reglab/statecodes huggingface dataset:
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 4 - Powers of Associations › ARTICLE 2 - Branching and Agency Powers › Section 6557.

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 acquired pursuant to a merger, consolidation, conversion, or transfer of assets.
(Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 4 - Powers of Associations › ARTICLE 2 - Branching and Agency Powers › Section 6558.

6558. The commissioner may adopt rules and regulations relating to any action pertaining to branch offices and agencies regulated by this article.
(Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 1 - Savings Liability › Section 6600.

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 accounts, less redemption and withdrawal payments.
(Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 1 - Savings Liability › Section 6601.

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 accounts in amounts and at times they elect.
(Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 1 - Savings Liability › Section 6602.

6602. Savings accounts may be opened for cash or, subject to any limitations or restrictions in regulations issued by the commissioner, for property in which the association is authorized to invest. In the absence of fraud in the transaction, the value of the property taken in payment, as determined by the board of directors, shall be conclusive.
(Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 1 - Savings Liability › Section 6603.

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 account holder is liable for any unpaid installments on the account.
(Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 2 - Savings Accounts › Section 6651.

6651. Except for savings accounts issued in marketable or bearer form, savings accounts shall be represented only by the account of each savings account holder on the books of the association, and the accounts or any interest in the accounts shall be transferable only on the books of the association and upon proper written application, and acceptance by the association of the transferee as a holder upon terms approved by the board of directors.
(Added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 2 - Savings Accounts › Section 6652.

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 representative, of an affidavit to the effect that the evidence of account, if any, has been lost or destroyed, and that the account has not been pledged or assigned in whole or in part, the association shall issue a new evidence of account, if applicable, in the name of the holder of record.
(b) The new evidence of account may state that it is issued in lieu of the one lost or destroyed and that the association shall not be liable for the loss or destruction of the original evidence of account.
(c) The association may require an indemnification or a bond in an amount it deems sufficient to indemnify the association against any loss which might result from the issuance of a new evidence of account under this section.
(Amended by Stats. 1984, Ch. 287, Sec. 19. Effective July 6, 1984.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 2 - Savings Accounts › Section 6653.

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, selling, or disposition of, for any one opening or increase anything having a cost or value in excess of the amount authorized by the commissioner by regulation.
(b) Notwithstanding subdivision (a) the commissioner is authorized to impose by regulation restrictions on associations, relating to the distribution and advertising of giveaways, equivalent to those imposed on federal associations doing business in this state.
(Added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 2 - Savings Accounts › Section 6661.

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 person shall be disregarded, and the association or federal association, notwithstanding the notice, shall honor withdrawal applications and shall pay withdrawals and interest to the person or persons to whose credit the account stands or shall deliver the property to or upon the order of the person for whose account the property is held, without any liability on the part of the association or federal association; subject, however, to the exceptions provided in subdivisions (a) and (b):
(a) If an adverse claimant delivers to the association or federal association at the office at which the account is carried or the property held an affidavit of the claimant stating that of the claimant’s own knowledge the person to whose credit the deposit stands or for whose account the property is held is a fiduciary for the adverse claimant and that the claimant has reason to believe the fiduciary is about to misappropriate the account or the property, and stating the facts upon which the claim of fiduciary relationship and the belief are founded, the association or federal association shall refuse to pay withdrawals or interest on the account and shall refuse to deliver the property for a period of not more than three court days (including the day of delivery) from the date that the association or federal association received the adverse claimant’s affidavit, without liability on its part and without liability for the sufficiency or truth of the facts alleged in the affidavit.
(b) If at any time, either before, after, or in the absence of the filing of an affidavit by the adverse claimant, the adverse claimant procures and serves upon the association or federal association at the office at which the account is carried or the property held a restraining order, injunction, or other appropriate order against the association or federal association from a court of competent jurisdiction in an action in which the adverse claimant and all persons in whose names the account stands or for whose account the property is held are the parties, the association or federal association shall comply with the order or injunction, without liability on its part.
(c) The provisions of this section shall be applicable even though the name of the person appearing on the books to whose credit the account stands or for whose account the property is held is modified by a qualifying or descriptive term such as “agent,” “trustee,” or other word or phrase indicating that the person may hold the account or property in a fiduciary capacity.
(d) Nothing in the California Multiple-Party Accounts Law contained in Part 2 (commencing with Section 5100) of Division 5 of the Probate Code limits the applicability of this section.
(Amended by Stats. 1990, Ch. 79, Sec. 5. Operative July 1, 1991, pursuant to Stats. 1990, Ch. 710, Sec. 46.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 2 - Savings Accounts › Section 6662.

