reglab/statecodes huggingface dataset:
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 1 - Advertising › Section 104.311 - Compensation

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
No appraiser shall issue an appraisal report if his
					 compensation, either as an appraiser, agent or loan solicitor in connection
					 with the property being appraised, is based either directly or indirectly upon
					 his findings as to the value of the loan security.
1. Change
					 without regulatory effect renumbering former Section
					 125 to Section
					 104.312 (Register 87, No. 14). For
					 prior history, see Register 82, No. 49.
2. Renumbering of former
					 Section 104.311 to Section
					 104.310, and renumbering of former
					 Section 104.312 to Section
					 104.311 filed 8-23-88; operative
					 9-22-88 (Register 88, No. 35).
Note: Authority cited: Section
						8053,
						Financial Code. Reference: Sections
						7500,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 1 - Advertising › Section 104.312 - Certification of Physical Inspection

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Each appraisal report must contain a certification by the
					 appraiser charged with rendering the valuation that he has made a physical
					 inspection of the property.
1. Change
					 without regulatory effect renumbering former Section
					 126 to Section
					 104.313 (Register 87, No. 14). For
					 prior history, see Register 82, No. 49.
2. Renumbering of former
					 Section 104.312 to Section
					 104.311, and renumbering of former
					 Section 104.313 to Section
					 104.312 filed 8-23-88; operative
					 9-22-88 (Register 88, No. 35).
Note: Authority cited: Section
						8053,
						Financial Code. Reference: Section
						7500,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 1 - Advertising › Section 104.313 - Certification of Physical Inspection. [Renumbered]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect renumbering former Section
					 126 to Section
					 104.313 (Register 87, No. 14). For
					 prior history, see Register 82, No. 49.
2. Renumbering of former
					 Section 104.313 to Section
					 104.312, filed 8-23-88; operative
					 9-22-88 (Register 88, No. 35).
Note: Authority cited: Section
						8053,
						Financial Code. Reference: Section
						7500,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 1 - Advertising › Section 104.400 - Affirmative Action in Employment Reports. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect renumbering former Section
					 150 to Section
					 104.400 (Register 87, No. 14). For
					 prior history, see Register 82, No. 18.
2. Repealer filed 4-29-96;
					 operative 5-29-96 (Register 96, No. 18).
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						8708,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 1 - Advertising › Section 104.401 - Reports on Composition of Boards of Directors

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The report required by Section
					 8707 of the law shall include the
					 following information concerning each member of the board of directors of the
					 association:
(a) Name
(b) Business address
(c) Principal occupation
(d) Age
(e) Sex
(f) Race or ethnic background, including
				  classifications for White, Black, Oriental, American Indian and
				  Hispanic.
(g) Name, address and
				  principal activity of any business organization, other than the association, of
				  which the member is an employee, officer, director or substantial stockholder.
				  If none, so state.
1. Change
					 without regulatory effect renumbering former Section
					 151 to Section
					 104.401 (Register 87, No. 14). For
					 prior history, see Register 83, No. 12.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						8707,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 1 - Advertising › Section 104.402 - Confidentiality

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Information reported pursuant to the provisions of this
					 subchapter shall be treated as confidential, as provided in Section
					 102.203 of the regulations, except
					 the commissioner may publish data derived from such information in a form which
					 does not reveal the identity of associations supplying the
					 information.
1. Change
					 without regulatory effect renumbering former Section
					 152 to Section
					 104.402 (Register 87, No. 14). For
					 prior history, see Register 83, No. 39.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						6254,
						Government Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 1 - Advertising › Section 104.500 - Purpose and Scope

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
This subchapter contains procedures and rules to implement
					 Section 235.41 of the regulations,
					 relating to the exercise of trust powers by associations.
1. Change
					 without regulatory effect renumbering former Section
					 245 to Section
					 104.500 (Register 87, No. 14). For
					 prior history, see Register 81, No. 25.
Note: Authority cited: Section
						5500.5,
						Financial Code and Section
						235.41(b), Title
						10, Calif. Adm. Code. Reference: Sections
						5003 and
						5501.5,Financial
						Code, and Section
						235.41, Title 10, Calif. Adm.
						Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 1 - Advertising › Section 104.502 - Consolidation or Merger of Two or More Associations

