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• California Financial Code Section 1
  This act is known and may be cited as the Financial Code.
• California Financial Code Section 2
  The provisions of this code insofar as they are substantially the same as existing statutory provisions relating to the same subject matter shall be construed...
• California Financial Code Section 3
  Any action or proceeding commenced before this code takes effect, or any right accrued, is not affected by this code, but all procedure taken shall...
• California Financial Code Section 4
  Unless the context otherwise requires the general provisions hereinafter set forth govern the construction of this code.
• California Financial Code Section 5
  Division, part, chapter, article, and section headings do not in any manner affect the scope, meaning, or intent of the provisions of this code.
• California Financial Code Section 6
  Whenever a power is granted to, or a duty imposed on any person or board by any provision of this code, it may be exercised...
• California Financial Code Section 7
  Whenever any reference is made to any portion of this code or of any other law, the reference applies to all amendments and additions thereto,...
• California Financial Code Section 8
  Writing includes any form of recorded message capable of comprehension by ordinary visual means. Whenever any notice, report, statement, or record is required or authorized...
• California Financial Code Section 9
  "Section" means a section of this code unless some other statute is specifically mentioned, and "subdivision" means a subdivision of the section in which the...
• California Financial Code Section 10
  The present tense includes the past and future tenses; and the future, the present.
• California Financial Code Section 11
  The masculine gender includes the feminine and neuter.
• California Financial Code Section 12
  The singular number includes the plural and the plural the singular.
• California Financial Code Section 13
  "City" includes incorporated city, city and county, municipal corporation, municipality, town and incorporated town.
• California Financial Code Section 14
  "County" includes city and county.
• California Financial Code Section 15
  "Shall" is mandatory and "may" is permissive.
• California Financial Code Section 16
  "Oath" includes affirmation.
• California Financial Code Section 17
  "Signature" or "subscription" includes mark. The mark shall be made as required in the Civil Code.
• California Financial Code Section 18
  "Person" includes any person, firm, partnership, association, corporation, company, limited liability company, syndicate, estate, trust, business trust, or organization of any kind.
• California Financial Code Section 19
  If any provision of this code, or its application to any person or circumstance, is held invalid, the remainder of the code, or the application...
• California Financial Code Section 20
  The existence of corporations formed or existing on the date this code takes effect is not affected by the enactment of this code nor by...
• California Financial Code Section 21
  All persons who, at the time this code goes into effect, hold office under any of the acts repealed by this code, which offices are...
• California Financial Code Section 22
  Notwithstanding any other provision of this code, Chapter 10 (commencing with Section 10000) of Division 2 shall be known and may be cited as the...
• California Financial Code Section 99
  This division, Division 1.1 (commencing with Section 1000), Division 1.2 (commencing with Section 2000), Division 1.6 (commencing with Section 4800), Division 2 (commencing with Section...
• California Financial Code Section 101
  If and to the extent that any provision of this division is preempted by federal law, the provision does not apply and shall not be
• California Financial Code Section 103
  The word "bank" as used in this division means any incorporated banking institution that shall have been incorporated to engage in commercial banking business, industrial...
• California Financial Code Section 105
  Banks are divided into the following classes: (a) Commercial banks. (b) Industrial banks. (c) Trust companies.
• California Financial Code Section 107
  "Commercial bank" means a corporation organized for the purpose of engaging in the commercial banking business.
• California Financial Code Section 109
  "Commercial banking business" includes, but is not limited to, the business of soliciting, receiving, or accepting of money or its equivalent on deposit as a...
• California Financial Code Section 111
  "Industrial bank" means a corporation organized for the purpose of engaging in the industrial banking business.
• California Financial Code Section 113
  "Industrial banking business" includes the making of loans and acceptance of deposits, including deposits evidenced by investment or thrift certificates, but excluding demand deposits.
• California Financial Code Section 115
  "Trust business" means the business of acting as executor, administrator, guardian or conservator of estates, assignee, receiver, depositary or trustee under the appointment of any...
• California Financial Code Section 117
  "Trust company" means a corporation, industrial bank, or a commercial bank that is authorized to engage in the trust business.
• California Financial Code Section 119
  "Bank" or "banks" includes commercial banks, industrial banks, and trust companies unless the context otherwise requires. However, "bank" does not include a savings association or...
• California Financial Code Section 121
  (a) "Office" includes head office, branch office, and any other authorized place of business of a licensee. (b) "Head office" means the principal place of...
• California Financial Code Section 123
  "Real property" and "personal property" have the meanings defined in and shall be construed in accordance with Title 1 (commencing with Section 654) of Part...
• California Financial Code Section 125
  "Commissioner" means the Commissioner of Financial Institutions and "department" means the Department of Financial Institutions.
• California Financial Code Section 127
  "Person" means an individual, sole proprietorship, partnership, joint venture, association, trust, estate, business trust, corporation, joint stock company, limited liability company, unincorporated association, sovereign government...
• California Financial Code Section 129
  Unless the provision or the context otherwise requires, the definitions set forth in this chapter govern the construction of this division.
• California Financial Code Section 131
  References in this division to the voting of shares shall be construed in accordance with Section 111 of the Corporations Code.
• California Financial Code Section 133
  If the articles of a bank provide for more or less than one vote for any share on any matter, the references in Sections 139...
• California Financial Code Section 135
  Any requirement in this division for a vote of each class of outstanding shares shall be construed in accordance with Section 117 of the Corporations
• California Financial Code Section 137
  "Approved by (or approval of) the board" means approved or ratified by the vote of the board or by the vote of a committee authorized...
• California Financial Code Section 139
  "Approved by (or approval of) the outstanding shares" has the meaning set forth in Section 152 of the Corporations Code and shall include approval by...
• California Financial Code Section 141
  "Approved by (or approval of) the shareholders" has the meaning set forth in Section 153 of the Corporations Code and shall include approval or ratification...
• California Financial Code Section 143
  "Articles" has the meaning set forth in Section 154 of the Corporations Code.
• California Financial Code Section 145
  "Board" has the meaning set forth in Section 155 of the Corporations Code.
• California Financial Code Section 147
  "California" means: (a) When used with respect to a bank, in the case of a state bank, a bank that is organized under the laws...
• California Financial Code Section 149
  "CAMELS composite rating" shall have the meaning set forth in Section 327.8(j) of Title 12 of the Code of Federal Regulations.
• California Financial Code Section 151
  "Certificate of correction" means a certificate executed and filed with the Secretary of State pursuant to Section 109 of the Corporations Code, subject, however, to...
• California Financial Code Section 153
  "Certificate of determination" has the meaning set forth in Section 156 of the Corporations Code, subject, however, to the provisions of Section 1104.
• California Financial Code Section 155
  "Certificate of revocation" means a certificate executed and filed with the Secretary of State pursuant to the second and third sentences of subdivision (c) of...
• California Financial Code Section 157
  "Common shares" has the meaning set forth in Section 159 of the Corporations Code.
• California Financial Code Section 159
  (a) "Confidential information" means any information regarding a licensee contained in, or related to, any of the following: (1) Applications filed with the commissioner. (2)...
• California Financial Code Section 161
  "Constituent corporation," when used with respect to a corporation: (a) In the case of a merger, has the meaning set forth in Section 161 of...
• California Financial Code Section 163
  "Contributed capital" means all of shareholders' equity other than retained earnings. However, nothing in this section shall prohibit a bank from transferring amounts from time...
• California Financial Code Section 165
  "Credit union" means a corporation of the type described in Section 14002 organized under the laws of this state or a corporation of similar type...
• California Financial Code Section 167
  "Directors" has the meaning set forth in Section 164 of the Corporations Code.
• California Financial Code Section 169
  "Disappearing," when used with respect to a corporation, means a constituent corporation that is not the surviving corporation.
• California Financial Code Section 171
  "Distribution to its shareholders" has the meaning set forth in Section 166 of the Corporations Code. However, in Division 1 (commencing with Section 100), Title...
• California Financial Code Section 173
  (a) "Foreign," when used with respect to a bank, an office of a bank, or any corporation other than a bank, means foreign (other nation)...
• California Financial Code Section 175
  "Foreign nation" means any nation other than the United States, including, without limitation, any subdivision, territory, trust territory, dependency, colony, or possession of any nation...
• California Financial Code Section 177
  (a) The definition of "state of the United States" in Section 207 does not apply to this section. In this section, "state of the United...
• California Financial Code Section 179
  "Foreign (other state)": (a) When used with respect to a bank, means a bank that is organized under the laws of any state of the...
• California Financial Code Section 181
  "Insured": (a) When used with respect to a bank or an office of a bank, means a bank or office the deposits of which are...
• California Financial Code Section 183
  "Law of the domicile" means: (a) When used with respect to a national bank, the law of the United States. (b) When used with respect...
• California Financial Code Section 185
  "Licensee" has the following meanings: (a) Any bank authorized by the commissioner pursuant to Section 1042 to transact banking or trust business. (b) Any industrial...
• California Financial Code Section 187
  "Majority-owned subsidiary" has the meaning set forth for "subsidiary" in subdivision (a) of Section 189 of the Corporations Code.
• California Financial Code Section 189
  (a) "National bank" or "national banking association" means a national banking association organized under the National Bank Act. (b) For purposes of this division, a...
• California Financial Code Section 191
  "Officers' certificate" has the meaning set forth in Section 173 of the Corporations Code.
• California Financial Code Section 193
  "Resulting," when used with respect to a corporation, means: (a) In the case of a consolidation, the corporation into which the constituent corporations are consolidated....
• California Financial Code Section 195
  "ROCA supervisory rating" shall have the meaning set forth in Section 327.8(k) of Title 12 of the Code of Federal Regulations.
• California Financial Code Section 197
  "Savings association" includes a savings association, a savings and loan association, and a savings bank. However, "savings association" does not include any savings bank of...
• California Financial Code Section 199
  "Series," when used with respect to shares, has the meaning set forth in Section 183 of the Corporations Code.
• California Financial Code Section 201
  "Shares" has the meaning set forth in Section 184 of the Corporations Code.
• California Financial Code Section 203
  "Shareholder" has the meaning set forth in Section 185 of the Corporations Code.
• California Financial Code Section 205
  "State": (a) When used with respect to a corporation, means a corporation that is organized under the laws of a state of the United States....
• California Financial Code Section 207
  "State of the United States" means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam,...
• California Financial Code Section 209
  "Surviving," when used with respect to a corporation, means a corporation in which one or more other corporations are merged.
• California Financial Code Section 211
  "Uniform Interagency Trust Rating System (UITRS)" shall have the meaning set forth in the policy statement regarding the uniform interagency trust rating system published by...
• California Financial Code Section 213
  "Uniform Rating System for Informational Technology (URSIT)" shall have the meaning set forth in the policy statement regarding the uniform rating system for information technology...
• California Financial Code Section 215
  "Vote" has the meaning set forth in Section 194 of the Corporations Code.
• California Financial Code Section 217
  "Voting power" has the meaning set forth in Section 194.5 of the Corporations Code.
• California Financial Code Section 250
  In this chapter, unless the provision or context requires otherwise: (a) "New General Corporation Law" means Division 1 (commencing with Section 100), Title 1 of...
• California Financial Code Section 251
  For purposes of Chapter 23 (commencing with Section 2300) of the new General Corporation Law, in the case of any subject institution existing on January...
• California Financial Code Section 252
  (a) Sections 600 and 600.2 of the revised Banking Law shall not apply to any subject institution existing on January 1, 1979, unless and until...
• California Financial Code Section 253
  In case the board of a subject institution has, prior to January 1, 1979, adopted a resolution levying an assessment on the common shares of...
• California Financial Code Section 254
  Article 3 (commencing with Section 640), Chapter 5 of the revised Banking Law applies to any distribution to its shareholders made after January 1, 1979,...
• California Financial Code Section 300
  (a) In this section: (1) "Business and industrial development corporation" means a corporation licensed under Division 15 (commencing with Section 31000). (2) "Payment instrument" has...
• California Financial Code Section 301
  This chapter is applicable to this division, Division 1.1 (commencing with Section 1000), Division 1.2 (commencing with Section 2000), Division 1.6 (commencing with Section 4800),...
• California Financial Code Section 320
  The chief officer of the Department of Financial Institutions is the Commissioner of Financial Institutions. The Commissioner of Financial Institutions is the head of the...
• California Financial Code Section 321
  As of the operative date of this section: (a) In this section, "order" means any approval, consent, authorization, exemption, denial, prohibition, requirement, or other administrative...
• California Financial Code Section 322
  The commissioner is appointed by the Governor, and holds office at the pleasure of the Governor. The appointment of the commissioner is subject to confirmation...
• California Financial Code Section 323
  The commissioner shall be a citizen of the United States and a resident of the state for at least three years prior to his or...
• California Financial Code Section 324
  The annual salary of the commissioner is provided for by Chapter 6 (commencing with Section 11550) of Part 1 of Division 3 of Title 2...
• California Financial Code Section 325
  Before entering upon the duties of his or her office, the commissioner shall take and subscribe to the constitutional oath of office and file the...
• California Financial Code Section 326
  The commissioner is responsible for the performance of all duties, the exercise of all powers and jurisdiction, and the assumption and discharge of all responsibilities...
• California Financial Code Section 327
  (a) The commissioner shall apply the Interagency Guidance on Nontraditional Mortgage Product Risks issued in September 2006 and the Statement on Subprime Mortgage Lending issued...
