reglab/statecodes huggingface dataset:
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 104.702 - Remote Service Units

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) An
				  association may establish or use RSUs and participate with others in RSU
				  operations in this state or other states. No RSU may be used to enable an
				  accountholder to open a savings account or to establish a loan
				  account.
(b) An association shall
				  take all steps necessary to protect its interest in the financial services
				  processed at each RSU, including acquisition of available fidelity, forgery and
				  other appropriate insurance.
(c) An
				  association shall establish and maintain safeguards acceptable to the
				  Commissioner to insure the privacy and confidentiality of account information.
				  An association shall allow accountholders to obtain any information concerning
				  their RSU accounts. An association may not disclose account data to third
				  parties, other than the Commissioner except generic data or data necessary to
				  identify a transaction, unless express written consent of the accountholder is
				  given, or applicable law requires.
(d) An association may operate an RSU
				  according to an agreement with a third party or share computer systems,
				  communication facilities, or services of another financial institution only if
				  such third party agrees to abide by subsection (c) as to information concerning
				  RSU accounts in the association. An association may share an RSU controlled by
				  an institution not subject to examination by the Commissioner only if such
				  institution has agreed in writing that the RSU is subject to examination by the
				  Commissioner as deemed necessary.
(e) An association may impose service charges
				  for RSU financial services.
(f) An
				  association shall protect electronic data against fraudulent alterations or
				  disclosure, shall provide a PSI to each accountholder, and require its use with
				  a machine-readable, nontransferable device when accessing an RSU. Measures
				  satisfactory to the Commissioner shall be taken for the installation,
				  maintenance, and operation of security devices and procedures, reasonable in
				  cost, to discourage robberies, burglaries and larcenies and to assist in the
				  identification and apprehension of persons who commit such acts.
1.
					 Renumbering and amendment of Section
					 103.702 to Section
					 104.702 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 104.703 - Home Banking Services

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) An
				  association may utilize any electronic fund transfer technology to provide its
				  customers with home banking services, but any devices used by the customer
				  shall not be classified as an electronic terminal for purposes of requiring a
				  terminal receipt.
(b) An
				  association providing services authorized by this section shall adopt security
				  measures adequate to prevent unauthorized access to its records or those of its
				  customers or the use of a home terminal to defraud the association or any of
				  its customers.
(c) An association
				  may impose service charges for home banking services.
1. New
					 section filed 12-8-87; operative 1-7-88 (Register 87, No.
					 50).
Note: Authority cited: Sections
						6517 and
						8053,
						Financial Code. Reference: Section
						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 104.704 - Locations

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Each association that has RSU's or offers home banking
					 services to customers shall specify and provide geographic locations of each
					 RSU annually 60 days after December 31st.
1. New
					 section 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 5 - Operations-Accounting › Article 1 - Accounting › Section 105.100 - Classification of Accounts

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Section
					 8701 of the law authorizes the
					 Commissioner to establish a uniform classification of accounts and to prescribe
					 the manner in which such accounts are to be kept.
No uniform classification of accounts is required. All
					 accounting records, however, shall be maintained in accordance with generally
					 accepted accounting principles, unless otherwise required by the
					 Commissioner.
1. Change
					 without regulatory effect renumbering former Section
					 100 to Section
					 105.100 (Register 87, No. 14). For
					 prior history, see Register 83, No. 49.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						8701,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 5 - Operations-Accounting › Article 1 - Accounting › Section 105.101 - Books and Records

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The corporate records of each association shall be kept at
					 the association's offices, and not in the offices of attorneys, accountants,
					 directors, stockholders, officers, or employees. All records of the association
					 shall immediately be made available to the Commissioner, his deputies,
					 examiners or appraisers upon demand as set forth in Sections
					 8801 and
					 9001 of the law.
The accounting year for all associations shall be the
					 calendar year.
Associations are required to retain in their possession
					 documents necessary to facilitate the verification of receipts and
					 disbursements, income and expense.
1. Change
					 without regulatory effect renumbering former Section
					 102 to Section
					 105.101 (Register 87, No. 14). For
					 prior history, see Register 83, No. 49.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Sections
						8702 and
						8800.1,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 5 - Operations-Accounting › Article 1 - Accounting › Section 105.102 - Deferral of Recognition and Amortization of Gain or Loss

