reglab/statecodes huggingface dataset:
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 3 - Management › Section 30.301 - Board of Directors: Minutes

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The secretary of a credit union shall
				  maintain complete minutes of the board of directors' meetings. The minutes
				  shall include authorization of investments and withdrawals, authorization of
				  borrowing, authorization of charge-off of accounts, authorization of payments
				  of interest refunds, declaration of dividends, authorization of purchase or
				  lease offixed assets, and approval of expenses of the credit union and either
				  the approval of new members by the board of directors or a report of approval
				  of new members by a committee appointed by the directors for that purpose. The
				  names and account numbers of members shall be maintained by either the board of
				  directors or the membership committee chairperson, or other person designated
				  by the board of directors or by the membership committee chairperson.
(b) With respect to the authorization of
				  charge-off of accounts, the board of directors may authorize the charge-off of
				  the aggregate balance of two or more obligations, if no one obligation has a
				  balance which exceeds $20,000 and if a list of the obligations, by borrower and
				  amount charged-off, is attached to and made a part of the minutes of the board
				  meeting at which the charge-off is authorized.
1. Change
					 without regulatory effect renumbering former section
					 923 to new section
					 30.301 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
2. Amendment of section and NOTE
					 filed 2-27-2003; operative 3-29-2003 (Register 2003, No.
					 9).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Sections
						14250,
						14453,
						14456,
						14650 and
						14800,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 3 - Management › Section 30.302 - Confirmation of Accounts

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A credit union shall confirm its accounts at least
					 annually, in accordance with Subdivision (a) or (b) of this Section:
(a) If the credit union does not comply with
				  Subdivision (b) of this Section, the supervisory committee shall cause all the
				  accounts of members to be confirmed with the members and the records of the
				  credit union. The confirmation of members' accounts may be made by using either
				  a negative method applied to 100 percent of the credit union's accounts or by
				  using a positive method applied to a sample of the credit union's accounts
				  derived by applying statistical sampling procedures. Within sixty (60) days
				  after the date the accounts are confirmed, the supervisory committee shall
				  report to the board of directors that the confirmation of accounts has been
				  completed. The report shall contain complete details of any unreconciled
				  exceptions and shall be signed by a majority of the members of the supervisory
				  committee. The confirmation of accounts report and returned requests for
				  confirmation shall be made available to the Commissioner upon request and
				  retained by the committee until the next regulatory examination of the credit
				  union's records is made by the Commissioner.
(b) If a credit union does not comply with
				  Subdivision (a) of this Section, the credit union shall have its accounts
				  confirmed as part of an audit made pursuant to Section
				  14252 of
				  the Financial Code. In such a case, a report of the confirmation of accounts
				  shall be included in the report of the audit. A form of statistical sampling of
				  member's accounts in accordance with generally accepted auditing standards may
				  be employed in lieu of a 100 percent confirmation.
1. Change
					 without regulatory effect renumbering and amending former section
					 925 to new section
					 30.302 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
2. Amendment of section heading,
					 section and NOTE filed 2-27-2003; operative 3-29-2003 (Register 2003, No.
					 9).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Sections
						14250,
						14252,
						14255 and
						14553,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 3 - Management › Section 30.303 - Dividends. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect renumbering and amending former section
					 927 to new section
					 30.303 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
2. Repealer filed 2-27-2003;
					 operative 3-29-2003 (Register 2003, No. 9).
Note: Authority cited: Sections
						14201 and
						14862,
						Financial Code. Reference: Sections
						14002,
						14204,
						14456,
						14862 and
						14900-
						14907,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 3 - Management › Section 30.304 - Purchase of Notes from Liquidating Credit Union

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A credit union may purchase members' notes of a liquidating
					 credit union, provided all of the following conditions are met:
(a) The purchase shall not result in
				  increases in expenses and losses to the credit union to the extent that it
				  would impair the credit union's ability to pay normal dividends on
				  shares.
(b) After the purchase of
				  notes pursuant to this Section, the credit union shall establish a special
				  reserve in accordance with generally accepted accounting principles.
(c) The amounts paid for the notes shall not
				  exceed the limitations on obligations contained in the California Credit Union
				  Law as they apply to the purchasing credit union.
(d) A purchase agreement shall be signed by
				  the board of directors or authorized officer of the purchasing credit union and
				  the board of directors or authorized liquidating agent of the selling credit
				  union.
(e) The written consent of
				  the Commissioner shall have been obtained authorizing the credit union to
				  purchase the members' notes.
1. Change
					 without regulatory effect renumbering and amending former section
					 928 to new section
					 30.304 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
2. Amendment of section and NOTE
					 filed 2-27-2003; operative 3-29-2003 (Register 2003, No.
					 9).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Sections
						14656 and
						14702,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 3 - Management › Section 30.305 - Classification of Shares