• California Financial Code Section 328
  (a) The commissioner may make the agreements that he or she deems necessary or appropriate in exercising his or her powers. (b) (1) The agreements...
• California Financial Code Section 329
  (a) For purposes of this section, the following definitions apply: (1) "Applicable law" means: (A) With respect to any bank, Division 1.6 (commencing with Section...
• California Financial Code Section 330
  The authority vested in the Superintendent of Banks under subdivision (2) of Section 1 of Article XV of the California Constitution is delegated to the
• California Financial Code Section 331
  Notwithstanding any other provision of law, the commissioner may adopt and implement any method of accepting electronic filings of applications, reports, or other matters, which,...
• California Financial Code Section 332
  (a) (1) In this section, "federal law" includes, but is not limited to, the United States Constitution, any federal statute, any federal court decision, and...
• California Financial Code Section 333
  The powers of supervision and examination of all licensees are vested in the commissioner.
• California Financial Code Section 334
  The commissioner may promulgate or waive such rules and regulations as may be reasonable or necessary to carry out his or her duties and responsibilities.
• California Financial Code Section 335
  (a) The commissioner, whenever in his or her opinion such action is necessary or appropriate to carry out his or her duties, may call a...
• California Financial Code Section 336
  The commissioner may, at any time, require a licensee to write down any asset held by the licensee to a valuation that will represent the...
• California Financial Code Section 350
  The commissioner shall appoint a chief deputy who holds office at the pleasure of the commissioner. The annual salary of the chief deputy shall be...
• California Financial Code Section 351
  The Chief Officer of the Division of Credit Unions is the Deputy Commissioner of Financial Institutions for the Division of Credit Unions. The Deputy Commissioner...
• California Financial Code Section 352
  The commissioner may employ deputies in addition to the chief deputy, and examiners, appraisers, technical assistants, investigators, administrative assistants, clerks, and other employees that he...
• California Financial Code Section 353
  Before entering upon the duties of his office each deputy and examiner shall take and subscribe to the constitutional oath of office and file the...
• California Financial Code Section 354
  The commissioner may require, at any time, of any deputy, examiner, or other employee of the department, an official bond in such amount as the...
• California Financial Code Section 355
  Neither the commissioner nor any deputy or employee of the department shall do or be any of the following with respect to any bank, savings...
• California Financial Code Section 356
  If the commissioner is unable to perform his or her duties for more than 30 consecutive days or if the office of the commissioner becomes...
• California Financial Code Section 357
  If a deputy commissioner or any examiner has knowledge of the insolvency or unsafe condition of any licensee and willfully fails to report that fact...
• California Financial Code Section 370
  The commissioner may have an office in the City of Sacramento, the City of Los Angeles, the City of San Diego, the City and County...
• California Financial Code Section 371
  There is in the Department of Financial Institutions, the Division of Credit Unions. The Division of Credit Unions has charge of the execution of the...
• California Financial Code Section 372
  The department may expend moneys in accordance with law for the necessary travel expenses of officers and employees of the department while traveling in the...
• California Financial Code Section 373
  The commissioner shall adopt and keep an official seal. Papers executed by the commissioner in his or her official capacity pursuant to law and bearing...
• California Financial Code Section 374
  (a) Whenever it is necessary for the commissioner to approve any instrument and to affix his or her official seal thereto, the commissioner shall charge...
• California Financial Code Section 375
  Official reports made by the commissioner and verified reports of an examination made by the commissioner, exclusively or in conjunction with or with assistance from...
• California Financial Code Section 376
  At least once each month, the commissioner shall issue and disseminate as the commissioner deems appropriate a bulletin containing the following information: (a) Information regarding...
• California Financial Code Section 377
  Notwithstanding any other provision of this code, whenever any provision of this division requires the pledge of securities to be deposited with the Treasurer, to...
• California Financial Code Section 378
  Whenever the commissioner is notified of or discovers a violation of the state law punishable by criminal penalties, he or she shall promptly advise the...
• California Financial Code Section 379
  (a) For the purposes of this section the following definitions shall apply: (1) "Control" has the meaning set forth in subdivision (b) of Section 1250....
• California Financial Code Section 380
  (a) The commissioner shall inform the Commissioner of Corporations and other appropriate state and federal officials charged with the regulation of financial institutions or securities...
• California Financial Code Section 381
  Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code does not apply to hearings conducted...
• California Financial Code Section 400
  As of the operative date of this section, there is established a Financial Institutions Fund in the State Treasury. Except as otherwise provided in Division...
• California Financial Code Section 405
  (a) The commissioner shall annually collect pro rata from the banks and trust companies under the supervision of the department a fund in amount sufficient...
• California Financial Code Section 406
  The commissioner shall annually collect from national banking associations and foreign (other state) banks operating trust departments in this state an annual assessment to meet...
• California Financial Code Section 407
  Whenever the commissioner makes an assessment pursuant to Section 405 or 406, the commissioner shall fix the date when the assessment is due and payable...
• California Financial Code Section 408
  The commissioner, in addition to the annual assessment, shall collect from each bank authorized to engage in the trust business, to defray the cost of...
• California Financial Code Section 409
  If any bank or trust company fails to make timely payment of any assessment made pursuant to Section 405, 406, or 408, the commissioner may,...
• California Financial Code Section 410
  As of the operative date of this section: (a) The State Banking Fund is converted into a separate account in the Financial Institutions Fund and...
• California Financial Code Section 411
  Except as otherwise provided in Section 413 or 414, all salaries and other expenses of the department, other than those incurred in administering laws relating...
• California Financial Code Section 412
  The commissioner shall deliver all moneys received or collected by the commissioner under Section 405, 406, or 408 or otherwise, other than moneys received or...
• California Financial Code Section 413
  (a) In this section, "assessment statute" means any statute that authorizes the commissioner to make or collect an assessment (other than a fine) on financial...
• California Financial Code Section 414
  Notwithstanding any other provision of this code or of Section 53667 of the Government Code, the commissioner may, at any time during a fiscal year,...
• California Financial Code Section 450
  (a) In this section, "governmental agency" includes, without limitation, any agency of this state, of any other state of the United States, of the United...
• California Financial Code Section 451
  With the prior approval of the commissioner, a foreign (other state) or foreign (other nation) financial institutions regulatory agency may examine a licensee and any...
• California Financial Code Section 452
  (a) Directors, officers, employees, attorneys, accountants, or consultants of a licensee may not disclose in any manner to any person confidential information regarding the licensee...
• California Financial Code Section 453
  Every licensee shall make and file with the commissioner whenever required by him or her a report in any form as the commissioner may prescribe...
• California Financial Code Section 454
  The commissioner shall call for the report specified in Section 453 from all licensees at least four times each year upon dates selected by the
• California Financial Code Section 455
  The commissioner may at any time require any licensee to make and file with him or her a special report furnishing any information as the...
• California Financial Code Section 456
  Every licensee shall keep its corporate records, financial records, and books of account in words and figures of the English language and in form satisfactory...
• California Financial Code Section 457
  Every licensee shall notify the commissioner of any change in the following officers of the licensee, to the extent that those officers exist within the...
• California Financial Code Section 458
  (a) Each report required under this article, or under any other provision of law administered by the commissioner, shall be filed with the commissioner at...
• California Financial Code Section 459
  (a) Every licensee shall file with the commissioner one copy of all material filed by the licensee with any applicable federal financial institutions regulatory agency,...
• California Financial Code Section 460
  Any person intentionally making a false statement in any report required to be rendered under this article or other provision of law administered by the...
• California Financial Code Section 461
  Any debt due a licensee on which interest is past due and unpaid for the period of one year shall be charged off, unless the...
• California Financial Code Section 462
  Any person that provides services to any licensee, at the request of the commissioner, shall submit to an examination by the commissioner. Should the commissioner...
• California Financial Code Section 463
  (a) All references in this code and the Corporations Code to financial statements, balance sheets, income statements, and statements of changes in financial position of...
• California Financial Code Section 464
  (a) An officer of a financial institution, within the meaning of Section 1101(1) of the federal Right to Financial Privacy Act of 1978 (12 U.S.C....
• California Financial Code Section 500
  (a) (1) For purposes of this section, "foreign bank" means the business in this state of every foreign (other nation) bank licensed under Article 3...
• California Financial Code Section 501
  (a) Whenever, in the judgment of the commissioner, it is necessary or advisable to make an extra examination of or to devote any extraordinary attention...
• California Financial Code Section 502
  (a) The commissioner may by order or regulation grant exemptions from this section in cases where the commissioner finds that the requirements of this section...
• California Financial Code Section 503
  The commissioner, whenever in his or her opinion the condition of the bank, trust company, or foreign banking corporation is such as to require such...
• California Financial Code Section 504
  The commissioner, for good cause, at any time and from time to time may employ appraisers to appraise the value of any investment, asset, or...
• California Financial Code Section 505
  The commissioner, a deputy commissioner, and every examiner assigned to an examination may administer an oath to any person whose testimony is required for the...
• California Financial Code Section 506
  Whenever he or she deems it expedient, the commissioner may call a meeting of the stockholders of any bank or trust company. Notice of the...
• California Financial Code Section 507
  During any emergency period declared by the President of the United States, each bank shall conform to any order of the commissioner directed to it,...
• California Financial Code Section 508
  During any emergency period declared by the Governor no bank shall transact any banking business except to such extent and subject to such regulations, limitations,...
• California Financial Code Section 509
  (a) The commissioner may, in his or her discretion, bring an action in the name of the people of this state in a superior court...
• California Financial Code Section 520
  (a) A California state bank shall prominently display in the lobby of its main office and each branch office, except an automated teller machine branch...
• California Financial Code Section 550
  In this article: (a) "Appropriate licensee business" means the business that a licensee may conduct in accordance with the charter or license that the commissioner...
• California Financial Code Section 551
  Any subject person who is entitled to a hearing pursuant to this article may waive that right at any time. A waiver under this section...
• California Financial Code Section 552
  (a) Within 30 days after an order is issued pursuant to Section 567, 581, 582, 586, or 591, or subdivision (c) of Section 587, the...
• California Financial Code Section 553
  In addition to any other action or requirement the commissioner deems necessary or advisable, an order issued pursuant to Section 580, 581, 582, 585, 586,...
• California Financial Code Section 554
  If the commissioner takes possession of a subject institution without a prior notice or hearing, or takes action against a subject person without prior notice...
• California Financial Code Section 560
  No person who has not received a certificate from the commissioner authorizing it to engage in the banking business shall solicit or receive deposits, issue...
• California Financial Code Section 561
  No person who has not received a certificate from the commissioner authorizing it to engage in the banking business shall advertise that it is accepting...
• California Financial Code Section 562
  No person who has not received a certificate from the commissioner authorizing it to engage in the banking business shall transact business under any name...
• California Financial Code Section 563
  No provision of Section 560, 561, or 562 prohibits any of the following from transacting any business or performing any activity if it is authorized...
• California Financial Code Section 564
  Any person or any bank violating any provision of the foregoing sections of this article shall be liable to the people of the state in...
• California Financial Code Section 565
  No person shall represent by advertisement, circular, or otherwise, or in any manner mislead anyone to believe, that any securities are legal investments for savings...
• California Financial Code Section 566
  (a) The commissioner may bring an action in the name of the people of this state in superior court to enjoin any violation of, to...
• California Financial Code Section 567
  If the commissioner finds that a person has conducted, or that there is reasonable cause to believe that a person is about to conduct, business...
• California Financial Code Section 580
  If, after notice and an opportunity to be heard, the commissioner finds any of the factors set forth in subdivision (a) or (b) with respect...
• California Financial Code Section 581
  If the commissioner finds that any of the factors set forth in Section 580 is true with respect to any subject institution, subject person, or...
• California Financial Code Section 582
  If the commissioner finds that a subject institution's books or records are so incomplete or inaccurate that the commissioner is unable through the normal supervisory...
• California Financial Code Section 585
  If, after notice and an opportunity to be heard, the commissioner finds that any of the factors set forth in subdivision (a), any of the...
• California Financial Code Section 586
  If the commissioner finds that any of the factors set forth in subdivision (a) of Section 585, any of the factors set forth in subdivision...
• California Financial Code Section 587
  (a) If the commissioner finds that any of the factors set forth in paragraph (1) and the factor set forth in paragraph (2) are true...
• California Financial Code Section 588
  (a) Any subject institution, subject person of a subject institution, or former subject person of a subject institution to whom an order is issued under...
• California Financial Code Section 589
  (a) In this section, "subject depository institution" means any: (1) Licensee or any bank or credit union that maintains an office in this state. (2)...
• California Financial Code Section 590
  The commissioner may revoke or suspend any license issued by, or under the authority of, the commissioner, if, after notice and opportunity to be heard,...
• California Financial Code Section 591
  If the commissioner finds that any of the factors set forth in Section 590 is true with respect to any licensee and that it is...
• California Financial Code Section 592
  If the commissioner finds that any of the factors set forth in subdivisions (a) to (k), inclusive, is true with respect to a licensee, the...
• California Financial Code Section 593
  (a) If the commissioner takes possession of the property and business of a licensee pursuant to Section 592, the licensee may, within 10 days, apply...