6662. Nothing in this chapter shall prohibit an association or federal association from issuing tenancy in common, community property, and other types of savings accounts authorized by law.
(Added by Stats. 1984, Ch. 958, Sec. 3.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 2 - Savings Accounts › Section 6663.

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 and notice of attachment shall be served upon the manager or any other officer of the association or federal association. Service shall be made at the office or branch at which the savings account or other property is maintained, if the office or branch is in operation at the time of the service or, if the office, agency, or branch is not in operation at the time of service, at the home office of the association or federal association. Writs and notices of attachment which are not so served are not effective as to any savings account or other property maintained with the association or federal association, irrespective of any other provision of law relating to service of attachments.
(Added by Stats. 1985, Ch. 983, Sec. 10. Effective September 26, 1985.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 3 - Contracts for Savings Programs › Section 6700.

6700. An association may contract with the proper authorities of any public or nonpublic elementary or secondary school or institution of higher learning, or any public or charitable institution caring for minors, for the participation and implementation by the association in any school or institutional thrift or savings plan, and it may accept savings accounts at the school or institution, either by its own collector or by any representative of the school or institution that becomes the agent of the association for that purpose.
(Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 3 - Contracts for Savings Programs › Section 6701.

6701. An association may contract with any employer, as follows:
(a) With respect to the solicitation, collection, and receipt of savings by payroll deduction to be credited to a designated account or accounts of its employees who voluntarily elect to participate.
(b) With respect to the direct deposit of wages or salary paid to the account of the employee by electronic or other medium upon authorization in writing by the employee and designation of the association as the recipient of the deposits.
(Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 3 - Contracts for Savings Programs › Section 6702.

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 agent as determined by the association.
(Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 4 - Powers of Attorney on Savings Accounts › Section 6725.

6725. (a) Notwithstanding any other provision of law, an association or federal association may continue to recognize the authority of an attorney-in-fact authorized in writing to manage or to make withdrawals either in whole or in part from the savings account of a holder, whether minor or adult, until it receives written notice or is on actual notice of the revocation of authority, whether the revocation is express or by operation of law.
(b) Except as provided in Division 4.5 (commencing with Section 4000) of the Probate Code, written notice of the death or adjudication of incompetency of the account holder that is delivered to the office where the account is maintained shall constitute written notice of revocation of the authority of the attorney-in-fact.
(c) No association or federal association shall be liable for damages, penalty, or tax by reason of any payment made pursuant to this section.
(Amended by Stats. 1994, Ch. 307, Sec. 12. Effective January 1, 1995.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 5 - Married Persons and Minors › Section 6750.

6750. Except as otherwise expressly provided in this article, an association or federal association may issue savings accounts to any married person or minor as the sole and absolute owner of the account, and receive payments by or for the owner, and pay withdrawals, accept pledges to the association, and act in any other manner with respect to the accounts on the order of a married person or minor. A married person or minor may establish a trust under Sections 401 and 408 of the Internal Revenue Code of 1986, as amended, and an association or federal association may issue savings accounts to the trust.
(Amended by Stats. 1990, Ch. 1118, Sec. 37.5.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 5 - Married Persons and Minors › Section 6751.

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 or acquittance signed by a married person or by a minor who holds a savings account, shall be a sufficient release of the association or federal association for any payment made or delivery of rights to the married person or minor.
(Added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 5 - Married Persons and Minors › Section 6752.

