chapter 22 (commencing with Section 3800) of Division 1,...
California Financial Code Section 4872
A sale is subject to the provisions of Sections 4847 to 4850, inclusive, and 4852 as if the sale were a sale of the type defined in Section 4845.
California Financial Code Section 4873
A sale shall have the same effect as provided in Sections 4859 and 4860 in the case of a sale of the type defined in Section 4845.
California Financial Code Section 4874
Promptly after a sale becomes effective: (a) The seller shall: (1) Surrender to the commissioner for cancellation the certificates of authority
California Financial Code Section 4875
(a) After a sale becomes effective, the seller or purchaser may issue an officer's certificate stating that the seller sold its whole business unit...
California Financial Code Section 4876.01
In this article, unless the context otherwise requires, "sale" means any sale described in Section 4876.02.
California Financial Code Section 4876.02
With the approval of the commissioner, a California state independent trust company may sell its whole business unit to an uninsured foreign (other...
California Financial Code Section 4876.03
A sale is subject to the provisions of Sections 4847 to 4852 as if the sale were a sale of the type defined in Section 4845.
California Financial Code Section 4876.04
A seller shall file the following with the commissioner: (a) A copy of the agreement of sale. (b) An officers' certificate of the purchaser,...
California Financial Code Section 4876.05
If the commissioner finds all of the following with respect to an application for approval of a sale, the commissioner shall approve the...
California Financial Code Section 4876.06
After an application for approval of a sale has been approved and all conditions precedent to the sale have been fulfilled, the commissioner shall...
California Financial Code Section 4876.07
A sale shall have the same effect as provided in Sections 4859 and 4860 in the case of a sale of the type defined in Section 4845.
California Financial Code Section 4876.08
Promptly after a sale becomes effective: (a) The seller shall: (1) Surrender to the commissioner for cancellation the certificates of authority
California Financial Code Section 4876.09
(a) After a sale becomes effective, the seller or purchaser may issue an officers' certificate stating that the seller sold its whole business unit...
California Financial Code Section 4877.01
In this article, unless the context otherwise requires, "sale" means any of the sales described in Section 4877.02.
California Financial Code Section 4877.02
A California state bank or a California industrial loan company may sell a California branch business unit to an insured foreign (other state) bank...
California Financial Code Section 4877.03
No provision of Division 1 (commencing with Section 99), except the provisions of Chapter 22 (commencing with Section 3800) of Division 1, prohibits...
California Financial Code Section 4877.04
A sale is subject to the provisions of Sections 4879.03 to 4879.06, inclusive, and Section 4879.08 as if the sale were a sale of the type defined in...
California Financial Code Section 4877.05
A sale shall have the same effect as provided in Sections 4879.14 and 4879.15 in the case of a sale of the type defined in Section 4879.01.
California Financial Code Section 4877.06
Promptly after a sale becomes effective, the seller shall: (a) Surrender to the commissioner for cancellation the certificate of authority or...
California Financial Code Section 4877.07
(a) After a sale becomes effective, the seller or purchaser may issue an officer's certificate stating that the seller sold a California branch...
California Financial Code Section 4878.01
In this article, unless the context otherwise requires, "sale" means any sale described in Section 4878.02.
California Financial Code Section 4878.02
With the approval of the commissioner, a California state bank or savings association may sell a partial trust business unit to an uninsured foreign...
California Financial Code Section 4878.03
A sale is subject to the provisions of Sections 4879.03 to 4879.09, inclusive, as if the sale were a sale of the type defined in Section 4879.01.
California Financial Code Section 4878.04
If the commissioner finds all of the following with respect to an application for approval of a sale, the commissioner shall approve the...
California Financial Code Section 4878.05
After an application for approval of a sale has been approved by the commissioner and all conditions precedent to the sale have been fulfilled, the...
California Financial Code Section 4878.06
A sale shall have the same effect as provided in Sections 4879.14 and 4879.15 in the case of a sale of the type defined in Section 4879.01.
California Financial Code Section 4878.07
(a) In case a seller is a California state commercial bank and sells all of its trust business in a sale: (1) As of the time when the sale becomes
California Financial Code Section 4878.08
(a) After a sale becomes effective, the seller or purchaser may issue an officers' certificate stating that the seller sold a partial trust business...
California Financial Code Section 4879.01
In this article, unless the context otherwise requires, "sale" means any of the sales described in Section 4879.02.
California Financial Code Section 4879.02
With the approval of the commissioner: (a) A bank may sell a partial business unit to a California state bank pursuant to (1) this article, (2) in
California Financial Code Section 4879.03
A seller and purchaser shall make an agreement of sale, providing: (a) That the seller shall sell to the purchaser, and the purchaser shall...
California Financial Code Section 4879.04
The agreement of sale shall be approved by the seller and purchaser, as follows: (a) In the case of a California state depository corporation: ...
California Financial Code Section 4879.05
(a) Any amendment to an agreement of sale shall be approved by the seller and purchaser, as follows: (1) In the case of a California state...
California Financial Code Section 4879.06
In the case of a seller or purchaser that is a California state depository corporation, any approval of the outstanding shares of the corporation...
California Financial Code Section 4879.07
In obtaining any approval of outstanding shares required for an agreement of sale, a purchaser or seller that is a California state depository...
California Financial Code Section 4879.08
A purchaser or seller that is a California state depository corporation, with the approval or its board and without further approval of the...
California Financial Code Section 4879.09
A purchaser or seller that is a California state depository corporation or California state-licensed foreign (other nation) bank, shall file the...
California Financial Code Section 4879.10
(a) In case the purchaser is either, and the seller is not either, a California state depository corporation or California state-licensed foreign...
California Financial Code Section 4879.11
After an application for approval of a sale has been approved by the commissioner and all conditions precedent to the sale have been fulfilled, the...
California Financial Code Section 4879.12
When a sale becomes effective, in case the purchaser is a California state depository corporation or California state-licensed foreign (other nation)
California Financial Code Section 4879.13
In case a seller is a California state commercial bank and sells all of its trust business in a sale: (a) As of the time when the sale becomes...
California Financial Code Section 4879.14
When a sale becomes effective: (a) The purchaser shall succeed, without other transfer, to all rights and property of the seller which are sold to
California Financial Code Section 4879.15
No action on account of any debt or liability assumed by a purchaser in a sale may be commenced against the seller more than one year after the time...
California Financial Code Section 4879.16
Promptly after a sale becomes effective, the seller shall: (a) Surrender to its regulator for cancellation the certificates of authority or...
California Financial Code Section 4879.17
(a) After a sale becomes effective, the commissioner shall issue, upon application, a certificate under his or her official seal, stating that the...
California Financial Code Section 4880
In this article, unless the context otherwise requires: (a) "Agreement of merger" includes a certificate of ownership executed pursuant to...
California Financial Code Section 4881
(a) With the approval of the commissioner, a bank may merge into a California state bank pursuant to (1) this article, (2) in case the disappearing...
California Financial Code Section 4882
In obtaining any approval of outstanding shares required for a merger, the surviving depository corporation and, in case the surviving depository...
California Financial Code Section 4883
The provisions of Chapter 13 (commencing with Section 1300) of Division 1 of Title 1 of the Corporations Code shall not apply to the shareholders of...
California Financial Code Section 4884
A surviving depository corporation shall file with the commissioner an application for approval of the merger.
California Financial Code Section 4885
If the commissioner finds all of the following with respect to an application for approval of a merger, the commissioner shall approve the...
California Financial Code Section 4887
(a) After an application for approval of a merger has been approved and all conditions precedent to the merger have been fulfilled, the commissioner...
California Financial Code Section 4888
When a merger becomes effective: (a) Unless the surviving depository corporation provided otherwise in the application for approval of the merger...
California Financial Code Section 4889
(a) When a merger becomes effective: (1) Any reference to the disappearing depository corporation in any writing, whether executed or taking...
California Financial Code Section 4890
Promptly after a merger becomes effective: (a) The surviving depository corporation shall: (1) Surrender to the regulator of the disappearing...
California Financial Code Section 4891
(a) After a merger becomes effective, the commissioner shall, upon application, issue a certificate under his or her official seal, stating that the...
California Financial Code Section 4879.12
When a sale becomes effective, in case the purchaser is a California state depository corporation or California state-licensed foreign (other nation)
California Financial Code Section 4879.13
In case a seller is a California state commercial bank and sells all of its trust business in a sale: (a) As of the time when the sale becomes...
California Financial Code Section 4879.14
When a sale becomes effective: (a) The purchaser shall succeed, without other transfer, to all rights and property of the seller which are sold to
California Financial Code Section 4879.15
No action on account of any debt or liability assumed by a purchaser in a sale may be commenced against the seller more than one year after the time...
California Financial Code Section 4879.16
Promptly after a sale becomes effective, the seller shall: (a) Surrender to its regulator for cancellation the certificates of authority or...
California Financial Code Section 4879.17
(a) After a sale becomes effective, the commissioner shall issue, upon application, a certificate under his or her official seal, stating that the...
California Financial Code Section 4895.01
In this article, unless the context otherwise requires, "merger" means any of the mergers described in Section 4895.02.
California Financial Code Section 4895.02
With the approval of the commissioner: (a) A California depository corporation may merge into a California state-licensed foreign (other nation)...
California Financial Code Section 4895.03
In case the disappearing depository corporation is a California state depository corporation, a merger is subject to the provisions of Section 1108...
California Financial Code Section 4895.04
(a) In case the disappearing depository corporation is a California state depository corporation, a merger has the same effect as provided in Section
California Financial Code Section 4895.05
(a) A merger shall not become effective unless it has been approved by the commissioner. (b) After an application for approval of a merger has...
California Financial Code Section 4895.06
A merger is subject to the provisions of Sections 4884 to 4885, inclusive, and 4888 to 4891, inclusive, as if the merger were a merger of the type...
California Financial Code Section 4900
In this article, unless the context otherwise requires, "merger" means any of the mergers described in Section 4901.
California Financial Code Section 4901
(a) A California state bank may merge into a national banking association, a California federally licensed foreign (other nation) bank, or an insured
California Financial Code Section 4901.5
(a) No provision of Division 1 (commencing with Section 99), except the provisions of Chapter 22 (commencing with Section 3800) of Division 1,...
California Financial Code Section 4902
A merger is subject to the provisions of Section 1108 of the Corporations Code.
California Financial Code Section 4903
A merger shall have the same effect as provided in Section 1107 of the Corporations Code and as provided in Section 4889 in the case of a merger of...
California Financial Code Section 4904
Promptly after a merger becomes effective, the surviving depository corporation shall: (1) Surrender to the commissioner for cancellation the...
California Financial Code Section 4905
(a) After a merger becomes effective, the surviving depository corporation may issue an officer's certificate, stating that the disappearing...
California Financial Code Section 4908.01
In this article, unless the context otherwise requires, "merger" means any of the mergers described in Section 4908.02.
California Financial Code Section 4908.02
With the approval of the commissioner, a California state independent trust company may merge into an uninsured foreign (other state) state...
California Financial Code Section 4908.03
A merger is subject to the provisions of Section 1108 of the Corporations Code.
California Financial Code Section 4908.04
A disappearing or surviving depository corporation shall file an application for approval of a merger with the commissioner.
California Financial Code Section 4908.05
A merger shall not become effective unless it has been approved by the commissioner.
California Financial Code Section 4908.06
If the commissioner finds all of the following with respect to an application for approval of a merger, the commissioner shall approve the...
California Financial Code Section 4908.07
After an application for approval of a merger has been approved and all conditions precedent to the merger have been fulfilled, the commissioner...
California Financial Code Section 4908.08
A merger shall have the same effect as provided in Section 1107 of the Corporations Code and Section 4889 in the case of a merger of the type defined
California Financial Code Section 4908.09
Promptly after a merger becomes effective, the surviving depository corporation shall: (a) Surrender to the commissioner for cancellation the...
California Financial Code Section 4908.10
(a) After a merger becomes effective, the surviving depository corporation may issue an officers' certificate, stating that the disappearing...
California Financial Code Section 4920
In this article, unless the context otherwise requires, "conversion" means any of the conversions described in Section 4921.
California Financial Code Section 4921
With the approval of the commissioner, a California state depository corporation of any class may convert into a California state depository...
California Financial Code Section 4922
(a) A converting depository corporation shall adopt, and shall file with the commissioner an application for approval of, such amendments to its...
California Financial Code Section 4923
In obtaining the approval of outstanding shares or shareholders required for any amendment to articles or bylaws called for in Section 4922, a...
California Financial Code Section 4924
A converting depository corporation shall file with the commissioner an application for approval of the conversion.
California Financial Code Section 4925
If the commissioner finds all of the following with respect to an application for approval of a conversion, the commissioner shall approve the...
California Financial Code Section 4927
After an application for approval of a conversion has been approved and all conditions precedent to the conversion have been fulfilled, the...
California Financial Code Section 4928
When a conversion becomes effective, the commissioner shall: (a) (1) In case the resulting depository corporation is a California state bank,...
California Financial Code Section 4929
Promptly after a conversion becomes effective, the resulting depository corporation shall: (a) Surrender to the commissioner for cancellation the...
California Financial Code Section 4930
(a) After a conversion becomes effective, the commissioner shall issue, upon application, a certificate under his or her official seal, stating that...
California Financial Code Section 4940
In this article, unless the context otherwise requires, "conversion" means any of the conversions described in Section 4941.
California Financial Code Section 4941
With the approval of the commissioner: (a) A national banking association may convert into a California state bank pursuant to this article and...
California Financial Code Section 4942
A converting depository corporation shall adopt a plan of conversion pursuant to the provisions of federal law.
California Financial Code Section 4943
In obtaining any approval of outstanding shares required for a plan of conversion, a converting depository corporation shall provide to its...
California Financial Code Section 4944
A converting depository corporation shall file the following with the commissioner: (a) The plan of conversion. (b) An officer's certificate...
California Financial Code Section 4945
If the commissioner finds all of the factors set forth in Section 4925 with respect to an application for approval of a conversion, the commissioner...
California Financial Code Section 4946
After an application for approval of a conversion has been approved by the commissioner but before the conversion becomes effective, the converting...
California Financial Code Section 4948
(a) After an application for approval of a conversion has been approved and all conditions precedent to the conversion have been fulfilled, the...
California Financial Code Section 4949
When a conversion becomes effective, the commissioner shall issue to the resulting depository corporation certificates of authority, licenses, or...
California Financial Code Section 4950
When a conversion becomes effective: (a) The converting depository corporation shall cease to exist. (b) The resulting depository corporation...
California Financial Code Section 4951
Promptly after a conversion becomes effective, the resulting depository corporation shall: (a) Surrender to the regulator of the converting...
California Financial Code Section 4952
(a) After a conversion becomes effective, the commissioner shall issue, upon application, a certificate under his or her official seal, stating that...
California Financial Code Section 4960
In this article, unless the context otherwise requires, "conversion" means any of the conversions described in Section 4961.
California Financial Code Section 4961
(a) A California state bank may convert into a national banking association pursuant to this article and federal law. (b) A California state...
California Financial Code Section 4961.5
(a) No provision of Division 1 (commencing with Section 99), except the provisions of Chapter 22 (commencing with Section 3800) of Division 1,...
California Financial Code Section 4962
(a) A converting depository corporation shall make a plan of conversion, stating: (1) That the converting depository corporation shall be...
California Financial Code Section 4963
A conversion shall have the same effect as provided in Section 4950 in the case of a conversion of the type defined in Section 4940.
California Financial Code Section 4964
Promptly after a conversion becomes effective, the resulting depository corporation shall: (a) Surrender to the commissioner for cancellation the...
California Financial Code Section 4965
(a) After a conversion becomes effective, the resulting depository corporation may issue an officers' certificate, stating that the converting...
California Financial Code Section 4966
(a) Within 60 days after a conversion, the resulting depository corporation shall file with the Secretary of State an officers' certificate reciting...
California Financial Code Section 4970
For purposes of this division: (a) "Annual percentage rate" means the annual percentage rate for the loan calculated according to the provisions...
California Financial Code Section 4973
The following are prohibited acts and limitations for covered loans: (a) (1) A covered loan shall not include a prepayment fee or penalty after...
California Financial Code Section 4974
(a) Any compliance failure that was not willful or intentional and resulted from a bona fide error, that occurred notwithstanding the maintenance of...
California Financial Code Section 4975
(a) (1) Any licensed person who violates any provision of Section 4973, 4979.6, or 4979.7 shall be deemed to have violated that person's licensing...
California Financial Code Section 4977
(a) A licensing agency may, after appropriate notice and opportunity for hearing, by order levy administrative penalties against a person who...
California Financial Code Section 4978
(a) A person who fails to comply with the provisions of this division is civilly liable to the consumer in an amount equal to any actual damages...
California Financial Code Section 4978.6
A person who originates covered loans shall inform any employee, who originates covered loans on behalf of the person, of the administrative or civil
California Financial Code Section 4979
Upon request, a person who originates a covered loan shall provide the licensing agency or the consumer, at no cost, documentation regarding his or...
California Financial Code Section 4979.5
(a) A person who provides brokerage services to a borrower in a covered loan transaction by soliciting lenders or otherwise negotiating a consumer...
California Financial Code Section 4979.6
A person who originates a covered loan shall not make a covered loan that finances points and fees in excess of one thousand dollars ($1,000) or 6...
California Financial Code Section 4979.7
On or after July 1, 2002, a person who originates a consumer loan shall not finance, directly or indirectly, into a consumer loan or finance to the...
California Financial Code Section 4979.8
The provisions of this division shall not impose liability on an assignee that is a holder in due course. The provisions of this division shall not...
California Financial Code Section 4981
Any financial institution doing business in this state, or any other person, that sells to the public at any retail branch office at which deposits...
California Financial Code Section 4982
Any violation of this division by a bank is a violation of Division 1 (commencing with Section 99); a violation by a savings association is a...
California Financial Code Section 4983
Nothing in this division shall be construed or interpreted to mean that this division in any way gives a financial institution the authority to offer
California Financial Code Section 4990
(a) Any person convicted of a felony violation of any of the provisions specified in subdivision (b) shall not serve in any capacity as a director or
California Financial Code Section 4991
(a) In response to a request by another bank, savings association, credit union, or any other financial institution it is not unlawful for a bank,...
California Financial Code Section 5000
This division may be cited as the "Savings Association Law."
California Financial Code Section 5100
When used in this division, the words and phrases set forth in this article shall have the meanings given in this article unless the context requires
California Financial Code Section 5100.2
For purposes of this division: (a) Any reference to regulations of the federal Office of Thrift Supervision or the Federal Deposit Insurance...
California Financial Code Section 5100.5
"Affiliated person" of a savings association means the following: (a) A director, officer, or controlling person of the savings association. ...
California Financial Code Section 5100.6
"Affiliate" of a savings association, unless otherwise defined, includes any corporation, business trust, unincorporated association or other similar
California Financial Code Section 5100.7
"Controlling person" of a savings association means any person or entity which (a) either directly or indirectly or acting in concert with one or...
California Financial Code Section 5100.8
"Immediate family" of any natural person means any of the following (whether by the full or half blood or by adoption): (a) The person's spouse,...
California Financial Code Section 5100.9
"Institution-affiliated party" means any of the following: (a) Any director, officer, employee or controlling stockholder of, or agent for, a...
California Financial Code Section 5101
"Approved by the members," in the case of a mutual association, means approved by a majority of all votes cast at a duly held regular or special...
California Financial Code Section 5102
(a) "Association" or "savings association" means a mutual or stock savings association, savings and loan association or savings bank subject to the...
California Financial Code Section 5103
"Certificate of authority" means: (a) A certificate of authority to transact the business of an association, which is issued by the commissioner...
California Financial Code Section 5103.5
"Commercial paper" means any note, draft, or bill of exchange which arises out of a current transaction or the proceeds of which have been or are to...
California Financial Code Section 5104
"Commissioner" means the Commissioner of Financial Institutions.