• California Financial Code Section 594
  (a) Upon taking possession of the property and business of any licensee, the commissioner shall give notice of that fact to all persons holding or...
• California Financial Code Section 595
  The commissioner is deemed to take possession of the entire property and business of a licensee when the commissioner takes possession of the business and...
• California Financial Code Section 600
  In this article, "Federal Insurance Agency" means the Federal Deposit Insurance Corporation or the National Credit Union Administration, as appropriate, or their respective successors-in-interest.
• California Financial Code Section 601
  Upon taking possession of the property and business of any licensee, the commissioner has authority, and it is his or her duty, to collect all...
• California Financial Code Section 602
  No attachment shall be issued against the property of any licensee subject to conservation or liquidation pursuant to this article.
• California Financial Code Section 603
  Upon taking possession of the property and business of any licensee pursuant to Section 592, the commissioner may proceed to liquidate or conserve the licensee...
• California Financial Code Section 604
  Upon taking possession of the property and business of a licensee pursuant to Section 592, the commissioner may tender to any person or persons an...
• California Financial Code Section 605
  The commissioner shall supervise the acts of the conservator, liquidator, receiver, or liquidating committee appointed under this article and may remove the conservator, liquidator, receiver,...
• California Financial Code Section 606
  If required by the commissioner, the conservator, liquidator, receiver, or members of the liquidating committee appointed under this article shall provide proof of bond coverage...
• California Financial Code Section 607
  (a) If the commissioner retains possession of the assets of the licensee for the purpose of liquidation or conservation, the commissioner shall, to the extent...
• California Financial Code Section 608
  The compensation of civil service employees, special deputies, counsel, and other employees and assistants appointed to assist in the conservation or liquidation of any licensee...
• California Financial Code Section 609
  If a licensee is not insured by a Federal Insurance Agency, upon the commissioner taking possession of the business and property of the licensee, the...
• California Financial Code Section 620
  If the licensee whose property and business has been taken pursuant to Section 592 is insured by a Federal Insurance Agency, the commissioner may tender...
• California Financial Code Section 621
  The Federal Insurance Agency may be, and act as, a conservator, liquidator, or receiver without bond.
• California Financial Code Section 622
  If the Federal Insurance Agency accepts the appointment in accordance with Section 621, the rights of customers and other creditors of the insured licensee shall...
• California Financial Code Section 623
  The Federal Insurance Agency conservator, liquidator, or receiver shall possess with respect to the insured licensee all the powers, rights, and privileges given the commissioner...
• California Financial Code Section 624
  (a) The commissioner may sell to any other licensee any part or the whole of the business of a licensee that is subject to liquidation...
• California Financial Code Section 640
  Whenever the commissioner deems it necessary in order to conserve the assets of any licensee that does not have federal deposit or share insurance for...
• California Financial Code Section 641
  A conservator appointed in accordance with Section 640 has all of the powers and rights with relation to the business and the property of the...
• California Financial Code Section 642
  The commissioner may order an examination at the earliest possible date of a licensee for which the commissioner has appointed a conservator.
• California Financial Code Section 643
  While any licensee is in the hands of a conservator, the commissioner may require the conservator to set aside and make available for withdrawal by...
• California Financial Code Section 644
  The commissioner, in his or her discretion, may permit the conservator to receive shares or deposits, but any shares or deposits received while the licensee...
• California Financial Code Section 645
  If the commissioner is satisfied that it may be done safely and that it would be in the public interest, he or she may terminate...
• California Financial Code Section 646
  The conservator of a licensee that has been permitted to resume accepting member shares or deposits shall first cause a notice to be published in...
• California Financial Code Section 647
  The commissioner may assess and collect from all licensees for whom a conservator is appointed their ratable share of the costs incurred in the administration...
• California Financial Code Section 648
  Any licensee that the commissioner has taken possession of pursuant to Section 592, and for which a conservator has been appointed pursuant to this article,...
• California Financial Code Section 649
  All customers, creditors, stockholders, if applicable, and other interested persons shall be given notice of any proposed plan of reorganization in the manner and at...
• California Financial Code Section 650
  No plan of reorganization shall become effective until the commissioner finds that the plan is fair and equitable to all customers, creditors, and stockholders, if...
• California Financial Code Section 651
  No creditor having security for the payment of his, her, or its claim shall be affected in his, her, or its right to enforce the...
• California Financial Code Section 652
  When any plan of reorganization becomes effective, all books, records, and assets of the licensee shall be disposed of in accordance with the provisions of...
• California Financial Code Section 670
  Upon taking possession of the property and business of a licensee that does not have federal deposit or share insurance, the commissioner may sell, compromise,...
• California Financial Code Section 671
  The commissioner may sell any real or personal property of the licensee for cash or on credit and on any other terms and conditions as...
• California Financial Code Section 672
  (a) The commissioner may, with the approval of the court, sell any part or the whole of the business of a licensee to any other...
• California Financial Code Section 673
  Within six months after taking possession of the property and business of any licensee that does not have federal deposit or share insurance, the commissioner...
• California Financial Code Section 674
  The commissioner, in his or her own name or in the name of the licensee, may execute, acknowledge, and deliver any and all conveyances and...
• California Financial Code Section 675
  The commissioner, in the name of the delinquent licensee or in his or her own name, may prosecute and defend any and all actions and...
• California Financial Code Section 676
  The commissioner from time to time shall deposit all moneys coming into his or her hands in the course of the liquidation of the licensee...
• California Financial Code Section 677
  The commissioner shall make an inventory of the assets of the licensee in duplicate and file one in the office of the commissioner and one...
• California Financial Code Section 678
  When the time fixed for the presentation of claims has expired, the commissioner shall make in duplicate a full and complete list of all claims...
• California Financial Code Section 679
  The commissioner shall cause notice to be given by advertisement in any newspapers of general circulation as he or she may select weekly for three...
• California Financial Code Section 680
  All claims of every kind against the licensee or against any property owned or held by the licensee shall be presented to the commissioner in...
• California Financial Code Section 681
  At any time and from time to time after the expiration of the time fixed for the presentation of claims, the commissioner, after obtaining approval...
• California Financial Code Section 682
  (a) Expenses and claims of unsecured creditors have priority in the following order: (1) Expenses of liquidation and approved claims for fees and assessments due...
• California Financial Code Section 683
  Objections to any claim not rejected by the commissioner may be made by any person interested by filing a copy of the objection with the...
• California Financial Code Section 684
  Dividends remaining unpaid and any sums available for payment of shares or deposits for which no claim was filed, which remain in the hands of...
• California Financial Code Section 685
  Whenever, under the provisions of this article, the commissioner is required to transmit unclaimed money or other unclaimed property to any state officer for deposit...
• California Financial Code Section 686
  All approved claims of customers and other creditors shall bear interest at the rate provided by law on judgments from the date that the commissioner...
• California Financial Code Section 687
  If the licensee has in its possession for safekeeping or storage any jewelry, plate, money, specie, bullion, stocks, bonds, securities, valuable papers, or other valuable...
• California Financial Code Section 688
  On the last day fixed in the notice for the removal of the property or on the date when the property is removed or the...
• California Financial Code Section 689
  If any property is not removed within the time fixed by the notice mailed by the commissioner, the commissioner may dispose of the property as...
• California Financial Code Section 690
  (a) When the commissioner has completed the liquidation of the licensee, he or she shall petition the court for an order declaring the licensee duly...
• California Financial Code Section 691
  Whenever this article requires court approval of any step in the liquidation proceedings, approval shall be given after a hearing upon notice as the court...
• California Financial Code Section 692
  Whenever, in the opinion of the commissioner, the liquidation or reorganization of any licensee taken in charge by him or her would be facilitated, or...
• California Financial Code Section 700
  Whenever any licensee is being liquidated or whenever the trust business of any licensee has been discontinued and the licensee has in its possession money...
• California Financial Code Section 701
  Upon the delivery of any money to the Treasurer or upon the delivery of any property to the Controller, a certified copy of the order...
• California Financial Code Section 702
  All money or other property delivered to the Treasurer or Controller pursuant to this article shall be deemed to be delivered for deposit in the...
• California Financial Code Section 710
  The holder or transferor of a negotiable instrument transferred to a licensee for collection has a preferred claim in the amount of the liability of...
• California Financial Code Section 720
  Any licensee that voluntarily has ceased to do the business for which it is licensed shall immediately notify the commissioner and proceed to liquidate its...
• California Financial Code Section 721
  If the licensee referred to in Section 720 is a state-chartered credit union and the commissioner has taken possession of the business and property of...
• California Financial Code Section 730
  In this chapter: (a) "Nonbank corporation" means any corporation incorporated or proposed to be incorporated under the laws of this state, other than (1) any...
• California Financial Code Section 731
  An application for a certificate of approval of the subject name of a nonbank corporation shall be in such form, shall contain such information, shall...
• California Financial Code Section 732
  The fee for filing with the commissioner an application for a certificate of approval of the subject name of a nonbank corporation shall be twenty-five...
• California Financial Code Section 733
  If the commissioner finds, with respect to an application for a certificate of approval of the subject name of a nonbank corporation, that the subject...
• California Financial Code Section 734
  Promptly after the articles of a nonbank corporation, with the certificate of approval of the subject name of such nonbank corporation attached thereto, are filed...
• California Financial Code Section 800
  As used in this chapter, unless the context requires otherwise, the following terms have the following meanings: (a) "Net direct debt" of any public corporation...
• California Financial Code Section 801
  Any securities or other assets that are described in Sections 803 to 819, inclusive, are legal investments for savings banks.
• California Financial Code Section 802
  Where any laws of this state provide that the moneys of any pension fund, retirement plan, trust fund, or the moneys of any special fund...
• California Financial Code Section 803
  Gold and silver bullion and United States mint certificates of ascertained value.
• California Financial Code Section 804
  Stock of a federal reserve bank or of a federal home loan bank to the extent authorized by Section 1325.
• California Financial Code Section 805
  Bonds or other interest-bearing notes and obligations of the United States and those for which the faith and credit of the United States are pledged...
• California Financial Code Section 806
  Bonds of the State of California and those for which the faith and credit of the State of California are pledged for the payment of...
• California Financial Code Section 807
  Bonds of any flood control and water conservation districts, or any zone thereof, having an assessed valuation on taxable real property of not less than...
• California Financial Code Section 808
  Bonds of any other political subdivision, public corporation, or district of the State of California (herein referred to generally as public corporations) having the power,...
• California Financial Code Section 809
  (a) Any of the following subject to the conditions set forth in subdivision (b) to (d), inclusive. (1) Bonds or other evidences of indebtedness of,...
• California Financial Code Section 810
  Bonds of any irrigation district, water storage district, water conservation district, county water district, reclamation district, drainage district, and any district the primary function of...
• California Financial Code Section 811
  (a) Bonds, consolidated bonds, collateral trust debentures, consolidated debentures, or other obligations issued by federal land banks or federal intermediate credit banks established under the...
• California Financial Code Section 812
  Bonds, notes or other obligations issued by the Federal Financing Bank, the United States Postal Service, or issued or assumed by the International Bank for...
• California Financial Code Section 813
  (a) Notes with a maturity not exceeding 15 months after the date of issue, issued in anticipation of uncollected taxes, income, revenue, cash receipts, and...
• California Financial Code Section 814
  Revenue securities of any state of the United States, or of the Commonwealth of Puerto Rico, and of any city, county, city and county, political...
• California Financial Code Section 815
  Bonds of any local public housing agency (as defined in the United States Housing Act of 1937, as amended) that are secured by either of...
• California Financial Code Section 816
  Bonds secured by an insurance commitment of the Federal Housing Administration.
• California Financial Code Section 817
  Evidences of indebtedness of companies incorporated in the United States and, directly or indirectly, engaged in manufacturing, extraction, merchandising, or commercial financing and in bonds...
• California Financial Code Section 818
  Fixed interest railroad bonds meeting the requirements of subdivisions (a) and (b); bonds secured by a mortgage on jointly operated railroad facilities meeting the requirements...
• California Financial Code Section 819
  Bonds and debentures of gas, electric, or gas and electric companies meeting the requirements of subdivision (a); bonds and debentures of telephone companies meeting the...
• California Financial Code Section 1000
  When authorized by the commissioner as provided in Chapter 3 (commencing with Section 1040) a corporation may be formed by one or more persons in...
• California Financial Code Section 1002
  No bank shall be a close corporation (as defined in Section 158 of the Corporations Code).
• California Financial Code Section 1003
  Except where explicitly stated or the context provides otherwise, this division is applicable to the following: (a) All corporations engaging in commercial banking, industrial banking,...
• California Financial Code Section 1004
  (a) A California state bank is a corporation incorporated under Division 1 (commencing with Section 100) of Title 1 of the Corporations Code that is,...
• California Financial Code Section 1005
  It shall be unlawful for any person, corporation, limited liability company, partnership, firm, or any other form of business entity allowed by law, to engage...
• California Financial Code Section 1006
  No corporation shall hereafter be organized under the laws of this state to transact the business of a commercial bank, industrial bank, or trust company,...
• California Financial Code Section 1007
  Neither the enactment of this code nor the amendment or repeal thereof, nor the repeal of any statute affected thereby, shall take away or impair...
• California Financial Code Section 1008
  The amount of funds of a bank or trust company that are deposited in any other financial institution (other than a Federal Reserve bank) shall...