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 minor shall be binding upon the minor with like effect as if the minor were of full age and legal capacity.
(b) Except under subdivision (c), the parent or guardian of the minor shall not have the power to attach or transfer any savings account issued to or in the name of the minor, provided that a parent or guardian of a minor aged 13 or less may require, by written notice delivered to the office where the account is maintained, that the signatures of both the minor and the parent or guardian be required for withdrawals from the account.
(c) In the event of the death of a minor the receipt or acquittance of either parent, guardian, or foster parent of the minor is a sufficient discharge of the association or federal association for any sums not exceeding in the aggregate two thousand five hundred dollars ($2,500) unless the minor has given written notice to the association or federal association to accept the signature of the parent, guardian or foster parent to withdraw a greater amount.
(Amended by Stats. 1984, Ch. 958, Sec. 4.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 6 - Multiple-Party Accounts › Section 6800.

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 Part 2 (commencing with Section 5100) of Division 5 of the Probate Code.
(Amended by Stats. 1990, Ch. 79, Sec. 6. Operative July 1, 1991, pursuant to Stats. 1990, Ch. 710, Sec. 46.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 6 - Multiple-Party Accounts › Section 6804.

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 shall, because of the payment, be liable for any estate, inheritance, or succession taxes that may be due this state.
(Amended by Stats. 1990, Ch. 79, Sec. 7. Operative July 1, 1991, pursuant to Stats. 1990, Ch. 710, Sec. 46.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 6 - Multiple-Party Accounts › Section 6805.

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 Probate Code, signed by any one or more tenants, whether minor or adult, upon whose signature or signatures withdrawals may be made from the account shall, unless the terms of the account provide specifically to the contrary, be a valid pledge and transfer to the association or federal association of that part of the account pledged or hypothecated, and shall not operate to sever or terminate all or any part of the account.
(Amended by Stats. 1989, Ch. 397, Sec. 13.5. Operative July 1, 1990, by Sec. 42 of Ch. 397.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 7 - Accounts of Administrators, Executors, Guardians, Custodians, Trustees, and Other Fiduciaries › Section 6850.

6850. Any association may accept fiduciary savings accounts in the name of any administrator, executor, custodian, conservator, guardian, trustee, or other fiduciary for a named beneficiary or beneficiaries.
(Added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 7 - Accounts of Administrators, Executors, Guardians, Custodians, Trustees, and Other Fiduciaries › Section 6851.

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, to the fiduciary without regard to any notice to the contrary as long as the fiduciary is living.
(b) The payment or delivery to the fiduciary or a receipt or acquittance signed by a fiduciary to whom payment or delivery of rights is made shall be a sufficient release of an association for the payment or delivery.
(Added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 7 - Accounts of Administrators, Executors, Guardians, Custodians, Trustees, and Other Fiduciaries › Section 6852.

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 relationship has been given to an association and the association has no written notice of any other disposition of the beneficial estate, the withdrawal value of the account, and interest on it, or other rights relating to it, may, at the option of an association, be paid or delivered, in whole or in part, to the beneficiary or beneficiaries.
(b) In the absence of written notice to the contrary an association may presume that each beneficiary of an account with two or more beneficiaries has an undivided equal beneficial interest in the account.
(Added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 7 - Accounts of Administrators, Executors, Guardians, Custodians, Trustees, and Other Fiduciaries › Section 6855.

6855. No association paying any fiduciary, beneficiary, or designated person in accordance with this article or the California Multiple-Party Accounts Law contained in Part 2 (commencing with Section 5100) of Division 5 of the Probate Code shall, because of the payment, be liable for any estate, inheritance, or succession taxes that may be due this state.
(Amended by Stats. 1990, Ch. 79, Sec. 8. Operative July 1, 1991, pursuant to Stats. 1990, Ch. 710, Sec. 46.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 7 - Accounts of Administrators, Executors, Guardians, Custodians, Trustees, and Other Fiduciaries › Section 6856.

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 governing federal associations.
(Added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 8 - Accounts of Incompetents › Section 6900.

