reglab/statecodes huggingface dataset:
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 2 - Security for Deposits › Section 16523.

16523. If it appears to him necessary for the security of the State, the Treasurer shall require as a condition of eligibility that a bank furnish an indemnity bond approved by the Treasurer, conditioned against loss by any depreciation in value that may occur in securities deposited as security for the safekeeping and prompt payment of deposits. The sureties shall not be stockholders of the principal.
(Amended by Stats. 1957, Ch. 1542.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 2 - Security for Deposits › Section 16525.

16525. In lieu of deposits of securities, any otherwise eligible bank may deposit with the Treasurer bonds of admitted surety insurers as security for demand and time deposits.
(Amended by Stats. 1977, Ch. 582.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 2 - Security for Deposits › Section 16526.

16526. An admitted surety insurer is not eligible as surety for demand or time deposits in any one bank in amounts in excess of 10 percent of the capital and surplus of the surety as shown in the preceding report issued by the United States Treasury Department.
(Amended by Stats. 1977, Ch. 582.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 2 - Security for Deposits › Section 16527.

16527. On demand of the Treasurer, the Insurance Commissioner shall issue a certificate showing the qualifications of any admitted surety insurer as surety for demand or time deposits.
(Amended by Stats. 1977, Ch. 582.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 2 - Security for Deposits › Section 16528.

16528. The bond of an admitted surety insurer shall not be accepted as security for demand or time deposits unless it has been certified by the Insurance Commissioner as meeting the requirements of this chapter and unless it also holds a certificate of authority from the United States Treasury Department under which it is eligible as surety on federal bonds.
(Amended by Stats. 1977, Ch. 582.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 2 - Security for Deposits › Section 16529.

16529. The form of bonds required under this chapter shall be prescribed by the Attorney General.
(Added by Stats. 1945, Ch. 120.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 2 - Security for Deposits › Section 16530.

16530. A surety upon any bond to secure demand or time deposits may terminate the bond as to future liability by giving 10 days’ written notice of termination to the Treasurer. Such notice of termination shall not affect any liability accruing prior to the expiration of the 10-day period.
Within 10 days after receipt of such a notice of termination, the Treasurer shall require other acceptable security or withdraw the deposits secured by the bond to be terminated.
(Amended by Stats. 1977, Ch. 582.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 2 - Security for Deposits › Section 16531.

16531. That portion of any security for deposit that is in excess of the requirements of this article may be withdrawn or released on the written consent of the Treasurer.
(Amended by Stats. 1957, Ch. 1542.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 2 - Security for Deposits › Section 16532.

16532. If any bank fails to pay all or any part of such deposits on demand of the Treasurer, pursuant to the terms and conditions of the contract relating to the deposit that is to be withdrawn in whole or in part, the Treasurer shall forthwith recover upon or convert the security therefor into money and disburse it according to law.
(Added by Stats. 1945, Ch. 120.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 2 - Security for Deposits › Section 16533.

16533. If at any time the security deposited with the Treasurer is not deemed satisfactory by the Treasurer, he may require such additional security as is satisfactory to him.
(Amended by Stats. 1957, Ch. 1542.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 3 - Custody of Securities › Section 16550.

16550. As used in this article, “qualified trust company” means the trust department of any State or National bank in this State or a trust company authorized to act as such in this State.
(Added by Stats. 1945, Ch. 120.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 3 - Custody of Securities › Section 16551.

16551. With the consent of the bank owning securities deposited or to be deposited with him or her as security, the Treasurer may:
(a) Authorize any qualified trust company, other than the depositor bank, or any federal reserve bank or any branch thereof or any state or national bank located in any city designated as a reserve or central reserve city by the Board of Governors of the Federal Reserve System to receive as his or her agent deposits of any securities approved under this chapter.
(b) Place and maintain for safekeeping as a trust deposit with any qualified trust company, other than the depositor bank, or with any federal reserve bank or any branch thereof any securities that have been received by him or her under this chapter.
(c) Whenever any qualified trust company accepts such securities under paragraph (a) or (b) such trust company, with the prior approval of the Treasurer, may keep such securities for safekeeping with any state or national bank located in a city designated as a reserve or central reserve city by the Board of Governors of the Federal Reserve System.
(Amended by Stats. 2015, Ch. 25, Sec. 23. (SB 84) Effective June 24, 2015.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 3 - Custody of Securities › Section 16552.