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Pursuant to the authority granted by Section
					 14862 of
					 the Financial Code, the Commissioner will permit classification of share
					 accounts into two or more classes, provided the following conditions are
					 met:
(a) The Articles of Incorporation
				  are not in conflict with issuing more than one class of shares.
(b) The corporate records of the credit union
				  will include a schedule of the classes and series of shares authorized by the
				  board of directors, showing all rights, preferences, privileges and
				  restrictions of such class or series. All shares within each series must have
				  the same rights, preferences, privileges, restrictions, and dividend
				  rates.
(c) The board of directors
				  shall be responsible for the establishment and review of a plan of business to
				  determine on a continuous basis the ability of the credit union to pay
				  dividends on share accounts at the rates established.
(d) A credit union which has failed to make
				  timely and full payments of any dividend for which a rate was established in
				  advance shall within five days after the dividend date, report the fact to the
				  Commissioner. If it appears to the Commissioner that the credit union cannot
				  meet its dividend obligations thereafter on its share accounts, the
				  Commissioner may direct the credit union to restrict or discontinue the
				  offering of any or all classes of share accounts.
1. Change
					 without regulatory effect renumbering former section
					 925 to new section
					 30.305 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
Note: Authority cited: Sections
						14201,
						14862 and
						14866,
						Financial Code. Reference: Sections
						14100,
						14862 and
						14865,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 3 - Management › Section 30.306 - Investments in Fixed Assets and Service Corporations

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) In this Section:
(1) "Section
				  14402
				  investment" means an investment in real property which is made pursuant to
				  Section 14402 of the Financial
				  Code.
(2) "Section
				  14403
				  investment" means an investment in personal property which is made pursuant to
				  Section 14403 of the Financial
				  Code.
(3) "Section
				  14650
				  investment" means an investment in shares of a corporation which is made
				  pursuant to Section
				  14650 of the Financial
				  Code.
(4) "Section
				  14651 investment" means either of
				  the following:
(A) An investment in the
				  shares of a corporation, or in the membership or economic interests of a
				  limited liability company, which is made pursuant to Section
				  14651(a)
				  of the Financial Code.
(B) An
				  investment in the securities of a corporation or in the membership or economic
				  interests of a limited liability company, which is made pursuant to Section
				  14651(b)
				  of the Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 3 - Management › Section 30.307 - Reimbursement for Expenses

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
For purposes of Section
					 14410(b)
					 of the Financial Code, the term "expenses" includes payment (by reimbursement
					 to a director or a committee member or direct credit union payment to a third
					 party) for reasonable and proper costs incurred by a director or committee
					 member in carrying out the responsibilities of the position to which the person
					 has been elected or appointed, if the payment is determined by the board of
					 directors to be necessary or appropriate in order to carry out the official
					 business of the credit union, and is in accordance with written policies and
					 procedures established by the board of directors which shall include
					 documentation requirements and definitions of any expense items (including
					 travel costs) that may be reimbursed by the credit union. Reimbursement under
					 this section may include the payment of travel costs for directors and
					 committee members and one immediate family member (as defined in the written
					 policies and procedures) per director or committee member.
1. Change
					 without regulatory effect renumbering former section
					 933 to new section
					 30.307 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Section
						14410,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 4 - Reserves › Section 30.400 - Regular Reserve: Additional Reserves