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Notwithstanding any other provision, associations intending
					 to reinvest sale proceeds in similar type assets may account for gains and
					 losses on the sale, exchange or other disposition of real loans, manufactured
					 home chattel paper, securities, redeemable ground-rent leases, or redeemable
					 preferred stock which has a fixed date for redemption in a fixed dollar amount
					 or a fixed schedule of periodic payments with a remaining term to maturity of
					 at least five years, by providing for deferral of recognition and amortization
					 of any gain or loss (net of related income taxes computed in accordance with
					 generally accepted accounting principles) over a period not to exceed the
					 average of the remaining terms to maturity of the disposed loans or securities.
					 In the case of redeemable ground leases, the period must not exceed 40 years,
					 with the yield calculated to reflect the length of the amortization period. Any
					 unamortized deferred gain or loss will be carried in a separate
					 account.
1. Change
					 without regulatory effect renumbering former Section
					 103 to Section
					 105.102 (Register 87, No. 14). For
					 prior history, see Register 83, No. 49.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						7102,
						8701,
						8703,
						8708,
						8750,
						8751 and
						8752,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 5 - Operations-Accounting › Article 1 - Accounting › Section 105.103 - Accounting for Losses and Valuation Allowances

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Associations shall determine the need for valuation
					 allowances at least as of the end of each calendar quarter and as of the date
					 of published financial statements and any necessary provisions for loss shall
					 be recorded in accordance with generally accepted accounting
					 principles.
1. Change
					 without regulatory effect renumbering former Section
					 104 to Section
					 105.103 (Register 87, No. 14). For
					 prior history, see Register 83, No. 49.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						8706,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 5 - Operations-Accounting › Article 1 - Accounting › Section 105.104 - Accounting for Associations on Notice

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Section
					 8202 of the law provides that the
					 obligation of an association, which has matured withdrawal claims or is on
					 notice, to pay matured withdrawal claims, and the right of shareholders and
					 certificate holders of such an association to receive payment of matured
					 withdrawal claims, shall be secondary and subsequent to the right of such
					 association to pay and to provide a reasonable fund for the payment of the
					 items enumerated in the subdivisions of Section
					 8202 of the law.
This provision of the law is interpreted to mean that
					 unless an association actually sets aside a fund to meet such requirements, it
					 will be liable for payment of matured claims, and that the right of an
					 association to set up such a fund is not restricted to liabilities already
					 accrued or incurred, but includes anticipated amounts of the character
					 enumerated which will have to be met during a reasonable future period.
At any time when an association has matured withdrawal
					 claims, or becomes "an association on notice," as defined in Section
					 8150 of the law, it should
					 immediately determine the amount of such find required by summarizing all
					 matured or accrued liabilities of the nature described in the law, and also
					 make an estimate of similar liabilities for such reasonable future period,
					 anticipating at lest the next regular interest or dividend period.
Such amount should be set aside in a special cash fund
					 designated as being established under Section
					 8202 and thereafter all payments
					 made for any of the purposes hereinbefore set forth should be paid out of such
					 fund until such time as the association shall no longer be on notice or has no
					 matured withdrawal claims unpaid, then such "Special Cash Fund" may be
					 discontinued. Such find shall be increased from time to time as further
					 liabilities mature or accrue, and adequate memorandum records must be preserved
					 showing at all times how the amount of such fund has been arrived at, and that
					 the amount thereof is no more than adequate for the purposes set forth in the
					 law.
1. Change
					 without regulatory effect renumbering former Section
					 105 to Section
					 105.104 (Register 87, No. 14). For
					 prior history, see Register 83, No. 49.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Sections
						8150,
						8201 and
						8701,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 5 - Operations-Accounting › Article 2 - Statutory Net Worth Requirements › Section 105.200 - Definitions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) "Statutory net
				  worth" has the meaning set forth in Section
				  6076 of the law and Section
				  101.100(h) of the
				  regulations.
(b) "Total assets"
				  shall include all assets as defined in Section
				  100.1(d) of the
				  regulations, except the following:
(1) Cash on
				  hand and demand deposits in banks.
(2) Loans of an association secured by the
				  pledge of shares on investment certificates of such association.
(3) United States Government bonds and
				  treasury certificates and other securities fully guaranteed as to principal and
				  interest by the United States Government bonds and treasury certificates and
				  other securities fully guaranteed as to principal and interest by the United
				  States; and securities issued or guaranteed by the Government National Mortgage
				  Association or those securities described in (b) (3) herein and held under
				  repurchase agreements.
(4) Any
				  obligations of, or participations or other instruments fully guaranteed as to
				  principal and interest by, the Federal Home Loan Mortgage Corporation or
				  Federal National Mortgage Association.
(5) Stock of a Federal Home Loan Bank or the
				  Federal National Mortgage Association.
(6) Federal funds transactions.
(7) Transactions in the "Overnight Deposit
				  Program" of the Federal Home Loan Bank.
(8) The federal Savings and loan Insurance
				  Corporation secondary reserve.
(9)
				  Loans insured by the Federal Housing Administration or guaranteed by the
				  Veterans Administration.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 5 - Operations-Accounting › Article 2 - Statutory Net Worth Requirements › Section 105.201 - Minimum Statutory Net Worth