16552. The Treasurer shall take from the qualified trust company or from any federal reserve bank or any branch thereof a receipt for any securities received by it under this article. Neither the Treasurer nor the state is responsible for the custody and safe return of such securities until they are withdrawn from the qualified trust company or from any federal reserve bank or any branch thereof by the Treasurer.
(Amended by Stats. 2015, Ch. 25, Sec. 24. (SB 84) Effective June 24, 2015.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 3 - Custody of Securities › Section 16553.

16553. Any qualified trust company or any federal reserve bank or any branch thereof to which securities are delivered, either as agent or depositary for the Treasury, shall make such disposition of the securities as the Treasurer directs and is responsible only for strict compliance with written instructions given to it by the Treasurer. All such securities are at all times subject to the order of the Treasurer.
(Amended by Stats. 2015, Ch. 25, Sec. 25. (SB 84) Effective June 24, 2015.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 3 - Custody of Securities › Section 16554.

16554. The charges of any qualified trust company or of any federal reserve bank or any branch thereof for the handling and safekeeping of such securities are not a charge against the Treasurer but shall be paid by the owner.
(Amended by Stats. 2015, Ch. 25, Sec. 26. (SB 84) Effective June 24, 2015.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 4 - Contracts › Section 16560.

16560. The Treasurer shall enter into such contracts with such depositaries as in his judgment will be to the public advantage so to do. The contracts shall fix the duration of deposits and the rates of interest to be received, if any, the interest payment dates, and provide conditions for their withdrawal, repayment, and security.
(Amended by Stats. 1977, Ch. 622.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 4 - Contracts › Section 16561.

16561. In order to obtain as high rates of interest as possible, the contracts may contain any conditions necessary to conform with Section 19 of the Federal Reserve Act, as amended, and with regulations established pursuant thereto by the Board of Governors of the Federal Reserve System, and demand deposits shall be subject to withdrawal at any time upon demand of the Treasurer.
(Amended by Stats. 1977, Ch. 622.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 4 - Contracts › Section 16562.

16562. The contracts covering demand state deposits shall provide that each depositary shall render daily to the Treasurer a statement of the account showing the date of deposits, payments or withdrawals therefrom made during the day and the balance or amount of money of the state held by it at the close of the day. In the event that such demand deposits are interest bearing, the contract also shall provide that on the interest payment dates the depositary shall also furnish a statement showing the amount of interest due thereon together with the payment of the interest due.
The contracts covering time or interest-bearing term deposits shall provide that the interest to be paid by the depositary bank shall be paid upon the expiration of the certificate or certificates of deposit issued as a part of the contract. The contract may also provide for periodic interest payments during the term of the deposit. The contract governing time deposits shall also provide that the amounts of interest shall be reported by the depositary bank at the time of payment of the interest, by statement showing the balances or amounts of money of the state held by it during the period and the amount of accrued interest thereon.
(Amended by Stats. 1977, Ch. 622.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 4 - Contracts › Section 16563.

16563. The contracts shall be executed by the depositaries in triplicate. The Treasurer shall file one copy of each contract with the Controller.
(Added by Stats. 1945, Ch. 120.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 4 - Contracts › Section 16564.

16564. At the time of depositing State money in any bank, designated as a depositary, the Treasurer shall take and preserve a receipt, certificate of deposit, or such other evidence of the deposit as the Treasurer may require, stating the amount deposited and referring to the contract made between the depositary bank and the Treasurer.
(Added by Stats. 1945, Ch. 120.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 4 - Contracts › Section 16565.

16565. On the order of the Treasurer, depositary banks shall handle, collect and pay all checks, drafts and other exchange in the same manner and under the same conditions as checks, drafts, and other exchange of other depositors are handled, collected and paid.
(Added by Stats. 1945, Ch. 120.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.3 - The Accounts Receivable Management Act › Section 16580.

16580. This chapter shall be known and may be cited as the Accounts Receivable Management Act.
(Added by Stats. 1994, Ch. 1224, Sec. 1. Effective January 1, 1995.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.3 - The Accounts Receivable Management Act › Section 16581.