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Where two or more associations consolidate or merge, and
					 any one of such associations has, prior to such consolidation or merger,
					 received a permit from the commissioner to exercise trust powers which permit
					 is in force at the time of the consolidation or merger, the rights existing
					 under such permit pass to the resulting association, and the resulting
					 association may exercise such trust powers in the same manner and to the same
					 extent as the association to which such permit was originally issued; and no
					 new application to continue to exercise such powers is necessary. However, when
					 the name of the resulting association differs from that of the association to
					 which the right to exercise trust powers was originally granted, the
					 commissioner will issue a certificate to that association showing its right to
					 exercise the trust powers theretofore granted to any of the associations
					 participating in the consolidation or merger.
1. Change
					 without regulatory effect renumbering former Section
					 245.3 to Section
					 104.502 (Register 87, No. 14). For
					 prior history, see Register 81, No. 25.
Note: Authority cited: Section
						5500.5,
						Financial Code. Reference: Title 10, Calif. Adm. Code, Chapter 2, Subchapter 3,
						Article 5 (Section
						103.500) and Subchapter 4, Article
						5 (Section
						104.500 et seq.); 23 (Section
						245 et seq.); and Sections
						5003 and
						5501.5,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 1 - Advertising › Section 104.503 - Deposit of Securities with State Authorities

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Whenever local law requires corporations acting as
					 fiduciary to deposit securities with state authorities for the protection of
					 private or court trusts, associations in this state authorized to exercise
					 trust powers shall, before undertaking to act in any fiduciary capacity, make a
					 similar deposit with the state authorities. If the state authorities refuse to
					 accept such a deposit, the securities shall be deposited with the Federal Home
					 Loan Bank of which the association is a member, and such securities shall be
					 held for the protection of private or court trusts with like effect as though
					 the securities had been deposited with the state authorities.
1. Change
					 without regulatory effect renumbering former Section
					 245.4 to Section
					 104.503 (Register 87, No. 14). For
					 prior history, see Register 81, No. 25.
Note: Authority cited: Section
						5500.5,
						Financial Code. Reference: Title 10, Calif. Adm. Code, Chapter 2, Subchapter 23
						(Sec. 245 et seq.); and Sections
						5003 and
						5501.5,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 1 - Advertising › Section 104.504 - Administration of Trust Powers

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
(1)
				  Responsibility of the board of directors. The board of directors is responsible
				  for the proper exercise of fiduciary powers by the association. All matters
				  pertinent thereto, including the determination of policies, the investment and
				  disposition of property held in a fiduciary capacity, and the direction and
				  review of the actions of all officers, employees, and committees utilized by
				  the association in the exercise of its fiduciary powers, are the responsibility
				  of the board. In discharging this responsibility, the board of directors may
				  assign, by action duly entered in the minutes, the administration of such of
				  the association's trust powers as it may consider proper to assign to such
				  director(s), officer(s), employee(s), or committee(s) as it may
				  designate.
(2) Administration of
				  accounts. No fiduciary account shall be accepted without the prior approval of
				  the board, or of the director(s), officer(s), or committee(s) to whom the board
				  may have assigned the performance of that responsibility. A written record
				  shall be made of such acceptances and of the relinquishment or closing out of
				  all fiduciary accounts. Upon the acceptance of an account for which the
				  association has investment responsibilities, a prompt review of the assets
				  shall be made. The board shall also ensure that at least once during every
				  calendar year thereafter, and within 15 months of the last review, all the
				  assets held in or held for each fiduciary account for which the association has
				  investment responsibilities are reviewed to determine the advisability of
				  retaining or disposing of such assets. The board of directors should act to
				  ensure that all investments have been made in accordance with the terms and
				  purposes of the governing instrument.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 1 - Advertising › Section 104.505 - Books and Accounts

