California

Financial Code

3,323 sections, each with the official text and a plain-English explanation of what it means for you.

• § 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 place or area of doing business in the case of a mobi
• § 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 commissioner to determine whether such licensee has
• § 12304 — (a) Each licensee, except a special prorater, shall submit to the commissioner, at such licensee’s own expense, an audit report containing audited financial statements covering the calendar year or, i
• § 12305 — For the purpose of discovering violations of this division the commissioner may at any time investigate the business and examine the books, accounts, records, and files used therein, of any licensee,
• § 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 examined, and the commissioner may maintain an action f
• § 12307 — The commissioner may require the attendance of witnesses and examine under oath all persons whose testimony he requires relative to any examination or investigation.
• § 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 commissioner rendered pursuant to this division, a
• § 12307.2 — If the commissioner finds as a result of an examination or report that a licensee is insolvent or has been insolvent or is conducting or has conducted business in such an unsafe or injurious manner as
• § 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 licensee is conducting its business in such an unsafe or inju
• § 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 appointment of a receiver to liquidate the affairs of
• § 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 for an action substantially related to the activity
• § 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.
• § 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 name of the payee is not designated in any way if the
• § 12311 — No licensee shall advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any manner whatsoever,
• § 12312 — An agreement between one licensed to engage in the business of selling checks, drafts, money orders, or other commercial paper serving the same purpose, and one undertaking to act in that business as
• § 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 business agent while such books and records are in the pos
• § 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 the first three thousand dollars ($3,000), eleven pe
• § 12314.1 — A cancellation fee or termination penalty may not be charged to a debtor.
• § 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 creditors listed in the prorater’s contract with the debt
• § 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 five days of the effective date of the contract as
• § 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 and bona fide error, the prorater’s contract with t
• § 12317 — A prorater shall not purchase from a creditor any obligation of a debtor.
• § 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 negotiable instrument for the prorater’s charges; (c) Any n
• § 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 such debts; (b) Provide payments reasonably within the a
• § 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 it, and the debtor’s copy shall be executed by the pr
• § 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.
• § 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 debtor, the total amount paid to each creditor, the t
• § 12323 — A prorater shall not lend money or credit.
• § 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 prospective customer to the prorater; (b) Receive any c
• § 12325 — A prorater shall not solicit or require a debtor to purchase or agree to purchase any policy of insurance.
• § 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 as a general prorater unless he holds a valid unre
• § 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 a prorater, business agent, check seller, or by any
• § 12328 — (a) No collection agency may be maintained in the same premises as a prorating organization unless such prorating organization is exempt under the provisions of this division.
• § 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 accounts and such disclosure shall be ground for revocat
• § 12330 — The commissioner shall have power and authority to promulgate rules and regulations governing the form and wording of advertising to be used by proraters.
• § 12331 — Within the organization of each prorater corporation, either as an owner, officer, or employee, there shall be one or more persons possessing a minimum of five years experience in consumer credit exte
• § 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, or tangible object with the intent to impede, obstru
• § 12400 — The commissioner may, upon reasonable opportunity to be heard, suspend or revoke any license issued pursuant to this division, if he finds that: (a) The licensee has failed to report within 10 days th
• § 12401 — The commissioner may upon three days’ notice and a hearing, suspend any license for a period not exceeding 30 days, pending investigation.
• § 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 within 10 days after notice by the commissioner that su
• § 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 with Chapter 5 of Part 1 of Division 3 of Title 2
• § 12403 — Every order, decision, license, or other official act of the commissioner is subject to review in accordance with law.
• § 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 bar from any position of employment, management, o
• § 125 — “Commissioner” means the Commissioner of Financial Protection and Innovation and “department” means the Department of Financial Protection and Innovation.
• § 1250 — Unless the context otherwise requires, in this chapter: (a) “Bank” means a bank organized under the laws of this state.