16581. “Participant” for the purposes of this chapter means all state agencies, departments, and offices.
(Added by Stats. 1994, Ch. 1224, Sec. 1. Effective January 1, 1995.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.3 - The Accounts Receivable Management Act › Section 16582.

16582. Within the uniform state payroll system, the Controller may, for each participant, disregard errors of twenty-five dollars ($25) or less in individual accounts receivable, if he or she has determined that time and expense will be saved in doing so.
(Added by Stats. 2004, Ch. 520, Sec. 6. Effective January 1, 2005.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.3 - The Accounts Receivable Management Act › Section 16583.

16583. (a) Each participant shall allocate collection resources based on giving highest priority to those accounts with the highest expected return.
(b) Each participant shall consult with the Franchise Tax Board or any other state agency that has successfully established an effective accounts receivable collection system.
(Added by Stats. 1994, Ch. 1224, Sec. 1. Effective January 1, 1995.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.3 - The Accounts Receivable Management Act › Section 16583.1.

16583.1. A participant may impose a reasonable fee, not to exceed the actual costs, to recover the participant’s collection costs on a past due account.
(Added by Stats. 2009, 4th Ex. Sess., Ch. 23, Sec. 13. Effective July 28, 2009.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.3 - The Accounts Receivable Management Act › Section 16583.2.

16583.2. (a) A participant shall submit an annual report to the Controller of the participant’s accounts receivables and discharged accounts.
(b) The Controller shall inform a participant, not less than 60 days before the annual report is required to be submitted to the Controller, of both of the following:
(1) The format for the annual report.
(2) The submission date for the annual report.
(Added by Stats. 2009, 4th Ex. Sess., Ch. 23, Sec. 14. Effective July 28, 2009.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.3 - The Accounts Receivable Management Act › Section 16584.

16584. (a) A participant may enter into a contract with a private debt collector or private person or entity for the assignment or sale of all or part of its accounts receivable, provided that the participant does all of the following:
(1) Determines the assignment or sale is likely to generate more net revenue or net value than equivalent state efforts.
(2) Determines the assignment or sale will not compromise future state revenue collections.
(3) Notifies the debtor in writing at the address of record that the alleged accounts receivable debt will be turned over for private collection unless the debt is paid, or appealed within a time period, as determined by the participant.
(b) No participant shall enter into a contract for the assignment or sale of any accounts receivable pursuant to subdivision (a) if the accounts receivable debt has been contested.
(c) Any contract entered into pursuant to this section is subject to Article 4 (commencing with Section 10335) of Chapter 2 of Part 2 of Division 2 of the Public Contract Code.
(Amended by Stats. 2007, Ch. 130, Sec. 118.5. Effective January 1, 2008.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.3 - The Accounts Receivable Management Act › Section 16585.

16585. (a) A city, county, or city and county may sell or transfer part or all of its accounts receivable to a private debt collector or private persons or entities, provided the city, county, or city and county notifies the debtor in writing at the address of record that the alleged accounts receivable debt will be turned over for private collection unless the debt is paid, or appealed within a time period, as determined by the city, county, or city and county providing the notice.
(b) No city, county, or city and county shall assign or sell any account receivable pursuant to subdivision (a) if the account receivable debt has been contested.
(Amended by Stats. 2006, Ch. 538, Sec. 274. Effective January 1, 2007.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.3 - The Accounts Receivable Management Act › Section 16586.

16586. Claims for reimbursement under Sections 11487 and 11487.5 of the Welfare and Institutions Code are not subject to this chapter.
(Added by Stats. 1994, Ch. 1224, Sec. 1. Effective January 1, 1995.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 1 - General › Section 16600.

16600. (a) As used in this chapter, the following definitions shall apply:
(1) “Eligible savings and loan association” means a state or federal savings association, as defined in Section 5102 of the Financial Code, located in this state, insured by the Federal Savings and Loan Insurance Corporation, and selected by the Treasurer for the safekeeping of money belonging to or in the custody of the state. An “eligible savings and loan association” must have received an overall rating of not less than “satisfactory” in its most recent evaluation by the appropriate federal financial supervisory agency of the association’s record of meeting the credit needs of the state’s communities, including low- and moderate-income neighborhoods, pursuant to Section 2906 of Title 12 of the United States Code.
(2) “Eligible credit union” means a state or federal credit union located in this state, insured by the National Credit Union Administration, and selected by the Treasurer for the safekeeping of money belonging to or in the custody of the state.
(b) An eligible savings and loan association or credit union is eligible to receive deposits only to the extent it furnishes the security required by this chapter.
(Amended by Stats. 2000, Ch. 1036, first Sec. 3. Effective January 1, 2001.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 1 - General › Section 16601.