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The minimum statutory net worth for each
				  association shall be not less than three percent of its total assets.
(b) An association shall not be required to
				  meet the level set forth in (a) if its failure to attain that level is caused
				  by losses recognized in accordance with generally accepted accounting
				  principles (1) on sales, exchanges or other disposition of real estate loans,
				  manufacture home chattel paper, securities, redeemable ground-rent leases,
				  redeemable preferred stock as described in Section
				  105.102, or (2) by discount on
				  submarket interest rate loans made to facilitate the sale of real estate owned
				  by an association under Section
				  6705 of the law.
1. Change
					 without regulatory effect renumbering former Section
					 119.2 to Section
					 105.201 (Register 87, No. 14). For
					 prior history, see Register 82, No. 43.
Note: Authority cited: Section
						5255 and
						6900,
						Financial Code. Reference: Section
						6900 and
						8751,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 5 - Operations-Accounting › Article 2 - Statutory Net Worth Requirements › Section 105.202 - Total Asset Computation

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
In computing total assets at any particular date an
					 association may use its total assets at the computation date. As an alternative
					 it may, but is not required to, use the average of its total assets as of the
					 end of its last five or less preceding consecutive calendar
					 years.
1. Change
					 without regulatory effect renumbering former Section
					 119.3 to Section
					 105.202 (Register 87, No. 14). For
					 prior history, see Register 82, No. 49.
Note: Authority cited: Section
						5255 and
						6900,
						Financial Code. Reference: Section
						6900,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 5 - Operations-Accounting › Article 3 - Independent Audits › Section 105.300 - Approval of Statutory Auditor

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The statutory auditor must be approved by
				  the Commissioner prior to the commencement of the statutory audit. To be
				  eligible for approval, the statutory auditor must be a certified public
				  accountant or public accountant who is licensed by and in good standing with
				  the Board of Accountancy of the State of California.
(b) Each association seeking the approval of
				  the Commissioner for a statutory auditor shall first submit an application in
				  letter form which contains the following basic information:
(1) The name and address of the proposed
				  statutory auditor.
(2) The period
				  to be covered by the proposed statutory audit. This period must be at least the
				  entire interval of time since the date of the last approved audit.
(3) A statement, in reasonable detail, of all
				  major services other than the statutory audit which the association intends to
				  request its statutory auditor to perform during the period of his appointment.
				  If the statutory auditor is being reappointed, the statement shall also refer
				  to the letter requesting approval for the prior audit period and shall describe
				  any additional major services performed thereafter by the statutory
				  auditor.
(4) A certified copy of
				  the resolution of the board of directors:
(A)
				  authorizing the engagement of the statutory auditor to perform the statutory
				  audit,
(B) authorizing the
				  statutory auditor to perform such specific procedures, to review such
				  additional information, and to prepare such supplemental reports which may be
				  requested by the Commissioner,
(C)
				  authorizing the statutory auditor to make available his working papers to
				  representatives of the Commissioner's office if requested, and
(D) authorizing the statutory auditor to
				  consult with representatives of the Commissioner's office regarding the audit
				  and regarding any reports or other information on file in the Commissioner's
				  office concerning the condition and affairs of the
				  association.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 5 - Operations-Accounting › Article 3 - Independent Audits › Section 105.301 - Independence of Statutory Auditor