• California Financial Code Section 1020
  The request for authority to organize and establish a corporation to engage in the banking or trust business shall be set forth in an application...
• California Financial Code Section 1021
  Upon receiving a request for an application, the commissioner shall inform the prospective applicant in writing that the commissioner is available to confer with such...
• California Financial Code Section 1022
  Upon the filing of an application the commissioner shall make or cause to be made a careful investigation and examination relative to the following: (a)...
• California Financial Code Section 1023
  The commissioner may give or withhold his or her approval of the application in his or her discretion, but he or she shall not approve...
• California Financial Code Section 1024
  (a) In this section: (1) "Control" has the meaning set forth in Section 1250. (2) "Officer" has the meaning set forth in Section 33057. (b)...
• California Financial Code Section 1025
  At least 30 days before denying an application, the commissioner shall by mail or other method of service give written notice of the intended denial...
• California Financial Code Section 1026
  The commissioner may, in approving an application to organize and establish a corporation to engage in the banking or trust business pursuant to Section 362,...
• California Financial Code Section 1027
  (a) With the approval of the commissioner, a bank may be formed to facilitate a merger or an acquisition of control. The new bank may...
• California Financial Code Section 1040
  In this article: (a) "Preopening expenditure" means any obligation incurred, or sum disbursed, by a bank prior to the time when it commences to transact...
• California Financial Code Section 1041
  The articles of incorporation of the proposed bank or trust company shall be submitted to the commissioner for his or her approval before they are...
• California Financial Code Section 1042
  If the commissioner finds that the proposed bank or trust company has in good faith complied with all the requirements of law and fulfilled all...
• California Financial Code Section 1043
  It shall be unlawful to accept payment of subscriptions for shares of any corporation proposing to engage in the banking or trust business unless authority...
• California Financial Code Section 1044
  No corporation organized to transact a commercial banking or trust business shall transact any business until the commissioner has issued his or her certificate authorizing...
• California Financial Code Section 1045
  If the proposed bank or trust company fails to file evidence of incorporation and organization with the commissioner pursuant to Section 1041 within one year...
• California Financial Code Section 1046
  If the proposed bank or trust company fails to open for business within 90 days after the issuance of the certificate of authorization, the right...
• California Financial Code Section 1047
  It is unlawful to apply any part of the funds collected from subscribers or shareholders to the payment of commissions or fees for obtaining subscriptions...
• California Financial Code Section 1048
  Every bank and trust company shall keep posted in a conspicuous place in its banking room at its head office the certificate of authority to...
• California Financial Code Section 1070
  For purposes of this chapter, the following definitions apply: (a) "Automated teller machine" means any electronic information processing device used by a financial institution and...
• California Financial Code Section 1071
  The commissioner shall issue a certificate in duplicate authorizing a bank to establish and maintain an office. A bank shall pay a fee of twenty-five...
• California Financial Code Section 1072
  Every bank shall establish and maintain a head office which shall be located in this state.
• California Financial Code Section 1073
  A bank, with the approval of its board, may establish and maintain one or more offices.
• California Financial Code Section 1074
  A bank, with the approval of its board, may relocate an office.
• California Financial Code Section 1075
  A bank, with the approval of its board, may redesignate offices.
• California Financial Code Section 1076
  Each time a bank establishes an office, relocates an office, or redesignates an office, the bank shall, within 10 days of the establishment, relocation, or...
• California Financial Code Section 1077
  On or before January 1 of each year, every bank shall file with the commissioner a list of all offices that are currently maintained and...
• California Financial Code Section 1078
  (a) A bank may close or discontinue the operation of any branch office if, before the closing or discontinuance, (1) the bank files with the...
• California Financial Code Section 1079
  If the commissioner finds for any reason that the establishment, relocation, or redesignation of office would be unsafe or unsound for a bank, the commissioner...
• California Financial Code Section 1080
  If a bank violates any provision of this chapter or fails to comply with any order, the commissioner may levy a penalty against the bank...
• California Financial Code Section 1081
  A bank, with the approval of its board, may discontinue a facility office. Within 10 days of the date of the closure of the facility...
• California Financial Code Section 1082
  Any bank that establishes a branch office in this state in accordance with Section 36(g)(1)(A) of the National Bank Act (12 U.S.C. Sec. 36(g)(1)(A)), or...
• California Financial Code Section 1090
  This chapter is known and may be cited as the "Bank Extraordinary Situation Closing Act."
• California Financial Code Section 1091
  "Extraordinary situation" means any condition or occurrence, other than as set forth in Section 592, that may interfere or is inconsistent with the conduct of...
• California Financial Code Section 1092
  Whenever the commissioner determines that an extraordinary situation exists anywhere in this state the commissioner may, by proclamation, authorize banks located in the affected area...
• California Financial Code Section 1093
  (a) Whenever the officers of a bank are of the opinion that an extraordinary situation exists which affects or may affect one or more of...
• California Financial Code Section 1094
  A bank closing an office or offices pursuant to the authority granted under subdivision (a) of Section 1093 shall give prompt notice of its action...
• California Financial Code Section 1095
  Any day on which a bank or any one or more of its offices is closed pursuant to the authorization granted by this chapter shall...
• California Financial Code Section 1096
  Provisions of this chapter shall be construed and applied as being in addition to, and not a substitution for, or limitation of, any other law...
• California Financial Code Section 1100
  The articles of each bank shall contain the applicable one of the following statements: (a) In case the bank is, or is proposed to be,...
• California Financial Code Section 1101
  (a) In this section: (1) "Assessment provision" means the provision in the articles of a bank that complies with the requirements of Section 600.2, as...
• California Financial Code Section 1102
  (a) No amendment of the articles of a bank (other than an amendment set forth in an agreement of merger or in a certificate of...
• California Financial Code Section 1103
  No restated articles of a bank shall become effective unless the certificate setting forth such restated articles is filed with the Secretary of State with...
• California Financial Code Section 1104
  No certificate of determination of a bank shall become effective unless such certificate of determination is filed with the Secretary of State with the commissioner's...
• California Financial Code Section 1105
  No certificate of correction of a bank shall become effective unless such certificate of correction is filed with the Secretary of State with the commissioner's...
• California Financial Code Section 1106
  No certificate of revocation of a bank shall become effective unless such certificate of revocation is filed with the Secretary of State with the commissioner's...
• California Financial Code Section 1107
  (a) A bank may change its name if it files with the commissioner a report on the proposed change not less than 30 days before...
• California Financial Code Section 1120
  A bank may, with the approval of its board, determine and from time to time redetermine the par value of any class or series of...
• California Financial Code Section 1121
  No bank or trust company after October 1, 1949, shall issue any shares before they are fully paid for.
• California Financial Code Section 1122
  No bank shall issue any shares in consideration of: (a) Services rendered in the organization of such bank; or (b) Any note (whether or not...
• California Financial Code Section 1130
  This article does not apply to any distribution made to the shareholders of a bank in any proceeding to wind up and dissolve or to...
• California Financial Code Section 1131
  Section 500 of the Corporations Code does not apply to the making by a bank or by any majority-owned subsidiary of a bank of any...
• California Financial Code Section 1132
  Neither a bank nor any majority-owned subsidiary of a bank shall make any distribution to the shareholders of such bank in an amount which exceeds...
• California Financial Code Section 1133
  Notwithstanding the provisions of Section 1132, a bank or a majority-owned subsidiary of a bank may, with the prior approval of the commissioner, make a...
• California Financial Code Section 1134
  Notwithstanding the provisions of Section 1132, a bank may: (a) With the prior approval of the commissioner, make a distribution to its shareholders by means...
• California Financial Code Section 1135
  If the commissioner finds that the shareholders' equity of a bank is not adequate or that the making by a bank or by any majority-owned...
• California Financial Code Section 1150
  In determining for purposes of this division whether the shareholders' equity of a bank or of a proposed bank is adequate, the commissioner shall consider:...
• California Financial Code Section 1151
  For purposes of any statute, regulation, or requirement of any governmental official or agency which refers to the capital (including, without limitation, stated capital, paid-in...
• California Financial Code Section 1152
  A bank which has deficit retained earnings may, with the prior approval of its outstanding shares and of the commissioner, readjust its accounts in a...
• California Financial Code Section 1170
  Any reference in this article to the time a notice is given or sent shall be construed in accordance with Section 118 of the Corporations
• California Financial Code Section 1171
  The board of a bank or trust company hereafter organized shall consist of not less than 5 nor more than 25 directors, and no bank...
• California Financial Code Section 1172
  The board of each bank and of each trust company shall hold a meeting not less than once each calendar quarter. Regular meetings of the...
• California Financial Code Section 1173
  The commissioner may, in the name of the people of this state, bring or intervene in an action under Section 709 of the Corporations Code...
• California Financial Code Section 1174
  (a) The commissioner shall be deemed to be a party in interest within the meaning of Section 306 of the Corporations Code with respect to...
• California Financial Code Section 1175
  (a) For purposes of Section 316 of the Corporations Code, to the extent that the making by a bank or by any majority-owned subsidiary of...
• California Financial Code Section 1176
  (a) For purposes of Section 316 of the Corporations Code, the making of a loan or guarantee by a bank or any other extending of...
• California Financial Code Section 1190
  (a) Paragraph (1) of subdivision (b) of Section 1501 of the Corporations Code does not apply to the annual report of any bank with respect...
• California Financial Code Section 1200
  Unless the context otherwise requires, in this chapter: (a) "Offer" or "offer to sell" includes every attempt or offer to dispose of, or solicitation of...
• California Financial Code Section 1201
  No bank organized under the laws of this state shall offer or sell any security issued by it unless the commissioner has issued a permit...
• California Financial Code Section 1202
  The following transactions are exempt from Section 1201: (a) (1) Any offer (but not a sale) not involving a public offering by a bank organized...
• California Financial Code Section 1203
  An application for a permit shall be in such form and contain such information as the commissioner may prescribe.
• California Financial Code Section 1204
  The commissioner shall charge and collect fees for applications filed under this chapter as fixed in this section. (a) The fee for a negotiating permit...
• California Financial Code Section 1205
  If the commissioner finds that the proposed sale of securities is fair, just, and equitable, he or she shall issue to the applicant a permit...
• California Financial Code Section 1206
  The commissioner may impose conditions in any permit issued under Section 1205, requiring the deposit in escrow of securities, imposing a legend condition restricting the...
• California Financial Code Section 1207
  Every permit issued pursuant to Section 1205 shall recite that it is permissive only and does not constitute a recommendation or endorsement of the securities...
• California Financial Code Section 1208
  The commissioner may amend, alter, suspend, or revoke any permit issued pursuant to Section 1205.
• California Financial Code Section 1209
  Whenever a bank applies for a permit to issue any security or to deliver any other consideration (whether or not such security or such transaction...
• California Financial Code Section 1210
  There shall be exempted from the provisions of Section 1201 any transaction or security, including, without limitation, any type or class of transactions or securities,...
• California Financial Code Section 1211
  A bank at any time may, with the approval of its board, issue, sell or hypothecate its capital notes or debentures which may be payable...
• California Financial Code Section 1212
  Nothing contained in this chapter shall affect the Corporate Securities Law of 1968, Division 1 (commencing with Section 25000) of Title 4 of the Corporations
• California Financial Code Section 1250
  Unless the context otherwise requires, in this chapter: (a) "Bank" means a bank organized under the laws of this state. (b) "Control" means possession, direct...
• California Financial Code Section 1251
  No person shall, directly or indirectly, unless the commissioner has approved such acquisition of control, do any of the following: (a) Make a tender offer...
• California Financial Code Section 1252
  Notwithstanding any other provision of this chapter, except for those persons approved by the commissioner prior to September 1, 2002, and for those persons who...
• California Financial Code Section 1253
  An application for approval to acquire control of a bank or a controlling person shall be in such form and contain such information as the...
• California Financial Code Section 1254
  If the commissioner finds, with respect to the proposed acquisition of control of a bank or a controlling person, that any of the factors set...
• California Financial Code Section 1255
  (a) In this section, "officer" has the meaning set forth in Section 33057. (b) For purposes of Section 1254, the commissioner may find: (1) That...
• California Financial Code Section 1256
  The commissioner may, in approving a proposal to acquire control of a bank or a controlling person pursuant to Section 1254, impose such conditions as...
• California Financial Code Section 1257
  The commissioner may, for good cause, amend, alter, suspend, or revoke any approval of a proposal to acquire control of a bank or a controlling...
• California Financial Code Section 1258
  Notwithstanding any other provision of this chapter, any application for approval to acquire control of a bank or a controlling person which is not denied...
• California Financial Code Section 1259
  (a) The commissioner, before determining whether, for purposes of this chapter, a person controls another person or before denying or approving an application for approval...
• California Financial Code Section 1260
  There shall be exempted from the provisions of Section 1251 any transaction, including, without limitation, any type or class of transactions, which the commissioner by...
• California Financial Code Section 1261
  Whenever it appears to the commissioner that any person has committed or is about to commit a violation of any provision of this chapter or...
• California Financial Code Section 1262
  No person shall be entitled to vote or to give a written consent with respect to any security acquired in contravention of any provision of...
• California Financial Code Section 1263
  If any provision or clause of this chapter or the application thereof to any person or circumstance is held invalid, illegal, or unenforceable, such invalidity,...