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  General. Every association exercising trust powers shall keep its fiduciary
				  records separate and distinct from other records of the association. All
				  fiduciary records shall be so kept and retained for such time as to enable the
				  association to furnish such information or reports with respect thereto as may
				  be required by the commissioner. The fiduciary records shall contain full
				  information relative to each account.
(b) Record of pending litigation. Every
				  association shall keep an adequate record of all pending litigation to which it
				  is a party in connection with its exercise of trust powers.
1. Change
					 without regulatory effect renumbering former Section
					 245.6 to Section
					 104.505 (Register 87, No. 14). For
					 prior history, see Register 81, No. 25.
Note: Authority cited: Section
						5500.5,
						Financial Code. Reference: Title 10, Calif. Adm. Code, Chapter 2, Subchapter 3,
						Article 5 (Section
						103.500) and Subchapter 4, Article
						5 (Section
						104.500 et seq.); and Sections
						5003 and
						5501.5,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 1 - Advertising › Section 104.506 - Audit of Trust Department

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
At least once during each calendar year, the association's
					 trust department shall be audited by auditors in a manner consistent with
					 Section 563.17-1 of the Insurance
					 Regulations (12 CFR Section
					 563.17-1) and by Section
					 8701 of the law. A copy of the
					 report of the audit shall be promptly filed with the commissioner. Trust
					 department audits may be made as part of the periodic audits required by
					 Section 563.17-1 and by Section
					 8800 of the law.
1. Change
					 without regulatory effect renumbering former Section
					 245.7 to Section
					 104.506 (Register 87, No. 14). For
					 prior history, see Register 81, No. 25.
Note: Authority cited: Section
						5500.5,
						Financial Code. Reference: Title 10, Calif. Adm. Code, Chapter 2, Subchapter 3,
						Article 5 (Section
						103.500) and Subchapter 4, Article
						5 (Section
						104.500 et seq.); and Sections
						5003 and
						5501.5,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 1 - Advertising › Section 104.507 - Funds Awaiting Investment or Distribution

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) General. Funds held in a fiduciary
				  capacity by an association awaiting investment or distribution shall not be
				  held uninvested or undistributed any longer than is reasonable for the proper
				  management of the account.
(b) Use
				  by association in regular business.
(1) Funds
				  held in trust by an association, including managing agency accounts, awaiting
				  investment or distribution may, unless prohibited by the instrument creating
				  the trust or by local law, be deposited in other departments of the
				  association, provided that the association shall first set aside under control
				  of the trust department as collateral security:
(A) Direct obligations of the United States,
				  or other obligations fully guaranteed by the United States as to principal and
				  interest;
(B) Readily marketable
				  securities of the classes in which state-chartered corporate fiduciaries are
				  authorized or permitted to invest trust funds under the laws of this state,
				  or
(C) Other readily marketable
				  securities as the commissioner may determine.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 1 - Advertising › Section 104.508 - Investment of Funds Held as Fiduciary

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Private trusts. Funds held by an
				  association in a fiduciary capacity shall be invested in accordance with the
				  instrument establishing the fiduciary relationship and local law. When such
				  instrument does not specify the character or class of investments to be made
				  and does not vest in the association, its directors, or its officers investment
				  discretion in the matter, funds held pursuant to such instrument shall be
				  invested in any investment in which state-chartered corporate fiduciaries may
				  invest under local law.
(b) Court
				  trusts. If, under local law, corporate fiduciaries appointed by a court are
				  permitted to exercise discretion in investments, or if an association acting as
				  fiduciary under appointment by a court is vested with discretion in investments
				  by an order of such court, funds of such accounts may be invested in any
				  investments which are permitted by local law. Otherwise, an association acting
				  as fiduciary under appointment by a court must make all investments of funds in
				  such accounts under an order of that court. Such orders in either case shall be
				  preserved with the fiduciary records of the association.
(c) Collective investment of trust funds. The
				  collective investment of funds received or held by an association as fiduciary
				  is governed by Section
				  245.13.
1, Change
					 without regulatory effect renumbering former Section
					 245.9 to Section
					 104.508 (Register 87, No. 14). For
					 prior history, see Register 81, No. 25.
Note: Authority cited: Section
						5500.5,
						Financial Code. Reference: Title 10, Calif. Adm. Code, Chapter 2, Subchapter 3,
						Article 5 (Section
						103.500) and Subchapter 4, Article
						5 (Section
						104.500 et seq.); and Sections
						5003 and
						5501.5,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 1 - Advertising › Section 104.509 - Self-Dealing