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The Commissioner's approval of a
				  statutory auditor and the acceptability of the audit report shall require the
				  independence of the statutory auditor from the commencement of the period of
				  the financial statements being audited until the completion of his audit. The
				  statutory auditor shall comply with all official pronouncements on independence
				  of public accountants by the American Institute of Certified Public Accountants
				  and the Board of Accountancy of the State of California. The statutory auditor
				  will not ordinarily be considered independent if, among other things, he or his
				  partner or the accountant assigned to the audit is:
(1) An officer, director, attorney, or
				  employee of the association or a member of the immediate family of an officer,
				  director, attorney, or employee.
(2) The beneficial or record owner, directly
				  or indirectly, of guarantee stock of the association.
(3) An owner of an interest in any
				  partnership, syndicate, or corporation which directly or indirectly controls
				  the association.
(4) A borrower
				  from the association, directly or indirectly, other than (A) on loans wholly
				  secured by the pledge of association shares or investment certificates; or (B)
				  on a loan on the security of his residence.
(5) To make entries or postings in the books
				  of accounts or to perform any other operating functions for the association,
				  except such functions for which prior approval was requested and obtained, in
				  writing, from the Commissioner.
(6)
				  To receive any special consideration in any transaction with the association or
				  with any of its officers or directors or to have any interest, direct or
				  indirect, financial or otherwise, in any of the association's loans or the
				  security therefor other than the loans described in subparagraph (4), or in any
				  other operating activity or function of the association.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 5 - Operations-Accounting › Article 3 - Independent Audits › Section 105.302 - Scope and Requirements of Statutory Audit

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The statutory audit shall be made in accordance with
					 generally accepted auditing standards and shall include such tests of the
					 accounting records and such other auditing procedures as the statutory auditor
					 considers necessary in the circumstances. The tests and procedures shall
					 include but not be limited to the following:
(a) Analysis and tests of the system of
				  internal check and control.
(b)
				  Appropriate tests of assets including the following which, in circumstances
				  considered appropriate by the statutory auditor, may be performed on a sample
				  basis:
(1) The unannounced (surprise) count of
				  cash and cash items and negotiable securities and satisfactory reconcilement
				  with general ledger accounts.
(2)
				  Satisfactory reconcilement of bank accounts with general ledger
				  accounts.
(3) Inspection of
				  documents supporting real estate loans made or purchased since the date of the
				  last audit. The documents to be inspected shall include:
(A) note,
(B) deed of trust, and
(C) policy of title insurance which insures
				  the association as the first lien holder. Fire insurance policies, loan
				  applications and appraisals shall be inspected as considered necessary by the
				  statutory auditor. In addition, the inspection of loan documents shall include
				  a reasonable percentage of all active real estate loans made prior to the date
				  of the last audit.
(4)
				  Confirmation of real estate and other loan accounts by direct correspondence
				  with the borrower.
(5) Review of
				  the adequacy of valuation allowances on loans, real estate owned and other
				  assets.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 5 - Operations-Accounting › Article 3 - Independent Audits › Section 105.303 - Reporting Procedures

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  The audited financial statements shall include:
(1) A statement of financial condition as of
				  the audit date.
(2) A statement of
				  income and expenses for the calendar year or other audit period.
(3) A statement of changes in financial
				  position for the period covered by the statement of income and
				  expenses.
(4) A statement or
				  statements of stockholders' or shareholders' equity for the period covered by
				  the statement of income and expenses describing the additions and reductions to
				  the equity accounts.
(5) Adequate
				  footnote disclosures, including disclosure of any adjustments reflected in the
				  audited financial statements which are yet to be recorded in the association's
				  books which are to be maintained as prescribed by Subchapter 1 of this
				  Chapter.
(6) A reconciliation of
				  income and expenses for the audit period and net worth as of the audit date
				  with those amounts reported in SL 100 forms furnished to this Department.
Prior period figures of the statement of financial
					 condition, the statement of income and expenses, and the statement of changes
					 in financial position shall be included with the audited financial statements
					 for comparative purposes. The Commissioner may waive the requirement for
					 comparative figures upon receipt of a letter from the statutory auditor which
					 satisfactorily explains the impracticality of including comparative
					 figures.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 5 - Operations-Accounting › Article 3 - Independent Audits › Section 105.304 - Filing Procedures