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect adding new article 4 (sections
					 30.400-30.405) and renumbering
					 former section
					 935 to new section
					 30.400 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
2. Repealer filed 2-27-2003;
					 operative 3-29-2003 (Register 2003, No. 9).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Sections
						14007,
						14203,
						14204 and
						14702,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 4 - Reserves › Section 30.401 - Extensions, Refinances, Renegotiations or Revisions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Obligations shall not be extended,
				  refinanced, renegotiated, or revised unless there is evidence that the borrower
				  will be able to adhere to the terms of the extended, refinanced, renegotiated,
				  or revised obligation.
(b) For the
				  purposes of subdivision (a), an obligation shall not be deemed to be "extended"
				  if the term of the obligation is lengthened by any of the following:
(1) The terms and conditions of the
				  obligation provide for a "skip payment" option.
(2) A general offer is made by a credit union
				  to all its members in good standing to skip a payment, provided no more than
				  two payments per calendar year are skipped in reliance on this
				  paragraph.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 4 - Reserves › Section 30.402 - Charge-Offs of Obligations

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
(1) A credit union shall charge off each of
				  the following types of obligations:
(A) An
				  obligation repayable monthly on which no full monthly contractual payments have
				  been made within the past 180 days, unless the obligor has filed a petition
				  under either Chapter 11 or Chapter 13 of the Bankruptcy Code (Title 11 of the
				  United States Code) and the obligor's confirmed reorganization or debt
				  adjustment plan provides for payment of the account.
(B) An obligation repayable by other than
				  monthly payments or repayable in a single payment on which no full contractual
				  payment has been made within 180 days from the due date of the first past due
				  and unpaid installment.
(C) An
				  obligation which the board of directors or the Commissioner has determined as
				  uncollectable.
(D) An obligation on
				  which payments received during the past 180 days have not been sufficient to
				  reduce the principal balance of the obligation, unless the contract creating
				  the obligation does not require a reduction in the principal balance of the
				  obligation but provides for the principal balance to be paid off at the time
				  the obligation matures.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 4 - Reserves › Section 30.403 - Losses Chargeable to Regular Reserve

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Written consent of the Commissioner shall be obtained
					 before any operating losses may be charged to the regular reserve under Section
					 14701 of
					 the Financial Code.
1. Change
					 without regulatory effect renumbering former section
					 938 to new section
					 30.403 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
2. Amendment of section heading,
					 section and NOTE filed 2-27-2003; operative 3-29-2003 (Register 2003, No.
					 9).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Section
						14701,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 4 - Reserves › Section 30.404 - Regular Reserve: Shares Insured

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) As used in this Section, "credit union"
				  means any credit union the share accounts of which are insured other than by
				  the National Credit Union Share Insurance Fund.
(b) A credit union that has been in operation
				  for more than four years and maintains continuing insurance of its accounts
				  pursuant to Section
				  14858 of
				  the Financial Code shall maintain a regular reserve determined in accordance
				  with this Subdivision, or as otherwise specified by the Commissioner pursuant
				  to Financial Code Section
				  14700. At
				  the close of each accounting period, 10% of the gross income of the credit
				  union shall be transferred to the reserve until the reserve equals four percent
				  of total risk assets, then five percent of the gross income of the credit union
				  until the reserve equals six percent of total risk assets. Whenever the reserve
				  falls below the above levels, it shall be replenished by contributions as may
				  be needed to meet the required levels of four percent or six percent, as the
				  case may be.
(c) A credit union
				  that has been in operation for less than four years shall maintain a regular
				  reserve of at least the level specified by the Commissioner in his or her
				  approval of the credit union's application for a certificate to act as a credit
				  union, or as otherwise specified by the Commissioner pursuant to Financial Code
				  Section
				  14700.
1. Change
					 without regulatory effect renumbering former section
					 939 to new section
					 30.404 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
2. Amendment filed 2-27-2003;
					 operative 3-29-2003 (Register 2003, No. 9).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Section
						14700,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 4 - Reserves › Section 30.405 - Transfers Between Undivided Earnings and Regular Reserve