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Purchase of
				  obligations, etc., from association. Unless lawfully authorized by the
				  instrument creating the relationship, or by court order or local law, funds
				  held by an association as fiduciary shall not be invested in stock or
				  obligations of, or property acquired from, the association or its directors,
				  officers, or employees, or individuals with whom there exists such a
				  connection, or organizations in which there exists such an interest, as might
				  affect the exercise of the best judgment of the association in acquiring the
				  property, or in stock or obligations of, or property acquired from, affiliates
				  of the association or their directors, officers or employees.
(b) Sale or transfer of trust assets to
				  association. Property held by an association as fiduciary shall not be sold or
				  transferred, by loan or otherwise, to the association or its directors,
				  officers, or employees, or to individuals with whom there exists such a
				  connection, or organizations in which there exists such an interest, as might
				  affect the exercise of the best judgment of the association in selling or
				  transferring such property, or to affiliates of the association or their
				  directors, officers or employees, except:
(1)
				  When lawfully authorized by the instrument creating the relationship or by
				  court order or by local law;
(2) In
				  cases in which the association has been advised by its counsel in writing that
				  it has incurred as fiduciary a contingent or potential liability and desires to
				  relieve itself from such liability, in which case such a sale or transfer may
				  be made with the approval of the board of directors and the commissioner,
				  provided that in all such cases the association, upon the consummation of the
				  sale or transfer, shall make reimbursement in cash at no loss to the
				  account;
(3) As provided in the
				  laws and regulations governing collective investments; and
(4) When required by the
				  commissioner.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 1 - Advertising › Section 104.510 - Custody of Investments

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  Segregation of trust assets and joint custody. The investments of each account
				  shall be kept separate from the assets of the association, and shall be placed
				  in the joint custody or control of not fewer than two of the officers or
				  employees of the association designated for that purpose either by the board of
				  directors of the association or by one or more officers designated by the board
				  of directors of the association, and all such officers and employees shall be
				  adequately bonded. To the extent permitted by law, an association may permit
				  the investments of a fiduciary account to be deposited elsewhere.
(b) Segregation of accounts. The investments
				  of each account shall be either:
(1) Kept
				  separate from those of all other accounts, except as provided in Section
				  104.512, or
(2) Adequately identified as the property of
				  the relevant account.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 1 - Advertising › Section 104.511 - Compensation of Association

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) General. If the amount of the
				  compensation for acting in a fiduciary capacity is not regulated by local law
				  or provided for in the instrument creating the fiduciary relationship or
				  otherwise agreed to by the parties, an association acting in such capacity may
				  charge or deduct a reasonable compensation for its services. When the
				  association is acting in a fiduciary capacity under appointment by a court, it
				  shall receive such compensation as may be allowed or approved by that court or
				  by local law.
(b) Officer or
				  employee of association as co-fiduciary. No association shall, except with the
				  specific approval of its board of directors, permit any of its officers or
				  employees, while serving as such, to retain any compensation for acting as a
				  co-fiduciary with the association in the administration of any account
				  undertaken by it.
(c) Bequests or
				  gifts to trust officers and employees. No association shall permit an officer
				  or employee engaged in the operation of its trust department to accept a
				  bequest or gift of trust assets unless the bequest or gift is directed or made
				  by a relative or is approved by the board of director of the
				  association.
1. Change
					 without regulatory effect renumbering former Section
					 245.12 to Section
					 104.511 (Register 87, No. 14). For
					 prior history, see Register 81, No. 25.
Note: Authority cited: Section
						5500.5,
						Financial Code. Reference: Title 10, Calif Adm. Code, Chapter 2, Subchapter 3,
						Article 5 (Section
						103.500) and Subchapter 4, Article
						5 (Section
						104.500 et seq.); and Sections
						5003 and
						5501.5,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 1 - Advertising › Section 104.512 - Collective Investment