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  Two copies of the audited financial statements and of each supplemental or
				  letter report shall be filed with the Commissioner and shall be due at the end
				  of the third month after the end of the period covered by the audit. The
				  Commissioner may extend the due date upon receipt of a letter from the
				  statutory auditor which contains a satisfactory reason for late
				  filing.
(b) The association shall
				  also file either (1) a certificate by the secretary of the association
				  certifying that at a meeting of the board of directors the directors were
				  presented for consideration the financial statements and each supplemental
				  report or (2) a certified copy of an extract from the minutes of a meeting of
				  the board of directors at which such documents were presented for
				  consideration.
(c) Within 45 days
				  after the receipt of the letter report from the statutory auditor, the
				  association shall submit a letter to the commissioner describing the action
				  taken to correct the deficiencies contained in the letter report accompanied by
				  either (1) a certificate by the secretary of the association certifying that at
				  the meeting of the board of directors the named directors have approved the
				  corrective action described in the association's letter or (2) a certified copy
				  of an extract from the minutes of a meeting of the board of directors at which
				  approval of such corrective action was given.
1. Change
					 without regulatory effect renumbering former Section
					 164 to Section
					 105.304 (Register 87, No. 14). For
					 prior history, see Register 82, No. 21.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						8751,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 6 - Operations-Savings › Article 1 - Investment Certificates and Withdrawable Shares › Section 106.100 - Certificates and Shares

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Full Paid Investment Certificates and Full Paid
					 Withdrawable Shares, Accumulative Investment Certificates and Accumulative
					 Withdrawable Shares, and Minimum Term Investment Certificates and Minimum Term
					 Shares may be issued in several classes.
1. Change
					 without regulatory effect renumbering former Section
					 210 to Section
					 106.100 (Register 87, No. 14). For
					 prior history, see Register 83, No. 4.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Sections
						6507,
						6509,
						6510.5,
						6555,
						6557,
						6558 and
						6559,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 6 - Operations-Savings › Article 1 - Investment Certificates and Withdrawable Shares › Section 106.101 - Provision of Different Rates of Return

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The associations may pay a different rate of return on
					 investment certificates or shares in each class. The determination of such
					 rates of return shall be made in accordance with the requirements of Section
					 7400, et seq., Chapter 11, Part 1
					 of the law.
In matters of transfer, cancellation and withdrawal the
					 associations shall be guided by the provisions of Chapter 7, Part 1 of the law
					 and by other applicable State statutes and regulations.
1. Change
					 without regulatory effect renumbering former Section
					 211 to Section
					 106.101 (Register 87, No. 14). For
					 prior history, see Register 83, No. 4.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						6403,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 6 - Operations-Savings › Article 1 - Investment Certificates and Withdrawable Shares › Section 106.102 - Period of Bonus Certificate or Share

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The board of directors of an association may determine a
					 bonus rate of return on shares or investment certificates for a period not to
					 exceed ten years.
1. Change
					 without regulatory effect renumbering former Section
					 212 to Section
					 106.102 (Register 87, No. 14). For
					 prior history, see Register 83, No. 4.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						7400.1,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 6 - Operations-Savings › Article 1 - Investment Certificates and Withdrawable Shares › Section 106.103 - Payment of Interest upon Withdrawal

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An association may, upon the withdrawal of any sum
					 evidenced by an investment certificate or share certificate, pay interest or
					 dividend on such sum withdrawn for the period from the date of receipt to the
					 date of withdrawal.
1. Change
					 without regulatory effect renumbering former Section
					 213 to Section
					 106.103 (Register 87, No. 14). For
					 prior history, see Register 83, No. 4.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						6560.1,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 6 - Operations-Savings › Article 1 - Investment Certificates and Withdrawable Shares › Section 106.104 - Split Rates-General