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) As used in this Section, "credit union"
				  means any credit union the share accounts of which are insured other than by
				  the National Credit Union Share Insurance Fund.
(b) A credit union which has a regular
				  reserve in excess of six percent of risk assets, may, with the approval of the
				  board of directors and subject to generally accepted accounting principles,
				  transfer any or all of the excess to the undivided earnings account.
(c) A credit union may, with the approval of
				  the board of directors and subject to generally accepted accounting principles,
				  make transfers from the undivided earnings account to the regular reserve
				  account in excess of the amount required to be transferred.
1. Change
					 without regulatory effect renumbering and amending former section
					 940 to new section
					 30.405 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
2. Amendment of section heading
					 and section and NOTE filed 2-27-2003; operative 3-29-2003 (Register 2003, No.
					 9).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Section
						14700,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 4 - Reserves › Section 30.406 - Reserve and Capital Requirements: NCUA-Insured Institutions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) As used in this
				  Section, "credit union" means a credit union the share accounts of which are
				  insured by the National Credit Union Share Insurance Fund.
(b) A credit union is not subject to Sections
				  30.404 and
				  30.405, but remains subject to
				  Financial Code Section
				  14700.
(c) A credit union shall maintain its equity
				  capital at a level at least equal to the minimum net worth ratio specified for
				  the net worth category of an adequately capitalized credit union, as defined in
				  the Prompt Corrective Action regulations of the National Credit Union
				  Administration (12 C.F.R.
				  Section 702.1
et
				  seq
.)
1. New
					 section filed 2-27-2003; operative 3-29-2003 (Register 2003, No.
					 9).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Sections
						14400 and
						14700,
						Financial Code, Part 702 (commencing with Section
						702.1) of Title 12 of the Code of
						Federal Regulations.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 5 - Insurance › Section 30.500 - Insurance Protection for Obligations Secured by Personal Property

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The board of directors of a credit union shall adopt and
					 review at least annually, and the credit union shall comply with, a policy on
					 insuring personal property that secures an obligation. The policy shall (a)
					 provide that, subject to reasonable and specified exceptions, personal property
					 securing an obligation shall be insured in an amount at least equal to the
					 lesser of (1) the principal balance of the obligation or (2) the fair market
					 value of the personal property security, and (b) protect against such risks as
					 the board of directors deems necessary or advisable to protect the credit
					 union's interests.
1. Change
					 without regulatory effect adding new article 5 (sections
					 30.500-30.502) and renumbering and
					 amending former section
					 942 to new section
					 30.500 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
2. Repealer and new section filed
					 2-27-2003; operative 3-29-2003 (Register 2003, No.
					 9).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Sections
						14950,
						14952,
						14955 and
						15100,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 5 - Insurance › Section 30.501 - Vendor's Single Interest (V.S.I.) Insurance

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
If a credit union ascertains that insurance required by
					 Section 30.500 with respect to motor
					 vehicles is not obtainable for a borrower, a V.S.I. insurance policy may be
					 purchased and the cost may be added to the borrower's obligation account. In
					 taking such action, the credit union must comply with the following:
(a) Obtain at the time the obligation is made
				  (or at any time prior to the purchase of V.S.I. insurance) a written
				  authorization from the borrower, which will enable the credit union to purchase
				  V.S.I. insurance and add the cost of the premium to the borrower's obligation
				  account in the event that such should become necessary. Such authorization
				  shall include a statement (in 8-point bold type) in which the borrower
				  acknowledges that such V.S.I. insurance is without benefit to him individually
				  but is primarily for the protection of the credit union.
(b) Fifteen days (15) prior to the purchase
				  of V.S.I. insurance, the credit union must give written notice to the borrower
				  that it is its intention to procure such insurance (if a dual coverage policy
				  is not obtained and presented) and that the cost of the V.S.I. premium will be
				  added to the borrower's obligation account. Evidence of such a notification
				  must be retained by the credit union in the member's file.
(c) Upon purchasing a V.S.I. policy, the
				  credit union must immediately inform the borrower of such action, including the
				  amount of the premium, the period of the coverage, and the fact that the
				  premium has been added to his obligation account.
(d) A credit union may obtain a blanket
				  V.S.I. insurance policy provided the premium is paid for by the credit union
				  and not by borrowers individually. Where a credit union does have such a
				  blanket policy in force, signed statements of the borrower ("Borrower's
				  Agreement to Provide Insurance" or an equivalent statement), indicating his
				  intention to obtain an individual policy of insurance from a carrier of his
				  choice will be considered to be evidence of compliance with Section
				  30.500 of this Chapter.
1. Change
					 without regulatory effect renumbering and amending former section
					 943 to new section
					 30.501 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
2. Amendment of first paragraph
					 and subsection (d) filed 2-27-2003; operative 3-29-2003 (Register 2003, No.
					 9).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Sections
						14007,
						14201,
						14204,
						14953,
						14955 and
						15100,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 5 - Insurance › Section 30.502 - Group Life Insurance; Accident and Health Insurance; Group Automobile Insurance