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  When not in contravention of local law, funds held by an association as
				  fiduciary may be held in:
(1) A common trust
				  fund maintained by the association exclusively for the collective investment
				  and reinvestment of moneys contributed thereto by the association in its
				  capacity as trustee, executor, administrator, guardian, or custodian under a
				  Uniform Gifts to Minors Act; or
(2)
				  A fund consisting solely of assets of retirement, pension, profit sharing,
				  stock bonus or other trusts which are exempt from federal income taxation under
				  the Internal Revenue Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 1 - Advertising › Section 104.513 - Surrender of Trust Powers

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  Any association which has been granted the right to exercise trust powers and
				  which desires to surrender such rights shall file with the commissioner a
				  certified copy of the resolution of its board of directors signifying such
				  desire.
(b) Upon receipt of such
				  resolution, the commissioner shall make an investigation and if satisfied that
				  the association has been discharged from all fiduciary duties which it has
				  undertaken, shall issue a certificate to such association certifying that it is
				  not longer authorized to exercise fiduciary powers.
(c) Upon issuance of such a certificate by
				  the commissioner, an association:
(1) shall no
				  longer be subject to the provisions of these regulations,
(2) shall be entitled to have returned to it
				  any securities which it may have deposited with state authorities or a Federal
				  Home Loan Bank under Section
				  104.503, and
(3) shall not exercise thereafter any of the
				  powers granted by Section
				  235.41 without first applying for
				  and obtaining new authorization to exercise such powers.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 1 - Advertising › Section 104.514 - Effect on Trust Accounts of Appointment of Conservator or Receiver or Voluntary Dissolution of Association

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Appointment of conservator or receiver.
				  Whenever a conservator or receiver is appointed for an association under
				  Section 9057 or
				  9126 of the law, such receiver or
				  conservator shall, pursuant to the instructions of the commissioner and the
				  orders of the court having jurisdiction, proceed to close such of the
				  association's trust accounts as can be closed promptly and transfer all other
				  such accounts to substitute fiduciaries.
(b) Voluntary dissolution. Whenever an
				  association exercising trust powers is placed in voluntary dissolution, the
				  liquidating agent shall, in accordance with local law, proceed at once to
				  liquidate the affairs of the trust department as follows:
(1) All trusts and estates over which a court
				  is exercising jurisdiction shall be closed or disposed of as soon as
				  practicable in accordance with the order or instructions of such court;
				  and
(2) All other accounts which
				  can be closed promptly shall be closed as soon as practicable and final
				  accounting made therefor, and all remaining accounts shall be transferred by
				  appropriate legal proceedings to substitute fiduciaries.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 6 - Foreign Savings Associations › Section 104.600 - Definitions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
For the purposes of Chapter 10.1 of the Financial Code and
					 of this Subchapter 4 Article 6:
(a)
				  "Association" means any person which was organized under the laws of the State
				  of California and which holds a certificate of authority issued by the
				  Commissioner.
(b) "Control" means
				  the possession, direct or indirect, of the power:
(1) To vote 25 percent or more of the
				  outstanding voting stock of a corporation with less than 500 shareholders;
				  or
(2) To vote 10 percent or more
				  of the outstanding voting stock of a corporation with 500 or more shareholders;
				  or
(3) To direct or cause the
				  direction of the management or policies of a person, whether through ownership
				  or otherwise, provided that no individual shall be deemed to control a person
				  solely on account of being a director, officer, or employee of such
				  person.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 6 - Foreign Savings Associations › Section 104.601 - Certificate of Authority