16601. Notwithstanding Section 16502, all other money in the State Treasury or under the control of the Treasurer belonging to or in the custody of the state, shall, so far as possible, be deposited by the Treasurer to the credit of the state in eligible banks as defined in Section 16500, eligible savings and loan associations, and eligible credit unions. Any sum in the State Treasury so deposited is deemed to be in the State Treasury. Any other amount so deposited is deemed to be held in trust by the Treasurer.
(Amended by Stats. 1987, Ch. 1035, Sec. 2.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 1 - General › Section 16602.

16602. Subject to the limitations of Article 4.5 (commencing with Section 16480) of Chapter 3, the Treasurer shall determine what amounts of money shall be deposited as deposits in savings and loan associations, and credit unions, and the rates of interest to be received.
(Amended by Stats. 1987, Ch. 1035, Sec. 3.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 1 - General › Section 16603.

16603. Subject to the applicable contract, the Treasurer may call in money from deposits in savings and loan associations and credit unions and place it in demand deposits in banks when necessary to meet current requirements.
(Amended by Stats. 1987, Ch. 1035, Sec. 4.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 1 - General › Section 16604.

16604. Deposits in any savings and loan association or credit union shall not exceed the total of its net worth.
(Amended by Stats. 1987, Ch. 1035, Sec. 5.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 1 - General › Section 16605.

16605. Notwithstanding Section 16506, all money belonging to or in the custody of the state under the control of any state officer or employee, other than the Treasurer, except petty cash funds authorized by the Department of Finance, shall be deposited in state or national banks in this state, state and federal savings associations in this state, as defined in Section 5102 of the Financial Code, and credit unions in this state, and under conditions as the Director of Finance prescribes. Savings and loan associations or credit unions receiving deposits shall be required to deposit with the Treasurer the same security as is required by this chapter for deposits made by the Treasurer.
Savings and loan associations or credit unions receiving deposits of money from a county advanced or apportioned to it pursuant to Section 4481 of the Food and Agricultural Code shall be required to secure deposits in accordance with Article 2 (commencing with Section 53630) of Chapter 4 of Part 1 of Division 2 of Title 5.
(Amended by Stats. 1987, Ch. 1035, Sec. 6.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 1 - General › Section 16606.

16606. A state officer is not liable on his or her official bond for losses caused by the failure of a savings and loan association or credit union in which a deposit is made of money belonging to an inmate of a state institution, if the officer was required or permitted by law to act as a trustee or fiduciary with respect to the money and if he or she made the deposit in good faith and in accordance with law.
(Amended by Stats. 1987, Ch. 1035, Sec. 7.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 1 - General › Section 16607.

16607. The Treasurer is not responsible for any money deposited in a savings and loan association or credit union pursuant to this chapter, and while it remains so deposited.
(Amended by Stats. 1987, Ch. 1035, Sec. 8.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 1 - General › Section 16608.

16608. The Treasurer is responsible for the safekeeping, management and disbursement of the certificates of deposit received and the securities deposited with him, the interest received on deposits, and the proceeds of any sale under this chapter. The state is responsible for the custody and safe return of any securities so deposited.
(Added by Stats. 1976, Ch. 349.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 1 - General › Section 16609.

16609. Any state officer or employee who deposits any money belonging to or in the custody of the state in any manner other than as prescribed in this chapter or Chapter 4 (commencing with Section 16500) is subject to forfeiture of his office or employment.
(Added by Stats. 1976, Ch. 349.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 2 - Security for Deposits › Section 16610.

16610. Security shall not be required for that portion of any deposit that is insured under any law of the United States.
(Added by Stats. 1976, Ch. 349.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 2 - Security for Deposits › Section 16611.

16611. To be eligible to receive and retain deposits, a savings and loan association and credit union shall deposit with the Treasurer as security for deposits, securities specified in Section 16612, and approved by the Treasurer, in an amount in value at least 10 percent in excess of the amount deposited with the savings and loan association or credit union.
(Amended by Stats. 1987, Ch. 1035, Sec. 9.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 2 - Security for Deposits › Section 16613.