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A credit union may make group life insurance, accident and
					 health insurance, or group automobile insurance, or any combination thereof,
					 available to members provided the following conditions are met:
(a) Participation by the member must be
				  voluntary. Under no circumstances may such coverage be directly or indirectly a
				  condition to the approval of a loan, nor may such coverage be conditioned on
				  the purchase of additional shares.
(b) The member who desires any such insurance
				  shall indicate in writing that he or she understands that participation in the
				  program is voluntary and the member shall sign such statement. The credit union
				  shall retain such signed statement so long as the insurance coverage is in
				  effect.
(c) Any member who desires
				  any such insurance must execute a written authorization identifying any
				  disbursements which the credit union is authorized to make on the member's
				  behalf in payment of premiums on such insurance.
(d) No fee, compensation, commission, gift or
				  reimbursement incidental or in any way related to the insurance transaction may
				  be paid or given, directly or indirectly, to any officer, director, committee
				  member, or employee of the credit union or to any person related to, or company
				  affiliated with, such officer, director, committee member, or
				  employee.
(e) Compensation for each
				  insurance transaction may be paid by the insurance carrier or the insurance
				  carrier's agent to the credit union to the extent permitted by the Insurance
				  Code and the regulations of the Insurance Commissioner.
(f) Before making any plan or program of
				  insurance available to members, the management of the credit union should
				  satisfy itself that the plan or program is in the best interest of the members,
				  and should make every effort to safeguard members against misrepresentation or
				  deception by the insurer or plan sponsor.
1. Change
					 without regulatory effect renumbering former section
					 944 to new section
					 30.502 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Sections
						14201,
						14204,
						14953,
						14955 and
						15100,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 6 - Books and Records › Section 30.600 - Standard for Keeping Books and Records

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) A credit union shall maintain its books
				  and records in accordance with generally accepted accounting principles and
				  good business practice, except as otherwise provided in the California Credit
				  Union Law, in this Subchapter, in any other applicable law, or by order of the
				  Commissioner.
(b) A credit union
				  shall keep its books on an accrual basis of accounting or other basis of
				  accounting as permitted by the Commissioner.
1. Change
					 without regulatory effect adding new article 6 (sections
					 30.600-30.606) and renumbering
					 former section
					 951 to new section
					 30.600 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
2. Amendment of section heading,
					 section and NOTE filed 2-27-2003; operative 3-29-2003 (Register 2003, No.
					 9).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Sections
						14250 and
						14252,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 6 - Books and Records › Section 30.601 - Books and Records: Location and Office Hours

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A credit union shall keep the Commissioner advised at all
					 times of the address at which said books and records are maintained and the
					 office hours of the credit union.
1. Change
					 without regulatory effect renumbering and amending former section
					 952 to new section
					 30.601 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Sections
						14203,
						14250 and
						14251,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 6 - Books and Records › Section 30.602 - Retention of Books and Records

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The following books and records are to be
				  retained permanently at the office of the credit union.
(1) Articles of incorporation, bylaws and
				  amendments to the articles and bylaws.
(2) Certificate to act as a credit union,
				  amendments thereto, and administrative orders of the Commissioner.
(3) Letters and other official instructions
				  of a permanent character received from the Commissioner.
(4) Minutes of meetings of the members and
				  board of directors.
(5) Members'
				  subsidiary ledger accounts which have a balance remaining.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 6 - Books and Records › Section 30.603 - Accounting: Change of System. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect renumbering former section
					 954 to new section
					 30.603 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
2. Repealer filed 2-27-2003;
					 operative 3-29-2003 (Register 2003, No. 9).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Sections
						14203,
						14204,
						14250 and
						14300,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 6 - Books and Records › Section 30.604 - Disbursements. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect renumbering former section
					 956 to new section
					 30.604 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
2. Repealer filed 2-27-2003;
					 operative 3-29-2003 (Register 2003, No. 9).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Sections
						14203,
						14204,
						14250 and
						14300,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 6 - Books and Records › Section 30.605 - Deposit of Funds