California Financial Code Section 5105
"Community" means a centralized area or locality in which a body of inhabitants is gathered in one group having common residential, social, or...
California Financial Code Section 5105.5
"Consumer loan" means a loan for personal, family, or household purposes, and loans reasonably incident thereto, and may be made as either open-end...
California Financial Code Section 5105.8
"Corporate debt security" means a marketable obligation, evidencing the indebtedness of any corporation in the form of a bond, note, or debenture, or
California Financial Code Section 5106
"Department" means the Department of Financial Institutions.
California Financial Code Section 5107
"Financial institution" means a thrift institution, commercial bank, or trust company.
California Financial Code Section 5108
"Impaired condition" means a condition in which the assets of an association in the aggregate do not have a value, as determined in accordance with...
California Financial Code Section 5109
"Mutual association" means an association for which the articles of incorporation do not authorize the issuance of capital stock.
California Financial Code Section 5110
"Member" means a person holding a savings account of a mutual association. A joint and survivorship or other multiple owner constitutes a single...
California Financial Code Section 5111
"Mutual capital certificate" means a certificate evidencing an investment in a mutual association and issued pursuant to provisions of this division.
California Financial Code Section 5112
"Net worth certificate" means a certificate issued by an association in accordance with Section 13i of the Federal Deposit Insurance Act, as amended...
California Financial Code Section 5113
"Person" means any individual, domestic, or foreign corporation, entity, voting trust, business trust, partnership, limited liability company,...
California Financial Code Section 5114
"Primarily residential property" means real estate on which there is located, or will be located pursuant to a real estate loan, any of the...
California Financial Code Section 5114.5
"Residential real estate" means any improved real property that is used or intended to be used as a residence and contains not more than four...
California Financial Code Section 5115
"Real estate loan" means a loan or other obligation secured by a lien on real estate, if: (a) The security property is real estate as defined...
California Financial Code Section 5116
"Savings account" means that part of the savings liability of an association that is credited to the holder of the account. A savings account may be
California Financial Code Section 5117
"Savings bank" means a savings bank organized under this division.
California Financial Code Section 5117.5
"Savings institution" means a financial institution as defined in Section 5102.
California Financial Code Section 5118
"Savings liability" means the aggregate amount of savings accounts of depositors, including interest credited to the accounts, less redemptions and...
California Financial Code Section 5119
"Service corporation" means a corporation, other than a wholly owned subsidiary referred to in Section 7300 or a wholly owned subsidiary doing...
California Financial Code Section 5120
"Statutory net worth" or "net worth" means the sum of the following: (a) Issued and outstanding capital stock. (b) Issued and outstanding...
California Financial Code Section 5121
"Stock association" means an association for which the articles of incorporation authorize the issuance of capital stock.
California Financial Code Section 5122
"Stockholder" means the holder of one or more shares of any class of capital stock of a capital stock association which is organized and operating...
California Financial Code Section 5123
"Thrift institution" means an association, a cooperative bank, a homestead association, a building and loan association, a federal association, a...
California Financial Code Section 5124
"Withdrawal value" means the amount credited to a savings account less lawful deductions, as shown by the records of the association.
California Financial Code Section 5203
(a) The name, rights, powers, privileges, and immunities of each association in existence on the effective date of this division shall be governed by
California Financial Code Section 5204
(a) Wherever it is stated in this division that an agreement or contract contrary to any of the division's provisions is void, the statement is...
California Financial Code Section 5205
Whenever the term " association" is used in any provision of law, such term shall be deemed to include savings banks organized under this division;...
California Financial Code Section 5205.5
(a) All references in this division to financial statements, balance sheets, income statements, and statements of changes in financial position of...
California Financial Code Section 5206
Whenever the terms "board of directors," "directors," or "director" are used in any provision of law, such terms shall mean, with respect to savings...
California Financial Code Section 5207
If any provision, clause, or phrase of this division or application to any person or circumstance is held invalid, its invalidity shall not affect...
California Financial Code Section 5208
This division, being a comprehensive coverage of its subject matter, shall not be deemed to be impliedly repealed, in whole or in part, by subsequent
California Financial Code Section 5209
Insofar as the provisions of this division are inconsistent with any other law in effect at the time the provisions of this division are enacted, the
California Financial Code Section 5300
Every person who willfully violates or willfully fails to comply with any of the provisions of this division is guilty of a public offense. Except...
California Financial Code Section 5301
(a) The commissioner may refer such evidence as is available concerning any violation of this division or of any regulation, order issued by the...
California Financial Code Section 5302
(a) Whoever knowingly violates subdivision (a) or (b) of Section 6525.5 shall be punished by a fine of not more than one million dollars ($1,000,000)
California Financial Code Section 5303
Any officer, director, employee, or agent of any association who (a) willfully makes or knowingly concurs in the making or publishing of a false or...
California Financial Code Section 5304
(a) It is unlawful for any person to corruptly give, offer, or promise anything of value to any other person, with intent to influence or reward any...
California Financial Code Section 5305
Any institution-affiliated party who abstracts or willfully misapplies any of the money, funds, or property of the savings association, or willfully...
California Financial Code Section 5306
Any institution-affiliated party who knowingly executes, or attempts to execute, a scheme or artifice to defraud a savings association or to obtain...
California Financial Code Section 5307
Whoever willfully and knowingly makes, issues, circulates, transmits, or causes or knowingly permits to be made, issued, circulated, or transmitted,...
California Financial Code Section 5308
Whoever knowingly makes or causes to be made, directly or indirectly, or through any agency whatsoever, any false statement or report, or willfully...
California Financial Code Section 5309
(a) A person shall be sentenced to consecutive terms for each violation of Section 5303, 5304, 5305, or 5306 up to a mandatory term of 20 years in...
California Financial Code Section 5310
(a) Any person violating or conspiring to violate Sections 5303, 5304, 5305, or 5306 shall be subject to a civil penalty in an amount assessed by the
California Financial Code Section 5311
(a) Any fine or civil penalty imposed under this chapter shall be based upon the ability of the defendant to pay. In setting the amount of the fine...
California Financial Code Section 5320
If a person is convicted of a violation of Section 5303, 5304, 5305, or 5306, or is convicted of a felony for a violation of Section 25540 or 25541...
California Financial Code Section 5321
(a) The prosecuting agency shall, prior to, in conjunction with, or subsequent to the criminal proceeding, file a petition of forfeiture with the...
California Financial Code Section 5322
(a) Any person claiming an interest in the property may, at any time within 30 days from the date of the first publication of the notice of seizure,...
California Financial Code Section 5323
(a) Concurrent with, or subsequent to, the filing of the petition, the prosecuting agency may move the superior court for the following pendente lite
California Financial Code Section 5324
(a) If the trier of fact at the forfeiture hearing finds that the alleged property or proceeds is forfeitable pursuant to Section 5320, the court...
California Financial Code Section 5325
Notwithstanding that no response or claim has been filed pursuant to Section 5322, in all cases where property is forfeited pursuant to this article...
California Financial Code Section 5330
The commissioner may impose civil penalties on any savings association, and any institution-affiliated party as follows: (a) Except as provided in
California Financial Code Section 5400
(a) No funds from proposed stockholders, members, or organizers of any proposed association may be collected until a verified application for an...
California Financial Code Section 5401
The application for an organizing permit shall be in writing and shall be filed in the office of the commissioner. The application shall be executed
California Financial Code Section 5402
(a) The commissioner may impose conditions in an organizing permit concerning the deposit in escrow of funds collected pursuant to the permit, the...
California Financial Code Section 5403
(a) Before filing an application for an organizing permit with the commissioner under Section 5400, an organizer shall file with the Secretary of...
California Financial Code Section 5500
Within 60 days after issuance of an organizing permit under Article 1 (commencing with Section 5400) any person may request authority to form a...
California Financial Code Section 5501
Upon receipt of a petition for a certificate of authority, the commissioner shall give written notice to each association that a petition for the...
California Financial Code Section 5501.5
The articles of incorporation of each domestic association incorporated after January 1, 1984, shall include a statement that it is formed for each...
California Financial Code Section 5502
The commissioner shall not approve any petition for certificate of authority unless it is found from the data furnished with the petition, the...
California Financial Code Section 5503
(a) The commissioner shall, within a reasonable time after the petition is filed, or within a reasonable time after the hearing, if one is held,...
California Financial Code Section 5504
Upon issuance of a certificate of approval of articles of incorporation to a proposed association, the commissioner shall attach the original signed...
California Financial Code Section 5505
The articles of incorporation of a proposed association shall not be filed in the office of the Secretary of State unless a certificate of approval...
California Financial Code Section 5506
Within 30 days after the corporate existence of an association begins, the directors of the association shall hold an organization meeting and shall...
California Financial Code Section 5600
(a) The board of directors of an association which is in the process of organization shall select a financial institution within this state as a...
California Financial Code Section 5601
Before a certificate of authority is issued, the capital of the association shall be paid into the association and, in the case of stock, shall be...
California Financial Code Section 5602
In addition to the minimum capital required, the commissioner may require that the consideration for the issuance of capital stock shall be...
California Financial Code Section 5603
In the case of a stock association, prior to issuance of a certificate of authority, the association shall file with the commissioner a statement in...
California Financial Code Section 5604
(a) In the case of a stock association, on or after the date the commissioner issues the association a certificate of authority, the association...
California Financial Code Section 5605
(a) Any association that does not commence business within one year after the date of the issuance of its certificate of approval of articles of...
California Financial Code Section 5606
(a) Prior to doing business in this state, an association shall obtain and maintain insurance of its savings accounts by the Federal Deposit...
California Financial Code Section 5612
For the purposes of this article, "security" means any stock, subordinated debenture, warrant, or right or option to purchase any stock issued by an...
California Financial Code Section 5613
(a) No association shall sell, except upon a sale for a delinquent assessment made in accordance with the provisions of the General Corporation Law,...
California Financial Code Section 5614
(a) Except as provided in subdivision (b), no issued and outstanding stock of an association shall be sold or offered for sale to the public, nor...
California Financial Code Section 5615
An application for a permit to sell securities shall be in writing, verified as provided in the Code of Civil Procedure for the verification of...
California Financial Code Section 5616
Upon the filing of the application for a permit to sell securities, the commissioner shall examine the application and other papers and documents...
California Financial Code Section 5617
Every permit to sell securities shall recite in bold type that the issuance thereof is permissive only and does not constitute a recommendation or...
California Financial Code Section 5618
The commissioner may amend, alter, or revoke any permit issued by the commissioner, or temporarily suspend the rights of the association under such...
California Financial Code Section 5620
(a) A stock association may issue shares of common stock and preferred stock, with or without par value, and common and preferred stock may be...
California Financial Code Section 5621
(a) With the approval of the commissioner, a mutual association may amend its articles of incorporation to authorize the issuance of stock and may...
California Financial Code Section 5622
Capital stock of a stock association shall be issued pursuant to the following requirements: (a) Except for stock issued pursuant to a stock...
California Financial Code Section 5623
A mutual association may issue mutual capital certificates in accordance with regulations of the commissioner.
California Financial Code Section 5624
An association may issue net worth certificates in accordance with applicable regulations of the Office of Thrift Supervision or the Federal Deposit...
California Financial Code Section 5650
Notwithstanding the provisions of subdivision (a) of Section 201 of the Corporations Code and Division 1 of the Financial Code, the name of every...
California Financial Code Section 5651
(a) No certificate of approval of articles of incorporation of a proposed association having the same name as an association in existence in this...
California Financial Code Section 5652
Except as otherwise authorized under existing law, no person, unless lawfully authorized to do business in this state under the provisions of this...
California Financial Code Section 5653
Upon application by the commissioner or any association, a court of competent jurisdiction may issue an injunction to restrain any person from...
California Financial Code Section 5654
(a) Without the prior approval of the commissioner, as provided in this division, no association shall do any of the following: (1) Establish or...
California Financial Code Section 5655
No association shall advertise or hold itself out to the public as a bank. This subdivision shall not be construed to prohibit an association which...
California Financial Code Section 5700
A state association may convert itself into a federal association by following the procedure outlined in Sections 5701 through 5708.
California Financial Code Section 5701
At any regular or special meeting called to consider the conversion of an association into a federal association, in the case of a stock association,
California Financial Code Section 5702
Any executor, administrator, guardian, conservator of a natural person or receiver, and any fiduciary or trustee, and any public corporation,...
California Financial Code Section 5703
Promptly after the meeting approving a conversion into a federal association, the association shall file in the office of the commissioner a...
California Financial Code Section 5704
A certified copy of the certificate required by Section 5703 filed in the office of the Secretary of State is presumptive evidence of the holding of...
California Financial Code Section 5705
After the meeting of the stockholders and members, the association shall take any action necessary to make it a federal association, and promptly...
California Financial Code Section 5706
At the time the conversion into a federal association becomes effective the association ceases to be supervised by this state and all of the property
California Financial Code Section 5707
The converted federal association shall have, hold, and enjoy the property mentioned in Section 5706 in its own right as fully and to the same extent
California Financial Code Section 5708
Where a copy of a charter of a federal association, issued by the Federal Home Loan Bank Board pursuant to the laws of the United States was filed...
California Financial Code Section 5709
Any federal association may convert itself into an association by following the procedure set forth in Sections 5710 through 5718.
California Financial Code Section 5710
At any regular or special meeting called to consider the action, the stockholders and members entitled to vote by an affirmative majority of the...
California Financial Code Section 5711
Copies of the minutes of the proceedings of the meeting of the stockholders or members in which they vote to convert into an association, verified by
California Financial Code Section 5712
The verified copies of the minutes of the meeting, when filed as required by Section 5711, are presumptive evidence of the holding and action of the...
California Financial Code Section 5713
After a meeting as provided for in Section 5710, the federal association shall take or cause to be taken such action as shall make it an association...
California Financial Code Section 5714
The directors of an association converted from a federal association may insert in the articles of incorporation the following statement: "This...
California Financial Code Section 5715
Promptly after the filing of the articles of incorporation with the Secretary of State, there shall be filed with the federal home loan bank of which
California Financial Code Section 5716
Upon the filing of the articles of incorporation with the Secretary of State, the federal association ceases to be a federal association and is an...
California Financial Code Section 5717
The converted association shall have, hold, and enjoy the property mentioned in Section 5716 in its own right as fully and to the same extent as the...
California Financial Code Section 5718
In the event stock is to be issued by the converted association, the commissioner may issue an organizing permit to the federal association or to the
California Financial Code Section 5750
(a) Pursuant to a plan or agreement (referred to as "agreement" in this article) adopted by the board of directors and approved by the commissioner...
California Financial Code Section 5751
At the sole discretion of the commissioner a public hearing may be held on applications filed under this article, in accordance with procedures...
California Financial Code Section 5752
Applications filed under this article shall be accompanied by any applicable filing fee prescribed by the commissioner pursuant to Section 9001.
California Financial Code Section 5753
The provisions of Chapter 13 (commencing with Section 1300) of Division 1 of Title 1 of the Corporations Code shall apply only to stockholders and...
California Financial Code Section 5754
In a merger the agreement shall state any matters with respect to which the articles of the surviving association are deemed amended and the articles
California Financial Code Section 5755
When a merger or consolidation agreement has been approved by the directors and the stockholders or members of an association, the association shall...
California Financial Code Section 5756
Any amendment to a merger or consolidation agreement may be adopted, and the agreement so amended may be approved at the meeting of the stockholders...
California Financial Code Section 5757
Notwithstanding any other provision of law, the approval of transactions under this article shall not be required by any borrowers or by holders of...
California Financial Code Section 5758
The executed agreement, or an executed counterpart of it and the respective certificate of each constituent association or any other corporation and...
California Financial Code Section 5759
An association may acquire all or at least 90 percent of the issued and outstanding stock of another association, or any other corporation, with the...
California Financial Code Section 5760
(a) Any association, owning all the outstanding stock of any corporation, may merge its wholly owned subsidiary corporation if the laws under which...
California Financial Code Section 5761
The directors of an association may, in their discretion, abandon a transaction under this article, subject to the rights of third parties under any...
California Financial Code Section 5762
The commissioner may adopt rules and regulations relating to any transaction regulated by this article.
California Financial Code Section 5800
For the purposes of this article the following words and phrases shall have the following meanings: (a) "Savings and loan holding company" means...
California Financial Code Section 5801
(a) Except as provided in subdivision (b), no person may become a savings and loan holding company, or thereafter register under Section 5804, unless
California Financial Code Section 5802
The commissioner shall within 60 days after the date of filing of a completed application, unless good cause is shown why a decision to approve or...
California Financial Code Section 5803
(a) After the decision under this article by the commissioner either approving or denying the application, upon the filing with the commissioner...
California Financial Code Section 5804
(a) Within 60 days following approval, or a later date if extended by the commissioner, each savings and loan holding company shall register with the
California Financial Code Section 5806
Each savings and loan holding company, which is not an individual, shall pay an initial and an annual registration fee of five hundred dollars ($500)
California Financial Code Section 5807
When a savings and loan holding company has satisfied the requirements of this article, the commissioner shall issue the holding company a...
California Financial Code Section 5808
No association that is a subsidiary in this state of any savings and loan holding company that does not have in effect a certificate of registration...
California Financial Code Section 5809
(a) The commissioner from time to time may require reports from any savings and loan holding company and its subsidiaries in a format deemed...
California Financial Code Section 5810
The commissioner shall have the enforcement powers with respect to savings and loan holding companies and their subsidiaries that are provided with...
California Financial Code Section 5811
This article shall not apply to an acquisition of stock made pursuant to a plan or agreement of reorganization, merger, consolidation, or transfer of
California Financial Code Section 5850
(a) An association may dissolve pursuant to the General Corporation Law (Division 1 (commencing with Section 100) of Title 1 of the Corporations...
California Financial Code Section 5860
Notwithstanding any other provision of law, but subject to prior approval of the commissioner, any mutual association may reorganize so as to become...
California Financial Code Section 5861
Upon transfer of assets and assumption of liabilities pursuant to Section 5860, persons who prior thereto held savings accounts with, or other rights
California Financial Code Section 5862
A reorganization of a mutual association pursuant to this article shall be approved by the board of directors and by the members of the mutual...
California Financial Code Section 5863
An application to the commissioner for approval of a reorganization under this article shall contain such relevant information as the commissioner...
California Financial Code Section 5864
In connection with reorganization pursuant to the provisions of this article, a mutual association may, subject to the approval of the commissioner,...
California Financial Code Section 5865
A mutual holding company shall be deemed to be a savings association continuing its organization under this division and may engage only in...
California Financial Code Section 5866
Sections 5801, 5802, and 5803 shall not apply to a reorganization pursuant to this article.
California Financial Code Section 5867
Notwithstanding any other provision of law, a reorganized stock association may exercise any and all powers, rights, and privileges of and be subject
California Financial Code Section 5868
A reorganized stock association shall have the power to issue additional amounts of capital stock to the mutual holding company of which it is a...
California Financial Code Section 6000
An annual meeting of the members of each mutual association shall be held at a time and place fixed in the bylaws of the association.
California Financial Code Section 6001
Special meetings of the members of a mutual association may be called at any time by the president or the board of directors, and shall be called by...
California Financial Code Section 6002
Notice of each annual and special meeting shall be either published once a week for the two successive calendar weeks (in each instance on any day of
California Financial Code Section 6003
In the consideration of all questions requiring action by the members of a mutual association, each member shall be entitled to cast one vote for...
California Financial Code Section 6004
(a) In order that the association may determine the members entitled to notice of any meeting or to vote or entitled to receive any distribution or...
California Financial Code Section 6005
At any meeting of the members, voting may be in person or by proxy, provided that no proxy is eligible to be voted at any meeting unless it has been...
California Financial Code Section 6006
Any number of members present at a regular or special meeting of the members shall constitute a quorum. A majority of all votes cast at any meeting...