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
No foreign savings association shall conduct the business
					 of an association in California unless the Commissioner has first approved an
					 application for approval to conduct the business of an association in
					 California and issued a certificate of authority to such foreign savings
					 association.
1. New
					 section filed 7-1-87; operative 7-1-87 pursuant to Government Code Section
					 11346.2(d)
					 (Register 87, No. 28).
Note: Authority cited: Sections
						8053 and
						10012,
						Financial Code. Reference: Sections
						5103 and
						10012,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 6 - Foreign Savings Associations › Section 104.602 - Assessment

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The provisions
				  of Section
				  102.100 shall apply to foreign
				  savings associations authorized to accept deposits in California except that
				  the assessment shall be based upon the percentage of the foreign savings
				  association's total assets that equals the percentage of the foreign savings
				  association's deposits in its California offices compared to its total
				  deposits, subject to a minimum assessment of $2500 per branch office for up to
				  10 offices.
(b) Any foreign savings
				  association which is authorized to conduct the business of an association in
				  California but is not authorized to accept deposits in California shall pay an
				  annual assessment of $1000 to the Commissioner no later than July 1 of each
				  year for the fiscal year commencing on that date for each office authorized
				  pursuant to the provisions of this subchapter.
1. New
					 section filed 7-1-87; operative 7-1-87 pursuant to Government Code Section
					 11346.2(d)
					 (Register 87, No. 28).
Note: Authority cited: Sections
						8053 and
						10012,
						Financial Code. Reference: Sections
						8030 and
						10012,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 6 - Foreign Savings Associations › Section 104.603 - Name of Foreign Savings Association

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Every foreign savings association authorized to maintain an
					 office in California shall include in any written materials and advertisements
					 or signs used by it in this State the words "savings association," "savings and
					 loan association," or "savings bank," or such other words as the Commissioner
					 may approve in writing, and identify the state in which the home office of the
					 foreign savings association is located.
1. New
					 section filed 7-1-87; operative 7-1-87 pursuant to Government Code Section
					 11346.2(d)
					 (Register 87, No. 28).
Note: Authority cited: Sections
						8053 and
						10012,
						Financial Code. Reference: Sections
						5650 and
						10012,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 6 - Foreign Savings Associations › Section 104.604 - Establishment or Acquisition of Additional Offices; Change in Location or Designation

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A foreign savings association which has been issued a
					 certificate of authority shall not, without the prior written consent of the
					 Commissioner:
(a) Establish or acquire
				  any office in California;
(b)
				  Change the location or designation of any office in California;
(c) Acquire the assets or savings account
				  liabilities of another financial institution in California.
1. New
					 section filed 7-1-87; operative 7-1-87 pursuant to Government Code Section
					 11346.2(d)
					 (Register 87, No. 28).
Note: Authority cited: Sections
						8053 and
						10012,
						Financial Code. Reference: Sections
						5654 and
						10012,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 6 - Foreign Savings Associations › Section 104.605 - Acquisition of Control

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Any person who becomes a savings and loan holding company
					 of a foreign savings association authorized to conduct the business of an
					 association in California shall file with the Commissioner, at least 15 days
					 prior to the effective date of such acquisition, unless a shorter time period
					 is approved by the Commissioner, a notice of such change in control, which
					 shall include copies of approvals from state and federal regulatory agencies,
					 and shall also include such other information as the Commissioner may
					 request.
1. New
					 section filed 7-1-87; operative 7-1-87 pursuant to Government Code Section
					 11346.2(d)
					 (Register 87, No. 28).
Note: Authority cited: Sections
						8053 and
						10012,
						Financial Code. Reference: Section
						10012,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 6 - Foreign Savings Associations › Section 104.606 - Meetings of Members of Mutual Foreign Savings Associations