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Unless specific authority has been granted by the
					 Commissioner, all funds received (except cash needed to replenish vault cash at
					 levels authorized by the board of directors) shall be deposited in accordance
					 with Section
					 14406 of
					 the Financial Code by the credit union within 48 hours of their receipt
					 (exclusive of Saturdays, Sundays and holidays), provided, however, that
					 receipts in the aggregate amount of $1,000 or less need not be deposited more
					 often than once each week. The deposit slips shall be prepared in duplicate,
					 the duplicate copy to be retained by the credit union as a part of its
					 accounting records.
1. Change
					 without regulatory effect renumbering former section
					 957 to new section
					 30.605 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
2. Amendment of section and NOTE
					 filed 2-27-2003; operative 3-29-2003 (Register 2003, No.
					 9).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Section
						14406,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 6 - Books and Records › Section 30.606 - Statements of Accounts or Passbooks Required

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A credit union shall supply its members with statements of
					 accounts or passbooks which show the transactions and current position of the
					 member involving shares, certificates for funds and obligations. If statements
					 of accounts are supplied they may show only the transactions for the period
					 covered and the current positions and must be sent to members at least
					 quarterly. Members whose accounts show no activity other than dividends may be
					 sent an annual statement.
1. Change
					 without regulatory effect renumbering former section
					 959 to new section
					 30.606 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Sections
						14007,
						14204,
						15151,
						15152 and
						15153,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 7 - Reports › Section 30.700 - Report Regarding Officers and Directors

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Within 30 days after the board of
				  directors' meeting required by Section
				  14454 of
				  the Financial Code, the credit union shall file a report with the Commissioner
				  which lists the names of the credit union's officers, including the chief
				  executive officer or individual occupying a similar status or performing
				  similar functions, the members of the board of directors, the members and
				  alternate members of the credit committee or the credit manager, whichever is
				  applicable, and the members of the supervisory committee.
(b) Notwithstanding Subdivision (a), a credit
				  union shall notify the Commissioner of any change in the manager or chief
				  executive officer of the credit union no later than 30 days after making the
				  change, unless the change is made within 30 days before the filing of the
				  report required by Subdivision (a) and the change is included in such
				  report.
1. Change
					 without regulatory effect adding new article 7 (sections
					 30.700-30.701) and renumbering
					 former section
					 965 to new section
					 30.700 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
2. Amendment of section heading,
					 section and NOTE filed 2-27-2003; operative 3-29-2003 (Register 2003, No.
					 9).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Section
						14255,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 7 - Reports › Section 30.701 - Financial Statement and Report of Obligations

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) In this Section, "delinquent," when used
				  to describe an obligation, means:
(1) In the
				  case of an obligation repayable in monthly installments, an obligation for
				  which payment in full of a monthly contractual installment is not received
				  within one month after the installment is due and such payment has not yet been
				  received.
(2) In the case of an
				  obligation repayable in other than monthly installments or repayable in a
				  single payment, an obligation for which payment in full of a contractual
				  payment has not been received within one month after the payment is due and
				  such payment has not yet been received.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 8 - Loans › Section 30.800 - Loan Officers: Prohibited from Signing Checks

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A loan officer appointed under Section
					 14602 of
					 the Financial Code shall not be authorized to sign disbursement checks for
					 loans approved only by such loan officer.
1. Change
					 without regulatory effect adding new article 8 (sections
					 30.800-30.804) and renumbering
					 former section
					 971 to new section
					 30.800 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Sections
						14602 and
						14603,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 8 - Loans › Section 30.801 - Loan Officers: Authority to Vary Obligation Payment Schedule

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) A loan officer appointed pursuant to
				  Section
				  14602 of
				  the Financial Code may:
(1) Extend a
				  close-ended obligation, provided, however, a close-ended obligation shall not
				  be extended more than twice during the term of the obligation, and any one
				  extension may not be for more than two consecutive contractual
				  payments.
(2) Defer contractual
				  payments due with respect to open-ended obligations, provided that contractual
				  payments with respect to any open-ended obligation shall not be deferred more
				  than once during any twelve-month period.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 8 - Loans › Section 30.802 - Obligations Secured by Real Property