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 adjudicated incompetent, it may pay or deliver funds to the account holder in accordance with the provisions of the savings account contract, and the receipt or acquittance of the holder shall be a sufficient release of that association or federal association for the payment or delivery.
(Amended by Stats. 1984, Ch. 958, Sec. 11.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 9 - Accounts of Deceased Nonresidents › Section 6950.

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 nation, the account, together with additions and interest, or any part of it, shall be exempt from any taxation otherwise imposed by this state.
(b) When a savings account is held in any association or federal association by a person who dies while domiciled in a sister state, the account, together with additions and interest, or any part of it, shall be paid to the sister state personal representative or other claimant under the Probate Code, provided the personal representative or other claimant has furnished the association or federal association with all of the documentation required under applicable provisions of the Probate Code and evidence of ownership of the account, if any, issued under Section 6652.
(c) Upon payment or delivery to the personal representative or other claimant after receipt of the documents specified in subdivision (b), the association or federal association is released and discharged to the same extent as if the payment or delivery had been made to a legally qualified local personal representative, and is not required to account for the application or disposition of the property.
(Amended by Stats. 1988, Ch. 1199, Sec. 14. Operative July 1, 1989, by Sec. 119 of Ch. 1199.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 9 - Accounts of Deceased Nonresidents › Section 6951.

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.
(Amended by Stats. 1984, Ch. 958, Sec. 12.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 10 - Savings Accounts as Legal Investments and as Security; Public Funds › Section 7000.

7000. (a) Administrators, executors, custodians, conservators, guardians, trustees, and other fiduciaries, insurance companies, business and manufacturing companies, banks, trust companies, credit unions, and other types of similar financial organizations, charitable, educational, eleemosynary and public corporations, funds and organizations, and municipalities and other public corporations and bodies, and public officials are specifically authorized and empowered to invest funds held by them, without any order of any court, in savings accounts of associations and federal associations and the investments are legal investments for those funds.
(b) No association shall have on deposit at any one time funds of the State of California, of the cities, counties, and other political subdivisions of the state, and of the public corporations and districts of the state, that, in the aggregate, exceed in amount 400 percent of its statutory net worth. The amount of funds on deposit secured by surety bonds shall not at any time, in the aggregate, exceed 100 percent of statutory net worth. The limitations of this subdivision as to the amount of funds which may be on deposit at any one time shall not apply to negotiable certificates of deposit.
(c) An association or federal association may act as a depositary or fiscal agent for the holding or handling of public funds notwithstanding the fact that a member of the legislative body or an officer or employee of the depositor is an officer, employee, or stockholder of the association or federal association, or of a savings and loan holding company or service corporation of the association or federal association.
(d) Under this section a member of a legislative body, or an officer or employee shall not be deemed “interested in any contract” as that phrase is used in Section 1090 of the Government Code, if that person’s sole interest is the fact that the person is an officer, employee, or stockholder of the association or federal association selected to act as depositary, paying agent, or fiscal agent or of its savings and loan holding company or service corporation.
(e) An officer or employee of a local public agency shall be deemed to have only a “remote interest” in a contract, as that term is used in Section 1091 of the Government Code, where the contract is entered into without competitive bidding under a procedure established by law, if the sole interest is that of an officer, director, or employee, of an association or federal association or savings and loan holding company or service corporation of the association or federal association with which a party to the contract has the relationship of borrower or depositor, debtor, or creditor, and if the conditions of subdivision (a) of Section 1091 of the Government Code are met.
(Amended by Stats. 1985, Ch. 983, Sec. 10.5. Effective September 26, 1985.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 10 - Savings Accounts as Legal Investments and as Security; Public Funds › Section 7001.

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 legal investments by this article shall be acceptable deposits.
(b) Whenever, under the laws of this state or otherwise, a bond is required with security, the bond may be furnished, and the savings accounts and accounts made legal investments by this article in the amount of the bond shall be acceptable as security without other security.
(Added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 10 - Savings Accounts as Legal Investments and as Security; Public Funds › Section 7002.