16613. If it appears to him or her necessary for the security of the state, the Treasurer shall require as a condition of eligibility that a savings and loan association or credit union furnish an indemnity bond approved by the Treasurer, conditioned against loss by any depreciation in value that may occur in securities deposited as security for the safekeeping and prompt payment of deposits. The sureties shall not be stockholders of the principal.
(Amended by Stats. 1987, Ch. 1035, Sec. 10.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 2 - Security for Deposits › Section 16614.

16614. In lieu of deposits of securities, any otherwise eligible savings and loan association or credit union may deposit with the Treasurer bonds of admitted surety insurers as security for demand and time deposits.
(Amended by Stats. 1987, Ch. 1035, Sec. 11.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 2 - Security for Deposits › Section 16615.

16615. An admitted surety insurer is not eligible as surety for deposits in any one savings and loan association or credit union in amounts in excess of 10 percent of the capital and surplus of the surety as shown in the preceding report issued by the United States Treasury Department.
(Amended by Stats. 1987, Ch. 1035, Sec. 12.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 2 - Security for Deposits › Section 16616.

16616. On demand of the Treasurer, the Insurance Commissioner shall issue a certificate showing the qualifications of any admitted surety insurer as surety for deposits.
(Added by Stats. 1976, Ch. 349.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 2 - Security for Deposits › Section 16617.

16617. The bond of an admitted surety insurer shall not be accepted as security for deposits unless it has been certified by the Insurance Commissioner as meeting the requirements of this chapter and unless it also holds a certificate of authority from the United States Treasury Department under which it is eligible as surety on federal bonds.
(Added by Stats. 1976, Ch. 349.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 2 - Security for Deposits › Section 16618.

16618. The form of bonds required under this chapter shall be prescribed by the Attorney General.
(Added by Stats. 1976, Ch. 349.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 2 - Security for Deposits › Section 16619.

16619. A surety upon any bond to secure deposits may terminate the bond as to future liability by giving 10 days’ written notice of termination to the Treasurer. Such notice of termination shall not affect any liability accruing prior to the expiration of the 10-day period.
Within 10 days after receipt of such a notice of termination, the Treasurer shall require other acceptable security or withdraw the deposits secured by the bond to be terminated.
(Added by Stats. 1976, Ch. 349.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 2 - Security for Deposits › Section 16620.

16620. That portion of any security for deposit that is in excess of the requirements of this article may be withdrawn or released on the written consent of the Treasurer.
(Added by Stats. 1976, Ch. 349.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 2 - Security for Deposits › Section 16621.

16621. If any savings and loan association or credit union fails to pay all or any part of deposits on demand of the Treasurer, pursuant to the terms and conditions of the contract relating to the deposit that is to be withdrawn in whole or in part, the Treasurer shall forthwith recover upon or convert the security therefor into money and disburse it according to law.
(Amended by Stats. 1987, Ch. 1035, Sec. 13.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 2 - Security for Deposits › Section 16622.

16622. If at any time the security deposited with the Treasurer is not deemed satisfactory by the Treasurer, he may require such additional security as is satisfactory to him.
(Added by Stats. 1976, Ch. 349.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 3 - Custody of Securities › Section 16625.

16625. As used in this article, “qualified trust company” means the trust department of any state or national bank in this state or a trust company authorized to act as such in this state.
(Added by Stats. 1976, Ch. 349.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 3 - Custody of Securities › Section 16626.

16626. With the consent of the savings and loan association or credit union owning securities deposited or to be deposited with him or her as security, the Treasurer may:
(a) Authorize any qualified trust company or any federal reserve bank or any branch thereof or any state or national bank located in any city designated as a reserve or central reserve city by the Board of Governors of the Federal Reserve System or the Federal Home Loan Bank of San Francisco to receive as his or her agent deposits of any securities approved under this chapter.
(b) Place and maintain for safekeeping as a trust deposit with any qualified trust company, or with any federal reserve bank or any branch thereof or the Federal Home Loan Bank of San Francisco any securities that have been received by him or her under this chapter.
(c) Whenever any qualified trust company accepts securities under paragraph (a) or (b) the trust company, with the prior approval of the Treasurer, may keep the securities for safekeeping with any state or national bank located in a city designated as a reserve or central reserve city by the Board of Governors of the Federal Reserve System.
(Amended by Stats. 2015, Ch. 25, Sec. 27. (SB 84) Effective June 24, 2015.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 3 - Custody of Securities › Section 16627.