• California Financial Code Section 1280
  "Bank holding company" means: (a) Any person or company which: (1) Directly or indirectly owns, controls, or holds with power to vote, 10 percent or...
• California Financial Code Section 1281
  "Company" means any domestic or foreign corporation, voting trust, business trust, limited partnership, partnership fund, joint stock company, association, syndicate, organized group of persons, or...
• California Financial Code Section 1282
  "Subsidiaries," with respect to a specified bank holding company, means: (a) Any company 10 percent or more of whose voting securities are directly or indirectly...
• California Financial Code Section 1283
  The commissioner may from time to time require, under oath or otherwise, reports from any bank holding company and its subsidiaries in such form and...
• California Financial Code Section 1284
  Each bank holding company and its subsidiaries shall be subject to examination by the commissioner. The commissioner may use, for this purpose, his or her...
• California Financial Code Section 1285
  With respect to a trust company controlled by or under common control with a title insurance company, the commissioner in cooperation with the Insurance Commissioner...
• California Financial Code Section 1286
  Nothing in this chapter shall be construed to authorize the commissioner to require reports from a national bank or to examine a national bank contrary...
• California Financial Code Section 1287
  Pursuant to the authority contained in Section 1 of Article XV of the California Constitution, the restrictions upon rates of interest contained in Section 1...
• California Financial Code Section 1300
  (a) Notwithstanding the provisions of Sections 1051, 1052, and 1054 of the Labor Code and Section 2947 of the Penal Code, a bank or any...
• California Financial Code Section 1301
  (a) Notwithstanding Section 726 of the Code of Civil Procedure or any other provision of law to the contrary, a state or nationally chartered bank,...
• California Financial Code Section 1320
  A bank or trust company may purchase, acquire, hold, or lease real property or an interest therein only as follows: (a) Such as may be...
• California Financial Code Section 1321
  Any real property not held for any purpose permitted by subdivisions (a) and (e) of Section 1320 shall be sold whenever the same can be...
• California Financial Code Section 1322
  (a) The Legislature finds and declares: (1) That it is necessary to increase job opportunities in real estate development and construction and to provide additional...
• California Financial Code Section 1323
  Any director, officer, or employee of a bank or of a foreign banking corporation who asks for or receives, or consents or agrees to receive,...
• California Financial Code Section 1324
  Any director, officer, agent, or employee of any bank who knowingly receives or possesses himself or herself of any of its property otherwise than in...
• California Financial Code Section 1325
  Any director, officer, agent, or employee of a bank who knowingly concurs in making or publishing any written report, exhibit, or statement of its affairs...
• California Financial Code Section 1326
  No bank shall publish a statement of its resources or liabilities in connection with those of any other bank, unless such statement shall show the...
• California Financial Code Section 1327
  (a) Any person who willfully and knowingly makes, circulates, or transmits to another or others, any statement or rumor, written, printed, or by word of...
• California Financial Code Section 1328
  (a) A bank or trust company may engage in the business of renting safe deposit boxes and may receive personal property for safekeeping and storage...
• California Financial Code Section 1329
  (a) In this section, "subject person," when used with respect to a bank, means any director or officer of the bank, any controlling person of...
• California Financial Code Section 1330
  (a) In this section, "subject person" has the meaning set forth in subdivision (a) of Section 1329. (b) No subject person of a bank shall...
• California Financial Code Section 1331
  (a) For purposes of this section, the following terms have the following meanings: (1) "Carrying a security" means maintaining, reducing, or retiring indebtedness originally incurred...
• California Financial Code Section 1332
  Any officer, director, trustee, employee, or agent of any bank in this state, who abstracts or willfully misapplies any of the money, funds, or property...
• California Financial Code Section 1333
  (a) Every director of a bank in this state who does either of the following is guilty of a misdemeanor: (1) In case of the...
• California Financial Code Section 1334
  An officer or agent of any bank in this state, who makes or delivers any guaranty or endorsement on behalf of such bank, whereby it...
• California Financial Code Section 1335
  A director of a bank, organized under the laws of this state, who concurs in any vote or act of the directors of such corporation,...
• California Financial Code Section 1336
  Any director, trustee, officer, or employee of any bank organized under the laws of this state, who makes or maintains, or attempts to make or...
• California Financial Code Section 1337
  Any officer or employee of any bank organized under the laws of this state, who intentionally conceals from the directors of the bank any discounts...
• California Financial Code Section 1338
  Every officer, agent, teller, or clerk of any bank, and every individual banker, or agent, teller, or clerk of any individual banker, who receives any...
• California Financial Code Section 1339
  Any officer, director, trustee, employee, or agent of any bank, who willfully makes a false or untrue entry in any book or record or in...
• California Financial Code Section 1340
  Unless specifically authorized by law or by the commissioner, a bank shall not become, act as, or in any other manner assume the duties or...
• California Financial Code Section 1341
  A bank, or the agent of a bank, that has received a notice pursuant to Section 7507.6 of the Business and Professions Code, shall not...
• California Financial Code Section 1360
  It is the intent of the Legislature that the provisions of this article, insofar as they are contained in Regulation O (12 C.F.R. Part 215)...
• California Financial Code Section 1361
  As used in this article: (a) "Bank" means: (1) Any commercial bank, industrial bank, or trust company incorporated under the laws of this state. (2)...
• California Financial Code Section 1362
  Sections 215.2, 215.3, 215.4, 215.5, 215.8, and 215.9 of Regulation O in all of their particulars, including footnotes, are hereby referred to, incorporated by reference...
• California Financial Code Section 1363
  No bank shall extend credit in an aggregate amount greater than the amount permitted in paragraph (4) of subdivision (c) of Section 215.5 of Regulation...
• California Financial Code Section 1364
  In making any extension of credit that is subject to this article, a bank shall comply with all other applicable provisions of this division relating...
• California Financial Code Section 1365
  No provision of this article or of Article 3 (commencing with Section 1480) of Chapter 14 shall apply to an advance of money made by...
• California Financial Code Section 1366
  A bank may make a loan, otherwise complying with the provisions of this division, for the benefit of a trust, notwithstanding that the bank or...
• California Financial Code Section 1367
  Any bank that makes an extension of credit in violation of this article is subject to a civil penalty pursuant to Section 329. Any person,...
• California Financial Code Section 1380
  In this chapter, unless the context otherwise requires: (a) "Authorized agency activities" means receiving deposits, renewing time deposits, closing loans, servicing loans, and receiving payments...
• California Financial Code Section 1381
  This chapter does not apply to a California state bank having an insured depository institution engage in authorized agency activities as its agent or to...
• California Financial Code Section 1382
  (a) In this section, "affiliated," when used with respect to a California state bank and an insured depository institution, means that the California state bank...
• California Financial Code Section 1384
  Notwithstanding the provisions of Chapter 4 (commencing with Section 1070), a California state bank may, with the prior approval of the commissioner and subject to...
• California Financial Code Section 1385
  An application by a California state bank for approval to have an insured depository institution engage in authorized agency activities as its agent shall be...
• California Financial Code Section 1386
  An application by a California state bank for approval to have an insured depository institution engage in authorized agency activities as its agent shall be...
• California Financial Code Section 1387
  In determining whether to approve or deny an application by a California state bank for approval to have an insured depository institution engage in authorized...
• California Financial Code Section 1388
  No California state bank may have an insured depository institution conduct as its agent any activity that the California state bank is prohibited from conducting
• California Financial Code Section 1389
  No office of an insured depository institution that is performing authorized agency activities as agent for a California state bank in accordance with this article...
• California Financial Code Section 1390
  If the commissioner finds that any activity performed by an insured depository institution as agent for a California state bank is not an authorized agency...
• California Financial Code Section 1391
  Notwithstanding the provisions of Chapter 4 (commencing with Section 1070), a California state bank may, with the prior approval of the commissioner and subject to...
• California Financial Code Section 1392
  An application by a California state bank for approval to engage in authorized agency activities as agent for an insured depository institution shall be in...
• California Financial Code Section 1393
  An application by a California state bank for approval to engage in authorized agency activities as agent for an insured depository institution shall be accompanied...
• California Financial Code Section 1394
  In determining whether to approve or deny an application by a California state bank for approval to engage in authorized agency activities as agent for...
• California Financial Code Section 1395
  No California state bank may conduct any activity as an agent for an insured depository institution that the California state bank would be prohibited from...
• California Financial Code Section 1396
  (a) No office of a California state bank that conducts authorized agency activities as agent for an insured depository institution in accordance with this article...
• California Financial Code Section 1397
  If the commissioner finds that any activities performed by a California state bank as agent for an insured depository institution are not authorized agency activities...
• California Financial Code Section 1400
  A bank account by or in the name of a minor shall be held for the exclusive right and benefit of such minor and shall...
• California Financial Code Section 1401
  A bank account by or in the name of a married person shall be held for the exclusive right and benefit of the person, shall...
• California Financial Code Section 1402
  A bank account that is a multiple-party account as defined in Section 5132 of the Probate Code is governed by Part 2 (commencing with Section...
• California Financial Code Section 1403
  No bank, directly or indirectly, by any device whatever, shall pay any interest on any demand deposit except to the extent that the payment of...
• California Financial Code Section 1404
  Notwithstanding Section 10145 of the Business and Professions Code or any other provision of law, but subject to the limitations of Section 854, benefits accruing...
• California Financial Code Section 1405
  (a) Notwithstanding Section 10145 of the Business and Professions Code or any other provision of law, benefits accruing from the placement in an interest bearing...
• California Financial Code Section 1406
  (a) In this section: (1) "Creditor" includes, but is not limited to, a depositor. (2) "Insolvency," when used with respect to a bank, means that...
• California Financial Code Section 1407
  An overdraft of more than 90 days standing shall not be allowed as an asset of any bank.
• California Financial Code Section 1408
  A bank may act as a depositary, paying agent, trustee, or fiscal agent for the holding or handling of public funds or securities notwithstanding the...
• California Financial Code Section 1409
  When a statement of account has been rendered by a bank to a depositor accompanied by vouchers, if any, which are the basis for debit...
• California Financial Code Section 1410
  (a) No bank shall impose any charge on a savings account or on a depositor for the failure of a depositor to deposit, or for...
• California Financial Code Section 1411
  (a) For the purposes of this section: (1) "Customer" means one or more natural persons. (2) "Debt" means an interest-bearing obligation or an obligation which...
• California Financial Code Section 1420
  As used in this article: (a) "Depository institution" means any of the following: (1) Any insured bank as defined in Section 3 of the Federal...
• California Financial Code Section 1421
  (a) Prior to opening a deposit account a depository institution shall provide a written disclosure to the potential customer of its general policy with respect...
• California Financial Code Section 1422
  For the purposes of computing the amount of interest or dividends payable with respect to an interest-bearing deposit account, a depository institution shall not delay...
• California Financial Code Section 1423
  Except as otherwise provided in this section, any depository institution which fails to comply with any requirement imposed pursuant to this article shall be liable...
• California Financial Code Section 1424
  The commissioner shall issue administrative regulations to define a reasonable time for permitting customers to draw on items received for deposit in the customer's account....
• California Financial Code Section 1425
  Pursuant to Section 1424, the commissioner shall promulgate regulations which shall be reviewed annually to establish a reasonable period of time within which a depository...
• California Financial Code Section 1426
  The commissioner is authorized to gather from depository institutions such information as may be necessary for the formulation and promulgation of the regulations required by...
• California Financial Code Section 1427
  The first regulations issued pursuant to this article shall be issued on or before July 1, 1984.
• California Financial Code Section 1428
  The commissioner is authorized to issue regulations which provide for a different period of time for withdrawal as a matter of right against deposited items,...
• California Financial Code Section 1429
  (a) Funds deposited in an account at a depository institution shall be available on the second business day after the business day on which those...
• California Financial Code Section 1440
  Any bank which delivers or has heretofore delivered to the State Treasurer pursuant to law any unclaimed or abandoned deposit shall not thereafter be liable...
• California Financial Code Section 1450
  Notice to any bank of an adverse claim (the person making the adverse claim being hereinafter called "adverse claimant") to a deposit standing on its...
• California Financial Code Section 1451
  When the depositor of a commercial or savings account has authorized any person to make withdrawals from the account, the bank, in the absence of...
• California Financial Code Section 1452
  A bank need not recognize or give any effect to (1) any claim to a deposit of cash or securities standing on its books to...
• California Financial Code Section 1455
  Whenever a bank certifies a check, the amount thereof shall be immediately charged against the account of the drawer.
• California Financial Code Section 1456
  It shall be unlawful for any officer or employee of a bank to certify any check drawn upon such bank, unless the drawer has on...
• California Financial Code Section 1460
  A commercial bank shall not rediscount, borrow money, or hypothecate its assets as security for money borrowed except to the extent and upon the conditions...
• California Financial Code Section 1461
  Assets hypothecated by a commercial bank as security for moneys borrowed shall not exceed in value the amount borrowed by more than 50 percent except...
• California Financial Code Section 1462
  A commercial bank may borrow money by discounting or otherwise, and may borrow money secured by real property owned by the bank, to an amount...
• California Financial Code Section 1463
  A commercial bank may hypothecate its assets in any manner provided by law to secure the deposits of moneys of the United States, of postal...
• California Financial Code Section 1464
  A commercial bank may borrow for the purpose of buying from the United States, United States bonds, United States Treasury certificates, or notes or other...