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) For any interest period, the board of
				  directors may, by resolution, determine to distribute interest at a rate higher
				  than the regular rate on the balance of an account in excess of a minimum
				  balance fixed by the board of directors. The minimum balance shall not be less
				  than $200. The rate to be paid on the higher balance shall be determined by the
				  board of directors.
(b) Each
				  certificate, whether printed in a passbook or as a separate certificate,
				  evidencing an account issued pursuant to this section, shall bear on its face
				  the following additional words:
"Interest is distributable on this account as determined by
					 the board of directors of the association, subject to Section
					 106.103, Subchapter 6, Article 1,
					 Chapter 2, Title 10 of the California Administrative Code."
1. Change
					 without regulatory effect renumbering former Section
					 214 to Section
					 106104 (Register 87, No. 14). For
					 prior history, see Register 83, No. 4.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Sections
						6403 and
						7400,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 6 - Operations-Savings › Article 1 - Investment Certificates and Withdrawable Shares › Section 106.105 - Retirement of Shares

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An association issuing withdrawable shares may provide that
					 such shares are not subject to retirement for an initial period after the
					 issuance. The initial period shall not exceed ten years.
1. Change
					 without regulatory effect renumbering former Section
					 215 to Section
					 106.105 (Register 87, No. 14). For
					 prior history, see Register 83, No. 4.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						6511.1,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 6 - Operations-Savings › Article 1 - Investment Certificates and Withdrawable Shares › Section 106.106 - Redemption of Investment Certificates

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An association issuing investment certificates may provide
					 that such certificates are not subject to redemption for an initial period
					 after the issuance. The initial period shall not exceed ten
					 years.
1. Change
					 without regulatory effect renumbering former Section
					 216 to Section
					 106.106 (Register 87, No. 14). For
					 prior history, see Register 83, No. 4.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						6564,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 6 - Operations-Savings › Article 1 - Investment Certificates and Withdrawable Shares › Section 106.107 - Public Disclosure of Account Information

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) General. An association shall make
				  readily available to the public in a public place and shall furnish to the
				  depositor prior to the time funds are initially placed with the association,
				  whether such funds are accepted at its principal office, branch office or
				  mobile facility, disclosures concerning savings accounts, investment
				  certificates and withdrawable shares.
(b) Form of Disclosure. The disclosure
				  required by subsection (a) shall be in the form of a written statement or
				  written statements which shall contain an effective date and shall disclose the
				  following minimum information in a clear and concise manner:
(1) A description of the various accounts
				  available;
(2) The rate of
				  interest, the annual yield, and method that will be used in computing and
				  paying interest on the account, if any, including any provision for nonpayment
				  of interest on deposits made after the beginning of the interest payment period
				  or withdrawn before the end of such period;
(3) Rules for grace period interest on:
(A) Deposits mailed or received on or before
				  the last day of the grace period,
(B) Transfer of funds between accounts within
				  the association on or before the effective date of such change, unless such
				  change is required by law or regulations.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 6 - Operations-Savings › Article 1 - Investment Certificates and Withdrawable Shares › Section 106.108 - Eurodollar Deposits

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  Definitions. As used in this section:
(1)
				  "Eurodollar certificate" means a certificate account, denominated in United
				  States dollars, evidencing a Eurodollar deposit;
(2) "Eurodollar deposit" means a deposit by a
				  person who is not a United States person;
(3) "United States person" means any national
				  or resident of the United States of America, its territories and possessions,
				  including any corporation, trust, estate, or other entity organized under the
				  laws thereof or of any political subdivision thereof; and
(4) "Participation" means an interest or
				  participation in a Eurodollar certificate.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 6 - Operations-Savings › Article 2 - Delayed Funds Availability › Section 106.200 - Definitions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) "Depository
				  savings institution" means the savings and loan association or savings bank
				  that maintains the account into which the item is deposited.
(b) "Item" shall mean "check" as defined in
				  12 CFR
				  229.2(k), effective
				  September 1, 1988.
(c)
				  "Non-transaction account" means a savings deposit which includes a regular
				  account, an automatic transfer account, a money market deposit account (MMDA),
				  or any other savings deposit account as descried in
				  12 CFR
				  204.2(d) as amended April 1,
				  1986 (51 FR 9634).
(d) "Regulation
				  CC" means regulations adopted by the Board of Governors of the Federal Reserve
				  System, Part 229 of Title 12 of the Code of Federal Regulations (12 CFR
				  229 et seq.) as directed in the Expedited
				  Funds Availability Act ( Title VI of
				  Pub. L.
				  100-86, enacted on August 10, 1987). All
				  references in this Article to Regulation CC shall mean that regulation and all
				  commentary and footnotes thereto effective beginning September 1,
				  1988.
(e) "Transaction account"
				  means a demand deposit account, a negotiable order of withdrawal (NOW), and any
				  other deposit or account as described in
				  12 CFR
				  204.2(e) as amended April 1,
				  1986 (51 FR 9634-9635).
1. Change
					 without regulatory effect renumbering former Section
					 247 to Section
					 106.200 (Register 87, No. 14). For
					 prior history, see Register 84, No. 38.
2. Repealer and new section
					 filed 10-12-88 as an emergency; operative 10-12-88 (Register 88, No. 43). A
					 Certificate of Compliance must be transmitted to OAL within 120 days or
					 emergency language will be repealed on 2-9-89.
3. Certificate of
					 Compliance including amendment of subsections (b), (c) and (e) transmitted to
					 OAL 2-10-89 and filed 3-8-89 (Register 89, No.
					 11).
Note: Authority cited: Sections
						866.5,
						866.6 and
						8053,
						Financial Code. Reference: Sections
						866.5 and
						866.6,
						Financial Code; and Section
						4213, California Uniform
						Commercial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 6 - Operations-Savings › Article 2 - Delayed Funds Availability › Section 106.201 - Funds Availability