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) An obligation secured by real property
				  shall comply with all the following:
(1) The
				  obligation shall be secured by either:
(A) A
				  first lien on a parcel of unimproved real property, provided the principal
				  balance of the obligation is not more than 60 percent of the appraised value of
				  the parcel and the term is not more than 30 years.
(B) A first or junior lien on a piece of
				  improved real property, including the land and improvements thereon, provided
				  the total amount of obligations secured by liens on the real property at the
				  time the lien is perfected is not more than 80 percent of the appraised value
				  of the improved real property and the term is not more than 40 years in the
				  case of a first lien, or 30 years in the case of a junior lien. In calculating
				  the total amount of obligations secured by liens on the improved real property
				  for the purposes of this Subparagraph, amounts in excess of 80 percent of the
				  appraised value of the improved real property shall be excluded to the extent
				  the excess is insured by an agency or instrumentality of the federal government
				  or by a private mortgage insurance company admitted in
				  California.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 8 - Loans › Section 30.803 - Member Business Loans

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The provisions of this Section shall apply to every credit
					 union organized and operating pursuant to the California Credit Union Law the
					 accounts of which are insured by the National Credit Union Share Insurance
					 Fund.
(a) Notwithstanding any other
				  provisions of the California Credit Union Law or of these rules, a credit union
				  must adhere to the requirements stated in Part 723 of the National Credit Union
				  Administration ("NCUA") regulations concerning member business loans
				  (12 C.F.R.
				  723), NCUA Regulation 701.21 (c)(8)
				  concerning prohibited fees (12 C.F.R.
				  701.21(c)(8)), and NCUA
				  Regulation 701.21(d)(5) concerning non-preferential loans (12 C.F.R.
				  701.21(d)(5)), which are
				  each hereby incorporated by reference, other than the requirements that the
				  credit union notify or request approval from the NCUA Board or NCUA Regional
				  Director.
(b) Whenever the federal
				  regulations referred to in Subdivision (a) require that a federal credit union
				  request approval from or notify the NCUA Board or the NCUA Regional Director, a
				  credit union subject to this rule shall request approval from or notify the
				  Commissioner.
(c) Within forty-five
				  (45) days of receipt of a complete request for approval required by Subdivision
				  (b) of this rule, the Commissioner shall approve or disapprove the request.
				  Within forty-five (45) days of receipt of an incomplete request, the
				  Commissioner shall notify the credit union that the request is incomplete and
				  shall specify the information needed to complete the request.
1. Change
					 without regulatory effect renumbering and amending former section
					 976.1 to new section
					 30.803 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
2. Amendment of subsection (a)
					 and amendment of Note filed 1-6-2022; operative 4-1-2022 (Register 2022, No.
					 1).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Sections
						14950,
						14952,
						14953,
						14954,
						14955,
						14957,
						14958 and
						15100,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 8 - Loans › Section 30.804 - Late Charge. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect renumbering former section
					 980 to new section
					 30.804 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
2. Repealer filed 2-27-2003;
					 operative 3-29-2003 (Register 2003, No. 9).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Section
						15001,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 9 - Appraisals › Section 30.900 - Appraisal of Real Property. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect adding new article 9 (sections
					 30.900-30.901) and renumbering
					 former section
					 985 to new section
					 30.900 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
2. Repealer filed 2-27-2003;
					 operative 3-29-2003 (Register 2003, No. 9).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Section
						14953,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 30 - Credit Unions › Article 9 - Appraisals › Section 30.901 - Valuation or Appraisal of Personal and Real Property Security

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) A credit union
				  shall itself value or obtain an appraisal of personal property offered as
				  security for an obligation in accordance with a written appraisal policy
				  approved by the board of directors.
(b) A credit union shall obtain a valuation
				  or an appraisal of real property offered as security for an obligation in
				  accordance with Part 722 of the regulations of the National Credit Union
				  Administration ( 12 C.F.R. Part 722 ).
1. Change
					 without regulatory effect renumbering former section
					 986 to new section
					 30.901 filed 8-19-97 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 97, No. 34).
2. Amendment of section heading,
					 section and NOTE filed 2-27-2003; operative 3-29-2003 (Register 2003, No.
					 9).
Note: Authority cited: Section
						14201,
						Financial Code. Reference: Sections
						14950 and
						14953,
						Financial Code; and Part 722 (commencing with Section
						722.1), Title 12, Code of Federal
						Regulations.