• California Financial Code Section 1465
  A commercial bank may rediscount with, borrow money from, or hypothecate its assets as security for money borrowed from a Federal Reserve bank, the Federal...
• California Financial Code Section 1466
  A commercial bank may issue negotiable certificates of deposit transferable by endorsement and delivery and nonnegotiable certificates transferable only on the books of the bank.
• California Financial Code Section 1467
  A commercial bank located in a place the population of which does not exceed 5,000 persons according to the most recent official federal or state...
• California Financial Code Section 1470
  (a) In this article and in Article 4 (commencing with Section 1710) of Chapter 19, "affiliate," when used with respect to a specified person, means...
• California Financial Code Section 1471
  (a) Subject to the limitations and exceptions in Sections 1481 and 1510, a bank may hold both obligations made by a person, and securities issued...
• California Financial Code Section 1472
  Subject to prior approval by the commissioner and to any limitations the commissioner may impose, the limitations in Sections 1471, 1481, and 1510 shall not...
• California Financial Code Section 1473
  Sections 1481 and 1510 shall not apply to investments held by a bank prior to the operative date of this section. All authorizations regarding investments...
• California Financial Code Section 1480
  For the purpose of this article: (a) "Obligations" means the total sums for the payment of which a person is obligated, primarily or secondarily, to...
• California Financial Code Section 1481
  The obligations, as defined in Section 1480, excepting the obligations described in Section 1485 and the obligations described in Section 1483, of any one person...
• California Financial Code Section 1482
  An obligation shall not be deemed secured by personal property or collateral unless the personal property or collateral held as security is of a kind...
• California Financial Code Section 1483
  (a) In addition to the limitations contained in Section 1481 a commercial bank may issue letters of credit and a commercial bank may accept drafts...
• California Financial Code Section 1484
  With the approval of the commissioner a commercial bank may accept drafts or bills of exchange drawn upon it having not more than three months'...
• California Financial Code Section 1485
  The limitations of Section 1481 shall not apply to the following and the following shall not be included among the obligations of a person for...
• California Financial Code Section 1486
  A commercial bank may lend on the security of a first lien on real property or a first lien on a leasehold under a lease...
• California Financial Code Section 1487
  (a) The provisions of any deed of trust or mortgage on real property which authorize any state or nationally chartered bank to accelerate the maturity...
• California Financial Code Section 1488
  The provisions of any deed of trust or mortgage on real property which authorize any state or nationally chartered bank to receive and control the...
• California Financial Code Section 1489
  A commercial bank may lend on the security of a first lien on real property or a first lien on a leasehold under a lease...
• California Financial Code Section 1490
  A commercial bank shall not lend in the aggregate more than 5 percent of its assets upon the security of the stock of any one...
• California Financial Code Section 1491
  No loan shall be made by any commercial bank upon the securities of one or more corporations, the payment of which loan is undertaken, in...
• California Financial Code Section 1492
  Nothing in this chapter restricts a commercial bank in taking any lien on or pledge of any property as additional security for a loan already...
• California Financial Code Section 1493
  A commercial bank holding a first lien on real property may take, or purchase and hold, or loan upon another and immediately junior lien but...
• California Financial Code Section 1494
  A commercial bank may lend on the security of a first security interest on stock or a membership certificate issued to a tenant-stockholder or resident-member...
• California Financial Code Section 1495
  (a) A commercial bank may make amortized loans upon the security of residential real property to finance the purchase and installation of material or equipment...
• California Financial Code Section 1496
  For the purpose of determining whether any loan or investment is secured by a first lien on real property as required by any provision of...
• California Financial Code Section 1497
  No loan made by any bank in excess of any limitations contained in this division or which is made in violation of any of the...
• California Financial Code Section 1498
  (a) Any state-chartered bank that makes a refund anticipation loan to a covered borrower, as defined in Section 232 of Title 32 of the Code...
• California Financial Code Section 1510
  The total amount invested by a bank in the securities issued by a person shall not exceed 15 percent of the sum of the shareholders'...
• California Financial Code Section 1511
  Section 1510 shall not apply to investments made pursuant to this section. A bank may invest in shares of an investment company (1) registered with...
• California Financial Code Section 1512
  Notwithstanding Section 1510, a bank may purchase, acquire, or hold the stock of any corporation pursuant to a plan of reorganization approved by the commissioner...
• California Financial Code Section 1513
  If any commercial bank has made investments which it was authorized to make at the time they were made it shall not be required to...
• California Financial Code Section 1514
  A commercial bank may organize, sponsor, operate, control, or render investment advice to, an investment company, or underwrite, distribute, or sell securities of any investment...
• California Financial Code Section 1515
  A bank or trust company may acquire stock in settlement or reduction of a loan or in exchange for an investment previously made in good...
• California Financial Code Section 1520
  Whenever the public administrator becomes the administrator of the estate of a decedent who at the time of his death left money on deposit with...
• California Financial Code Section 1521
  A commercial bank accepting savings deposits shall provide by its bylaws or by contract with its savings depositors the time and condition on which repayment...
• California Financial Code Section 1522
  For the purposes of any law authorizing or providing for the deposit of funds with a savings bank, a commercial bank accepting savings deposits shall...
• California Financial Code Section 1530
  Chapter 15 (commencing with Section 1530) is a restatement of Division 7 (commencing with Section 18000) as that division pertains to the licensing and regulation...
• California Financial Code Section 1531
  (a) Any reference in a provision of any statute or regulation of this state to banks or commercial banks includes industrial banks. (b) Subdivision (a)...
• California Financial Code Section 1532
  The Industrial Loan Account of the Financial Institutions Fund is renamed to be the Industrial Bank Account.
• California Financial Code Section 1533
  (a) The commissioner shall annually levy on and collect from industrial banks authorized to transact industrial banking business in this state, pro rata on the...
• California Financial Code Section 1540
  Each industrial bank shall be an insured bank at all times while it is engaged in the industrial banking business.
• California Financial Code Section 1541
  Subject to any order or regulation of the commissioner, an industrial bank may accept deposits evidenced by a deposit account or by certificates, that are...
• California Financial Code Section 1542
  In addition to other provisions of this division that are otherwise applicable to an industrial bank, the following provisions of this division apply to the...
• California Financial Code Section 1550
  No corporation shall engage in the trust business unless: (a) Its articles comply with the requirements of subdivision (b), (d), or (e) of Section 1100;...
• California Financial Code Section 1551
  Any commercial bank or industrial bank, with the prior authorization of the commissioner, may engage in the trust business, if its articles comply with the...
• California Financial Code Section 1552
  No California state bank may engage in trust business at a place unless the place is its head office, an authorized branch office, or an...
• California Financial Code Section 1553
  The following persons are exempt from Section 1550: (a) Any natural person serving as trustee of one or more trusts where at least one trustor...
• California Financial Code Section 1554
  In this section, "subject national banking association" means a national banking association that (a) maintains its main office or a branch office in this state,...
• California Financial Code Section 1555
  No foreign corporation, other than a national banking association or a foreign (other state) state bank that is authorized to conduct a trust business in...
• California Financial Code Section 1556
  Pursuant to the authority contained in Section 1 of Article XV of the California Constitution, the restrictions upon rates of interest contained in Section 1...
• California Financial Code Section 1557
  The Legislature finds and declares that it is important to inform taxpayers that they may make voluntary contributions to certain funds or programs, as provided...
• California Financial Code Section 1560
  It is the intent of the Legislature that the provisions of this article, insofar as they are contained in the regulations regarding fiduciary activities of...
• California Financial Code Section 1561
  For purposes of Section 1562, the following terms have the following meanings: (a) "Bank" means any of the following: (1) A commercial bank, industrial bank,...
• California Financial Code Section 1562
  (a) Sections 9.4 to 9.6, inclusive, Sections 9.8 to 9.15, inclusive, and Sections 9.18 to 9.101, inclusive, of the Fiduciary Regulations in all of their...
• California Financial Code Section 1570
  Every trust company shall deposit with the State Treasurer money or securities of the character described in Section 1572 as security for its court and...
• California Financial Code Section 1571
  Whenever any trust company receives trust funds or property, other than real property, from court trusts accepted by it to the amount of one million...
• California Financial Code Section 1572
  Security deposited with the Treasurer by trust companies pursuant to Section 1570 or 1571 shall consist of the following: (a) Bonds or other interest-bearing notes...
• California Financial Code Section 1573
  Such money or securities shall be approved by the commissioner and be deposited with the Treasurer upon the written order of the commissioner. Upon receiving...
• California Financial Code Section 1574
  Securities deposited pursuant to this article may be exchanged from time to time, with the approval of the commissioner, for other like securities of equal...
• California Financial Code Section 1575
  Should any security deposited pursuant to this article so depreciate in value as to reduce the deposit below the amount required by this article, additional...
• California Financial Code Section 1576
  When any revaluation of securities is made by the commissioner pursuant to Section 1575, other than at the time such securities are presented for deposit,...
• California Financial Code Section 1577
  The money and securities deposited pursuant to this article shall be subject to sale and the same or the proceeds thereof shall be subject to...
• California Financial Code Section 1578
  The commissioner may, pursuant to Section 329, levy a civil penalty against any trust company that fails to comply with this article.
• California Financial Code Section 1580
  A trust company may invest its contributed capital only in the securities and properties in which a commercial bank is permitted to invest its funds...
• California Financial Code Section 1581
  Trust funds received by any trust company in connection with its trust business, if invested, shall be invested as provided in Part 4 (commencing with...
• California Financial Code Section 1582
  (a) As used in this section: (1) "Fund" means any investment company registered under the Investment Company Act of 1940 (15 U.S.C. Sec. 80a-1 et...
• California Financial Code Section 1583
  Any trust company or bank authorized to engage in the trust business holding trust funds awaiting investment or distribution may deposit or leave on deposit...
• California Financial Code Section 1584
  Any trust company acting in any capacity under a court or private trust or when acting in such capacity with one or more persons as...
• California Financial Code Section 1585
  (a) For purposes of this section, two or more trust companies shall be deemed to be affiliated if they are members of the same affiliated...
• California Financial Code Section 1586
  With regard to any participation certificates heretofore issued by any trust company, secured by a trust deed or mortgage, the full legal title in the...
• California Financial Code Section 1600
  A trust company has the following powers: (a) It may act, or may be appointed by any court to act, in like manner as an...
• California Financial Code Section 1601
  For the purposes of this chapter, all trusts and other business permitted to be accepted or executed by a trust company are hereby classified and...
• California Financial Code Section 1602
  A trust company, its officers and employees, shall not disclose any information to any person concerning the existence, condition, management, and administration of any private...
• California Financial Code Section 1603
  The commissioner shall examine the court trust business of a trust company at least once every 24 months and shall examine the private trust business...
• California Financial Code Section 1604
  In making the reports to the commissioner required by this division, every trust company shall report, in addition to the other facts called for, separately,...
• California Financial Code Section 1605
  Any court having jurisdiction of any executor, administrator, guardian, conservator, assignee, receiver, depositary, or trustee, upon the application of any such officer or trustee or...
• California Financial Code Section 1606
  Securities held by a trust company by direction of any court order issued pursuant to Section 1605 may be deposited in a securities depository, as...
• California Financial Code Section 1607
  Whenever an executor, administrator, guardian or conservator of estates, assignee, receiver, depositary, or trustee is required to qualify by taking and subscribing an oath or...
• California Financial Code Section 1608
  Whenever any corporation desires to withdraw from and discontinue doing a trust business, it shall furnish to the commissioner satisfactory evidence of its release and...
• California Financial Code Section 1609
  The validity or legality of any act or proceeding done or taken by any trust company, relating to or in connection with the administration of...
• California Financial Code Section 1610
  Nothing in this chapter shall make it unlawful for any person or corporation to engage in the business of receiving and holding money in escrow...
• California Financial Code Section 1611
  A bank or trust company shall not mingle trust funds received by it with other assets of the corporation or association and such funds shall...
• California Financial Code Section 1612
  Notwithstanding any other provision of law, any bank and any trust company holding securities in a fiduciary capacity or while engaged in a trust business,...
• California Financial Code Section 1613
  Notwithstanding any other provision of law, any bank and any trust company holding securities in a fiduciary capacity or while engaged in a trust business,...
• California Financial Code Section 1620
  Notice to a bank operating a safety deposit department or to a company conducting a safety deposit business of an adverse claim (the person making...
• California Financial Code Section 1630
  Every bank conducting a safe-deposit business shall be entitled to the special remedies set forth in this article in enforcing the liabilities of safe-deposit box...
• California Financial Code Section 1631
  If the rental of any safe-deposit box is not paid within six months from the day it is due, the bank, or at any time...
• California Financial Code Section 1632
  At any time after the date specified in such notice, if the rental for such safe-deposit box to the date of payment and the cost...
• California Financial Code Section 1633
  The following persons, and no others, are entitled to receive from the bank a copy of the inventory: (a) An executor of the decedent's will....
• California Financial Code Section 1634
  All contents removed from a safe-deposit box pursuant to Section 1632 shall be retained by the bank for at least two years unless sooner delivered...
• California Financial Code Section 1635
  At any time after two years from the day when a safe-deposit box has been opened pursuant to this article, the bank may mail a...