California Financial Code Section 6050
(a) The register of stockholders or members, the books of account, and the minutes of an association shall be subject to inspection upon the written...
California Financial Code Section 6051
(a) If any member, members, stockholder or stockholders desire to communicate with other members or stockholders of an association about any question
California Financial Code Section 6052
(a) No action may be instituted or maintained in the right of any association by any savings account holder who is not a stockholder or member of the
California Financial Code Section 6053
In the case of an association which converts from a mutual association to a stock association, for a period of up to five years from the date of...
California Financial Code Section 6100
Each association shall prepare and publish annually within the time prescribed by the commissioner in a newspaper of general circulation in the...
California Financial Code Section 6150
(a) The business of each association shall be directed by a board of directors elected by ballot by a plurality of the votes of the members or...
California Financial Code Section 6151
No person shall be eligible for election or shall serve as a director or officer of an association who has been convicted of a criminal offense...
California Financial Code Section 6152
(a) A director shall automatically cease to be a director upon being adjudicated as bankrupt or upon conviction of a criminal offense involving...
California Financial Code Section 6153
Directors shall be elected for periods of three years and until their successors are elected and qualified, but provision shall be made for the...
California Financial Code Section 6154
If the members or stockholders fail to elect a director to fill each vacancy created by an increase in the number of directors, the current directors
California Financial Code Section 6155
Whenever the number of directors is changed and vacancies caused by the change are filled, the directors so elected shall be elected to terms in...
California Financial Code Section 6156
(a) Any vacancy among directors, not filled by the members or stockholders, may be filled by a majority vote of the remaining directors, though less...
California Financial Code Section 6157
Every savings association subject to the new director or senior executive officer notice requirements of Section 32 of the Federal Deposit Insurance...
California Financial Code Section 6200
Except as provided in subdivision (b) of Section 6203, all directors, officers, and employees of an association shall, before entering upon the...
California Financial Code Section 6201
Associations that employ collection agents, who for any reason are not covered by a bond required under Section 6200, shall provide for the bonding...
California Financial Code Section 6202
No indemnity bond coverage is required of any agent that is a financial institution insured by the Federal Deposit Insurance Corporation.
California Financial Code Section 6203
(a) The amounts and form of indemnity bonds and sufficiency of the surety shall be approved by the board of directors and by the commissioner. (b)
California Financial Code Section 6204
Indemnity bonds shall provide that their cancellation either by the surety or by the insured shall not become effective unless and until 10 days'...
California Financial Code Section 6450
Each association shall keep correct and complete books and records of accounts, as specified in Section 1500 of the Corporations Code.
California Financial Code Section 6451
(a) Except as provided in subdivision (b), each agency of an association, as defined in Section 6551, shall keep an original record of each...
California Financial Code Section 6452
Each association shall observe generally accepted accounting principles and practices except to the extent that the commissioner may require or...
California Financial Code Section 6453
Each association shall close its books at the close of business at least annually, or more often if authorized or required in writing by the...
California Financial Code Section 6454
No association by any system of accounting or any device of bookkeeping shall, either directly or indirectly, enter any of its assets upon its books...
California Financial Code Section 6455
(a) Each association shall maintain complete loan and investment records, and shall do so in a manner satisfactory to the commissioner. Detailed...
California Financial Code Section 6456
Each mutual association shall maintain membership records which shall show the name and address of the member and the date of membership.
California Financial Code Section 6457
Each capital stock association shall maintain a register of stockholders.
California Financial Code Section 6458
(a) Any association may cause any or all records of the association to be copied or reproduced by any photostatic, photographic, or microfilming...
California Financial Code Section 6475
(a) Each association shall maintain an adequate statutory net worth appropriate for the conduct of its business and the protection of its savings...
California Financial Code Section 6476
Each association shall set up and maintain the reserves required by, and may set up and maintain any additional reserves that are permitted by, this...
California Financial Code Section 6477
Any association which, for the purpose of evading provisions of this division or any order of the commissioner, knowingly participates, directly or...
California Financial Code Section 6500
(a) Each association incorporated pursuant to or operating under the provisions of this division shall have all the powers enumerated, authorized,...
California Financial Code Section 6501
An association may have perpetual existence, adopt and use a corporate seal which may be affixed by imprint, facsimile, or otherwise, and adopt and...
California Financial Code Section 6502
An association may sue, be sued, complain, and defend in any court.
California Financial Code Section 6502.5
An association may, acquire, hold, sell, develop, subdivide, dispose of, and convey real and personal property consistent with its objects and...
California Financial Code Section 6503
(a) No association or subsidiary thereof, without the prior written consent of the commissioner, shall enter into either of the following: (1) Any
California Financial Code Section 6504
(a) Except by the prior written consent of the commissioner, an association in organization that is not a member of a federal home loan bank may...
California Financial Code Section 6505
(a) An association may issue and sell, directly or through underwriters, capital certificates that represent nonwithdrawable capital contributions,...
California Financial Code Section 6507
An association may qualify as and become a member of a federal home loan bank and a home loan bank established as an agency or instrumentality of...
California Financial Code Section 6508
An association may become a member of, deal with, maintain reserves or deposits with, or make reasonable payments or contributions to any...
California Financial Code Section 6509
An association may act as depository for receipt of payments of federal or state taxes and loan funds, and may satisfy any related federal or state...
California Financial Code Section 6510
An association may sell any loan, including a participating interest in a loan, at any time.
California Financial Code Section 6511
Loans secured by real property may be sold to, and are legal investments for, among others, any public or private pension fund, credit union, labor...
California Financial Code Section 6513
An association may service loans and investments for others.
California Financial Code Section 6514
(a) An association may act, and receive compensation for so acting, as trustee of any trust created or organized in the United States and forming a...
California Financial Code Section 6515
(a) Notwithstanding any provisions of Division 1 (commencing with Section 99), Section 202 of the Corporations Code, or any other provisions of law...
California Financial Code Section 6516
(a) Subject to regulations issued by the commissioner, an association may own and use or participate in the use or ownership and use of remote...
California Financial Code Section 6517
Subject to Regulation E (12 CFR Part 205) and to rules and regulations of the commissioner, an association may transfer funds between holders of...
California Financial Code Section 6518
(a) An association may maintain and rent safes, boxes, or other receptacles or premises for the safekeeping of personal property upon terms and...
California Financial Code Section 6519
An association may sell money orders, travel checks, and similar instruments drawn by it on its bank accounts or as agent for any organization...
California Financial Code Section 6520
An association, service corporation, or a person authorized in writing by an association may act as an agent for others except that an association...
California Financial Code Section 6521
(a) Notwithstanding the provisions of Division 6 (commencing with Section 17000) or any other provision of law, an association or service corporation
California Financial Code Section 6522
(a) An association that declares and pays dividends may distribute its own shares or may make payments in cash or property. Payment of cash or...
California Financial Code Section 6523
(a) An association may use advertising, whether printed, broadcasted by radio, televised, displayed, or communicated in any other manner or make any...
California Financial Code Section 6524
An association may organize, sponsor, operate, control, or render investment advice to, an investment company, or underwrite, distribute, or sell...
California Financial Code Section 6525
(a) Notwithstanding the provisions of Sections 1051, 1052, and 1054 of the Labor Code and Section 2947 of the Penal Code, an association, a...
California Financial Code Section 6525.5
Except with the prior written consent of the commissioner: (a) No person who has been convicted of any criminal offense involving dishonesty or...
California Financial Code Section 6526
An association may issue commercial and standby letters of credit in conformance with the Uniform Commercial Code or the Uniform Customs and Practice
California Financial Code Section 6527
If a loan or other investment is authorized under more than one section of this division an association may designate under which section the loan or
California Financial Code Section 6528
An association may provide correspondent services primarily to other depository institutions to the extent that the activity does not violate other...
California Financial Code Section 6529
(a) No affiliated person of a savings association may receive, either directly or indirectly, from the association, a subsidiary thereof, or any...
California Financial Code Section 6530
(a) No savings association may discharge or otherwise discriminate against any employee with respect to compensation, terms, conditions, or...
California Financial Code Section 6550
(a) A branch office is a legally established place of business of an association other than the home office, a remote service unit, or any agency,...
California Financial Code Section 6551
(a) An agency of an association is a place or facility, stationary or mobile, other than the home office, a remote service unit, or a branch office,...
California Financial Code Section 6552
No association may establish or maintain a branch office or agency without the prior written approval of the commissioner, except that temporary and...
California Financial Code Section 6553
(a) Each application for approval of the establishment and maintenance of a branch office or one or more agencies shall include the following: (1)
California Financial Code Section 6554
Upon receipt of a complete application for a branch office, the commissioner shall give written notice of the filing of the application to each...
California Financial Code Section 6555
(a) Before acting on an application for a branch office, the commissioner may hold a hearing at a time and place specified in a notice of hearing.
California Financial Code Section 6556
(a) Upon review of the application for a branch office or agency and after a hearing on the branch application, if one is deemed necessary, the...
California Financial Code Section 6557
The provisions of this article relating to branch office and agency applications do not apply to a branch office or agency of an existing association
California Financial Code Section 6558
The commissioner may adopt rules and regulations relating to any action pertaining to branch offices and agencies regulated by this article.
California Financial Code Section 6600
The savings liability of an association shall consist only of the aggregate amount of its savings accounts, plus interest earned or credited to the...
California Financial Code Section 6601
Except as limited by the association from time to time or by state or federal law or regulations, account holders may make additions to their savings
California Financial Code Section 6602
Savings accounts may be opened for cash or, subject to any limitations or restrictions in regulations issued by the commissioner, for property in...
California Financial Code Section 6603
No member of a mutual association is responsible for any losses of the association, no savings account is subject to assessment, and no savings...
California Financial Code Section 6651
Except for savings accounts issued in marketable or bearer form, savings accounts shall be represented only by the account of each savings account...
California Financial Code Section 6652
(a) Upon the filing with an association by the savings account holder of record as shown by the books of the association, or by the holder's legal...
California Financial Code Section 6653
(a) No association shall, directly or indirectly, for the opening or increasing of any savings account, give, sell, dispose of, or permit the giving,
California Financial Code Section 6653.5
(a) A troubled savings association may not accept funds obtained, directly or indirectly, by or through any deposit broker for deposit into one or...
California Financial Code Section 6660
(a) For the purposes of this section: (1) "Account" means withdrawable or repurchasable shares, investment certificates, deposits, or savings...
California Financial Code Section 6661
Notice to an association or federal association of an adverse claim to a savings account of, or to personal property held for the account of, any...
California Financial Code Section 6662
Nothing in this chapter shall prohibit an association or federal association from issuing tenancy in common, community property, and other types of...
California Financial Code Section 6663
If any attachment is levied upon any savings account or any other property maintained with an association or federal association, a copy of the writ
California Financial Code Section 6700
An association may contract with the proper authorities of any public or nonpublic elementary or secondary school or institution of higher learning,...
California Financial Code Section 6701
An association may contract with any employer, as follows: (a) With respect to the solicitation, collection, and receipt of savings by payroll...
California Financial Code Section 6702
An association may pay commissions or fees in cash or merchandise for soliciting deposits to any employee of the association or to any broker or...
California Financial Code Section 6725
(a) Notwithstanding any other provision of law, an association or federal association may continue to recognize the authority of an attorney-in-fact...
California Financial Code Section 6750
Except as otherwise expressly provided in this article, an association or federal association may issue savings accounts to any married person or...
California Financial Code Section 6751
Any payment or delivery of rights to a married person, to any minor, or to a trust established by or for a married person, or a minor, or a receipt...
California Financial Code Section 6752
(a) In the case of a minor, the receipt, acquittance, pledge, or other action required by the association or federal association to be taken by the...
California Financial Code Section 6800
An account in an association or federal association that is a multiple-party account as defined in Section 5132 of the Probate Code is governed by...
California Financial Code Section 6804
No association or federal association paying any survivor in accordance with Part 2 (commencing with Section 5100) of Division 5 of the Probate Code...
California Financial Code Section 6805
The pledge or hypothecation to any association or federal association of all or part of a multiple party account, as defined in Section 5132 of the...
California Financial Code Section 6850
Any association may accept fiduciary savings accounts in the name of any administrator, executor, custodian, conservator, guardian, trustee, or other
California Financial Code Section 6851
(a) The withdrawal value of a fiduciary account, and interest on it, or other rights relating to it, may be paid or delivered, in whole or in part,...
California Financial Code Section 6852
(a) Whenever a person holding an account in a fiduciary capacity dies and no written notice of the revocation or termination of the fiduciary...
California Financial Code Section 6855
No association paying any fiduciary, beneficiary, or designated person in accordance with this article or the California Multiple-Party Accounts Law...
California Financial Code Section 6856
The provisions of this article apply to federal associations to the extent that they are not inconsistent with and do not infringe upon federal laws...
California Financial Code Section 6900
If an association or federal association has received no written notice and is not on actual notice that the savings account holder has been...
California Financial Code Section 6950
(a) When a savings account is held in any association or federal association by a person who dies while domiciled in a sister state or foreign...
California Financial Code Section 6951
No action at law or in equity shall be maintained against an association or federal association for payment made in accordance with this article.
California Financial Code Section 7000
(a) Administrators, executors, custodians, conservators, guardians, trustees, and other fiduciaries, insurance companies, business and manufacturing...
California Financial Code Section 7001
(a) Whenever, under the laws of this state or otherwise, a deposit of securities is required for any purpose, the savings accounts and accounts made...
California Financial Code Section 7002
The provisions of this article supplement any and all other laws relating to and declaring what shall be legal investments for the persons,...
California Financial Code Section 7050
An association may issue savings accounts earning interest at different rates of return. The annual rate of return paid on a savings account may...
California Financial Code Section 7051
An association may classify its savings accounts on any basis including, but not limited to, character, amount, or duration of the account,...
California Financial Code Section 7052
Except for accounts that are classified according to a specified contractual time or notice period, interest shall be based on the withdrawal value...
California Financial Code Section 7053
(a) The date of investment in a savings account shall be the date of actual receipt by the association of the account or an addition to the account,...
California Financial Code Section 7054
The board of directors, by resolution, may determine any of the following: (a) That interest shall not be paid on designated types of savings...
California Financial Code Section 7055
The directors shall determine the method of calculating the amount of any interest on any savings account classification as provided in this article...
California Financial Code Section 7100
(a) Notwithstanding any other provision of law, but subject to subdivision (b), an association may permit the owner of a deposit or account to make...
California Financial Code Section 7150
At any time funds are on hand for the purpose, an association shall have the right to redeem by lot or otherwise, as the board of directors may...
California Financial Code Section 7151
Except with the prior consent of the commissioner, no association shall redeem any of its savings accounts when the association is in an impaired...
California Financial Code Section 7152
The redemption price of savings accounts redeemed shall be the full value of the account redeemed, as determined by the board of directors, but in no
California Financial Code Section 7153
If the notice of redemption under Section 7150 has been given, and if on or before the redemption date the funds necessary for the redemption have...
California Financial Code Section 7154
(a) All certificates of ownership evidencing former savings accounts that have been called for redemption must be tendered for payment within the...
California Financial Code Section 7200
No association shall invest in any security under this chapter, other than in liquid assets, or in any loan at any time if the association fails to...
California Financial Code Section 7250
Notwithstanding any other provision of law, an association may invest in the following securities without limit, and in addition may invest not in...
California Financial Code Section 7250.5
No savings association may directly or indirectly acquire or retain any corporate debt security unless the corporate debt security is rated in one of
California Financial Code Section 7251
An association holding investments which have been approved by the commissioner shall not be required to dispose of them or to establish a reserve...
California Financial Code Section 7252
(a) Notwithstanding any other provisions of this chapter, an association may, subject to regulations of the commissioner, invest in the capital...
California Financial Code Section 7260
Stock of a Federal Reserve bank.
California Financial Code Section 7261
Bonds of the State of California and those for which the faith and credit of the State of California are pledged for the payment of principal and...
California Financial Code Section 7262
Bonds of any flood control and water conservation districts, or any zone thereof, having an assessed valuation on taxable real property of not less...
California Financial Code Section 7263
Bonds of any other political subdivision, public corporation, or district of the State of California (herein referred to generally as public...
California Financial Code Section 7264
Bonds or other evidences of indebtedness of, or which are unconditionally guaranteed by the State of Israel, the United States of Mexico, the...
California Financial Code Section 7265
Bonds of any irrigation district, water, storage district, water conservation district, county water district, reclamation district, drainage...
California Financial Code Section 7266
Bonds, consolidated bonds, collateral trust debentures, consolidated debentures, or other obligations issued by federal land banks or federal...
California Financial Code Section 7267
Bonds, notes, or other obligations issued by the Federal Financing Bank, the United State Postal Service, or issued or assumed by the International...
California Financial Code Section 7268
(a) Notes with a maturity not exceeding 15 months after the date of issue, issued in anticipation of uncollected taxes, income, revenue, cash...
California Financial Code Section 7269
In revenue securities of any state of the United States, or of the Commonwealth of Puerto Rico, and of any city, county, city and county, political...
California Financial Code Section 7270
Bonds of any local public housing agency (as defined in the United States Housing Act of 1937, as amended) as are secured either, (a) by an agreement
California Financial Code Section 7271
Bonds secured by an insurance commitment of the Federal Housing Administration.
California Financial Code Section 7272
Evidences of indebtedness of companies incorporated in the United States and, directly or indirectly, engaged in manufacturing, extraction,...
California Financial Code Section 7273
Fixed interest railroad bonds meeting the requirements of subdivisions (a) and (b), bonds secured by a mortgage on jointly operated railroad...
California Financial Code Section 7274
Bonds and debentures of gas, electric, or gas and electric companies meeting the requirements of subdivision (a), bonds and debentures of telephone...
California Financial Code Section 7275
As used in this article, "funded debt" means all interest-bearing indebtedness of a corporation not maturing within one year of the date it was...
California Financial Code Section 7300
(a) Each association shall have power to invest in real property, tangible personal property and interests in real property for the conduct of the...
California Financial Code Section 7350
(a) An association may acquire and hold stock of one or more corporations the primary activities of which are engaging in real property investment,...
California Financial Code Section 7450
(a) An association may make any loan authorized by this division, but the association shall first determine that the type, amount, purpose, and...
California Financial Code Section 7450.2
Except with the prior written consent of the commissioner, no association shall knowingly make: (a) Any loan to any corporation of which 10...
California Financial Code Section 7451
Except as otherwise provided by the commissioner, an association shall not make or acquire total loans with respect to one borrower or on one...
California Financial Code Section 7452
(a) An association may make consumer loans, provided that the total of such loans shall not exceed 30-percent of the assets of the association. ...
California Financial Code Section 7453
(a) An association may make, invest in, sell, purchase, participate in, or otherwise deal in secured or unsecured loans for agricultural, business,...
California Financial Code Section 7454
Each association is authorized to issue credit cards, extend credit in connection with the cards, and otherwise engage in or participate in credit...
California Financial Code Section 7455
No association or director, officer, or employee of an association shall require, as a condition to the granting of any loan or the extension of any...
California Financial Code Section 7456
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...
California Financial Code Section 7457
An association may make loans on the security of its savings accounts, whether or not the borrower is the owner of the account, subject to the...
California Financial Code Section 7458
An association may make overdraft loans specifically related to transaction accounts, subject to regulations issued by the commissioner.
California Financial Code Section 7459
In addition to establishing reserves pursuant to Section 6476, an association or federal association, as defined in Section 5102, may establish a...
California Financial Code Section 7460
(a) Notwithstanding Section 726 of the Code of Civil Procedure or any other provision of law to the contrary, an association, a federal association,...
California Financial Code Section 7461
The provisions of any deed of trust or mortgage on real property which authorize an association, federal association, affiliate or service...
California Financial Code Section 7462
The provisions of any deed of trust or mortgage on real property which authorize an association, federal association, affiliate or service...