7002. The provisions of this article supplement any and all other laws relating to and declaring what shall be legal investments for the persons, fiduciaries, corporations, organizations’ funds, municipalities, bodies, and officials referred to in this article and supplement the laws relating to the deposit of securities and the making and filing of bonds for any purpose.
(Added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 11 - Interest › Section 7050.

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 either be fixed at the time the account is issued or may vary on any basis specified at the time the account is accepted.
(Added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 11 - Interest › Section 7051.

7051. An association may classify its savings accounts on any basis including, but not limited to, character, amount, or duration of the account, regularity of additions, or location of origin of the account.
(Added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 11 - Interest › Section 7052.

7052. Except for accounts that are classified according to a specified contractual time or notice period, interest shall be based on the withdrawal value of each savings account at the beginning of the accounting period, plus additions made during the period (less amounts previously withdrawn and noticed for withdrawal, which for interest purposes shall be deducted from the latest previous additions) computed at the rate for the time the funds have been invested, determined as provided in Section 7053.
(Added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 11 - Interest › Section 7053.

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, except that if the association shall so determine, accounts in one or more classifications or additions received by the association on or before a date not later than the 20th day of the month (unless the day determined is not a business day, in which case it may be the next succeeding business day) shall receive interest as if invested on the first day of the month in which the payments were received.
(b) If the association makes a determination under subdivision (a) it also shall determine that payments received subsequent to that determination date shall either receive interest as if invested on the first day of the next succeeding month, or receive interest from the date of actual receipt by the association, except as provided by Section 866.3.
(Amended by Stats. 1985, Ch. 983, Sec. 11. Effective September 26, 1985.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 11 - Interest › Section 7054.

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 accounts from which withdrawals may be made upon demand or by negotiable and transferable order or authorization.
(b) That an association may establish minimum balance requirements for savings accounts to be eligible for distribution of interest.
(c) That, subject to applicable maximum regulatory limitations, an association may pay interest on a savings account at a rate or anticipated rate of return determined at the time that the account is accepted.
(Added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 11 - Interest › Section 7055.

7055. The directors shall determine the method of calculating the amount of any interest on any savings account classification as provided in this article and the time or times when the interest is to be paid or credited.
(Added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 12 - Withdrawals › Section 7100.

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 withdrawals by negotiable or transferable instruments for the purpose of making transfers to third parties.
(b) With respect to deposits or accounts on which interest or dividends are paid, subdivision (a) shall apply only to the deposits or accounts which consist solely of funds in which the entire beneficial interest is held by one or more individuals or by an organization which is operated primarily for religious, philanthropic, charitable, educational, political, or other similar purposes and which is not operated for profit.
(c) Notwithstanding any other provision of law, an association may provide for the automatic transfer of funds services at the direction of an account holder.
(Amended by Stats. 1988, Ch. 718, Sec. 12.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 13 - Redemption › Section 7150.

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 determine, all or any part of any of its savings accounts on an interest date by giving 30 days’ notice by registered mail addressed to each affected account holder at the holder’s last address as recorded on the books of the association.
(Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 13 - Redemption › Section 7151.

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 condition and when it has applications for withdrawal that have been on file more than 14 days and have not been reached for payment.
(Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 13 - Redemption › Section 7152.

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 event shall the redemption price be less than the withdrawal value.
(Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 13 - Redemption › Section 7153.

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 been set aside and continue to be available for the redemption, interest upon the accounts called for redemption shall cease to accrue from and after the interest date specified as the redemption date and all rights with respect to those accounts shall terminate after the redemption date, except only as to any right of the account holder of record to receive the redemption price without interest.
(Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 5 - Savings Operations › ARTICLE 13 - Redemption › Section 7154.

7154. (a) All certificates of ownership evidencing former savings accounts that have been called for redemption must be tendered for payment within the time limit specified in subdivision (b) of Section 1513 of the Code of Civil Procedure for escheat of unclaimed funds.
(b) Savings accounts that are not tendered for payment as set forth in this section shall escheat to the state as provided in the Unclaimed Property Law, Chapter 7 (commencing with Section 1500) of Title 10 of Part 3 of the Code of Civil Procedure.
(Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 6 - Investment Operations › ARTICLE 1 - Required Liquidity › Section 7200.