• California Financial Code Section 1636
  Notwithstanding any of the provisions of this article, no stocks, bonds, or other securities which, at the time of sale pursuant to Section 1635, are...
• California Financial Code Section 1637
  Upon the making of a sale of any securities, an officer of the bank shall execute and attach to the securities so sold an affidavit...
• California Financial Code Section 1638
  From the proceeds of any sale the bank shall deduct the amount set forth in such notice and any further charges which may have accrued...
• California Financial Code Section 1639
  Any documents, letters, or other articles found in a safe-deposit box opened pursuant to Section 1632, which in the judgment of at least two officers...
• California Financial Code Section 1640
  If, before the effective date of this section, a bank or its predecessor in interest, has caused a safe-deposit box to be opened for nonpayment...
• California Financial Code Section 1641
  Whenever a bank receives personal property for safekeeping or storage as bailee and issues a receipt therefor, the bank may enforce its lien as warehouseman...
• California Financial Code Section 1642
  If the amount charged by a bank for the safekeeping or storage of personal property is not paid within six months from the day it...
• California Financial Code Section 1643
  From the proceeds of the sale, the bank shall deduct all charges as stated in the final notice, together with any further charges that have...
• California Financial Code Section 1644
  Any documents, letters, or other articles which, in the judgment of an officer of the bank, have no apparent intrinsic or marketable value, need not...
• California Financial Code Section 1645
  The power conferred on a bank to sell the contents of a safe-deposit box or personal property received for safekeeping or storage for nonpayment of...
• California Financial Code Section 1646
  A bank holding a safe-deposit box originally rented from, or personal property against which a safekeeping or storage receipt was issued by, a predecessor in...
• California Financial Code Section 1647
  The provisions of this article do not preclude any other remedy by action or otherwise now or hereafter existing for the enforcement of the claims...
• California Financial Code Section 1648
  If the principal of, or interest or dividends on, any securities that have come into the possession of any bank by reason of action taken...
• California Financial Code Section 1649
  (a) Whenever this article requires that notice be sent to a person, and the box stood or stands on the records of the bank or...
• California Financial Code Section 1650
  Whenever an amount of safe-deposit rental, custody, safekeeping, or other charge is to be paid or deducted pursuant to this article, there shall be added...
• California Financial Code Section 1651
  Any bank or trust company may receive bonds issued by the United States Government for safekeeping, collection, or storage, and shall receipt therefor to the...
• California Financial Code Section 1660
  This chapter does not apply to any of the following transactions: (a) An acquisition of control of a California state bank that requires the approval...
• California Financial Code Section 1661
  Each application filed with the commissioner for an approval under this chapter shall be in the form, shall contain the information, shall be signed in...
• California Financial Code Section 1662
  The fee for filing with the commissioner an application for an approval under this chapter is two thousand five hundred dollars ($2,500).
• California Financial Code Section 1663
  (a) The definitions that are set forth in or are applicable to Section 3(d) of the Bank Holding Company Act of 1956 (12 U.S.C. Sec....
• California Financial Code Section 1664
  (a) The definitions that are set forth in or are applicable to Section 44 of the Federal Deposit Insurance Act (12 U.S.C. Sec. 1831u) apply...
• California Financial Code Section 1670
  In this chapter, unless the context otherwise requires: (a) "Branch business unit" has the meaning set forth in subdivision (a) of Section 4840. (b) "Core...
• California Financial Code Section 1671
  Each application filed with the commissioner under this chapter or under any regulation or order issued under this chapter shall be in the form, shall...
• California Financial Code Section 1672
  (a) Each foreign (other state) bank that maintains a facility or a California branch office shall file with the commissioner such reports as and when...
• California Financial Code Section 1673
  Each foreign (other state) bank that maintains a facility (other than a foreign (other state) national bank that maintains a California branch office) and each...
• California Financial Code Section 1674
  Fees shall be paid to and collected by the commissioner as follows: (a) The fee for filing with the commissioner an application by an uninsured...
• California Financial Code Section 1675
  (a) Any foreign (other state) state bank is exempted from the restrictions of Section 1 of Article XV of the California Constitution relating to rates...
• California Financial Code Section 1676
  (a) In this section, "subject bank" means a bank organized under the laws of any territory of the United States, Puerto Rico, Guam, American Samoa,...
• California Financial Code Section 1680
  No foreign (other state) state bank may transact core banking business in this state except at a branch office established in accordance with federal law...
• California Financial Code Section 1681
  Section 1680 does not prohibit: (a) Any foreign (other state) state bank that does not maintain a California branch office from carrying on the activities...
• California Financial Code Section 1682
  No foreign (other state) bank may establish or maintain a California branch office unless it is qualified to transact intrastate business in this state under...
• California Financial Code Section 1683
  No foreign (other state) bank may establish or maintain a California branch office unless the bank is insured.
• California Financial Code Section 1684
  (a) (1) No foreign (other state) bank may merge as the surviving corporation with a California bank, except that an insured foreign (other state) bank...
• California Financial Code Section 1685
  (a) No foreign (other state) bank that does not already maintain a California branch office may: (1) Merge as the surviving bank with a California...
• California Financial Code Section 1686
  The minimum age requirement set forth in Section 1685 does not apply in any case in which the factor set forth in subdivision (a) and...
• California Financial Code Section 1687
  (a) In case a foreign (other state) state bank that maintains a California branch office is a commercial bank, in addition to other provisions of...
• California Financial Code Section 1688
  Notwithstanding Section 1684, a foreign (other state) bank that does not maintain offices in California may merge with or purchase the whole business unit of...
• California Financial Code Section 1700
  No provision of this article applies to an insured foreign (other state) bank that maintains a California branch office.
• California Financial Code Section 1701
  (a) No insured foreign (other state) bank may establish or maintain an office in this state at which it engages in noncore banking business unless...
• California Financial Code Section 1702
  Not less than 30 days before an insured foreign (other state) bank establishes a facility, it shall file with the commissioner a report and the...
• California Financial Code Section 1703
  (a) Not less than 30 days before establishing a facility, an insured foreign (other state) bank shall file with the commissioner, in the form that...
• California Financial Code Section 1704
  Not less than 30 days before an insured foreign (other state) bank relocates a facility, it shall file a report with the commissioner.
• California Financial Code Section 1705
  Not less than 30 days before an insured foreign (other state) bank closes a facility, it shall file a report with the commissioner.
• California Financial Code Section 1710
  In this article, unless the context otherwise requires: (a) "Controlling person," when used with respect to an uninsured foreign (other state) bank, means any person...
• California Financial Code Section 1711
  (a) In this section, "act" includes (without limitation) omission. (b) For purposes of making findings on an application by an uninsured foreign (other state) bank...
• California Financial Code Section 1712
  (a) No uninsured foreign (other state) bank may establish or maintain an office in this state at which it engages in noncore banking business unless...
• California Financial Code Section 1713
  (a) No uninsured foreign (other state) bank may establish or maintain a facility unless the commissioner has first approved the establishment of the office and...
• California Financial Code Section 1714
  (a) No uninsured foreign (other state) bank that is licensed to maintain a facility may relocate the office unless the commissioner has first approved the...
• California Financial Code Section 1715
  An uninsured foreign (other state) bank that is licensed to maintain a facility may, subject to any regulations that the commissioner may prescribe, engage in...
• California Financial Code Section 1716
  (a) (1) No uninsured foreign (other state) bank that is licensed to maintain a facility may close the office unless the commissioner has first approved...
• California Financial Code Section 1717
  (a) Any uninsured foreign (other state) bank that holds a license to maintain a facility may voluntarily surrender the license by filing the license and...
• California Financial Code Section 1718
  (a) (1) No uninsured foreign (other state) bank may be issued a license to maintain a facility unless it has first filed with the commissioner,...
• California Financial Code Section 1719
  Each uninsured foreign (other state) bank that is licensed to maintain a facility shall assign to the office a popular name that includes the term...
• California Financial Code Section 1720
  Each uninsured foreign (other state) bank that is licensed to maintain a facility shall post its license in a conspicuous place at the office.
• California Financial Code Section 1721
  No license is transferable or assignable.
• California Financial Code Section 1750
  In this chapter, unless the context otherwise requires: (a) "Agency" means a depositary agency or a nondepositary agency. (b) "Branch office" means a limited branch...
• California Financial Code Section 1751
  Nothing in this chapter, except Section 1760, applies to a federal agency or branch in this state.
• California Financial Code Section 1752
  (a) In this section, "subject bank" means a bank organized under the laws of any territory of the United States, Puerto Rico, Guam, American Samoa,...
• California Financial Code Section 1753
  For purposes of this chapter, offices of foreign (other nation) banks are divided into classes and ranked in ascending order, as follows: (a) Representative office....
• California Financial Code Section 1754
  (a) For purposes of this chapter: (1) Changing a lower class office into a higher class office shall be treated as establishing the higher class...
• California Financial Code Section 1755
  Fees shall be paid to, and collected by, the commissioner, as follows: (a) The fee for filing with the commissioner an application by a foreign...
• California Financial Code Section 1756
  Each application filed with the commissioner under this chapter or under any regulation or order issued under this chapter shall be in such form, shall...
• California Financial Code Section 1757
  (a) In this section, "act" includes (without limitation) omission. (b) For purposes of making findings on an application by a foreign (other nation) bank for...
• California Financial Code Section 1758
  (a) Each foreign (other nation) bank that is licensed to maintain an office shall file with the commissioner reports as and when the commissioner may,...
• California Financial Code Section 1759
  Each foreign (other nation) bank that is licensed to maintain an office shall make, keep, and preserve at the office or at another place that...
• California Financial Code Section 1760
  (a) No foreign (other nation) bank which is licensed to maintain an agency or branch office shall concurrently maintain a federal agency or federal branch...
• California Financial Code Section 1761
  (a) No foreign (other nation) bank shall concurrently be licensed to maintain offices of different classes. (b) Subdivision (a) does not prohibit a foreign (other...
• California Financial Code Section 1762
  (a) (1) No foreign (other nation) bank (other than a bank that is licensed to maintain an agency or branch office) shall be issued a...
• California Financial Code Section 1763
  No license shall be transferable or assignable.
• California Financial Code Section 1764
  Each foreign (other nation) bank that is licensed to maintain an office shall post its license in a conspicuous place at the office.
• California Financial Code Section 1765
  (a) Each foreign (other nation) bank that is licensed to maintain an office shall assign to the office a popular name that consists of a...
• California Financial Code Section 1766
  Whenever a foreign (other nation) bank is licensed to maintain two or more agencies or branch offices, it shall designate one of such offices as...
• California Financial Code Section 1767
  Each foreign (other nation) bank that is licensed to maintain an office shall conduct all of the business of the office in a single building...
• California Financial Code Section 1768
  Any foreign (other nation) bank that, at the time it makes a loan or forbearance or executes a contract therefor, has assets equal to at...
• California Financial Code Section 1780
  (a) No foreign (other nation) bank shall establish or maintain an office in this state at which it engages in representational functions unless it is...
• California Financial Code Section 1781
  (a) (1) No foreign (other nation) bank shall establish or maintain a representative office unless the commissioner shall have first approved the establishment of the...
• California Financial Code Section 1782
  (a) No foreign (other nation) bank that is licensed to maintain a representative office shall relocate the office unless the commissioner shall have first approved...
• California Financial Code Section 1783
  A foreign (other nation) bank that is licensed to maintain a representative office may, subject to any regulations that the commissioner may prescribe, engage in...
• California Financial Code Section 1784
  (a) (1) No foreign (other nation) bank that is licensed to maintain a representative office shall close the office unless the commissioner shall have first...
• California Financial Code Section 1800
  (a) No foreign (other nation) bank shall transact business in this state except at an agency or branch office that it is licensed to maintain...
• California Financial Code Section 1801
  No foreign (other nation) bank shall be licensed to maintain any agency or branch office unless it is qualified to transact intrastate business in this...
• California Financial Code Section 1802
  No foreign (other nation) bank shall be licensed to maintain a retail branch office unless the deposits in such office are insured by the Federal...
• California Financial Code Section 1803
  (a) (1) No foreign (other nation) bank shall establish or maintain an agency or branch office unless the commissioner shall have first approved the establishment...
• California Financial Code Section 1804
  (a) No foreign (other nation) bank which is licensed to maintain an agency or branch office shall relocate such office unless the commissioner shall have...
• California Financial Code Section 1805
  (a) A foreign (other nation) bank that is licensed to maintain an agency or branch office may transact commercial banking business at the office, subject...
• California Financial Code Section 1806
  (a) In addition to other provisions of this division and Division 1 (commencing with Section 99) that are otherwise applicable to or with respect to...
• California Financial Code Section 1807
  (a) Whenever the commissioner calls for a report under Section 453 from commercial banks organized under the laws of this state, the commissioner shall call...
• California Financial Code Section 1808
  Each foreign (other nation) bank which is licensed to maintain a depositary agency, limited branch office, or wholesale branch office shall, in accordance with such...
• California Financial Code Section 1809
  (a) In case a foreign (other nation) bank is licensed to maintain a depositary agency or branch office and such office is not subject to...
• California Financial Code Section 1810
  (a) Each foreign (other nation) bank which is licensed to transact business in this state shall keep the assets of such business separate and apart...
• California Financial Code Section 1811
  (a) In this section: (1) "Adjusted liabilities," when used with respect to a foreign (other nation) bank, means the liabilities of such bank's business in...