16627. The Treasurer shall take from the qualified trust company or from any federal reserve bank or any branch thereof or the Federal Home Loan Bank of San Francisco a receipt for any securities received by it under this article. Neither the Treasurer nor the state is responsible for the custody and safe return of such securities until they are withdrawn from the qualified trust company or from any federal reserve bank or any branch thereof or from the Federal Home Loan Bank of San Francisco by the Treasurer.
(Amended by Stats. 2015, Ch. 25, Sec. 28. (SB 84) Effective June 24, 2015.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 3 - Custody of Securities › Section 16628.

16628. Any qualified trust company or any federal reserve bank or any branch thereof or the Federal Home Loan Bank of San Francisco to which securities are delivered, either as agent or depositary for the Treasury, shall make such disposition of the securities as the Treasurer directs and is responsible only for strict compliance with written instructions given to it by the Treasurer. All such securities are at all times subject to the order of the Treasurer.
(Amended by Stats. 2015, Ch. 25, Sec. 29. (SB 84) Effective June 24, 2015.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 3 - Custody of Securities › Section 16629.

16629. The charges of any qualified trust company or of any federal reserve bank or any branch thereof or the Federal Home Loan Bank of San Francisco for the handling and safekeeping of such securities are not a charge against the Treasurer but shall be paid by the owner.
(Amended by Stats. 2015, Ch. 25, Sec. 30. (SB 84) Effective June 24, 2015.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 4 - Contracts › Section 16630.

16630. The Treasurer shall enter into contracts with savings and loan associations as in his or her judgment will be to the public advantage so to do. The contracts shall fix the duration of deposits and the rates of interest to be received, if any, the interest payment date, and provide conditions for their withdrawal, repayment, and security.
(Amended by Stats. 1987, Ch. 1035, Sec. 15.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 4 - Contracts › Section 16631.

16631. In order to obtain as high rates of interest as possible, the contracts may contain any conditions necessary to conform with Section 5B of the Federal Home Loan Bank Act, as amended (12 USC Sec. 1425 (b)), and with regulations established pursuant thereto by the Federal Home Loan Bank Board.
(Amended by Stats. 1977, Ch. 622.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 4 - Contracts › Section 16632.

16632. The contracts covering deposits shall provide that the interest to be paid by the savings and loan association or credit union shall be paid upon the expiration of the certificate or certificates of deposit issued as a part of the contract. The contract may also provide for periodic interest payments during the term of the deposit. The contract governing deposits shall also provide that the amounts of interest shall be reported by the savings and loan association or credit union at the time of payment of the interest, by statement showing the balances or amounts of money of the state held by the association or credit union during the period and the amount of accrued interest thereon.
(Amended by Stats. 1987, Ch. 1035, Sec. 16.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 4 - Contracts › Section 16633.

16633. The contracts shall be executed by the savings and loan associations and credit unions in triplicate. The Treasurer shall file one copy of each contract with the Controller.
(Amended by Stats. 1987, Ch. 1035, Sec. 17.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4.5 - Savings and Loan Association Deposits › ARTICLE 4 - Contracts › Section 16634.

16634. At the time of depositing state money in any savings and loan association or credit union, designated as a depository, the Treasurer shall take and preserve a receipt, certificate of deposit, or any other evidence of the deposit as the Treasurer may require, stating the amount deposited and referring to the contract made between the depository savings and loan association or credit union and the Treasurer.
(Amended by Stats. 1987, Ch. 1035, Sec. 18.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 5 - Indemnification › Section 16640.