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Notice of each and every meeting of members of a foreign
					 savings association which is a mutual association shall be either published
					 once a week for two consecutive calendar weeks (in each instance on any day of
					 the week) commencing no later than the fourth calendar week immediately
					 preceding the week in which such meeting shall convene, in a newspaper printed
					 in the English language and of general circulation in the city or county in
					 which the principal California office of the foreign savings association is
					 located, or mailed postage prepaid at least 30 days and not more than 60 days
					 prior to the date on which such meeting shall convene to each of its members of
					 record which have addresses on the books of the foreign savings association in
					 the State of California. Such notice shall state the name of the foreign
					 savings association, the place of the meeting, the time when it shall convene,
					 and, in the case of a special meeting, the purpose or purposes for which the
					 meeting is called. A similar notice shall be posted in a conspicuous place in
					 each of the California offices of the foreign savings association during the 30
					 days immediately preceding the date on which such meeting shall convene. Notice
					 need not be given to any member who in person or in writing waives notice of
					 such meeting.
1. New
					 section filed 7-1-87; operative 7-1-87 pursuant to Government Code Section
					 11346.2(d)
					 (Register 87, No. 28).
Note: Authority cited: Sections
						8053 and
						10012,
						Financial Code. Reference: Sections
						6002 and
						10012,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 6 - Foreign Savings Associations › Section 104.607 - Financial Statement Publication

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Each foreign savings association authorized to maintain an
					 office in California shall prepare and publish annually within 120 days of the
					 close of its annual audit period in a newspaper of general circulation in the
					 county in which it maintains its principal California office, and shall deliver
					 to each member or stockholder which has a California address upon the records
					 of the foreign savings association, a statement of its financial condition in a
					 form approved by the Commissioner.
1. New
					 section filed 7-1-87; operative 7-1-87 pursuant to Government Code Section
					 11346.2(d)
					 (Register 87, No. 28).
Note: Authority cited: Sections
						8053 and
						10012,
						Financial Code. Reference: Sections
						6100 and
						10012,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 6 - Foreign Savings Associations › Section 104.608 - Regulatory Orders

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) If,
				  after notice and hearing, the Commissioner finds that any foreign savings
				  association has violated any provision of the Savings Association Law or of any
				  regulation or order issued pursuant to this chapter, the Commissioner may order
				  the foreign savings association to pay to the Commissioner a penalty in such
				  amount as the Commissioner may specify, provided that the amount of the penalty
				  shall not exceed $1,000 per violation, or for a continuing violation, $1,000
				  for each day or part thereof for which such violation continues.
(b)
(1) If
				  the Commissioner, as a result of any examination or from any report, finds that
				  any foreign savings association has violated, is violating, or is about to
				  violate any provision of this subchapter or of the Savings Association Law or
				  any law or regulation of this state or of the United States, or is engaging in
				  an unsafe or unsound business practice, the Commissioner may, by formal written
				  order delivered to the principal California office of the foreign savings
				  association, state any alleged violation or practice and the facts supporting
				  the allegation, and order discontinuance of the violation or practice,
				  conformance with all requirements of law and regulation, and any remedial
				  action deemed necessary and appropriate.
(2) Unless otherwise indicated, the order
				  shall be effective immediately and shall remain in effect until withdrawn by
				  the Commissioner or terminated by a court order.
(3) The order, upon application made on or
				  after its effective date by the Commissioner to the superior court of the
				  county in which the foreign savings association's principal California office
				  is located, shall be enforced ex parte and without notice by an order to comply
				  entered by the court. The proceedings shall be given precedence over other
				  cases pending in court, and shall in every way be expedited.
(4) Any foreign savings association affected
				  by an order of the Commissioner shall, after its receipt, have the right to
				  apply within 10 days to the court for a hearing and order suspending the order
				  of the Commissioner until the hearing has been completed. The hearing shall be
				  held as provided in a notice to the Commissioner by the court. The Court may
				  stay or suspend the Commissioner's order only if the foreign savings
				  association establishes that the order is likely to be reversed after
				  hearing.
(5) Whether upon
				  application by the Commissioner or by the foreign savings association, the
				  court shall have the power to enter and enforce the proper order or orders or
				  to dismiss the matter. The burden of proof shall be upon the foreign savings
				  association to establish that the Commissioner's order was issued
				  unlawfully.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 6 - Foreign Savings Associations › Section 104.609 - Suspension or Revocation of Certificate of Authority