• § 1251 — No person shall, directly or indirectly, unless the commissioner has approved such acquisition of control, do any of the following: (a) Make a tender offer for, a request or invitation for tenders of,
• § 1252 — Notwithstanding any other provision of this chapter, except for those persons approved by the commissioner prior to September 1, 2002, and for those persons who control industrial banks as of Septembe
• § 1253 — 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 commissioner may require by regulation or order and shall be
• § 1254 — 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 in subdivisions (a) to (g), inclusive, is true, he o
• § 1255 — (a) For purposes of Section 1254, the commissioner may find: (1) That the integrity of an acquiring person indicates that it would not be in the interest of the depositors, creditors, or shareholders
• § 1256 — The commissioner may, in approving a proposal to acquire control of a bank or a controlling person pursuant to Section 1254, impose such conditions as the commissioner deems reasonable or necessary or
• § 1257 — 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 person issued pursuant to Section 1254.
• § 1258 — Notwithstanding any other provision of this chapter, any application for approval to acquire control of a bank or a controlling person which is not denied or approved by the commissioner within a peri
• § 1259 — (a) The commissioner, before determining whether, for purposes of this chapter, a person controls another person or before denying or approving an application for approval to acquire control of a bank
• § 1260 — There shall be exempted from the provisions of Section 1251 any transaction, including, without limitation, any type or class of transactions, which the commissioner by regulation or order exempts as
• § 1261 — Whenever it appears to the commissioner that any person has committed or is about to commit a violation of any provision of this chapter or of any regulation or order of the commissioner issued pursua
• § 1262 — 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 chapter or of any regulation or order of the commission
• § 1263 — If any provision or clause of this chapter or the application thereof to any person or circumstance is held invalid, illegal, or unenforceable, such invalidity, illegality, or unenforceability shall n
• § 127 — “Person” means an individual, sole proprietorship, partnership, joint venture, association, trust, estate, business trust, corporation, joint stock company, limited liability company, unincorporated a
• § 1280 — “Bank holding company” means: (a) Any person or company which: (1) Directly or indirectly owns, controls, or holds with power to vote, 10 percent or more of the outstanding stock of any domestic bank,
• § 1281 — “Company” means any domestic or foreign corporation, voting trust, business trust, limited partnership, partnership fund, joint stock company, association, syndicate, organized group of persons, or si
• § 1282 — “Subsidiaries,” with respect to a specified bank holding company, means: (a) Any company 10 percent or more of whose voting securities are directly or indirectly owned or controlled by such bank holdi
• § 1283 — 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 as to such matters as the commissioner may deem nec
• § 1284 — Each bank holding company and its subsidiaries shall be subject to examination by the commissioner.
• § 1285 — With respect to a trust company controlled by or under common control with a title insurance company, the commissioner in cooperation with the Insurance Commissioner shall adopt reasonable rules and r
• § 1286 — Nothing in this chapter shall be construed to authorize the commissioner to require reports from a national bank or to examine a national bank contrary to federal law.
• § 1287 — Pursuant to the authority contained in Section 1 of Article XV of the California Constitution, the restrictions upon rates of interest contained in Section 1 of Article XV of the California Constituti
• § 129 — Unless the provision or the context otherwise requires, the definitions set forth in this chapter govern the construction of the Financial Institutions Law.
• § 13 — “City” includes incorporated city, city and county, municipal corporation, municipality, town and incorporated town.
• § 1300 — (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 thereof, licensed under the laws of any state or of th
• § 13000 — It is the intent of the Legislature in enacting this division to enhance the safety of consumers using automated teller machines in California without discouraging the siting of automated teller machi
• § 1301 — (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, its subsidiaries or affiliates transacting business
• § 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.
• § 13030 — On or before July 1, 1991, with respect to all existing installed automated teller machines in this state, and any automated teller machines installed after July 1, 1991, the operator shall adopt proc
• § 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 of any particular events or circumstances, but rat
• § 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 automated teller machine is installed.
• § 13041 — The operator, owner, or other person responsible therefor, shall provide lighting during hours of darkness with respect to an open and operating automated teller machine and any defined parking area,
• § 13050 — Customers receiving access devices shall be furnished by the respective issuers thereof with notices of basic safety precautions which customers should employ while using an automated teller machine.