California Financial Code Section 7500
(a) Subject to limitations, if any, within this chapter, an association may originate, invest in, sell, purchase, service, participate, or otherwise...
California Financial Code Section 7501
Each real estate loan shall be evidenced by a note or instrument of obligation for the amount of the loan. The note or instrument shall specify the...
California Financial Code Section 7502
(a) Each real estate loan shall be secured by a deed of trust, mortgage, or other transaction or instrument constituting a lien or claim, or its...
California Financial Code Section 7503
Except as specified by the loan contract or by Section 2954.8 of the Civil Code, an association shall have no obligation to pay interest to the...
California Financial Code Section 7504
Notwithstanding any other provision of law, an association may adjust the interest rate, payment, balance, or term-to-maturity on any loan secured by
California Financial Code Section 7505
(a) Notwithstanding any other provision of law, an association may originate, invest in, sell, purchase, service, participate, or otherwise deal in...
California Financial Code Section 7505.5
(a) A savings association may make loans the principal purpose of which is to provide financing with respect to what is, or what is to become,...
California Financial Code Section 7506
Notwithstanding any other provision of the law, an association may make a loan secured by an assignment of a loan or loans to the extent that it...
California Financial Code Section 7507
(a) An association may make loans or advances of credit, or invest in interests therein, on the security of real property, which loans, advances of...
California Financial Code Section 7509
(a) (1) At the time of origination, a real estate loan may not exceed 100 percent of the market value of security property. An association shall, by...
California Financial Code Section 7600
In the case of any investment made by an association in a real estate loan, in the event all or part of the ownership of the real estate security...
California Financial Code Section 7650
(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...
California Financial Code Section 7675
(a) Pursuant to the authority contained in Section 1 of Article XV of the California Constitution, the restrictions upon rates of interest contained...
California Financial Code Section 7700.3
An association may engage in leasing activities that are the functional equivalent of lending, subject to the limitations of Sections 7701 to 7704,...
California Financial Code Section 7701
An association may become the legal or beneficial owner of tangible personal property or real property for the purpose of leasing such property, may...
California Financial Code Section 7702
(a) A lease of tangible personal property made to a natural person for personal, family, or household purposes pursuant to this section shall be...
California Financial Code Section 7703
For the purposes of this article: (a) A "net lease" is a lease under which the association will not, directly or indirectly, provide or be...
California Financial Code Section 7704
If, in good faith, an association believes that there has been an unanticipated change in conditions that threatens its financial position by...
California Financial Code Section 7720
(a) An association may invest in tangible personal property, including without limitation, vehicles, mobilehomes, machinery, equipment, or furniture,
California Financial Code Section 7800
Subject to the provisions of Section 2955.5 of the Civil Code, the board of directors of every association and affiliate or service corporation of an
California Financial Code Section 8009
(a) Except where required by law, regulation, or court order, or permitted under subdivision (b), the commissioner, and all employees of the...
California Financial Code Section 8010
The commissioner, after a determination of value made in accordance with Article 4 (commencing with Section 8150) of Chapter 7, may order that...
California Financial Code Section 8030
(a) To meet the operating costs and expenses of the department in administering this division and other laws relating to savings associations or the
California Financial Code Section 8031
The proportion of operating costs and expenses to be assessed against each association shall be determined and prescribed by the commissioner by...
California Financial Code Section 8032
(a) On or before the 20th day of June of each year the commissioner shall notify each association by mail of the amount assessed and levied against...
California Financial Code Section 8033
If an association ceases to be an association by reason of merger, consolidation, conversion, acquisition of assets, or a similar type of...
California Financial Code Section 8034
(a) If a new domestic association is formed during a fiscal year, the initial assessment provided for by this article shall be computed on the same...
California Financial Code Section 8035
If any domestic association proposes to acquire the assets of any federal association or any state or national bank by transfer, conversion, or...
California Financial Code Section 8035.5
As of the operative date of this section: (a) The Savings Association Special Regulatory Fund is converted into a separate account in the...
California Financial Code Section 8036
All money collected or received by the commissioner under this division or any other law relating to savings associations or the savings association...
California Financial Code Section 8037
All expenses of the department in administering the division and other laws relating to savings associations or to the savings association business...
California Financial Code Section 8050
(a) The commissioner shall have general supervision over all (1) associations, (2) savings and loan holding companies, (3) service corporations, (4)...
California Financial Code Section 8051
Each decision, order, or instruction shall be in writing signed by the commissioner or a deputy commissioner and shall be sent by registered or...
California Financial Code Section 8053
The commissioner may from time to time issue, amend and rescind any rules, regulations, forms, and orders that are necessary to carry out the...
California Financial Code Section 8054
(a) Notwithstanding any other provision of law, whenever by statute or regulation there is extended to federal associations doing business in this...
California Financial Code Section 8055
Every final decision of the commissioner is subject to judicial review in accordance with law. An action or proceeding for judicial review pursuant...
California Financial Code Section 8150
(a) On or before the last day of January in each year, or within 30 days following the end of the fiscal year, each association, savings and loan...
California Financial Code Section 8151
Each association, savings and loan holding company and subsidiary of any association or savings and loan holding company that is required to file an...
California Financial Code Section 8152
From time to time the commissioner may, without previous notice, examine or cause an examination to be made into the affairs of each association, and
California Financial Code Section 8153
(a) In lieu of a report or an examination under Section 8150 or 8152, the commissioner may accept any report made to, or examination made by, a...
California Financial Code Section 8154
(a) Whenever, in the judgment of the commissioner, the condition of any association, savings and loan holding company, or any of their subsidiaries...
California Financial Code Section 8155
(a) The commissioner is authorized in connection with any examination or audit of any association or any subsidiary to cause to be made appraisals of
California Financial Code Section 8156
(a) Each association shall at least annually cause its books and accounts to be audited at its own expense by a certified public accountant or firm...
California Financial Code Section 8157
(a) The commissioner may prescribe the scope of the annual audit and may require the auditor to furnish information in addition to that contained in...
California Financial Code Section 8158
(a) The commissioner, or any department employee authorized by the commissioner, shall have free access to all books and records of an association,...
California Financial Code Section 8159
For each department examination or appraisal made outside this state, a reasonable fee and the actual traveling expenses incurred shall be paid to...
California Financial Code Section 8160
If an association, savings and loan holding company, or any subsidiary of an association or savings and loan holding company fails to report to the...
California Financial Code Section 8200
The commissioner may issue cease and desist orders which may order affirmative action in accordance with the following: (a) If the commissioner,...
California Financial Code Section 8201
(a) Whenever the commissioner determines that any institution-affiliated party or any director, officer, or employee of a savings and loan holding...
California Financial Code Section 8202
(a) The commissioner shall publish and make the following available to the public: (1) Any final order issued with respect to any administrative...
California Financial Code Section 8225
(a) Whenever the commissioner deems it necessary in order to conserve the assets of any association for the benefit of the depositors and other...
California Financial Code Section 8226
Any conservator shall have all the rights, powers, and privileges possessed by the officers, directors, members and stockholders of the association.
California Financial Code Section 8227
Except as authorized by the commissioner, the conservator shall not retain special counsel or other experts, incur any expense other than normal...
California Financial Code Section 8228
The directors and officers shall remain in office and the employees shall remain in their respective positions, but the conservator may remove any...
California Financial Code Section 8229
(a) While the association is in the charge of a conservator, savings account holders, borrowers, and other obligors of the association shall continue
California Financial Code Section 8230
Whenever a conservator has taken possession of the property and business of any association pursuant to this article, that association, within 10...
California Financial Code Section 8250
(a) If the commissioner finds that any association (1) is in an impaired condition, (2) is engaging in practices that threaten to result in an...
California Financial Code Section 8251
(a) In the case of an insured association, the appointment by the commissioner of a receiver under this article shall constitute an official...
California Financial Code Section 8252
If the commissioner or a department employee is appointed receiver, no additional compensation shall be paid, but if another person is appointed,...
California Financial Code Section 8253
If the association is an institution insured by the Federal Deposit Insurance Corporation, the Federal Deposit Insurance Corporation shall be...
California Financial Code Section 8254
Whenever a receiver has taken possession of the property and business of any association pursuant to this article, that association, within 10 days...
California Financial Code Section 8500
(a) Every federal association and the holders of stock, shares, share accounts, savings accounts, and certificate accounts issued by any federal...
California Financial Code Section 8501
No director of a federal association shall be liable for monetary damages to the federal association, its stockholders or members, based upon the...
California Financial Code Section 9000
Associations shall pay all fees required by this division to the department.
California Financial Code Section 9001
(a) Except where otherwise expressly provided, the commissioner shall prescribe by regulation the amount of each fee expressly required by the...
California Financial Code Section 10000
Terms not expressly defined in this chapter have the meaning given in Chapter 1 (commencing with Section 5000) or as the commissioner may provide by...
California Financial Code Section 10001
(a) No person, other than a California savings association or other person authorized by this division, shall do any business of an association. ...
California Financial Code Section 10002
Notwithstanding Section 10001, and subject to Section 10003, on and after January 1, 1991, a foreign savings association may conduct the business of...
California Financial Code Section 10003
No foreign savings association may conduct the business of an association in California, and no foreign savings association or foreign holding...
California Financial Code Section 10004
Except as expressly provided for in this chapter, any person who, as principal, agent, salesperson, solicitor, or in any other capacity, solicits or...
California Financial Code Section 10005
For the purposes of this article and any other law of this state prohibiting, limiting, or regulating the doing of business or the selling, taking,...
California Financial Code Section 10006
Except as provided by regulation, this division applies to a foreign savings association or its holding company as if business conducted in this...
California Financial Code Section 10007
If a foreign savings association is controlled by a foreign holding company, the requirements under this chapter applicable to both a foreign savings
California Financial Code Section 10009
This chapter shall become operative on January 1, 1991.
California Financial Code Section 10010
Terms not expressly defined in this chapter have the meaning given in Chapter 1 (commencing with Section 5000) or as the commissioner may provide by...
California Financial Code Section 12000
This division is known and may be cited as the Check Sellers, Bill Payers and Proraters Law.
California Financial Code Section 12001
Unless the context otherwise requires, the definitions set forth in this chapter govern the construction of this division.
California Financial Code Section 12002
A check seller is a person: (a) who, for compensation, engages, in whole or in part, in the business of selling checks, drafts, money orders, or...
California Financial Code Section 12002.1
A prorater is a person who, for compensation, engages in whole or in part in the business of receiving money or evidences thereof for the purpose of...
California Financial Code Section 12002.2
A business agent, for the purpose of this division is a person who engages in business as a prorater as defined in Section 12002.1 as an incident to...
California Financial Code Section 12003
"Commissioner" means the Commissioner of Corporations of the State of California, or any deputy, investigator, auditor, or any other person employed...
California Financial Code Section 12004
"Licensee" means any individual or corporation licensed by the commissioner to engage in the business of a business agent, and any corporation...
California Financial Code Section 12005
"Mobile unit" means a vehicle or other movable means from which the business of selling checks, drafts, or money orders is conducted.
California Financial Code Section 12100
This division does not apply to any of the following: (a) Any person, or his or her authorized agent, doing business under license and authority...
California Financial Code Section 12101.5
In any proceeding under this law, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
California Financial Code Section 12102
Any person who willfully violates any provision of this division, or who willfully violates any rule or order under this division, shall, upon...
California Financial Code Section 12102.1
A licensee under this division or any person engaged in the same type of business as licensed under this division whether said person is licensed or...
California Financial Code Section 12103
Whenever in the opinion of the commissioner any person is engaged in business as a check seller as defined in this division without a license from...
California Financial Code Section 12104
A nonprofit community service organization that meets all of the following criteria shall be exempt from any requirements imposed on proraters...
California Financial Code Section 12105
(a) Whenever it appears to the commissioner that any person has engaged or is about to engage in any act or practice constituting a violation of any...
California Financial Code Section 12106
(a) The commissioner may do the following, at his or her discretion: (1) Make public or private investigations within or outside of this state...
California Financial Code Section 12107
(a) If, upon inspection or investigation, based upon a complaint or otherwise, the department has cause to believe that a person is engaged in...
California Financial Code Section 12108
(a) The remedies available to the commissioner pursuant to this division are not exclusive and may be sought and employed in any combination deemed...
California Financial Code Section 12200
No person shall engage in the business, for compensation, of selling checks, drafts, money orders, or other commercial paper serving the same...
California Financial Code Section 12200.1
A license to engage in the business of selling checks, drafts, or money orders, or of receiving money as agent of an obligor for the purpose of...
California Financial Code Section 12200.2
A license as a business agent or special prorater may be issued to an individual.
California Financial Code Section 12200.3
No licensee under this division shall engage in the business of selling checks, drafts, or money orders, or other commercial paper serving the same...
California Financial Code Section 12200.5
The commissioner shall classify and license applicants for a proraters license in accordance with the nature of their existing or proposed business...
California Financial Code Section 12201
An application for a license shall be in writing, under oath, and in a form prescribed by the commissioner and shall contain the name, and the...
California Financial Code Section 12202
If the business is to be conducted at a specific address or addresses, the address or addresses at which the business is to be conducted shall be...
California Financial Code Section 12203
If the business is to be conducted from a mobile unit, the California state registration number or other identification of such mobile unit and the...
California Financial Code Section 12204
The application shall specify the type of business for which a license is requested and shall also contain such other information as the commissioner
California Financial Code Section 12205
(a) A licensed bill payer, general prorater, or special prorater who does not qualify to make use of agencies in the conduct of its business at all...
California Financial Code Section 12206
(a) If the applicant is to engage in the business of receiving money for the purpose of paying bills, invoices or accounts of an obligor, the...
California Financial Code Section 12207
The bond shall be approved by the commissioner. The bond shall run to the state for the use of the state and of any person who has a cause of action
California Financial Code Section 12208
The bond shall be conditioned that the obligor will faithfully conform to and abide by the provisions of this division and of all rules and...
California Financial Code Section 12209
The bond shall remain in force and effect until the surety is released from liability by the commissioner, or until the bond is canceled by the...
California Financial Code Section 12212
No action may be brought on the bond by any person after the expiration of two years from the time when the act or default complained of occurred.
California Financial Code Section 12213
When an action is commenced on the bond of a licensee the commissioner may require the filing of a new bond, and immediately upon the recovery of any
California Financial Code Section 12214
(a) An applicant at the time of filing an application for a license under this division shall pay to the commissioner the sum of fifty dollars ($50)...
California Financial Code Section 12216
(a) Upon the filing of the application and the payment of the fees and the approval of the bond, the commissioner shall investigate and examine the...
California Financial Code Section 12217
Each license shall state the following: (a) The name of the licensee, and if the licensee is a partnership or association the names of the...
California Financial Code Section 12218
The license shall be kept conspicuously posted in the principal place of business of the licensee.
California Financial Code Section 12219
The license is not transferable or assignable.
California Financial Code Section 12220
The commissioner may by regulation require licensees to file at such times as he may specify such information as the commissioner may reasonably...
California Financial Code Section 12221
Upon reasonable notice and opportunity to be heard, the commissioner may deny the application for the license for any of the following reasons: ...
California Financial Code Section 12223
The commissioner may require a licensee, in addition to the bond provided in Section 12206, to obtain an adequate fidelity bond for each officer,...
California Financial Code Section 12225
The commissioner may issue a duplicate of a license that has been lost, stolen, or destroyed, or for a certificate which the licensee desires to...
California Financial Code Section 12300
The commissioner may make general rules and regulations and specific rulings, demands, and findings for the enforcement of this division.
California Financial Code Section 12300.1
Licensees shall observe reasonable precautions against theft or alteration of checks, drafts or money orders, and against burglary or holdup.
California Financial Code Section 12300.2
Every person engaging in the business of a check seller shall conduct the business under his or her true name unless he or she has complied with...
California Financial Code Section 12300.3
All funds received by a licensee or its agents from the sale of checks, drafts, money orders, or other commercial paper serving the same purpose and...
California Financial Code Section 12300.4
Prior to such separation and transmittal to the licensee or deposit by its agent such funds received by said agent may be used by said agent for the...
California Financial Code Section 12300.5
An amount equal to all such funds received by a licensee shall be separated from the funds of the licensee and deposited in its trust account not...
California Financial Code Section 12300.6
Prior to separation and deposit by the licensee such funds may only be used by the licensee for the making of change or the cashing of checks in the...
California Financial Code Section 12301
A licensee may establish branch offices or agencies if it is qualified under the provisions of Section 12205 and if it expressly assumes...
California Financial Code Section 12301.1
A licensee within 10 days after establishing a mobile unit, a branch office or agency location shall notify the commissioner in writing and shall...
California Financial Code Section 12301.2
A check, draft, or money order sold by a licensee shall be drawn on an account of a licensee maintained at a bank authorized to do business in the...
California Financial Code Section 12301.3
A licensee shall not permit any officer, employee, or agent to sell any check, draft, or money order unless the signature of the person signing the...
California Financial Code Section 12301.4
A licensee shall terminate and cancel any agency immediately upon instruction from the commissioner and when it has been established (a) that the...
California Financial Code Section 12301.5
No agent of a licensee shall issue or cause to be issued any check, draft, or money order, or other commercial paper serving the same purpose which...
California Financial Code Section 12302
Whenever a licensee desires to change his place of business to a street address other than that designated in his license or desires to change the...
California Financial Code Section 12303
Every licensee shall keep and use in his business books, accounts and records in accordance with good accounting practice and which will enable the...
California Financial Code Section 12304
(a) Each licensee, except a special prorater, shall submit to the commissioner, at such licensee's own expense, an audit report containing audited...
California Financial Code Section 12305
For the purpose of discovering violations of this division the commissioner may at any time investigate the business and examine the books, accounts,
California Financial Code Section 12306
The cost of every examination of a licensee or other person subject to this division shall be paid to the commissioner by the licensee or person...
California Financial Code Section 12307
The commissioner may require the attendance of witnesses and examine under oath all persons whose testimony he requires relative to any examination...
California Financial Code Section 12307.1
The commissioner may commence and prosecute actions and proceedings to enjoin violations of this division or violations of orders or decisions of the
California Financial Code Section 12307.2
If the commissioner finds as a result of an examination or report that a licensee is insolvent or conducting business in such an unsafe or injurious...
California Financial Code Section 12307.3
Whenever as a result of an examination or report it appears to the commissioner that: (a) The capital of any licensee is impaired; (b) Any...
California Financial Code Section 12307.4
Whenever the commissioner has taken possession of the property and business of a licensee the commissioner may petition the superior court for the...
California Financial Code Section 12307.5
(a) For any licensee, a disciplinary action taken by the State of California, another state, an agency of the federal government, or another country...
California Financial Code Section 12309
(a) A schedule of the fees charged by a licensee shall be posted in a conspicuous place in the place of business of the licensee and its agents. A...
California Financial Code Section 12310
A licensee under this division shall not sell checks payable to bearer, to cash, or to the purchaser, but a licensee may sell a check in which the...
California Financial Code Section 12311
No licensee shall advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published,...
California Financial Code Section 12312
An agreement between one licensed to engage in the business of selling checks, drafts, money orders, or other commercial paper serving the same...
California Financial Code Section 12313.5
Nothing in this chapter shall be construed as authorizing the examination, inspection or auditing of the books and records of any client of a...
California Financial Code Section 12314
The total charges received by a prorater, or any other person for the prorater's services, may not exceed in the aggregate twelve percent (12%) for...
California Financial Code Section 12314.1
A cancellation fee or termination penalty may not be charged to a debtor.
California Financial Code Section 12315
A prorater shall not receive any fee unless he has the consent of at least 51 percent of the total amount of indebtedness and of the number of...
California Financial Code Section 12315.1
A prorater shall notify, in writing, all creditors listed in the prorate contract of the debtors desire to engage the services of the prorater within
California Financial Code Section 12316
If a prorater contracts for, receives or makes any charge in excess of the maximum permitted by this division, except as the result of an accidental...