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 meet the minimum liquidity requirements prescribed by Section 566.2 of Title 12 of the Code of Federal Regulations, unless the commissioner has issued prior written approval. “Liquid assets,” as used in this section, has the same meaning as defined by the regulations codified in Section 566.1 of Title 12 of the Code of Federal Regulations.
(Amended by Stats. 1990, Ch. 1118, Sec. 37.8.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 6 - Investment Operations › ARTICLE 2 - Investment in Securities › Section 7250.5.

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 the four highest rating categories by at least one nationally recognized rating service.
(Added by Stats. 1990, Ch. 1118, Sec. 39.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 6 - Investment Operations › ARTICLE 2 - Investment in Securities › Section 7251.

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 account if later the commissioner rescinds approval of the investments.
(Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 6 - Investment Operations › ARTICLE 2 - Investment in Securities › Section 7252.

7252. (a) Notwithstanding any other provisions of this chapter, an association may, subject to regulations of the commissioner, invest in the capital stock, obligations, or other securities of service corporations.
(b) The total of all investments under this section shall not exceed 10 percent of the total assets of the savings association.
(c) A service corporation in which a savings association may invest shall only engage in those activities reasonably related to the activities of savings associations as the commissioner may approve.
(d) An association may make an investment under this section notwithstanding that the service corporation in which investment is authorized has invested in any other corporation (1) that is not incorporated in this state, or (2) that has stock available for purchase by persons other than associations.
(Amended by Stats. 1990, Ch. 1118, Sec. 40.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 6 - Investment Operations › ARTICLE 2.5 - Other Authorized Investments in Bonds and Securities › Section 7261.

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 interest, and registered warrants of the State of California.
(Added by Stats. 1988, Ch. 718, Sec. 14.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 6 - Investment Operations › ARTICLE 2.5 - Other Authorized Investments in Bonds and Securities › Section 7262.

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 than one million dollars ($1,000,000), county, city and county, city, metropolitan water district, municipal utility district, any special district established by and within any municipal utility district, transit district, rapid transit district, including sales tax revenue bonds of that district of the State of California (herein referred to generally as public corporations) except the bonds of any particular such public corporation which may be declared ineligible for investment by commercial banks by regulations of the commissioner.
(Amended by Stats. 1996, Ch. 1064, Sec. 553. Effective January 1, 1997. Operative July 1, 1997.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 6 - Investment Operations › ARTICLE 2.5 - Other Authorized Investments in Bonds and Securities › Section 7263.

7263. Bonds of any other political subdivision, public corporation, or district of the State of California (herein referred to generally as public corporations) having the power, without limit as to rate or amount, to levy taxes to pay the principal and interest of those bonds upon all property within its boundaries subject to taxation by the public corporation, if the net direct debt of that public corporation together with its net overlapping debt does not exceed 25 percent of the assessed valuation of the taxable property within its boundaries according to the last official equalized county assessment roll.
(Amended by Stats. 2006, Ch. 538, Sec. 166. Effective January 1, 2007.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 6 - Investment Operations › ARTICLE 2.5 - Other Authorized Investments in Bonds and Securities › Section 7265.

7265. Bonds of any irrigation district, water, storage district, water conservation district, county water district, reclamation district, drainage district, and any district the primary function of which is the irrigation, reclamation, or drainage of land within its boundaries, located in California, other than bonds referred to in Section 7262, subject to any of the following:
(a) The bonds qualify under Section 7263.
(b) The bonds have been certified as legal securities pursuant to Chapter 1 (commencing with Section 20000) of Division 10 of the Water Code and the certification remains unrevoked.
(c) The total outstanding bonded indebtedness of the district, including bonds authorized, but not issued, but excluding bonds payable solely from revenues and not directly or indirectly from assessments, does not exceed 50 percent of the aggregate of the assessed value of the lands, exclusive of improvements, subject to assessment by the district, and the value of the property owned by the district or to be acquired or constructed with the proceeds of the bonds under consideration.
(Added by Stats. 1988, Ch. 718, Sec. 14.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 6 - Investment Operations › ARTICLE 2.5 - Other Authorized Investments in Bonds and Securities › Section 7266.