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
All items deposited into a transaction account or a
					 non-transaction account of a depository savings institution shall be made
					 available for withdrawal as provided by Regulation CC,
					 12 CFR
					 229, et seq.
1. Change
					 without regulatory effect renumbering former Section
					 247.1 to Section
					 106.201 (Register 87, No. 14). For
					 prior history, see Register 84, No. 38.
2. Repealer and new section
					 filed 10-12-88 as an emergency; operative 10-12-88 (Register 88, No. 43). A
					 Certificate of Compliance must be transmitted to OAL within 120 days or
					 emergency language will be repealed on 2-9-88.
3. Certificate of
					 Compliance including amendment of NOTE transmitted to OAL 2-10-89 and filed
					 3-8-89 (Register 89, No. 11).
Note: Authority cited: Sections
						866.5,
						866.6 and
						8053,
						Financial Code. Reference: Sections
						866.5,
						866.6 and
						8053,
						Financial Code; and Section
						4213, California Uniform
						Commercial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 6 - Operations-Savings › Article 2 - Delayed Funds Availability › Section 106.202 - Disclosure Statements

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A depository savings institution may provide customers who
					 have non-transaction accounts with disclosures concerning funds availability as
					 provided in Regulation CC, 12 CFR 229
et
					 seq
., for transaction accounts. Such disclosure by a depository
					 savings institution shall be deemed to comply with Section
					 866.2 of
					 the Financial Code.
1. Change
					 without regulatory effect renumbering former Section
					 247.2 to Section
					 106.202 (Register 87, No. 14). For
					 prior history, see Register 84, No. 38.
2. Repealer and new section
					 filed 10-12-88 as an emergency; operative 10-12-88 (Register 88, No. 43). A
					 Certificate of Compliance must be transmitted to OAL within 120 days or
					 emergency language will be repealed on 2-9-89.
3. Certificate of
					 Compliance including amendment of NOTE transmitted to OAL 2-10-89 and filed
					 3-8-89 (Register 89, No. 11).
Note: Authority cited: Sections
						866.5,
						866.6 and
						8053,
						Financial Code. Reference: Sections
						866.2,
						866.5 and
						866.6,
						Financial Code; and Section
						4213, California Uniform
						Commercial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 6 - Operations-Savings › Article 2 - Delayed Funds Availability › Section 106.203 - Limitations on Applicability. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect renumbering former Section
					 247.3 to Section
					 106.203 (Register 87, No. 14). For
					 prior history, see Register 84, No. 38.
2. Repealer filed 10-12-88
					 as an emergency; operative 10-12-88 (Register 88, No. 43). A Certificate of
					 Compliance must be transmitted to OAL within 120 days or emergency language
					 will be repealed on 2-9-89.
3. Certificate of Compliance transmitted
					 to OAL 2-10-89 and filed 3-8-89 (Register 89, No.
					 11).
Note: Authority cited: Sections
						866.5,
						866.6 and
						8053,
						Financial Code; and Section
						4213, California Uniform
						Commercial Code. Reference: Sections
						866.5 and
						866.6,
						Financial Code; and Sections
						4105,
						4212 and
						4213, California Uniform
						Commercial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 6 - Operations-Savings › Article 2 - Delayed Funds Availability › Section 106.204 - Hold Periods. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect renumbering former Section
					 247.4 to Section
					 106.204 (Register 87, No. 14). For
					 prior history, see Register 84, No. 38.
2. Repealer filed 10-12-88
					 as an emergency; operative 10-12-88 (Register 88, No. 43). A Certificate of
					 Compliance must be transmitted to OAL within 120 days or emergency language
					 will be repealed on 2-9-89.
3. Certificate of Compliance transmitted
					 to OAL 2-10-89 and filed 3-8-89 (Register 89, No.
					 11).