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The Commissioner may suspend or revoke
				  any certificate of authority issued to a foreign savings association if it
				  appears that:
(1) The foreign savings
				  association is in an impaired, or unsafe or unsound condition.
(2) The foreign savings association is
				  engaging in safe or unsound business practices which threaten its viability or
				  the interests of the depositors, or borrowers of its California
				  office(s).
(3) The foreign savings
				  association has violated or is violating any law or regulation of this state or
				  of the United States.
(4) The
				  foreign savings association has violated or is in violation of any condition of
				  the approval of its application for a certificate of authority, or of an order
				  issued by the Commissioner.
(5) A
				  person has become a savings and loan holding company of the foreign savings
				  association, which person is a foreign holding company with its principal place
				  of deposits located in a state other than one of the states listed in Financial
				  Code Section
				  10011.
(6) The deposits of a California branch are
				  not insured by the Federal Savings and Loan Insurance Corporation or the
				  Federal Deposit Insurance Corporation.
(7) The foreign savings association has been
				  placed under receivership pursuant to state or federal law.
(8) The foreign savings association has not
				  actively conducted the business of an association in California for six months
				  of the most recent twelve months, notwithstanding the fact that its certificate
				  of authority may have been suspended during that time.
(9) The foreign savings association has
				  failed to pay the assessment to the Commissioner as required by Section
				  104.602.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 6 - Foreign Savings Associations › Section 104.610 - Surrender of Certificate of Authority

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A foreign savings association may surrender a certificate
					 of authority only with the approval of the Commissioner, and only after any
					 conditions imposed by the Commissioner have been satisfied.
1. New
					 section filed 7-1-87; operative 7-1-87 pursuant to Government Code Section
					 11346.2(d)
					 (Register 87, No. 28).
Note: Authority cited: Sections
						8053 and
						10012,
						Financial Code. Reference: Section
						10012,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 7 - Remote Service Units and Home Banking Services › Section 104.700 - General Provisions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
This article contains provisions regarding the
					 establishment and use of remote service unit systems and home banking services
					 by use of an electronic fund transfer system. Any electronic fund transfer made
					 pursuant to these regulations is subject to the provisions of the Electronic
					 Fund Transfer Act (15 U.S.C.
					 1693 et seq.) and Regulation E (12 CFR
					 205.2).
1.
					 Renumbering and amendment of Section
					 103.700 to Section
					 104.700 filed 12-8-87; operative
					 1-7-88 (Register 87, No. 50).
Note: Authority cited: Sections
						6516,
						6517 and
						8053,
						Financial Code. Reference: Sections
						6516 and
						6517,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 7 - Remote Service Units and Home Banking Services › Section 104.701 - Terms Defined

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  "Generic data" means statistical information which does not identify any
				  individual accountholder.
(b) "Home
				  banking services" means any transfer of funds or financial information or the
				  performance of other transactions initiated by a customer by means of an
				  electronic home terminal, such as a telephone, a home computer terminal, or a
				  television set that is linked to an association's computer by telephone or
				  cable television lines
(c)
				  "Personal Security Identifier" (PSI) means any word, number, or other security
				  identifier essential for an accountholder to gain access to an
				  account.
(d) "Remote Service Unit"
				  (RSU) means an information processing device, including associated equipment,
				  structures and systems, by which information relating to financial services
				  rendered to the public is stored and transmitted, instantaneously or otherwise,
				  to a financial institution and is not located on the premises of an
				  association. Activation and account access requires use of a machine-readable
				  instrument and PSI in the possession and control of the accountholder. The term
				  includes, without limitation, point-of-sale terminals, merchant-operated
				  terminals, cash-dispensing machines and automated teller machines. It excludes
				  automated teller machines on the premises of an association unless shared with
				  other financial institutions.
(e)
				  "RSU account" means a savings account or a loan account that may be accessed
				  through use of an RSU.
1.
					 Renumbering and amendment of Section
					 103.701 to Section
					 104.701 filed 12-8-87; operative
					 1-7-88 (Register 87, No. 50).
Note: Authority cited: Sections
						6516,
						6517 and
						8053,
						Financial Code. Reference: Sections
						6516 and
						6517,
						Financial Code.