• § 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 is a freestanding installation which exists for the s
• § 13070 — This division supersedes and preempts all rules, regulations, codes, statutes, or ordinances of all cities, counties, cities and counties, municipalities, and local agencies regarding customer safety
• § 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 or not the customer is using an access device issued
• § 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 to be aware of fees they may be charged for using point
• § 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 that would include the video touch screen or nontact
• § 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 the right of the operator or owner of the automated
• § 131 — References in this division to the voting of shares shall be construed in accordance with Section 111 of the Corporations Code.
• § 1320 — 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 or convenient for the use, operation or housing of its
• § 1321 — Any real property not held for any purpose permitted by subdivisions (a) and (e) of Section 1320 shall be sold whenever the same can be sold for an amount sufficient to reimburse the bank or trust com
• § 1322 — (a) The Legislature finds and declares: (1) That it is necessary to increase job opportunities in real estate development and construction and to provide additional housing and commercial facilities i
• § 1323 — 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 commission, emolument, or gratuity or any money, proper
• § 1324 — 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 payment of a just demand, and with intent to defra
• § 1325 — Any director, officer, agent, or employee of a bank who knowingly concurs in making or publishing any written report, exhibit, or statement of its affairs or pecuniary condition containing any materia
• § 1326 — 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 resources and liabilities of each bank separately.
• § 1327 — (a) Any person who willfully and knowingly makes, circulates, or transmits to another or others, any statement or rumor, written, printed, or by word of mouth, which is untrue in fact and is directly
• § 1328 — (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 its banking premises.
• § 1329 — (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 bank, or any director or officer of a controlling pers
• § 133 — If the articles of a bank provide for more or less than one vote for any share on any matter, the references in Sections 139 and 141 to a majority or other proportion of shares means, as to such matte
• § 1330 — (a) In this section, “subject person” has the meaning set forth in subdivision (a) of Section 1329.
• § 1331 — (a) For purposes of this section, the following terms have the following meanings: (1) “Carrying a security” means maintaining, reducing, or retiring indebtedness originally incurred to acquire a secu
• § 1332 — Any officer, director, trustee, employee, or agent of any bank in this state, who abstracts or willfully misapplies any of the money, funds, or property of the bank, or willfully misapplies its credit
• § 1333 — (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 of such bank, the director participated in the fraud.
• § 1334 — 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 upon any of its discounted notes, bills or obligat
• § 1335 — 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 which it is intended to make a loan or discount to
• § 1336 — 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 maintain, a deposit of such bank’s funds with any other c
• § 1337 — 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 or loans made by it between the regular meetings of
• § 1338 — Every officer, agent, teller, or clerk of any bank, and every individual banker, or agent, teller, or clerk of any individual banker, who receives any deposits, knowing that the bank, association, or
• § 1339 — 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, tag, or statement of the business, affairs, or condi
• § 1340 — 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 liabilities of, a general partner.
• § 1341 — A bank, or the agent of a bank, that has received a notice pursuant to Section 7507.
• § 135 — 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 Code.
• § 1360 — It is the intent of the Legislature that the provisions of this article, insofar as they are contained in Regulation O (12 C.
• § 1361 — As used in this article: (a) “Bank” means: (1) Any commercial bank, industrial bank, or trust company incorporated under the laws of this state.
• § 1362 — Sections 215.
• § 1363 — No bank shall extend credit in an aggregate amount greater than the amount permitted in paragraph (4) of subdivision (c) of Section 215.
• § 1364 — 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 to extensions of credit by banks.
• § 1365 — No provision of this article or of Article 3 (commencing with Section 1480) of Chapter 14 shall apply to an advance of money made by a bank pursuant to Section 317 of the Corporations Code.
• § 1366 — 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 one or more executive officers or directors of the ba
• § 1367 — Any bank that makes an extension of credit in violation of this article is subject to a civil penalty pursuant to Section 329.