Note: Authority cited: Sections
						866.5,
						866.6,
						866.9 and
						8053,
						Financial Code; and Section
						4213, California Uniform
						Commercial Code. Reference: Sections
						866.5,
						866.6 and
						866.9,
						Financial Code; and Section
						4213, California Uniform
						Commercial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 6 - Operations-Savings › Article 2 - Delayed Funds Availability › Section 106.205 - Exemptions. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect renumbering former Section
					 247.5 to Section
					 106.205 (Register 87, No. 14). For
					 prior history, see Register 84, No. 38.
2. Repealer filed 10-12-88
					 as an emergency; operative 10-12-88 (Register 88, No. 43). A Certificate of
					 Compliance must be transmitted to OAL within 120 days or emergency language
					 will be repealed on 2-9-89.
3. Certificate of Compliance transmitted
					 to OAL 2-10-89 and filed 3-8-89 (Register 89, No. 11). (Next page is
					 217)
Note: Authority cited: Sections
						866.5,
						866.6,
						866.9 and
						8053,
						Financial Code; and Section
						4213, California Uniform
						Commercial Code. Reference: Sections
						866.5,
						866.6 and
						866.9,
						Financial Code; and Sections
						4108 and
						4213, California Uniform
						Commercial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 1 - Supplementary Loan Report and Documentation Requirements › Section 107.100 - Loan Register

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Each association shall keep a loan register accounting for
					 all real estate loans which it makes or purchases. When an association acquires
					 a participating interest in a group of loans, totals regarding such loans may
					 be entered in the loan register if reference is made to the participation
					 agreement. Information regarding loans appearing in the loan register shall
					 consist of, but not be limited to, the following:
(a) Loan number
(b) Date loan entered on books
(c) Date of recording of trust deed or
				  mortgage
(d) Name of
				  borrower
(e) Location of security
				  (by city and state, and by census tract if such information is
				  available)
(f) Type of
				  improvement
(g) Purpose of loan
				  (speculative construction, construction for owner, purchase of property,
				  refinance, other, purchased loan, or collateral loan)
(h) Amount of loan
(i) Secondary financing (where information is
				  available)
(1) Amount
(2) Holder
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 1 - Supplementary Loan Report and Documentation Requirements › Section 107.101 - Loans Modified

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Each Association shall keep a record of loans that were
					 modified. Information regarding each loan appearing in the record shall consist
					 of, but not be limited to, the following:
(a) Loan number
(b) Date original loan entered on
				  books
(c) Name of
				  borrower
(d) Unpaid balance of loan
				  before and after modification
(e)
				  Latest appraisal showing the current market value of the security
				  property
(f) Type of
				  improvement
(g) Loan to value ratio
				  after modification
(h) Nature of
				  modifications
Loans listed under the subaccounts of Account Nos. 120 and
					 122 that have any modifications, additional loans or secured advances, or other
					 action taken by any association pursuant to Sections
					 6701(a)(i),
					 6701(a)(iii), and
					 6701(b), which
					 cause the loans to exceed otherwise applicable loan limits, shall be
					 transferred to Subaccount Nos. 120-9 and 122-8. When the terms of these loans
					 are conforming to normal loan limits, the loans shall be transferred back to
					 the original subaccounts.
1. Change
					 without regulatory effect renumbering former Section
					 118.2 to Section
					 107.101 (Register 87, No. 14). For
					 prior history, see Register 82, No. 49.
Note: Authority cited: Section
						5255,
						Financial Code. Reference Sections
						8701,
						8703 and
						8705,
						Financial Code.