California Financial Code Section 12317
A prorater shall not purchase from a creditor any obligation of a debtor.
California Financial Code Section 12318
A prorater shall not take: (a) Any contract, promise to pay, or other instrument which has any blank spaces when signed by a debtor; (b) Any...
California Financial Code Section 12319
Every contract between a prorater and a debtor shall: (a) List every debt to be prorated with the creditor's name and disclose the total of all...
California Financial Code Section 12320
A prorater shall deliver a copy of any contract or agreement between the prorater and a debtor to the debtor immediately after the debtor executes...
California Financial Code Section 12321
Unless paid by check or money order a prorater shall deliver a receipt to a debtor for each payment within five (5) days after receipt of a payment.
California Financial Code Section 12322
At least once in each six (6) months, the prorater shall render an accounting to the debtor which shall itemize the total amount received from the...
California Financial Code Section 12323
A prorater shall not lend money or credit.
California Financial Code Section 12324
A prorater shall not: (a) Offer, pay, or give any cash, fee, gift, bonus, premium, reward, or other compensation to any person for referring any...
California Financial Code Section 12325
A prorater shall not solicit or require a debtor to purchase or agree to purchase any policy of insurance.
California Financial Code Section 12326
A special prorater shall not advertise in any manner or otherwise hold himself out to the public as a general prorater or as qualified to do business
California Financial Code Section 12327
Nothing in this division shall be deemed to authorize the performance, directly or indirectly, of an act or acts constituting the practice of law by...
California Financial Code Section 12328
(a) No collection agency may be maintained in the same premises as a prorating organization unless such prorating organization is exempt under the...
California Financial Code Section 12329
It shall be unlawful for any prorater to disclose the list of creditors of a debtor to any individual or firm for the purpose of soliciting the...
California Financial Code Section 12330
The commissioner shall have power and authority to promulgate rules and regulations governing the form and wording of advertising to be used by...
California Financial Code Section 12331
Within the organization of each prorater corporation, either as an owner, officer, or employee, there shall be one or more persons possessing a...
California Financial Code Section 12332
(a) It is unlawful for any person to knowingly alter, destroy, mutilate, conceal, cover up, falsify, or make a false entry in any record, document,...
California Financial Code Section 12400
The commissioner may, upon reasonable opportunity to be heard, suspend or revoke any license issued pursuant to this division, if he finds that: ...
California Financial Code Section 12401
The commissioner may upon three days' notice and a hearing, suspend any license for a period not exceeding 30 days, pending investigation.
California Financial Code Section 12401.1
The commissioner may by order summarily suspend or revoke the license of a licensee who fails to pay the license fee prescribed by Section 12214...
California Financial Code Section 12402
Except where a shorter time for setting the hearing is prescribed in this division, all hearings under this division shall be conducted in accordance
California Financial Code Section 12403
Every order, decision, license, or other official act of the commissioner is subject to review in accordance with law.
California Financial Code Section 12404
(a) The commissioner may, after appropriate notice and opportunity for hearing, by order, censure or suspend for a period not exceeding 12 months, or
California Financial Code Section 13000
It is the intent of the Legislature in enacting this division to enhance the safety of consumers using automated teller machines in California...
California Financial Code Section 13020
As used in this division: (a) "Access area" means any paved walkway or sidewalk which is within 50 feet of an automated teller machine. The term...
California Financial Code Section 13030
On or before July 1, 1991, with respect to all existing installed automated teller machines in this state, and any automated teller machines...
California Financial Code Section 13031
It is not the intent of the Legislature in enacting this chapter to impose a duty to relocate or modify automated teller machines upon the occurrence
California Financial Code Section 13040
(a) Each operator of an automated teller machine installed on or after July 1, 1991, shall comply with Section 13041 commencing on the date the...
California Financial Code Section 13041
The operator, owner, or other person responsible therefor, shall provide lighting during hours of darkness with respect to an open and operating...
California Financial Code Section 13050
Customers receiving access devices shall be furnished by the respective issuers thereof with notices of basic safety precautions which customers...
California Financial Code Section 13060
The provisions of this division shall not apply with respect to any automated teller machine which is: (a) Located inside of a building, unless it
California Financial Code Section 13070
This division supersedes and preempts all rules, regulations, codes, statutes, or ordinances of all cities, counties, cities and counties,...
California Financial Code Section 13080
(a) No operator of an automated teller machine (ATM) in this state shall impose any surcharge upon a customer for the usage of that machine whether...
California Financial Code Section 13081
(a) In enacting this section, the Legislature finds and declares all of the following: (1) It is in the best interest of consumers in this state...
California Financial Code Section 13082
(a) Whenever a point-of-sale system is changed or modified to include a video touch screen or any other nontactile keypad, the point-of-sale device...
California Financial Code Section 13083
(a) Subject to the requirements of Section 13080, an agreement to operate or share an automated teller machine may not prohibit, limit, or restrict...
California Financial Code Section 14000
This division shall be known as the "California Credit Union Law."
California Financial Code Section 14001
The definitions given in this division govern the construction of this division unless the context otherwise requires.
California Financial Code Section 14001.1
This division is applicable to any person, other than a federal credit union engaging in the business of a credit union in this state. For purposes...
California Financial Code Section 14001.5
If and to the extent that any provision of this division is preempted by federal law, the provision shall not apply and shall not be enforced.
California Financial Code Section 14002
A credit union is a cooperative, organized for the purposes of promoting thrift and savings among its members, creating a source of credit for them...
California Financial Code Section 14002.5
(a) Except as provided in subdivision (b), all provisions of law applicable to nonprofit mutual benefit corporations generally (including, but not...
California Financial Code Section 14003
"Commissioner" means the Commissioner of Financial Institutions of the State of California.
California Financial Code Section 14004
"Impaired capital" means that the losses or projected losses of a credit union are such that the book value of a member's share is reduced below 100...
California Financial Code Section 14005
Unless otherwise defined in this division, "insolvent" means a credit union has ceased to pay its debts in the ordinary course of business, or cannot
California Financial Code Section 14006
"Credit manager" means a natural person approved by the board of directors and employed by a credit union to supervise the lending activities of the...
California Financial Code Section 14007
"Obligation" means any contractual obligation to the credit union for money borrowed or credit extended or guaranteed from its members, including,...
California Financial Code Section 14050
The use by any person, other than those authorized by this division, of any name or title which contains the phrase "credit union," is a misdemeanor.
California Financial Code Section 14051
Any person who willfully and knowingly makes, circulates, or transmits to another or others any statement or rumor, written, printed or by word of...
California Financial Code Section 14052
In addition to the powers enumerated in this division, every credit union has the general powers conferred upon corporations by the Nonprofit Mutual...
California Financial Code Section 14100
(a) Credit unions shall be incorporated under the Nonprofit Mutual Benefit Corporation Law of this state. (b) The Secretary of State shall not...
California Financial Code Section 14101
The articles of incorporation of every credit union shall set forth the following: (a) The name of the corporation, which shall include the...
California Financial Code Section 14101.2
(a) The articles shall be signed by each director named in the articles, acknowledged pursuant to Section 5030 of the Corporations Code and filed in...
California Financial Code Section 14101.4
(a) The provisions of Section 14101, except as provided in subdivision (b) of that section, shall not apply to a credit union organized prior to...
California Financial Code Section 14101.6
(a) Every credit union shall, within 90 days after the filing of its original articles and annually thereafter during the applicable filing period in
California Financial Code Section 14101.8
(a) No amendment of the articles of a credit union shall become effective unless the certificate of amendment or other instrument setting forth the...
California Financial Code Section 14102
(a) Amendments to the articles of incorporation of any credit union may be adopted by resolution of the board of directors, which is also adopted by...
California Financial Code Section 14102.2
(a) No restated articles of a credit union shall become effective unless the certificate setting forth the restated articles, with the commissioner's
California Financial Code Section 14102.4
(a) No certificate of correction of a credit union shall become effective unless the certificate, with the commissioner's approval endorsed thereon,...
California Financial Code Section 14102.6
(a) No certificate of revocation by a credit union shall become effective unless the certificate, with the commissioner's approval endorsed thereon,...
California Financial Code Section 14103
The bylaws shall prescribe the manner in which the business of the credit union shall be conducted with reference to the following matters: (a)...
California Financial Code Section 14150
No membership shares, certificates for funds or other securities shall be issued by any credit union until it has applied for and obtained from the...
California Financial Code Section 14151
Applications for a certificate to act as a credit union shall be made in writing to the commissioner, setting forth such information as the...
California Financial Code Section 14152
At the time of filing an application to operate as a credit union, the applicant shall pay to the commissioner a filing fee of five dollars ($5).
California Financial Code Section 14153
Upon the filing of the application for a certificate to act as a credit union, the commissioner shall examine the application together with the other
California Financial Code Section 14154
If the commissioner determines that the applicant has satisfied the provisions of this division and does not find facts constituting reasons for...
California Financial Code Section 14155
Upon reasonable notice and opportunity to be heard, the commissioner may deny the application for a certificate to act as a credit union or an...
California Financial Code Section 14156
Each certificate issued under this division remains in full force and effect until surrendered and accepted by the commissioner, or until suspended...
California Financial Code Section 14200
The powers of supervision and examination of all credit unions organized under the provisions of this division are vested in the commissioner.
California Financial Code Section 14200.1
There is in the Department of Financial Institutions, the Division of Credit Unions. The Division of Credit Unions has charge of the execution of...
California Financial Code Section 14200.2
The Chief Officer of the Division of Credit Unions is the Deputy Commissioner of Financial Institutions for the Division of Credit Unions. The...
California Financial Code Section 14201
The commissioner may establish or waive such rules and regulations as may be reasonable or necessary to carry out the purposes and provisions of this
California Financial Code Section 14202
The commissioner may by regulation authorize credit unions organized under the provisions of this division to engage in any activity authorized by...
California Financial Code Section 14203
Upon request of the commissioner, a credit union shall furnish to the commissioner an authorization for examination of financial records of any...
California Financial Code Section 14204
If the commissioner upon any examination, or from any report made to the commissioner, finds any credit union is violating the provisions of this...
California Financial Code Section 14205
The commissioner may, upon reasonable notice and opportunity to be heard, suspend or revoke any certificate if the commissioner finds that the credit
California Financial Code Section 14207
In any proceeding under this law, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
California Financial Code Section 14208
The commissioner may, after appropriate notice and opportunity for hearing, by order censure, or suspend for a period not exceeding 12 months, or bar
California Financial Code Section 14209
(a) Whenever it appears to the commissioner that any person has engaged in or is about to engage in any acts or practices constituting a violation of
California Financial Code Section 14211
In determining for purposes of this division whether the capital of any credit union is adequate, the commissioner shall consider the following: ...
California Financial Code Section 14250
(a) (1) The commissioner may at any time investigate into the affairs and examine the books, accounts, records, files, and any office within or...
California Financial Code Section 14251
The commissioner upon the written consent of any credit union officer or director may make any examination of the credit union in any regularly...
California Financial Code Section 14252
(a) A credit union with total assets equal to or greater than ten million dollars ($10,000,000) shall, within 105 days after the end of each fiscal...
California Financial Code Section 14253
A credit union shall, when requested by the commissioner, submit its unaudited financial statements, prepared in accordance with generally accepted...
California Financial Code Section 14254.5
(a) Except as provided in subdivisions (b) and (c), within 10 business days of opening, closing, or relocating a branch office, a credit union shall...
California Financial Code Section 14255
Every credit union shall make other special reports to the commissioner as the commissioner may from time to time require. Such reports shall be in...
California Financial Code Section 14256
(a) If any credit union fails to file with the commissioner any report required by this division on or before the day designated for the filing of...
California Financial Code Section 14257
Investigation and examination reports prepared by the commissioner's duly designated representatives shall not be public records. The reports may be...
California Financial Code Section 14300
For purposes of this chapter, the following terms shall have the following meanings: (a) "Officer with a subject institution" means the position...
California Financial Code Section 14301
Any requirement in this chapter for notice or hearing before the commissioner issues an order may be waived by the person to whom the order is...
California Financial Code Section 14302
(a) The commissioner may bring an action in the name of the people of this state in the superior court to enjoin any violation of, to enforce...
California Financial Code Section 14303
(a) The commissioner may, without any prior notice or hearing, order a person to cease and desist from violating Section 14150 if either of the...
California Financial Code Section 14304
If, after notice and a hearing, the commissioner finds any of the factors set forth in subdivision (a) or (b) with respect to a subject institution...
California Financial Code Section 14305
(a) If the commissioner finds that any of the factors set forth in Section 14304 is true with respect to a subject institution or subject person and...
California Financial Code Section 14306
An order issued pursuant to Sections 14303 to 14305, inclusive, may include any of the following provisions: (a) Require the subject institution...
California Financial Code Section 14307
(a) If the commissioner finds that a subject institution's books or records are so incomplete or inaccurate that the commissioner is unable through...
California Financial Code Section 14308
If, after notice and a hearing, the commissioner finds that any of the factors set forth in subdivision (a), any of the factors set forth in...
California Financial Code Section 14309
(a) If the commissioner finds that any of the factors set forth in subdivision (a) of Section 14308, any of the factors set forth in subdivision (b)...
California Financial Code Section 14310
(a) If the commissioner finds that any of the factors set forth in paragraph (1) and the factor set forth in paragraph (2) are true with respect to a
California Financial Code Section 14311
(a) Any subject institution, subject person of a subject institution, or former subject person of a subject institution to whom an order is issued...
California Financial Code Section 14312
(a) For purposes of this section, "subject depository institution" means any of the following: (1) A credit union that is organized under the laws
California Financial Code Section 14313
If the commissioner finds that any of the factors set forth in subdivisions (a) to (g), inclusive, are true with respect to a California credit...
California Financial Code Section 14314
(a) If the commissioner takes possession of the property and business of a California credit union pursuant to Section 14313, the California credit...
California Financial Code Section 14315
(a) On taking possession of the business and assets of any credit union as provided in this chapter, the commissioner may proceed to liquidate the...
California Financial Code Section 14316
The commissioner shall supervise the acts of the liquidating agent or the liquidating committee appointed under this article and may remove the...
California Financial Code Section 14317
If required by the commissioner, the liquidating agent or the members of the liquidating committee appointed under this article shall provide proof...
California Financial Code Section 14318
If the commissioner retains possession of the assets of a credit union for purposes of liquidation, the commissioner shall use the services of civil...
California Financial Code Section 14319
In any case where the commissioner takes possession of a subject institution pursuant to this article without a prior notice or hearing, or takes...
California Financial Code Section 14350
The commissioner shall annually levy on and collect from credit unions holding certificates authorizing them to act as credit unions, pro rata on the
California Financial Code Section 14351
(a) The amount of the annual assessment on any credit union holding a certificate authorizing it to act as a credit union shall be the greater of (1)
California Financial Code Section 14352
For purposes of the annual assessment, the total assets of a credit union holding a certificate authorizing it to act as a credit union shall be...
California Financial Code Section 14353
(a) Whenever the commissioner levies an annual assessment on credit unions holding certificates authorizing them to act as credit unions, the...
California Financial Code Section 14353.5
Whenever the commissioner finds it necessary or advisable to make an extra examination of a credit union, the commissioner may charge the credit...
California Financial Code Section 14354
There is established the Credit Union Fund in the State Treasury.
California Financial Code Section 14355
All money received or collected by the commissioner under this division or any other law relating to credit unions or the credit union business shall
California Financial Code Section 14356
All expenses of the department in administering this division and other laws relating to credit unions or the credit union business shall be paid out
California Financial Code Section 14380
There is established in the department a Credit Union Advisory Committee.
California Financial Code Section 14381
The Credit Union Advisory Committee shall advise the commissioner and the Deputy Commissioner of Financial Institutions for the Division of Credit...
California Financial Code Section 14382
(a) The Credit Union Advisory Committee consists of seven members. (b) The members of the Credit Union Advisory Committee shall be appointed by...
California Financial Code Section 14383
The Credit Union Advisory Committee shall meet at least once each calendar quarter.
California Financial Code Section 14384
The commissioner may by order or regulation prescribe rules governing the Credit Union Advisory Committee and its members, including such matters as...
California Financial Code Section 14400
(a) The savings capital of a credit union shall consist of the payments made by members on shares as set forth in the credit union's written savings...
California Financial Code Section 14401
A credit union may borrow money from any source in an aggregate amount not to exceed 50 percent of the paid-in and unimpaired capital and surplus of...
California Financial Code Section 14402
Every credit union may purchase and hold, either individually or jointly with other credit unions or affiliated organizations, a lot and building to...
California Financial Code Section 14403
Every credit union may purchase and hold, either individually or jointly with other credit unions or affiliated organizations, furniture, fixtures,...
California Financial Code Section 14404
A credit union shall not invest more than the amounts permitted pursuant to regulations which shall be promulgated by the commissioner for the...
California Financial Code Section 14405
Every credit union may: (a) (1) Become a member of any organization or organizations composed of credit unions, credit associations, chambers of...
California Financial Code Section 14406
The savings capital, undivided profits, and reserve funds of a credit union shall be deposited only in the following: (a) Commercial banks or...
California Financial Code Section 14407
(a) Whenever the losses of any credit union resulting from a depreciation in the value of its securities or otherwise exceed its undivided earnings...
California Financial Code Section 14408
No credit union shall make any gift or donation having a value in excess of twenty-five thousand dollars ($25,000) unless the gift or donation is in...
California Financial Code Section 14409
(a) Every credit union shall obtain adequate bond or insurance coverage, for each director, officer, supervisory committee member, and credit...
California Financial Code Section 14409.2
(a) Notwithstanding the provisions of Sections 1051, 1052, and 1054 of the Labor Code and Section 2947 of the Penal Code, any credit union or officer
California Financial Code Section 14410
(a) No member of the board of directors, supervisory committee, or credit committee shall receive any compensation for his or her services as a...
California Financial Code Section 14450
The credit union shall be directed by a board consisting of an odd number of directors, at least five in number, each of whom shall be a member of...
California Financial Code Section 14451
Directors may be elected for a term of three years or less. If directors are elected for terms in excess of one year their terms of office shall be...
California Financial Code Section 14452
The office of any director shall be declared vacant if such director is absent from three consecutive regular meetings of the board of directors...
California Financial Code Section 14452.5
A vacancy on the board of directors shall be filled in accordance with Section 7224 of the Corporations Code, subject to the following: (a) A...
California Financial Code Section 14453
The board of directors of every credit union shall have the general management of the affairs, funds, and records of the credit union. The board may
California Financial Code Section 14454
The directors shall hold a meeting of all directors within 10 days after the annual meeting of members pursuant to Section 14804 for the purpose of...
California Financial Code Section 14456
Unless the bylaws expressly reserve any or all of the following duties to the members, the directors have all of the following special duties: (a)
California Financial Code Section 14500
(a) The officers of every credit union shall include a chairman or president, one or more vice chairmen or vice presidents, a secretary and a...
California Financial Code Section 14501
If the bylaws so provide, the directors may elect the same person as secretary and treasurer or chief financial officer.
California Financial Code Section 14502
The powers and duties of the officers of any credit union required pursuant to subdivision (a) of Section 14500 are as prescribed in the bylaws.
California Financial Code Section 14550
Every credit union shall have a supervisory committee of at least three persons, each of whom shall be a member of the credit union.
California Financial Code Section 14551
The supervisory committee may: (a) Suspend at any time by unanimous vote, at a meeting called for that purpose, the credit committee, or any...
California Financial Code Section 14551.5
The supervisory committee shall be responsible for reviewing the credit union's policies and control procedures to safeguard against fraud and...
California Financial Code Section 14552
The supervisory committee shall, within seven days after suspension of any or all members of the credit committee, or any member of the board of...
California Financial Code Section 14553
(a) The supervisory committee shall at least once each year make or cause to be made an audit of the books and records and an examination of the...