• § 137 — “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 powers of the board, except as to any matter not w
• § 1380 — In this chapter, unless the context otherwise requires: (a) “Authorized agency activities” means receiving deposits, renewing time deposits, closing loans, servicing loans, and receiving payments on l
• § 1381 — This chapter does not apply to a California state bank having an insured depository institution engage in authorized agency activities as its agent or to a California state bank engaging in authorized
• § 1382 — (a) In this section, “affiliated,” when used with respect to a California state bank and an insured depository institution, means that the California state bank controls the insured depository institu
• § 1384 — Notwithstanding the provisions of Chapter 4 (commencing with Section 1070), a California state bank may, with the prior approval of the commissioner and subject to any regulations that the commissione
• § 1385 — An application by a California state bank for approval to have an insured depository institution engage in authorized agency activities as its agent shall be in the form, shall contain the information
• § 1386 — An application by a California state bank for approval to have an insured depository institution engage in authorized agency activities as its agent shall be accompanied by a filing fee of two hundred
• § 1387 — In determining whether to approve or deny an application by a California state bank for approval to have an insured depository institution engage in authorized agency activities as its agent, the comm
• § 1388 — No California state bank may have an insured depository institution conduct as its agent any activity that the California state bank is prohibited from conducting itself.
• § 1389 — No office of an insured depository institution that is performing authorized agency activities as agent for a California state bank in accordance with this article shall, on that account, be deemed to
• § 139 — “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 the affirmative vote of a majority of the outstand
• § 1390 — If the commissioner finds that any activity performed by an insured depository institution as agent for a California state bank is not an authorized agency activity or that the agency arrangement is i
• § 1391 — Notwithstanding the provisions of Chapter 4 (commencing with Section 1070), a California state bank may, with the prior approval of the commissioner and subject to any regulations that the commissione
• § 1392 — An application by a California state bank for approval to engage in authorized agency activities as agent for an insured depository institution shall be in the form, shall contain the information, sha
• § 1393 — An application by a California state bank for approval to engage in authorized agency activities as agent for an insured depository institution shall be accompanied by a filing fee of two hundred fift
• § 1394 — In determining whether to approve or deny an application by a California state bank for approval to engage in authorized agency activities as agent for an insured depository institution, the commissio
• § 1395 — No California state bank may conduct any activity as an agent for an insured depository institution that the California state bank would be prohibited from conducting as a principal.
• § 1396 — (a) No office of a California state bank that conducts authorized agency activities as agent for an insured depository institution in accordance with this article shall, on that account, be deemed to
• § 1397 — If the commissioner finds that any activities performed by a California state bank as agent for an insured depository institution are not authorized agency activities or that the agency arrangement is
• § 14 — “County” includes city and county.
• § 1400 — 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 order and payment so made is a valid release and d
• § 14000 — This division shall be known as the “California Credit Union Law.
• § 14001 — The definitions given in this division govern the construction of this division unless the context otherwise requires.
• § 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.
• § 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.
• § 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 at rates of interest set by the board of directors,
• § 14002.5 — (a) Except as provided in subdivision (b), all provisions of law applicable to nonprofit mutual benefit corporations generally (including, but not limited to, the Nonprofit Mutual Benefit Corporation
• § 14003 — “Commissioner” means the Commissioner of Financial Protection and Innovation.
• § 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 percent of the monetary amount of that share when i
• § 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 pay its debts as they become due, or is insolvent
• § 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 credit union in accordance with the loan policies e
• § 14007 — “Obligation” means any contractual obligation to the credit union for money borrowed or credit extended or guaranteed from its members, including, but not limited to, loans, lines of credit, agreement
• § 1401 — 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 or lien of any other person except a creditor, and
• § 1402 — 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) of Division 5 of the Probate Code.
• § 1403 — 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 interest on demand deposits is permitted to member banks
• § 1404 — Notwithstanding Section 10145 of the Business and Professions Code or any other provision of law, but subject to the limitations of Section 854, benefits accruing from the placement in a noninterest b
• § 1405 — (a) Notwithstanding Section 10145 of the Business and Professions Code or any other provision of law, benefits accruing from the placement in an interest bearing account of a financial institution of
• § 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.
• § 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 mouth, which is untrue in facts and is directly or by
• § 14052 — In addition to the powers enumerated in this division, every credit union has the general powers conferred upon corporations by the Nonprofit Mutual Benefit Corporation Law of this state unless restri
• § 14053 — (a) For purposes of this section, the following definitions apply: (1) “Fee” means a nonsufficient funds fee or an overdraft fee.