7266. Bonds, consolidated bonds, collateral trust debentures, consolidated debentures, or other obligations issued by federal land banks or federal intermediate credit banks established under the Federal Farm Loan Act, as amended, the Farm Credit Act of 1971, in debentures and consolidated debentures issued by the Central Bank for Cooperatives and banks for cooperatives established under the Farm Credit Act of 1933, as amended, and the Farm Credit Act of 1971, and in stocks, bonds, debentures, participations, and other obligations of, or issued by, the Federal National Mortgage Association, the Student Loan Marketing Association, the Government National Mortgage Association, and the Federal Home Loan Mortgage Corporation.
(Amended by Stats. 1990, Ch. 1118, Sec. 40.5.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 6 - Investment Operations › ARTICLE 2.5 - Other Authorized Investments in Bonds and Securities › Section 7267.

7267. Bonds, notes, or other obligations issued by the Federal Financing Bank, the United State Postal Service, or issued or assumed by the International Bank for Reconstruction and Development, the Tennessee Valley Authority, the Inter-American Development Bank, the Government Development Bank for Puerto Rico, the Asian Development Bank, or the African Development Bank.
(Added by Stats. 1988, Ch. 718, Sec. 14.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 6 - Investment Operations › ARTICLE 2.5 - Other Authorized Investments in Bonds and Securities › Section 7268.

7268. (a) Notes with a maturity not exceeding 15 months after the date of issue, issued in anticipation of uncollected taxes, income, revenue, cash receipts, and other moneys of the State of California or any city, county, city and county, or school district, therefore, provided the notes and warrants and the interest thereon shall be a first lien and charge against, and shall be payable from, the first moneys received by the local agency from the pledged moneys, provided the total amount of the notes issued at any one time or during any specified period does not exceed 85 percent of the receipts or revenues.
(b) Grant anticipation notes issued by the agencies and payable not later than 36 months after the date of issue, provided that the total amount of the notes and interest payable thereon issued at any one time or during any specified period does not exceed 80 percent of the grant funds stated in writing by the granting authority as committed, appropriated and shall be paid on a specified date or dates within a 36-month period from the dating of the notes.
(Added by Stats. 1988, Ch. 718, Sec. 14.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 6 - Investment Operations › ARTICLE 2.5 - Other Authorized Investments in Bonds and Securities › Section 7270.

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 between the public housing agency and the Public Housing Administration in which the public housing agency agrees to borrow from the Public Housing Administration, and the Public Housing Administration agrees to lend to the public housing agency, prior to the maturity of those obligations (which obligations shall have a maturity of not more than 18 months), moneys in an amount which (together with any other moneys irrevocably committed to the payment of interest on the obligations) will suffice to pay the principal of those obligations with interest to maturity thereon, which moneys under the terms of that agreement are required to be used for the purpose of paying the principal of, and the interest on, those obligations at their maturity, or (b) by a pledge of annual contributions under an annual contributions contract between the public housing agency and the Public Housing Administration if the contract shall contain the covenant by the Public Housing Administration which is authorized by subsection (b) of Section 22 of the United States Housing Act of 1937, as amended, and if the maximum sum and the maximum period specified in the contract pursuant to subsection (b) of Section 22 of the United States Housing Act of 1937 shall not be less than the annual amount and the period for payment which are requisite to provide for the payment when due of all installments of principal and interest on those obligations.
(Added by Stats. 1988, Ch. 718, Sec. 14.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 6 - Investment Operations › ARTICLE 2.5 - Other Authorized Investments in Bonds and Securities › Section 7275.

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 incurred.
(Added by Stats. 1988, Ch. 718, Sec. 14.)