California Financial Code Section 14554
No member of the supervisory committee shall serve as a member of the credit committee, as the credit manager, as a member of the board of directors,
California Financial Code Section 14555
The commissioner may, after investigation and finding that the supervisory committee is not performing in conformance with this article, declare all...
California Financial Code Section 14600
Every credit union shall have a credit committee of at least three persons, each of whom shall be a member of the credit union, or in the...
California Financial Code Section 14601
No member of the credit committee or the credit manager or any loan officer shall serve as a member of the supervisory committee.
California Financial Code Section 14602
(a) (1) No credit union shall create any obligation with a credit union member, without the written approval of a majority of all the members of the...
California Financial Code Section 14603
The credit committee, the credit manager, or a loan officer may approve in advance, upon their own motion or upon the application of any member, the...
California Financial Code Section 14604
A credit union member whose written application to enter into any obligation is denied, may appeal from the denial of the credit committee, the...
California Financial Code Section 14605
A credit manager shall not disburse or have the authority to authorize any person to disburse the proceeds of any loan. A credit manager shall not...
California Financial Code Section 14650
Subject to the limitations of Sections 14402, 14403, and 14404, any credit union or credit unions may purchase, acquire and hold outstanding shares...
California Financial Code Section 14651
(a) Every credit union may invest in the shares of stock of a corporation, or in membership or economic interests of a limited liability company,...
California Financial Code Section 14652
Every credit union may invest in securities and other assets described in Chapter 9 (commencing with Section 1000) of the Banking Law as legal...
California Financial Code Section 14652.5
A credit union may organize, sponsor, operate, control, or render investment advice to, an investment company, or underwrite, distribute, or sell...
California Financial Code Section 14653
Credit unions may invest in a trust organized solely for the purpose of investing in United States government securities and United States government
California Financial Code Section 14653.5
Notwithstanding any other provision of law, a credit union may make any investment authorized by regulation or in writing by the commissioner.
California Financial Code Section 14654
Credit unions may purchase from the vendor or lessor of any personal property, conditional sale contracts or vehicle lease agreements covering the...
California Financial Code Section 14655
A credit union may purchase from the owner thereof a promissory note upon which a member is primary obligor provided the credit union could have made
California Financial Code Section 14656
A credit union may, in accordance with rules and regulations prescribed by the commissioner, purchase from any liquidating credit union notes made by
California Financial Code Section 14700
Every credit union shall create and maintain a regular reserve as specified by the commissioner.
California Financial Code Section 14701
Losses incurred by a credit union may be charged to its regular reserve as permitted by rule of the commissioner.
California Financial Code Section 14702
In addition to the regular reserve, special reserves shall be established when required by regulation or when found necessary by the board of...
California Financial Code Section 14703
A credit union shall establish and maintain an allowance-for-loan-losses account in accordance with generally accepted accounting principles. The...
California Financial Code Section 14750
Except as provided in Section 14950, any officer, director, member of a committee of a credit union, loan officer appointed pursuant to Section...
California Financial Code Section 14751
Any officer, director, member of a committee, credit manager, or loan officer appointed pursuant to Section 14602 who violates Section 14750 is...
California Financial Code Section 14752
Except as provided for in Section 14051 and this article, any person who willfully violates any provision of this division, or who willfully violates
California Financial Code Section 14753
Any director, officer, or employee of a credit union who asks for, receives, or agrees to receive any money, property, or thing of value for his...
California Financial Code Section 14754
Any director, officer, or employee of a credit union who knowingly overdraws his or her account with that credit union, except for any overdraft...
California Financial Code Section 14755
Any director, officer, agent, or employee of any credit union who knowingly receives or possesses the credit union's property otherwise than in...
California Financial Code Section 14756
Any director, officer, agent, or employee of a credit union who (1) knowingly concurs in making or publishing any written report, exhibit, or...
California Financial Code Section 14758
Any director, officer, or employee of a credit union who makes or maintains, or attempts to make or maintain, a deposit of the credit union's funds...
California Financial Code Section 14759
Any officer, director, employee, or agent of any credit union who willfully makes a false or untrue entry in any book, record, report, statement...
California Financial Code Section 14760
(a) Every director of a credit union is guilty of a misdemeanor who: (1) In case of the fraudulent insolvency of that credit union, has...
California Financial Code Section 14761
Any officer or agent of any credit union who makes or delivers any guaranty or endorsement on behalf of the credit union whereby the credit union may
California Financial Code Section 14762
A director of a credit union who concurs in any vote or act of the directors of the credit union by which it is intended to make a loan or discount...
California Financial Code Section 14763
Any officer or employee of any credit union who intentionally conceals from the directors of the credit union any discounts or loans made by the...
California Financial Code Section 14764
No credit union shall purchase any real or personal property or any interest in real or personal property, including, but not limited to, a...
California Financial Code Section 14765
No officer, director, or employee of a credit union shall purchase, directly or indirectly, or be interested in the purchase of, any of the credit...
California Financial Code Section 14766
No officer, director, or employee of a credit union, directly or indirectly, shall purchase or be interested in the purchase of, any of the credit...
California Financial Code Section 14767
It is unlawful for any person willfully to make any untrue statement of a material fact in any document filed with the commissioner under this...
California Financial Code Section 14768
Any officer, director, employee, or agent of any credit union who abstracts or willfully misapplies any of the money, funds, or property of the...
California Financial Code Section 14800
(a) Every credit union may admit to membership those persons qualified for membership upon the occurrence of any of the following: (1) Upon the...
California Financial Code Section 14801
Every credit union may expel members as provided in Section 14456 of this division and Section 7341 of the Corporations Code.
California Financial Code Section 14802
Each member shall keep the credit union informed of his current address. In the event a member fails to do this, a charge may be made to the...
California Financial Code Section 14803
(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...
California Financial Code Section 14804
The members of a credit union shall hold an annual meeting for the election of directors and a supervisory committee and, if provided for in its...
California Financial Code Section 14805
Special meetings of members may be held upon order of the board of directors. Special meetings of members shall be held upon the written request of...
California Financial Code Section 14806
In credit unions formed on or after September 15, 1945, no member shall have more than one vote irrespective of the number of shares held by the...
California Financial Code Section 14807
Any member may withdraw from membership in the credit union at any time. A withdrawing member may be required to give 60 days' notice of intention to
California Financial Code Section 14808
All amounts paid on shares or on certificates for funds of an expelled or withdrawn member, with any dividends or interest credited thereto to the...
California Financial Code Section 14809
Members who leave the field of membership may be permitted to retain their membership in the credit union unless otherwise provided in the credit...
California Financial Code Section 14811
(a) A member who has no outstanding obligations with the credit union and whose share account is below the amount established by the bylaws may be...
California Financial Code Section 14812
Unless otherwise provided in the bylaws, a quorum for a meeting of members shall be 10 percent of the members or 50 members, whichever is less.
California Financial Code Section 14820
(a) Any member of a credit union may authorize another person or persons to act by proxy with respect to such membership, subject to subdivision (e).
California Financial Code Section 14821
(a) Except for solicited proxies which on their face provide for a period of validity of three years from the date of execution of the proxy, any...
California Financial Code Section 14822
Notwithstanding any other provision to the contrary, no member shall vote by proxy on any matter submitted by mail to all members of a credit union...
California Financial Code Section 14850
The Corporate Securities Law relating to the necessity of qualification of the sale of securities does not apply to the sale and issue of membership...
California Financial Code Section 14851
(a) Every credit union may issue shares (1) to any member qualified pursuant to the credit union's bylaws; (2) to an officer, employee, or agent of...
California Financial Code Section 14852
Every credit union may charge a reasonable fee for the transfer of its shares.
California Financial Code Section 14853
A credit union may issue shares or certificates for funds to a minor of any age or maintain any other account authorized for credit union members for
California Financial Code Section 14854
Subject to Section 14860, a credit union share account that is a multiple-party account, as defined in Section 5132 of the Probate Code, is governed...
California Financial Code Section 14855
Every credit union may receive money and accumulate funds to be loaned and execute certificates for funds for the money received. The certificates...
California Financial Code Section 14856
Every credit union may impress a lien upon the shares and dividends of any member to the extent of any obligations entered into with that member and...
California Financial Code Section 14857
Every credit union may cancel the shares of any member who withdraws or is expelled, and apply the value of the shares to the liquidation of the...
California Financial Code Section 14858
Every credit union shall apply for and obtain insurance as provided for by Title II of the Federal Credit Union Act (12 U.S.C. Sec. 1781 and...
California Financial Code Section 14860
Except as provided in this section and Part 2 (commencing with Section 5100) of Division 5 of the Probate Code, no credit union shall exercise trust...
California Financial Code Section 14861
No credit union shall issue shares to anyone not qualified for membership under its bylaws, except shares issued in coownership as provided in...
California Financial Code Section 14862
The board of directors shall establish from time to time a written savings capital structure policy which shall set out the various terms and...
California Financial Code Section 14863
(a) A credit union shall not impose any charge on a member or depositor holding a periodic certificate for funds for the failure of such member or...
California Financial Code Section 14865
Shares issued by a credit union to a member shall be evidenced in monetary amounts rather than by numbers of shares. The shares owned by a member...
California Financial Code Section 14866
The evidence of credit union shares issued shall be a certificate, a passbook, a statement or other evidence approved by regulation of the...
California Financial Code Section 14867
(a) Shares, including special shares, and certificates for funds may be withdrawn for payment to the owner or for any third party, in the manner and...
California Financial Code Section 14868
(a) As used in this section: (1) "Beneficiary" has the meaning given that term in Section 5126 of the Probate Code. (2) "Totten trust account"...
California Financial Code Section 14900
(a) The board of directors of any credit union may declare dividends at such intervals, in accordance with such formula, and for such periods as...
California Financial Code Section 14901
The rates of dividends and terms of payment may be established in advance by action of the board of directors. However, nothing in this section...
California Financial Code Section 14902
The directors of any credit union may, for the dividend period, declare dividends from its undivided profits as provided by law, but no credit union...
California Financial Code Section 14905
Amounts paid or credited by a credit union to its members or depositors on or before the 30th day after the close of its income year shall be deemed...
California Financial Code Section 14950
(a) Every credit union may enter into obligations with its members upon the approval of the credit committee or, in the alternative, the credit...
California Financial Code Section 14951
Any application for any loan or extension or guarantee of credit, except an application for an extension of a loan, shall be in writing, shall state...
California Financial Code Section 14952
(a) The board of directors of a credit union shall establish the maximum amount that the credit union may lend to a member under 18 years of age in...
California Financial Code Section 14953
(a) Any extension of credit in excess of the unsecured loan limit set by the board of directors pursuant to Section 15100 shall be secured either (1)
California Financial Code Section 14954
For the purposes of this chapter, a person who is not an applicant for an extension of credit or the creation of an obligation with the credit union...
California Financial Code Section 14955
"Security" includes, but is not limited to, the following: (a) A note endorsed by any member of the credit union or by any other person. (b)...
California Financial Code Section 14957
Whenever the directors, the credit committee, or if applicable, the credit manager, deem any loan unsafe, they may require additional security to be...
California Financial Code Section 14958
A credit union may participate in guaranteed loan programs of the federal or state governments, subject to the limitations on loans set forth in this
California Financial Code Section 14959
(a) A credit union may participate in loans made to its members jointly with other credit unions, corporations or financial organizations. (b) A...
California Financial Code Section 14960
(a) Any credit union that makes a refund anticipation loan to a covered borrower, as defined in Section 232 of Title 32 of the Code of Federal...
California Financial Code Section 15001
Every credit union may assess charges as approved by the board of directors for failure to meet punctually obligations to the credit union. Any late
California Financial Code Section 15050
(a) For purposes of this section, "official" means a director, officer, or member of the supervisory committee or the credit committee of a credit...
California Financial Code Section 15051
The board of directors shall declare the office of any director, officer, committee member, or the credit manager vacant if the person fails to...
California Financial Code Section 15100
(a) The board of directors shall establish written policies which shall set forth the policies of the credit union with respect to any obligation...
California Financial Code Section 15101
Notwithstanding the provisions of Section 15100, if a loan is made for educational purposes and such loan would cause the aggregate of loans to an...
California Financial Code Section 15102
(a) Notwithstanding Section 726 of the Code of Civil Procedure or any other provision of law to the contrary, a credit union, an affiliate of a...
California Financial Code Section 15103
A credit union, or the agent of a credit union, that has received a notice pursuant to Section 7507.6 of the Business and Professions Code, shall not
California Financial Code Section 15200
Any credit union may, with the approval of the commissioner, merge with another credit union or with a central credit union.
California Financial Code Section 15201
(a) The merger shall be made pursuant to any plan agreed upon by the majority of the board of directors of each credit union joining in the merger,...
California Financial Code Section 15202
(a) After the requirement of approval as provided in Section 15201 is satisfied, each credit union shall execute a certificate of merger as an...
California Financial Code Section 15203
Each certificate of merger called for in Section 15202 shall be filed in the office of the Secretary of State. After the filing in the office of the
California Financial Code Section 15204
(a) Upon any merger effectuated as provided in this article, all property, property rights, and interests of the merged credit union shall vest in...
California Financial Code Section 15250
(a) Whenever the board of directors of a credit union recommends by a vote of a majority of all its members the dissolution of the credit union, the...
California Financial Code Section 15251
If the dissolution of the credit union is approved pursuant to subdivision (a) or (b) of Section 15250, the board of directors of the credit union...
California Financial Code Section 15252
Promptly thereafter the president or vice president and secretary or assistant secretary, or a majority of the committee or the liquidating agent in...
California Financial Code Section 15253
After a vote to dissolve a credit union no business may be carried on by the credit union except in the proper course of liquidation.
California Financial Code Section 15254
The committee or the liquidating agent in charge of liquidation may sue in the name and on behalf of the credit union, and may sell or otherwise...
California Financial Code Section 15255
After determining that all known debts and liabilities of the credit union have been paid or adequately provided for, the committee or the...
California Financial Code Section 15257
When a credit union has completely wound up, all of its known debts and liabilities actually paid or adequately provided for or paid as far as its...
California Financial Code Section 15258
The certificate of dissolution shall be filed in the office of the Secretary of State and copies, certified by him, shall be filed in the office of...
California Financial Code Section 15259
At any time during the liquidation process, the committee or the liquidating agent in charge of liquidation may be relieved of their duties at the...
California Financial Code Section 15260
Where the commissioner finds that on the date of filing with the Secretary of State of the certificate of election to wind up and dissolve, the...
California Financial Code Section 15300
A credit union may convert itself into a federal credit union by following the procedure contained in this article.
California Financial Code Section 15301
Upon recommendation of the board of directors the members of any credit union may by an affirmative majority vote of such members resolve to convert...
California Financial Code Section 15302
Within 10 days after the meeting or written vote at which the members determine to convert into a federal credit union, the credit union shall file...
California Financial Code Section 15303
A certified copy of the certificate required by Section 15302 filed in the office of the Secretary of State is presumptive evidence of the holding of
California Financial Code Section 15304
After the meeting or the written vote of the members, the credit union shall take such action as is necessary to make it a federal credit union, and...
California Financial Code Section 15305
At the time the conversion into a federal credit union becomes effective, the credit union ceases to be supervised by this state and all of the...
California Financial Code Section 15306
The converted federal credit union shall have, hold, and enjoy the property mentioned in Section 15305 in its own right as fully and to the same...
California Financial Code Section 15350
Upon recommendation of its board of directors, any federal credit union may convert into a credit union under the laws of this state by complying...
California Financial Code Section 15351
The officers and directors of the federal credit union shall be the officers and directors of the credit union after conversion takes effect, to hold
California Financial Code Section 15352
The commissioner may conduct a joint audit of the federal credit union with federal auditors. Upon completion of such audit, he shall issue a...
California Financial Code Section 15353
Copies of the minutes of the proceedings of the meeting of the members or the written ballot and the record of written vote of the members in which...
California Financial Code Section 15354
The verified copies of the minutes of the meeting or the record of written vote, when filed as required by Section 15353, are presumptive evidence of
California Financial Code Section 15355
After an affirmative vote as provided in Section 15350, the federal credit union shall take or cause to be taken such action in the manner prescribed
California Financial Code Section 15356
The directors of a credit union converted from a federal credit union may insert in the articles of incorporation the following statement: "This...
California Financial Code Section 15357
Within 10 days after the filing of the articles of incorporation with the Secretary of State, there shall be filed, with the National Credit Union...
California Financial Code Section 15358
Upon the filing of the articles of incorporation with the Secretary of State and the issuance of a certificate by the commissioner authorizing the...
California Financial Code Section 15359
The converted credit union shall have, hold, and enjoy the property mentioned in Section 15358 in its own right as fully and to the same extent as...
California Financial Code Section 15400
"Central credit union" means a credit union whose membership includes, but is not limited to, other credit unions, members of credit unions, credit...
California Financial Code Section 15450
Central credit unions may be organized and operated under this division. Each such credit union shall use the word "central" in its official name.
California Financial Code Section 15451
(a) A central credit union may, with the approval of the commissioner and under such regulations as he shall prescribe, admit to membership groups of
California Financial Code Section 16000
This chapter may be cited as the "Foreign (Other State) Credit Union Law."
California Financial Code Section 16001
In this chapter: (a) "Branch business" means the business of issuing share accounts, certificates for funds, and share drafts, receiving deposits,
California Financial Code Section 16002
Nothing in this chapter shall be deemed to authorize a foreign (other nation) credit union to transact business in this state.
California Financial Code Section 16003
No foreign (other state) credit union may establish or maintain a California branch office or California facility unless it is qualified to transact...
California Financial Code Section 16004
No foreign (other state) credit union may establish a California branch office or California facility unless its deposit or share accounts are...
California Financial Code Section 16005
Each application filed with the commissioner under this chapter or under any regulation or order issued under this chapter shall be in the form,...
California Financial Code Section 16006
Fees shall be paid to and collected by the commissioner as follows: (a) The fee for an application by a foreign (other state) credit union that is
California Financial Code Section 16007
(a) Not less than 30 days before a foreign (other state) credit union establishes a California branch office or a California facility, the foreign...
California Financial Code Section 16008
In administering the provisions of this chapter, the commissioner may share information with federal and home state regulators of foreign (other...
California Financial Code Section 16009
A foreign (other state) credit union that is licensed to establish an office shall post at a conspicuous place at the office a notice to the public...
California Financial Code Section 16010
No license shall be transferable or assignable.
California Financial Code Section 16011
Whenever a foreign (other state) credit union is licensed to establish more than one office, it shall designate one of its offices as its primary...
California Financial Code Section 16012
Each foreign (other state) credit union that is licensed to establish an office shall conduct all of the business of the office in a single building...
California Financial Code Section 16013
Whenever any provision of this chapter or of any regulation or order issued under this chapter which is applicable to or with respect to a foreign...
California Financial Code Section 16020
(a) Except for the activities described in paragraph (2) of subdivision (c) of Section 16001, no foreign (other state) credit union shall transact...
California Financial Code Section 16021
(a) No foreign (other state) credit union shall establish or maintain a California branch office unless the commissioner shall have first approved...
California Financial Code Section 16022
(a) If the commissioner finds all of the following with respect to an application by a foreign (other state) credit union for approval to establish a
California Financial Code Section 16023
The approval of an application for approval to establish a California branch office shall be revoked by operation of law if the applicant foreign...
California Financial Code Section 16024
(a) Within 30 days of establishing a California facility, a foreign (other state) credit union shall notify the commissioner in writing of its intent
California Financial Code Section 16075
Within 10 days of relocating a California branch office or California facility, a foreign (other state) credit union shall file a report with the...
California Financial Code Section 16076
Not less than 30 days before a foreign (other state) credit union discontinues a California branch office or California facility, it shall file a...
California Financial Code Section 16077
Promptly after a foreign (other state) credit union relocates or discontinues a California branch office or California facility pursuant to this...