16640. Present and former members of the governing board of any trust fund, jointly and individually, state officers and employees, and investment managers under contract with the state shall be indemnified from the General Fund by the State of California from all claims, demands, suits, actions, damages, judgments, costs, charges, and expenses, including court costs and attorney’s fees, and against all liability, losses, and damages of any nature whatsoever that these present or former board members, officers, employees, or contract investment managers shall or may at any time have sustained by reason of any decision not to invest in business firms with business operations in South Africa or business arrangements with the government of South Africa, or any decision not to invest in financial institutions extending credit to the government of South Africa or South African corporations, pursuant to former Chapter 5 (commencing with Section 16640) of this part as it read prior to its repeal by the act adding this section.
(Repealed and added by Stats. 1994, Ch. 31, Sec. 5. Effective March 30, 1994.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 5 - Indemnification › Section 16641.

16641. Present and former Regents of the University of California, jointly and individually, officers and employees of the University of California, and investment managers under contract with the University of California shall be indemnified from the General Fund by the State of California from all claims, demands, suits, actions, damages, judgments, costs, charges, and expenses, including court costs and attorney’s fees, and against all liability, losses, and damages of any nature whatsoever that these present or former regents, officers, employees, or contract investment managers shall or may at any time sustain by reason of any decision not to invest in business firms with business operations in South Africa or business arrangements with the government of South Africa, or any decision not to invest in financial institutions extending credit to the government of South Africa or South African corporations, pursuant to former Chapter 5 (commencing with Section 16640) of this part as it read prior to its repeal by the act adding this section.
(Repealed and added by Stats. 1994, Ch. 31, Sec. 5. Effective March 30, 1994.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 5 - Indemnification › Section 16641.5.

16641.5. The Public Employees’ Retirement System, as a public entity, and the present, future, and former board members of the Public Employees’ Retirement System, jointly and individually, and state officers and employees, shall be indemnified from the General Fund and held harmless by the State of California from all claims, demands, suits, actions, damages, judgments, costs, charges, and expenses, including, but not limited to, court costs and attorney’s fees, and against all liability, losses, and damages of any nature whatsoever that these present, future, or former board members, officers, and employees shall or may at any time sustain as a result of the transfer of the Volunteer Firefighters Length of Service Award System as described in Chapter 4.5 (commencing with Section 50950).
(Added by Stats. 2007, Ch. 651, Sec. 1. Effective January 1, 2008.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 5 - Indemnification › Section 16642.

16642. (a) Present, future, and former board members of the Public Employees’ Retirement System or the State Teachers’ Retirement System, jointly and individually, state officers and employees, research firms described in subdivision (d) of Section 7513.6, and investment managers under contract with the Public Employees’ Retirement System or the State Teachers’ Retirement System shall be indemnified from the General Fund and held harmless by the State of California from all claims, demands, suits, actions, damages, judgments, costs, charges, and expenses, including court costs and attorney’s fees, and against all liability, losses, and damages of any nature whatsoever that these present, future, or former board members, officers, employees, research firms as described in subdivision (d) of Section 7513.6, or contract investment managers shall or may at any time sustain by reason of any decision to restrict, reduce, or eliminate investments pursuant to Sections 7513.6, 7513.7, 7513.74, and 7513.75.
(b) This section shall remain in effect only until Section 7513.74 is repealed, and as of that date is repealed.
(Amended by Stats. 2019, Ch. 459, Sec. 3. (AB 1320) Effective January 1, 2020. Repealed conditionally as prescribed by its own provisions. See later operative version added by Sec. 4 of Stats. 2019, Ch. 41.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 5 - Indemnification › Section 16642.

16642. (a) Present, future, and former board members of the Public Employees’ Retirement System or the State Teachers’ Retirement System, jointly and individually, state officers and employees, research firms described in subdivision (d) of Section 7513.6, and investment managers under contract with the Public Employees’ Retirement System or the State Teachers’ Retirement System shall be indemnified from the General Fund and held harmless by the State of California from all claims, demands, suits, actions, damages, judgments, costs, charges, and expenses, including court costs and attorney’s fees, and against all liability, losses, and damages of any nature whatsoever that these present, future, or former board members, officers, employees, research firms as described in subdivision (d) of Section 7513.6, or contract investment managers shall or may at any time sustain by reason of any decision to restrict, reduce, or eliminate investments pursuant to Sections 7513.6, 7513.7, and 7513.75.
(b) This section shall become operative upon the repeal of Section 7513.74.
(Repealed (in Sec. 3) and added by Stats. 2019, Ch. 459, Sec. 4. (AB 1320) Effective January 1, 2020. Conditionally operative as prescribed by its own provisions.)