• § 1406 — (a) In this section: (1) “Creditor” includes, but is not limited to, a depositor.
• § 1407 — An overdraft of more than 90 days standing shall not be allowed as an asset of any bank.
• § 1408 — 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 fact that a member of the legislative body or an of
• § 1409 — 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 account, such account shall, after the period of f
• § 141 — “Approved by (or approval of) the shareholders” has the meaning set forth in Section 153 of the Corporations Code and shall include approval or ratification by the affirmative vote or written consent
• § 1410 — (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 agreed periodic installment deposit into that acco
• § 14100 — (a) Credit unions shall be incorporated under the Nonprofit Mutual Benefit Corporation Law of this state.
• § 14101 — The articles of incorporation of every credit union shall set forth the following: (a) The name of the corporation, which shall include the phrase “credit union.
• § 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 the office of the Secretary of State.
• § 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 January 1, 1981, but the articles of the credit union s
• § 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 each year, file, in a form prescribed by the Secre
• § 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 amendment is filed with the Secretary of State with
• § 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 a vote of a majority of the members of the credit u
• § 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 approval endorsed thereon, is filed with the Secre
• § 14102.4 — (a) No certificate of correction of a credit union shall become effective unless the certificate, with the commissioner’s approval endorsed thereon, is filed with the Secretary of State.
• § 14102.6 — (a) No certificate of revocation by a credit union shall become effective unless the certificate, with the commissioner’s approval endorsed thereon, is filed with the Secretary of State.
• § 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) The purpose of the credit union.
• § 1411 — (a) For the purposes of this section: (1) “Customer” means one or more natural persons.
• § 1415 — (a) For purposes of this section, the following definitions apply: (1) “Nonqualifying account” means a deposit account, other than a demand deposit account, that is not a qualifying account.
• § 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 commissioner a certificate authorizing it to act as
• § 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 commissioner requires.
• § 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).
• § 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 papers and documents filed therewith.
• § 14154 — If the commissioner determines that the applicant has satisfied the provisions of this division and does not find facts constituting reasons for denial as specified in Section 14155, the commissioner
• § 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 expansion of the field of membership of an existing credi
• § 14156 — Each certificate issued under this division remains in full force and effect until surrendered and accepted by the commissioner, or until suspended or revoked by the commissioner.
• § 1420 — 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 Deposit Insurance Act (12 U.
• § 14200 — The powers of supervision and examination of all credit unions organized under the provisions of this division are vested in the commissioner.
• § 14200.1 — There is in the Division of Financial Institutions of the Department of Financial Protection and Innovation the Office of Credit Unions.
• § 14200.2 — The chief officer of the Office of Credit Unions is the Deputy Commissioner of the Office of Credit Unions.
• § 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 division.
• § 14202 — The commissioner may by regulation authorize credit unions organized under the provisions of this division to engage in any activity authorized by law or regulation for credit unions organized under t
• § 14203 — Upon request of the commissioner, a credit union shall furnish to the commissioner an authorization for examination of financial records of any capital funds, undivided profits, and reserve funds, mai
• § 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 division or the rules made pursuant to this division,
• § 14205 — The commissioner may, upon reasonable notice and opportunity to be heard, suspend or revoke any certificate if the commissioner finds that the credit union has violated any provisions of this division
• § 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.
• § 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 from any position of employment or management of,
• § 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 any provision of this division or any rule or orde
• § 1421 — (a) Prior to opening a deposit account a depository institution shall provide a written disclosure to the potential customer of its general policy with respect to when a customer may withdraw funds de
• § 14211 — In determining for purposes of this division whether the capital of any credit union is adequate, the commissioner shall consider the following: (a) The nature and volume of the business and the propo
• § 14212 — (a) The commissioner, whenever in his or her opinion such action is necessary or appropriate to carry out his or her duties, may call a meeting of the board of directors of a credit union.
• § 1422 — For the purposes of computing the amount of interest or dividends payable with respect to an interest-bearing deposit account, a depository institution shall not delay beginning to compute interest on