California Financial Code Section 16100
(a) A foreign (other state) credit union that has a license to establish and maintain an office in this state may engage in activities at such office
California Financial Code Section 16101
(a) The following provisions of this division apply to a foreign (other state) credit union that maintains a California branch office or California...
California Financial Code Section 16102
(a) Any foreign (other state) credit union that is authorized to and does maintain a California branch office or California facility is exempted from
California Financial Code Section 16103
(a) A foreign (other state) credit union that is licensed to establish and maintain an office or offices in this state shall keep the assets of the...
California Financial Code Section 16150
(a) The commissioner may at any time investigate into the affairs and examine the books, accounts, and other records of a foreign (other state)...
California Financial Code Section 16151
The commissioner may make any examination of a foreign (other state) credit union at any office of the commissioner. The commissioner may make an...
California Financial Code Section 16152
(a) Each foreign (other state) credit union shall, within 10 days after receipt or within any extended time that the commissioner may specify, file...
California Financial Code Section 16153
A foreign (other state) credit union shall file with the commissioner any other report as the commissioner may from time to time require. Each...
California Financial Code Section 16154
A foreign (other state) credit union that maintains a California branch office or California facility, if required by the commissioner, shall make,...
California Financial Code Section 16200
(a) The commissioner may bring an action in the name of the people of this state in the superior court to enjoin any violation of, to enforce...
California Financial Code Section 16200.5
(a) If the commissioner finds that any person has violated, or that there is reasonable cause to believe that any person is about to violate, Section
California Financial Code Section 16201
If, after notice and hearing, the commissioner finds that any person has violated any provision of this chapter or of any regulation or order issued...
California Financial Code Section 16202
If, after notice and hearing, the commissioner finds any of the following with respect to a foreign (other state) credit union that is licensed to...
California Financial Code Section 16203
(a) If the commissioner finds that any of the factors set forth in Section 16202 is true with respect to any foreign (other state) credit union that...
California Financial Code Section 16204
Any foreign (other state) credit union whose license to maintain an office is suspended or revoked shall immediately surrender the license to the...
California Financial Code Section 16205
(a) Any foreign (other state) credit union to which an order is issued under Section 16202 or 16203 may apply to the commissioner to modify or...
California Financial Code Section 16206
(a) If the commissioner finds that any of the factors set forth in Section 16202 is true with respect to any foreign (other state) credit union which
California Financial Code Section 16500
This chapter may be cited as the "Foreign (Other Nation) Credit Union Law."
California Financial Code Section 16501
In this chapter: (a) "Agency," when used with respect to a foreign (other nation) credit union, means an office in this state at which the...
California Financial Code Section 16502
Nothing in this chapter shall apply to a foreign (other state) state credit union or be deemed to authorize a foreign (other state) state credit...
California Financial Code Section 16503
No foreign (other nation) credit union may establish a branch office unless its deposit or share accounts are insured by the National Credit Union...
California Financial Code Section 16504
Each application filed with the commissioner under this chapter or under any regulation or order issued under this chapter shall be in the form,...
California Financial Code Section 16505
Fees shall be paid to and collected by the commissioner as follows: (a) The fee for filing with the commissioner an application by a foreign...
California Financial Code Section 16506
(a) (1) No foreign (other nation) credit union shall be issued a license to maintain an office unless it shall have first filed with the...
California Financial Code Section 16507
In administering the provisions of this chapter, the commissioner may share information with federal and home country regulators of foreign (other...
California Financial Code Section 16508
No license shall be transferable or assignable.
California Financial Code Section 16509
A foreign (other nation) credit union that is licensed to establish an office shall post at a conspicuous place at the office a notice to the public...
California Financial Code Section 16510
Whenever a foreign (other nation) credit union is licensed to establish more than one office, it shall designate one of its offices as its primary...
California Financial Code Section 16511
Each foreign (other nation) credit union that is licensed to establish an office shall conduct all of the business of the office in a single building
California Financial Code Section 16512
Whenever any provision of this chapter or of any regulation or order issued under this chapter that is applicable to or with respect to a foreign...
California Financial Code Section 16525
(a) No foreign (other nation) credit union shall establish or maintain an office in this state at which it engages in representational functions...
California Financial Code Section 16526
(a) No foreign (other nation) credit union shall establish or maintain a representative office unless the commissioner shall have first approved the...
California Financial Code Section 16527
(a) No foreign (other nation) credit union that is licensed to maintain a representative office shall relocate the office unless the commissioner...
California Financial Code Section 16528
A foreign (other nation) credit union that is licensed to maintain a representative office may, subject to any regulations that the commissioner may...
California Financial Code Section 16529
(a) (1) No foreign (other nation) credit union that is licensed to maintain a representative office shall close the office unless the commissioner...
California Financial Code Section 16530
The approval of an application for approval to establish a representative office shall be revoked by operation of law if the applicant foreign (other
California Financial Code Section 16550
(a) No foreign (other nation) credit union shall transact business in this state except at a branch office or agency that it is licensed to maintain...
California Financial Code Section 16551
No foreign (other nation) credit union shall be licensed to maintain a branch office or agency unless it is qualified to transact intrastate business
California Financial Code Section 16552
(a) No foreign (other nation) credit union shall establish or maintain a branch office or agency unless the commissioner shall have first approved...
California Financial Code Section 16553
The approval of an application for approval to establish a branch office or agency shall be revoked by operation of law if the applicant foreign...
California Financial Code Section 16554
(a) No foreign (other nation) credit union which is licensed to maintain a branch office or agency shall relocate the office unless the commissioner...
California Financial Code Section 16555
(a) (1) No foreign (other nation) credit union that is licensed to maintain a branch office or agency shall close the office unless the commissioner...
California Financial Code Section 16600
(a) A foreign (other nation) credit union that has a license to establish and maintain an office may engage in activities at the office as may be...
California Financial Code Section 16601
(a) A foreign (other nation) credit union may not expand its field of membership in this state without first obtaining the commissioner's approval.
California Financial Code Section 16602
(a) The following provisions of this code apply to a foreign (other nation) credit union that maintains a branch office or agency with respect to its
California Financial Code Section 16603
(a) Any foreign (other nation) credit union that is authorized to and does maintain a branch office or agency is exempted from the restrictions of...
California Financial Code Section 16604
(a) A foreign (other nation) credit union which is licensed to establish and maintain an office or offices shall keep the assets of the offices...
California Financial Code Section 16605
(a) In this section: (1) "Adjusted liabilities," when used with respect to a foreign (other nation) credit union, means the liabilities of the...
California Financial Code Section 16607
(a) In this section: (1) "Adjusted liabilities," when used with respect to a foreign (other nation) credit union that is licensed to maintain a...
California Financial Code Section 16700
(a) The commissioner may at any time investigate into the affairs and examine the books, accounts, and other records of a foreign (other nation)...
California Financial Code Section 16701
The commissioner may make an examination of a foreign (other nation) credit union at any office of the commissioner. The commissioner may make an...
California Financial Code Section 16702
(a) Each foreign (other nation) credit union shall, within 10 days after receipt or within any extended time that the commissioner may specify, file...
California Financial Code Section 16703
A foreign (other nation) credit union shall file with the commissioner any other report as the commissioner may from time to time require. Each...
California Financial Code Section 16704
Each foreign (other nation) credit union that maintains an office shall make, keep, and preserve at that office, or at any other place that the...
California Financial Code Section 16800
(a) A foreign (other nation) credit union that is licensed to maintain an office may voluntarily surrender the license for the office by filing the...
California Financial Code Section 16900
(a) The commissioner may bring an action in the name of the people of this state in the superior court to enjoin any violation of, to enforce...
California Financial Code Section 16900.5
(a) If the commissioner finds that any person has violated, or that there is reasonable cause to believe that any person is about to violate, Section
California Financial Code Section 16901
If, after notice and hearing, the commissioner finds that any person has violated any provision of this chapter or of any regulation or order issued...
California Financial Code Section 16902
If, after notice and hearing, the commissioner finds any of the following with respect to a foreign (other nation) credit union that is licensed to...
California Financial Code Section 16903
(a) If the commissioner finds that any of the factors set forth in Section 16902 is true with respect to any foreign (other nation) credit union that
California Financial Code Section 16904
Any foreign (other nation) credit union whose license to maintain an office is suspended or revoked shall immediately surrender the license to the...
California Financial Code Section 16905
(a) Any foreign (other nation) credit union to which an order is issued under Section 16902 and 16903 may apply to the commissioner to modify or...
California Financial Code Section 16906
(a) If the commissioner finds that any of the factors set forth in Section 16902 is true with respect to any foreign (other nation) credit union...
California Financial Code Section 17000
This division is known and may be cited as the "Escrow Law."
California Financial Code Section 17001
Unless the context otherwise requires, the definitions set forth in this chapter govern the construction of this division.
California Financial Code Section 17002
"Commissioner" means the Commissioner of Corporations.
California Financial Code Section 17002.5
"Person" means, in addition to the singular, persons, group of persons, co-operative, association, company, firm, partnership, corporation, limited...
California Financial Code Section 17003
(a) "Escrow" means any transaction in which one person, for the purpose of effecting the sale, transfer, encumbering, or leasing of real or personal...
California Financial Code Section 17004
"Escrow agent" means any person engaged in the business of receiving escrows for deposit or delivery.
California Financial Code Section 17004.5
"Internet escrow agent" means any person engaged in the business of receiving escrows for deposit or delivery over the Internet.
California Financial Code Section 17005
"Licensee" means any person holding a valid, unrevoked license as an escrow agent.
California Financial Code Section 17005.1
"Joint control agent" means a person engaging in the business of receiving money or other property for disbursal or use in payment of the cost of...
California Financial Code Section 17005.2
"Business location" and "business office location" mean a facility or other place of business where a person engages in the business of receiving an...
California Financial Code Section 17005.3
"Customer contact center" means a facility operated by an Internet escrow agent that exists solely for the purpose of responding to customer...
California Financial Code Section 17005.4
"Person subject to this division" means any person undertaking the performance of escrow agent services. Unless specifically exempted, as in Section
California Financial Code Section 17005.5
"Within this state" means any activity of a person relating to receiving escrows for deposit or delivery that originates from this state and is...
California Financial Code Section 17005.6
Except as provided for in Section 17004, "escrow agent" as used in this division includes joint control agents and Internet escrow agents.
California Financial Code Section 17006
(a) This division does not apply to: (1) Any person doing business under any law of this state or the United States relating to banks, trust...
California Financial Code Section 17006.5
In any proceeding under this law, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
California Financial Code Section 17008
No foreign corporation shall transact any escrow business in this State without first complying with all the requirements of this division, nor until
California Financial Code Section 17009
The commissioner shall forward by prepaid registered mail a copy of every paper served under this chapter, to the secretary of the corporation at its
California Financial Code Section 17010
The commissioner shall collect from the plaintiff at the time of service, the sum of two dollars ($2) for each copy of process served on him pursuant
California Financial Code Section 17200
It shall be unlawful for any person to engage in business as an escrow agent within this state except by means of a corporation duly organized for...
California Financial Code Section 17200.8
(a) Within the organization of each escrow agent corporation, either as an owner, officer, or employee, there shall be one or more persons possessing
California Financial Code Section 17201
An application for a license as an escrow agent shall be in writing and in such form as is prescribed by the commissioner. The application shall be...
California Financial Code Section 17202
(a) At the time of filing an application for an escrow agent' s license, the applicant shall deposit with the commissioner a bond satisfactory to the
California Financial Code Section 17202.1
An applicant for an escrow agent's license or a licensee may, in lieu of and subject to the same conditions as the bond required by Section 17202,...
California Financial Code Section 17203
The bond of an escrow agent shall be conditioned that the licensee will faithfully conform to and abide by the provisions of this division and all...
California Financial Code Section 17203.1
(a) All officers, directors, trustees, and employees of an escrow agent, whether or not compensated, who have access to money or negotiable...
California Financial Code Section 17205
No action may be brought on an escrow agent's bond by any person after the expiration of two years from the time when the act or default complained...
California Financial Code Section 17206
When an action is commenced on an escrow agent's bond the commissioner may require the filing of a new bond, and immediately upon the recovery of any
California Financial Code Section 17207
The commissioner shall charge and collect the following fees and assessments: (a) For filing an application for an escrow agent's license, six...
California Financial Code Section 17207
The commissioner shall charge and collect the following fees and assessments: (a) For filing an application for an escrow agent's license, six...
California Financial Code Section 17208
All money received by the commissioner shall be paid by him or her into the State Treasury to the credit of the State Corporations Fund for the sole...
California Financial Code Section 17209
An application for a license as an escrow agent shall be signed and verified by an authorized officer of the applicant, and such application shall be
California Financial Code Section 17209.1
Upon the receipt of a proper and complete application for license, and all required fees, the commissioner shall immediately examine and investigate...
California Financial Code Section 17209.2
The commissioner may or may not require an applicant to submit to an appropriate hearing. If a hearing is held the commissioner shall, on or before...
California Financial Code Section 17209.3
The commissioner may refuse to issue any license being applied for, and shall refuse to issue any license being applied for if upon the...
California Financial Code Section 17209.4
The license shall state whether the licensee is licensed as an escrow agent or joint control agent.
California Financial Code Section 17210
(a) An escrow agent licensed on or after January 1, 1986, shall maintain at all times a tangible net worth of fifty thousand dollars ($50,000),...
California Financial Code Section 17210.1
The license shall be kept conspicuously posted in all places of business of the licensee.
California Financial Code Section 17210.2
(a) No escrow agent shall disseminate, or cause or permit to be disseminated, in any manner whatsoever, any statement or representation which is...
California Financial Code Section 17212.1
All licensees shall notify the commissioner of any changes in shareholders, directors, officers, trustees, managers, and other persons participating...
California Financial Code Section 17213
(a) An escrow agent shall not transact business pursuant to this division under any other name than that set forth in the articles of incorporation...
California Financial Code Section 17213.1
(a) An escrow agent's business shall not be removed from the premises or address shown on the license without the prior approval of the commissioner,
California Financial Code Section 17213.2
The commissioner may order a licensed escrow agent which opens a branch office or changes its business location or locations without first obtaining...
California Financial Code Section 17213.5
Licensees of this division shall be entitled to establish additional business office locations by compliance with all of the following: (a) Filing
California Financial Code Section 17214
(a) There is established in the Department of Corporations an Escrow Law Advisory Committee consisting of 11 members. The members shall consist of...
California Financial Code Section 17215
Whenever the commissioner issues a license or order under this division, the commissioner may impose conditions that are necessary and appropriate to
California Financial Code Section 17300
"Fidelity Corporation" means the Escrow Agents' Fidelity Corporation.
California Financial Code Section 17301
"Member" means any person licensed under this division who is required by Section 17312 to be a member of Fidelity Corporation.
California Financial Code Section 17302
"Trust obligation" means: (a) All money and property deposited with a member within the State of California in an escrow or joint control...
California Financial Code Section 17303
"Commissioner" means the Commissioner of Corporations.
California Financial Code Section 17304
"Loss," within the meaning of this chapter, means the loss of trust obligations held by a member within the State of California as a result of the...
California Financial Code Section 17305
"Monthly average escrow liability," as used in this chapter, means the average escrow liability for the 12-month period as reported in the most...
California Financial Code Section 17310
(a) It shall be the purpose of Fidelity Corporation to indemnify a member within the State of California against loss, subject to the limitations set
California Financial Code Section 17311
(a) Persons licensed pursuant to this division shall maintain a corporation under the Nonprofit Mutual Benefit Corporation Law (Part 3 (commencing...
California Financial Code Section 17312
(a) Each person licensed pursuant to this division who is engaged in the business of receiving escrows specified in subdivision (c) and whose escrow...
California Financial Code Section 17313
The commissioner shall review and approve the articles of incorporation and bylaws of Fidelity Corporation before they are filed with the Secretary...
California Financial Code Section 17313.1
The fiscal year of Fidelity Corporation shall commence on July 1 of each year.
California Financial Code Section 17314
(a) Fidelity Corporation shall pay a member for loss of trust obligations subject to the limitations set forth in this chapter. Fidelity Corporation
California Financial Code Section 17314.1
(a) Notwithstanding any other provision of this article, Fidelity Corporation shall not be obligated to pay any claim made by a member unless (1) the
California Financial Code Section 17314.2
Claims filed prior to the effective date of this chapter shall be governed by the provisions in effect when the loss occurred.
California Financial Code Section 17314.3
(a) A deductible shall apply to each loss suffered by a member in the amount of five thousand dollars ($5,000), plus 5 percent of the amount by which
California Financial Code Section 17315
The commissioner may establish rules which are reasonable and necessary to carry out the provisions of this chapter.
California Financial Code Section 17320
Fidelity Corporation shall establish and maintain the following funds for payment of claims and for payment of costs of administration: the...
California Financial Code Section 17321
Fidelity Corporation shall bill and collect from each member an annual premium that in the aggregate shall consist of assessments for the operations...
California Financial Code Section 17321.1
Fidelity Corporation shall levy a special assessment against its members whenever: (a) Deemed necessary by the board of directors in the event of...
California Financial Code Section 17321.2
Fidelity Corporation shall be entitled to collect late fees as specified in Fidelity Corporation's bylaws for any late payment of assessments under...
California Financial Code Section 17322
Fidelity Corporation shall report to the commissioner each levy of assessment within 10 business days after the levy.
California Financial Code Section 17323
(a) In the event any member fails to pay an assessment when due, Fidelity Corporation shall by written demand addressed to the member request the...
California Financial Code Section 17324
Any reduction in the membership fund caused by payment of an extraordinary expense pursuant to subdivision (a) of Section 17320 or payment of claims...
California Financial Code Section 17330
Any member or successor in interest who suffers a loss may file a claim with Fidelity Corporation for the amount of the loss.
California Financial Code Section 17331
(a) An applicant applying for licensure as an escrow agent under this division is required to apply for a Fidelity Corporation Certificate, prepared...
California Financial Code Section 17331.1
(a) Any person not previously issued a certificate must, upon employment with an escrow agent within this state, apply to Fidelity Corporation for a...
California Financial Code Section 17331.2
(a) Fidelity Corporation shall deny the application for a certificate or revoke the certificate of any person, upon any of the following grounds: ...
California Financial Code Section 17331.3
(a) Notice to the person, and to the member with whom the person is employed, of the decision to deny an application for or to revoke or suspend a...
California Financial Code Section 17332
When either Fidelity Corporation or the insurer providing the fidelity bond or insurance policy, if any, under Section 17310, or both, pay an...
California Financial Code Section 17333
The commissioner may forthwith upon written notice and order take possession of the property and business of Fidelity Corporation and retain...
California Financial Code Section 17334
Whenever the commissioner has taken possession of the property and business of Fidelity Corporation, Fidelity Corporation within 10 business days...
California Financial Code Section 17335
An appeal may be taken from the judgment of the court by the commissioner or by Fidelity Corporation in the manner provided by law for appeals from...
California Financial Code Section 17336
(a) Fidelity Corporation shall have independent authority to investigate claims filed by members pursuant to Section 17330. (b) Fidelity...
California Financial Code Section 17337
Fidelity Corporation may invest its funds only as provided by rules of the commissioner adopted with a view to preserving reasonable liquidity. ...
California Financial Code Section 17339
Prior to incurring any extraordinary or nonrecurring expense, Fidelity Corporation shall first obtain the written consent of the commissioner.
California Financial Code Section 17340
In the event the board of directors of Fidelity Corporation deem it necessary and prudent to raise additional moneys for payment of claims or...
California Financial Code Section 17341
The commissioner shall give prompt notice to Fidelity Corporation when the commissioner takes possession of the property and business of a member and
California Financial Code Section 17342
Memberships issued by Fidelity Corporation shall be nontransferable and shall be exempt from the provisions of the Corporate Securities Law of 1968.
California Financial Code Section 17343
No provision of the Insurance Code shall apply to Fidelity Corporation.
California Financial Code Section 17344
The operation of Fidelity Corporation shall at all times be subject to the regulation of the commissioner and the commissioner's duly designated...
California Financial Code Section 17345
Any member aggrieved by any action or decision of Fidelity Corporation may appeal to the commissioner within 30 days from the action or decision,...
California Financial Code Section 17345.1
(a) A member or successor in interest aggrieved by any action or decision of Fidelity Corporation may file a written request for a hearing with the...
California Financial Code Section 17346
(a) Fidelity Corporation and its members shall not advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised,
California Financial Code Section 17347
(a) The Secretary of State shall not file articles for the incorporation of Fidelity Corporation or an amendment to the articles unless the...
California Financial Code Section 17348
In order to permit Fidelity Corporation to fulfill its obligation under this chapter, the commissioner shall furnish a list of all persons licensed...
California Financial Code Section 17349
If Fidelity Corporation is dissolved, subject to the approval of the commissioner, the net assets after settling all liabilities shall be distributed
California Financial Code Section 17350
All costs and expenses incurred by the commissioner in the administration of this chapter shall be paid to the commissioner by Fidelity Corporation.
California Financial Code Section 17400
The commissioner may from time to time make, amend, and rescind the rules, forms, and orders that are necessary to carry out the provisions of this...
California Financial Code Section 17402
No person subject to this division or any officer thereof shall advertise in any manner or publish any statement of its capital, other than amounts...
California Financial Code Section 17403
(a) No person subject to this division shall issue, circulate, or publish any advertisement by any means of communication, or make use of or...
California Financial Code Section 17403.1
No person subject to this division shall describe as an escrow, whether orally, in writing, or electronically, any transaction that is not defined as
California Financial Code Section 17403.2
(a) No person subject to this division shall solicit or accept an escrow instruction or amended or supplemental escrow instruction containing any...
California Financial Code Section 17403.3
(a) At the time of execution a copy of each escrow instruction or amended or supplemental escrow instruction shall be delivered to all persons...
California Financial Code Section 17403.4
All written escrow instructions and all escrow instructions transmitted electronically over the Internet executed by a buyer or seller, whether...
California Financial Code Section 17403.5
(a) All records required by this chapter may be retained by an Internet escrow agent and provided to the commissioner in electronic format. (b)...
California Financial Code Section 17404
Every person subject to this division shall keep and use in its business, books, accounts, and records which will properly enable the commissioner to
California Financial Code Section 17405
(a) The business, accounts and records of every person performing as an escrow agent, whether required to be licensed under this division or not, are
California Financial Code Section 17405.1
The cost of every inspection and examination of a licensee or other person subject to this division shall be paid to the commissioner by the licensee
California Financial Code Section 17406
(a) Each licensee shall submit to the commissioner, at the licensee's own expense, an audit report containing audited financial statements covering...
California Financial Code Section 17406.1
(a) Whenever the reports and financial statements required pursuant to subdivision (a), (b), or (c) of Section 17406 are to be reported upon or...
California Financial Code Section 17408
(a) If any person subject to this division fails to make any report required by law or by the commissioner, the commissioner may immediately cause...
California Financial Code Section 17409
(a) All moneys deposited in escrow to be delivered upon the close of the escrow or upon any other contingency shall be deposited and maintained in a...
California Financial Code Section 17409.1
(a) Each person subject to this chapter shall maintain separate escrow trust accounts for each licensed location. Transfers between accounts are...
California Financial Code Section 17410
(a) Escrow or trust funds are not subject to enforcement of a money judgment arising out of any claim against the licensee or person acting as escrow
California Financial Code Section 17411
No person shall knowingly keep or cause to be kept any funds or money in any bank or state or federal savings and loan association under the heading...
California Financial Code Section 17411.1
"Trust funds" or "escrow accounts" as used in Sections 17409, 17410, and 17411 shall include all funds required to be held by an escrow agent...
California Financial Code Section 17414
(a) It is a violation for any person subject to this division or any director, stockholder, trustee, officer, agent, or employee of any such person...
California Financial Code Section 17414.1
(a) Any person who has been convicted of or pleaded nolo contendere to any crime specified in subdivision (b) within the past 10 years, or has been...
California Financial Code Section 17414.2
(a) In response to any written request by an escrow agent or by Fidelity Corporation, any bank, savings association, credit union, any other...
California Financial Code Section 17415
(a) If the commissioner, as a result of any examination or from any report made to him or her, shall find that any person subject to this division is
California Financial Code Section 17416
Whenever in the opinion of the commissioner any person, except as named in Section 17006, is engaged, either actually or through subterfuge, in the...
California Financial Code Section 17419
On and after January 1, 1992, any person seeking employment with an escrow agent shall complete an employment application on or before the first day...
California Financial Code Section 17420
Except for the normal compensation of his own employees, it shall be a violation of this division for any person subject to this division to pay over
California Financial Code Section 17421
Notwithstanding the provisions of Section 17420, a disbursal, other than for a fee, commission or compensation may be advanced or paid out prior to...
California Financial Code Section 17421.5
(a) Notwithstanding Section 17420, a licensee may charge a fee for administering an escrow that has been postponed for at least two months from the...
California Financial Code Section 17422
A joint control agent, unless acting pursuant to written instructions of his principals, shall not disburse funds for the payment of the cost of...
California Financial Code Section 17423
(a) The commissioner may, after appropriate notice and opportunity for hearing, by order, censure or suspend for a period not exceeding 12 months, or
California Financial Code Section 17423.1
(a) (1) Whenever the commissioner takes any enforcement or disciplinary action pursuant to Section 17423, upon the action becoming final the...
California Financial Code Section 17424
(a) For any licensee, a disciplinary action taken by the State of California, another state, an agency of the federal government, or another country...
California Financial Code Section 17425
Any person subject to this division or any director, stockholder, trustee, officer, agent, or employee of that person who violates any provision of...
California Financial Code Section 17600
(a) An escrow agent's license remains in effect until surrendered, revoked, or suspended. (b) A licensee that ceases to engage in the business...
California Financial Code Section 17601
If the commissioner has reason to believe that any escrow agent is violating the provisions of this division, the commissioner may investigate the...
California Financial Code Section 17602
If it appears to the commissioner that any licensed escrow agent has violated its articles of incorporation, or any law or rule binding upon it, the...
California Financial Code Section 17602.5
If any licensed escrow agent fails to make any reports required by law or by the commissioner within ten (10) days from the day designated for the...
California Financial Code Section 17603
If it appears to the commissioner that any licensed escrow agent is conducting business in an unsafe or injurious manner, the commissioner shall, by...
California Financial Code Section 17604
No order issued pursuant to Sections 17602 or 17603 may become final except after notice to any licensed escrow agent affected thereby of the...
California Financial Code Section 17605
The licensed escrow agent has ten (10) days after an order is made final in which to commence action to restrain enforcement of such order, and...
California Financial Code Section 17606
The commissioner may immediately revoke by order the escrow agent's license if the licensee fails to comply with any order, unless the escrow agent...
California Financial Code Section 17606.1
The license of an escrow agent shall be deemed revoked upon the completion or closure of a court approved liquidation of the business of the escrow...
California Financial Code Section 17607
(a) Whenever it appears to the commissioner that any person has engaged or is about to engage in any act or practice constituting a violation of any...
California Financial Code Section 17608
The commissioner may, after notice and a reasonable opportunity to be heard, suspend or revoke any license if he finds that: (a) The licensee has...
California Financial Code Section 17609
The revocation, suspension, surrender or expiration of an escrow agent's license does not impair or affect pre-existing escrows lawfully contracted,...
California Financial Code Section 17609.1
The power of investigation and examination by the commissioner is not terminated by the surrender, suspension, or revocation of any license issued by
California Financial Code Section 17609.2
Whenever the commissioner deems it necessary for the general welfare of the public, the commissioner has continuous authority to exercise the powers...
California Financial Code Section 17610
The commissioner, and all persons designated by him, may administer oaths, take the testimony of witnesses, and issue subpenas requiring the...
California Financial Code Section 17611
(a) The commissioner may make such investigations as he or she deems necessary to determine whether any person has violated or is about to violate...
California Financial Code Section 17612
The authority to make or conduct any examination, investigation, or hearing, including the authority to administer oaths and to subpena witnesses,...
California Financial Code Section 17613
All hearings provided for in this division shall be conducted in accordance with the provisions of Chapter 5, Part 1, Division 3, Title 2, of the...
California Financial Code Section 17614
Every order, decision, license or other official act of the commissioner is subject to review, in accordance with law.
California Financial Code Section 17621
Whenever it appears to the commissioner that any escrow agent subject to this division: (a) Is in an insolvent condition; (b) Is conducting escrow...
California Financial Code Section 17622
Whenever the commissioner has taken possession of any licensee, such licensee, within 10 days after such taking, if it deems it is aggrieved thereby,
California Financial Code Section 17623
An appeal from a judgment enjoining the commissioner from further proceedings and directing the commissioner to surrender the business, property, and
California Financial Code Section 17625
If the commissioner's demand for the possession of the property, business and assets is not complied with within 24 hours after service of the...
California Financial Code Section 17626
When the commissioner takes possession of the property, business and assets of any licensee, such licensee or the president and secretary of such...
California Financial Code Section 17627
The commissioner may issue subpoenas and require the attendance of parties for examination under this article as provided for in this chapter.
California Financial Code Section 17628
When the commissioner takes possession of the business, property, and assets of a licensee, he may appoint a custodian. The commissioner may require
California Financial Code Section 17629
When the commissioner takes possession of the property, business, and assets of a licensee, he may collect all money due to such licensee and give...
California Financial Code Section 17630
If any facts occur which would entitle the commissioner under Section 17621 to take possession of the property, business and assets of a licensee the
California Financial Code Section 17631
Subject to the other provisions of this article, a conservator, while in possession of the property, business and assets of a licensee, has the same...
California Financial Code Section 17632
Upon appointing a conservator the commissioner shall cause to be made and completed at the earliest possible date such an examination of the affairs...
California Financial Code Section 17633
A conservator, while in possession of the property, business and assets of a licensee, may call, upon the notice required by the licensee's bylaws, a
California Financial Code Section 17634
If the commissioner becomes satisfied that it may be done safely and in the public interest, he may terminate the conservatorship and permit the...
California Financial Code Section 17635
If at any time after taking possession of the property and business of a licensee it shall appear to the commissioner that it would be futile to...
California Financial Code Section 17636
Whenever the commissioner has taken possession of the property and business of a licensee he may petition the superior court for the appointment of a
California Financial Code Section 17637
The commissioner may appoint one or more special deputies to assist in the duties of liquidation and distribution under his direction and may also...
California Financial Code Section 17638
In liquidating the affairs of a licensee the commissioner may: (a) Collect all money due to, and claims of, the licensee and give receipt...
California Financial Code Section 17639
After the issuance of an order of liquidation under Section 17635, any of the following transactions occurring within four months prior to the...
California Financial Code Section 17640
If the commissioner is in possession of the business, property, and assets of a licensee, whether or not he is liquidating the affairs of such...
California Financial Code Section 17641
Claims for damages resulting from the disaffirmance of an executory contract or lease by the commissioner may be filed and allowed. No claim of a...
California Financial Code Section 17642
When the commissioner determines to liquidate a licensee, he shall cause an inventory of all the assets of the licensee to be made in duplicate, file
California Financial Code Section 17643
When the commissioner determines to liquidate a licensee he shall cause notice to be given by publication once a week for four successive weeks in...
California Financial Code Section 17644
All claims, demands, or causes of action of creditors, and persons other than the parties to an escrow transaction against the licensee or against...
California Financial Code Section 17645
Upon the expiration of the time fixed for the presentation of claims, the commissioner shall prepare in duplicate a full and complete schedule of all
California Financial Code Section 17646
Not later than five days after the time of filing the schedule of claims with the court, written notice shall be mailed to all claimants whose claims
California Financial Code Section 17647
Regardless of any law of this state, the judges of the superior court of the county in this state in which the principal office of the licensee is...
California Financial Code Section 17648
If it appears improbable that anything can be realized from any property of the licensee and that the cost of maintaining, preserving, or protecting...
California Financial Code Section 17649
For the purpose of executing and performing any of the powers and duties conferred upon him by this article, the commissioner may in the name of the...
California Financial Code Section 17650
If any real property of the licensee sold by the commissioner is located in a county other than the county in which the application to the court for...
California Financial Code Section 17651
When the commissioner has (a) fully liquidated all claims other than claims of stockholders, and (b) made due provision for any and all known but...
California Financial Code Section 17652
Upon the payment of a final dividend in liquidation, the commissioner shall prepare and file with the court a full and final statement of the...
California Financial Code Section 17653
In making its order approving the commissioner's final statement of the liquidation of a licensee, the court shall determine the amounts of the...
California Financial Code Section 17654
The order of the court approving the final statement on liquidation shall provide for the destruction or other disposition of the books and records...
California Financial Code Section 17700
Any person who willfully violates any provision of this division, or who willfully violates any rule or order under this division, shall, upon...
California Financial Code Section 17701
(a) Any person who violates any provision of this division, or who violates any rule or order under this division, shall be liable for a civil...
California Financial Code Section 17702
It is unlawful for any person to willfully make any untrue statement of a material fact in any application, notice, or report filed with the...
California Financial Code Section 17703
(a) It is unlawful for any person to knowingly alter, destroy, mutilate, conceal, cover up, falsify, or make a false entry in any record, document,...
California Financial Code Section 18000
This division shall be known and may be cited as the "Industrial Loan Law," the "Industrial Banking Law," or the "Thrift and Loan Law."
California Financial Code Section 18001
The definitions given in this article govern the construction of this division unless the context otherwise requires.
California Financial Code Section 18002
"Commissioner" means the Commissioner of Financial Institutions of the State of California.
California Financial Code Section 18002.5
"Department" means the Department of Financial Institutions.
California Financial Code Section 18003
"Industrial loan company," "thrift and loan company," or "company" as used in this division means a premium finance agency as defined in Section...
California Financial Code Section 18003.1
"Investment and loan" means an industrial loan company.
California Financial Code Section 18003.2
(a) Any reference in a provision of any statute or regulation of this state to an industrial loan company or a thrift and loan company means an...
California Financial Code Section 18003.5
(a) When used with respect to an industrial loan company, "insured" means an industrial loan company that is insured by the Federal Deposit Insurance
California Financial Code Section 18003.6
"Certificate of deposit" as that term is used by an industrial loan company licensed under this division means an investment certificate representing
California Financial Code Section 18003.7
"Demand deposit" means investment or thrift certificates in account, passbook, or certificate form which are redeemable and payable upon demand to...
California Financial Code Section 18004
"Borrower" means the person receiving the proceeds or benefits of a loan.
California Financial Code Section 18005
"Consumer loan or consumer obligation" means a loan made to, or an obligation incurred by, a natural person in which the money loaned, or the...
California Financial Code Section 18006
"Primarily secured by real property", as used in this division, means the fair market value of the real property less prior encumbrances, at the time
California Financial Code Section 18007
"Charges", as used in this division, include the aggregate interest, fees, bonuses, commissions, brokerage, discounts, expenses, and other forms of...
California Financial Code Section 18008
"Charges" also include any profit or advantage of any kind that any person may contract for, collect, receive, or in any manner obtain by a...
California Financial Code Section 18009
"Principal amount", as used in this division, means the net amount of money, credit, goods, or things in action received by the debtor or borrower or
California Financial Code Section 18010
"Principal balance", and "face amount" as used in this division, means the unpaid balance of a loan or other obligation.
California Financial Code Section 18011
"Affiliated company", as used in this division, is a company under substantially the same management or control, directly or indirectly, as the...
California Financial Code Section 18011.1
"Affiliate" means an affiliated company or a person who, directly or indirectly, controls over 10 percent of the voting stock of an industrial loan...
California Financial Code Section 18012
"Corporate Securities Law" means the Corporate Securities Law of 1968, Division 1 (commencing with Section 25000) of Title 4 of the Corporations...
California Financial Code Section 18013
"Outstanding loans and obligations," as used in this division, means total outstanding loans and obligations, including lease obligations, less...
California Financial Code Section 18014
"Obligation" as used in Sections 18265, 18271, 18272, and 18343 includes lease obligations as authorized by Section 18310.
California Financial Code Section 18015
"Lease obligation" as used in this division, means a lease contract entered into by an industrial loan company as lessor.
California Financial Code Section 18016
"Investment certificates ratio", as used in this division, means the ratio of the aggregate sum of all of the outstanding investment certificates,...
California Financial Code Section 18016.5
"Premium finance agency" has the meaning set forth in Section 18560.
California Financial Code Section 18017
"Assets," as used in this division, means all assets excluding intangibles.
California Financial Code Section 18018
"Capital," as used in this division, consists of all of the following: (a) Capital stock. (b) Primary capital to the extent not included in...
California Financial Code Section 18018.1
"Primary capital," as used in this division, means the sum of common stock, perpetual preferred stock, capital surplus, undivided profits, capital...
California Financial Code Section 18018.2
"Secondary capital," as used in this division, means the sum of mandatory convertible debt that is not included in primary capital, limited life...
California Financial Code Section 18018.3
"Perpetual preferred stock," as used in this division, means a preferred stock that does not have a stated maturity date or that can not be redeemed...
California Financial Code Section 18018.4
"Mandatory convertible debt," as used in this division, means a subordinated debt instrument which requires the issuer to convert that instrument...
California Financial Code Section 18018.5
"Limited life preferred," as used in this division, means preferred stock which has a maturity or which may be redeemed at the option of the holder.
California Financial Code Section 18018.6
"Subordinated notes and debentures," as used in this division, means an obligation other than an investment certificate obligation that: (a) Bears
California Financial Code Section 18019
"Capital Stock," as used in this division, means one-class voting common stock.
California Financial Code Section 18020
An industrial loan company shall not appoint or continue in office any officer, director or management personnel who do not have the qualifications...
California Financial Code Section 18021
(a) An industrial loan company shall not deposit its funds except with a bank, trust company, or savings association authorized to do business in...
California Financial Code Section 18022
No industrial loan company shall invest any of its funds, except as authorized in this division. Industrial loan companies may invest their funds in
California Financial Code Section 18022.5
An industrial loan company may organize, sponsor, operate, control, or render investment advice to, an investment company, or underwrite, distribute,
California Financial Code Section 18023
If an industrial loan company has investment or thrift certificates outstanding, then such company shall not borrow, except by the sale of investment
California Financial Code Section 18023.1
In addition to the borrowings under Section 18023, an industrial loan company may borrow funds from the Federal Home Loan Bank, the Federal Deposit...
California Financial Code Section 18024
An industrial loan company shall not transact business or make any loan provided for by this division under any other name than that set forth in the
California Financial Code Section 18025
No person shall use a holding company or any other device for the purpose of evading or avoiding any of the provisions of this division. This...
California Financial Code Section 18027
Corporations subject to this division are not subject to the provisions or regulations of the Personal Property Brokers Law, Division 9 (commencing...
California Financial Code Section 18028
All corporations formed under the provisions of this division are taxed in the same manner and at the same rates as other corporations are taxed...
California Financial Code Section 18029
Each industrial loan company shall keep and use in its business, books, accounts, and records which will enable the commissioner to determine if the...
California Financial Code Section 18030
Each industrial loan company shall preserve the books, accounts, and records, including cards used in the card system, if any, for a least two years...
California Financial Code Section 18040
An industrial loan company may purchase, hold and convey real property for the following purposes only: (a) Real property conveyed to it in...
California Financial Code Section 18041
(a) The commissioner may establish rules and regulations regarding the sale of any real property acquired pursuant to subdivision (a) or (b) of...
California Financial Code Section 18042
The authority of a three-fourths vote of all the directors is necessary to authorize the purchase of a lot and building necessary as premises for the
California Financial Code Section 18043
Real property held by an industrial loan company shall be conveyed by an instrument under the corporate seal of the corporation, signed by the...
California Financial Code Section 18055