• California Financial Code Section 1812
  (a) In this section: (1) "Adjusted liabilities," when used with respect to a foreign (other nation) bank which is licensed to maintain a branch office...
• California Financial Code Section 1813
  (a) (1) No foreign (other nation) bank which is licensed to maintain an agency or branch office shall close such office unless the commissioner shall...
• California Financial Code Section 1825
  (a) Any foreign (other nation) bank that holds a license to maintain an office may voluntarily surrender the license by filing the license and a...
• California Financial Code Section 1830
  If the commissioner finds that any person has violated any provision of this chapter or of any regulation or order issued under this chapter, the...
• California Financial Code Section 1831
  If, after notice and a hearing, the commissioner finds any of the following with respect to a foreign (other nation) bank that is licensed to...
• California Financial Code Section 1832
  (a) If the commissioner finds that any of the factors set forth in Section 1831 is true with respect to any foreign (other nation) bank...
• California Financial Code Section 1833
  Any foreign (other nation) bank whose license to maintain an office is suspended or revoked shall immediately surrender the license to the commissioner.
• California Financial Code Section 1834
  (a) Any foreign (other nation) bank to which an order is issued under Section 1831 or 1832 may apply to the commissioner to modify or...
• California Financial Code Section 1835
  (a) If the commissioner finds that any of the factors set forth in Section 1781 is true with respect to any foreign (other nation) bank...
• California Financial Code Section 1850
  As used in this article, unless the context otherwise requires, "corporation" means a corporation organized under the laws of this state for the purpose of...
• California Financial Code Section 1851
  The provisions of Chapter 1 (commencing with Section 99) of Division 1 applicable to, or with respect to, banks shall apply to, or with respect...
• California Financial Code Section 1852
  When authorized by the previous written consent of the commissioner as provided by Chapter 3 (commencing with Section 1040) one or more persons may organize...
• California Financial Code Section 1853
  The articles of a corporation shall provide that the purpose of the corporation is to engage in the business of international and foreign banking and...
• California Financial Code Section 1854
  The articles of incorporation shall be submitted to the commissioner for his or her approval before they are filed with the Secretary of State pursuant...
• California Financial Code Section 1855
  Each corporation shall have power, under such rules and regulations as the commissioner may prescribe: (a) To purchase, sell, discount, and negotiate, with or without...
• California Financial Code Section 1856
  Except with the approval of the commissioner, no corporation shall invest in any one corporation an amount in excess of 10 percent of its own...
• California Financial Code Section 1857
  No corporation shall purchase, own, or hold stock or certificates of ownership in any other corporation organized under this article or under the laws of...
• California Financial Code Section 1858
  Nothing contained in this article shall prevent corporations from purchasing and holding stock in any corporation where such purchase shall be necessary to prevent a...
• California Financial Code Section 1859
  No corporation shall carry on any part of its business in the United States except such as, in the judgment of the commissioner, shall be...
• California Financial Code Section 1860
  No corporation shall engage in commerce or trade in commodities except as specifically provided in this article, nor shall it either directly or indirectly control...
• California Financial Code Section 1861
  It shall be unlawful for any director, officer, agent, or employee of any corporation to use or to conspire to use the credit, the funds,...
• California Financial Code Section 1862
  No corporation shall be organized without adequate shareholders' equity.
• California Financial Code Section 1863
  The provisions of Chapter 5 (commencing with Section 1100) (except the provisions of Section 1121) applicable to, or with respect to, banks shall apply to,...
• California Financial Code Section 1864
  Any bank may invest in the shares of any corporation organized under the provisions of this article, but the aggregate amount of stock held in...
• California Financial Code Section 1865
  (a) In this section, "foreign bank" means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico,...
• California Financial Code Section 1866
  Whenever it shall appear to the commissioner that any corporation has violated the provisions of its articles of incorporation or any law of this state,...
• California Financial Code Section 1867
  No corporation shall deposit any of its funds with any other moneyed corporation unless the other corporation has been nominated and designated as a depositary...
• California Financial Code Section 1868
  No corporation shall be the holder of any shares of its own capital stock unless such stock shall have been taken to prevent loss upon...
• California Financial Code Section 1869
  No corporation shall, either directly or indirectly, make any discount to any person for the purpose of enabling him to pay for or hold shares...
• California Financial Code Section 1870
  No corporation shall by any system of accounting or any device of bookkeeping, directly or indirectly enter any of its assets upon its books in...
• California Financial Code Section 1871
  Every corporation shall conform its methods of keeping its books and records to such orders in respect thereto as have been made and promulgated by...
• California Financial Code Section 1872
  Each official communication directed by the commissioner to a corporation or to any officer thereof, relating to an examination or investigation conducted by the department...
• California Financial Code Section 1873
  On or before the first day of February in each year, each corporation and every foreign corporation licensed by the commissioner to transact the business...
• California Financial Code Section 1874
  Every corporation and foreign corporation shall also make such other special reports to the commissioner as he or she may from time to time require,...
• California Financial Code Section 1875
  If any corporation or foreign corporation shall fail to make any report required by this article on or before the day designated for the making...
• California Financial Code Section 1876
  Every corporation shall hold a meeting of its stockholders annually upon a date fixed in its bylaws at its main office, or if its main...
• California Financial Code Section 1877
  Every corporation shall keep at its main office, or if its main office is to be located outside of this state, at its branch or...
• California Financial Code Section 1878
  Every corporation shall make reports to the commissioner at such times and in such form as the commissioner may require and is subject to examination...
• California Financial Code Section 1879
  No officer, director, clerk or other employee of any corporation, and no person in any way interested or concerned in the management of its affairs,...
• California Financial Code Section 1880
  Every officer, director, clerk, employee, or agent of any corporation who embezzles, abstracts, or willfully misapplies any of the moneys, funds, credits, securities, evidence of...
• California Financial Code Section 1881
  Whoever being connected in any capacity with any corporation represents in any way that the State of California is liable for the payment of any...
• California Financial Code Section 1882
  No person shall act in this state as the representative of any foreign corporation in transacting the business described in this article as the business...
• California Financial Code Section 1883
  Every foreign corporation before being licensed by the commissioner to transact in this state the business of a corporation, or any part thereof, shall subscribe...
• California Financial Code Section 1884
  At the time the application certificate is first submitted to the commissioner, such corporation shall also submit a duly authenticated copy of its charter, or...
• California Financial Code Section 1885
  No foreign corporation shall transact in this state the business defined in this article or any part thereof, unless such corporation shall have: (a) Been...
• California Financial Code Section 1886
  When the commissioner shall have issued a license to any foreign corporation, it may engage in the business of a corporation of the kind authorized...
• California Financial Code Section 1887
  Every foreign corporation, before receiving a license to transact business in this state, shall deposit with the State Treasurer of the State of California upon...
• California Financial Code Section 1888
  The foreign corporation shall pay a license fee of five hundred dollars ($500).
• California Financial Code Section 1889
  Every foreign corporation, duly licensed by the commissioner to transact in this state the business defined and authorized in this article, or any part thereof,...
• California Financial Code Section 1890
  Whenever the commissioner shall have revoked the license of any such foreign corporation and shall have taken the action to make such revocation effective, all...
• California Financial Code Section 1891
  Nothing in this division restricts the right of a state international or foreign banking or financing corporation to convert into an international or foreign banking...
• California Financial Code Section 1892
  An international or foreign banking or financing corporation organized under the laws of the United States may convert into a state international or foreign banking...
• California Financial Code Section 1893
  Nothing in this division restricts the right of any one or more state international or foreign banking or financing corporations to merge into or consolidate...
• California Financial Code Section 1894
  Nothing in this division restricts one or more international or foreign banking or financing corporations organized under the laws of the United States from merging...
• California Financial Code Section 1895
  Whenever a state international or foreign banking or financing corporation survives the merger of one or more international or foreign banking or financing corporations and...
• California Financial Code Section 1896
  Whenever one or more state international or foreign banking or financing corporations and one or more international or foreign banking or financing corporations organized under...
• California Financial Code Section 1897
  Whenever an international or foreign banking or financing corporation organized under the laws of the United States converts into a state international or foreign banking...
• California Financial Code Section 1900
  Any bank may, with the consent of the commissioner, upon such conditions and under such regulations as the commissioner may prescribe, invest in the stock...
• California Financial Code Section 1901
  Every bank investing in the capital stock of any corporation described in Section 1900 shall be required to furnish information concerning the condition of such...
• California Financial Code Section 1902
  Before any bank shall be permitted to purchase stock in any corporation described in Section 1900 the said corporation shall enter into an agreement or...
• California Financial Code Section 1905
  Any bank may, with the consent of the commissioner, upon such conditions and under such regulations as the commissioner may prescribe, invest in the stock...
• California Financial Code Section 1910
  Any bank may, with the consent of the commissioner, upon such conditions and under such regulations as the commissioner may prescribe, acquire and hold, directly...
• California Financial Code Section 2000
  This chapter shall be known and may be cited as the Money Transmission Act.
• California Financial Code Section 2001
  The Legislature finds and declares all of the following: (a) Money transmission businesses conduct a significant amount of business in this state and technological advances...
• California Financial Code Section 2002
  It is the intent of the Legislature that the provisions of this act accomplish all of the following: (a) Protect the interests of persons in...
• California Financial Code Section 2003
  For purposes of this chapter, the following definitions shall apply: (a) "Affiliate," when used with respect to a specified person, means any person controlling, controlled...
• California Financial Code Section 2010
  This chapter does not apply to the following: (a) The United States or a department, agency, or instrumentality thereof, including any federal reserve bank and...
• California Financial Code Section 2011
  The commissioner may, by regulation or order, either unconditionally or upon specified terms and conditions or for specified periods, exempt from this chapter any person...
• California Financial Code Section 2030
  (a) A person shall not engage in the business of money transmission in this state, or advertise, solicit, or hold itself out as providing money...
• California Financial Code Section 2031
  (a) No person other than a corporation or limited liability company may apply for or be issued a license. (b) No person other than the...
• California Financial Code Section 2032
  (a) In this section, "material litigation" means litigation that according to United States generally accepted accounting principles is significant to an applicant's or a licensee's...
• California Financial Code Section 2033
  (a) The commissioner may conduct an examination of the applicant and the applicant shall pay the reasonable cost of the examination. (b) If the commissioner...
• California Financial Code Section 2034
  (a) Before any corporation or limited liability company is issued a license, the corporation or limited liability company shall file with the commissioner, in such...
• California Financial Code Section 2035
  (a) No person shall, directly or indirectly, acquire control of a licensee unless the commissioner has first approved, in writing, the acquisition of control. An...
• California Financial Code Section 2036
  The commissioner may impose on any authorization, approval, license, or order issued pursuant to this chapter any conditions that he or she deems reasonable or...
• California Financial Code Section 2037
  (a) As security, each licensee shall deposit and thereafter maintain on deposit with the Treasurer cash in an amount not less than, or securities having...
• California Financial Code Section 2038
  Fees shall be paid to, and collected by, the commissioner, as follows: (a) The fee for filing an application for a license is five thousand...
• California Financial Code Section 2039
  (a) The commissioner may by order or regulation grant exemptions from this section in cases where the commissioner finds that the requirements of this section...
• California Financial Code Section 2040
  (a) A licensee under this chapter shall maintain tangible shareholders' equity in an amount determined to be adequate by the commissioner from time to time,...
• California Financial Code Section 2041
  (a) A licensee shall conduct money transmission in California under its true name unless it has complied with Chapter 5 (commencing with Section 17900) of...
• California Financial Code Section 2042
  (a) In addition to the fees provided in Section 2038, the commissioner shall levy an assessment each fiscal year, on a pro rata basis, on...
• California Financial Code Section 2060
  (a) In this section, "remit" means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit...
• California Financial Code Section 2061
  (a) No licensee shall appoint any person as an agent unless it has conducted a review of the proposed agent's fitness to act as an...
• California Financial Code Section 2062
  A person may not provide money transmissions on behalf of a person not licensed or not exempt from licensure under this chapter. A person that...
• California Financial Code Section 2063
  (a) No agent of a licensee who has actual notice that the commissioner has suspended or revoked the license of the licensee or that the...
• California Financial Code Section 2081
  (a) A licensee shall at all times own eligible securities having an aggregate market value computed in accordance with United States generally accepted accounting principles...
• California Financial Code Section 2082
  (b) For the purposes of this chapter, the following are United States currency eligible securities: (1) Cash. (2) Any deposit in an insured bank or...
• California Financial Code Section 2083
  (a) In computing for purposes of Section 2082 the aggregate value of eligible securities owned by a licensee, all of the following shall be excluded:...
• California Financial Code Section 2084
  (a) A licensee shall be deemed to own an eligible security only if the following apply: (1) The licensee owns the eligible security solely and...
• California Financial Code Section 2085
  If the commissioner finds that any eligible security or class of eligible securities is not of sufficient liquidity or quality to be eligible securities, the...
• California Financial Code Section 2086
  If the commissioner finds that any security or class of securities that is not an eligible security is of sufficient liquidity and quality to be...
• California Financial Code Section 2087
  (a) If the commissioner finds that a rating assigned to a class of securities by an eligible securities rating service indicates that the class of...
• California Financial Code Section 2088
  (a) The commissioner may by regulation or order declare a securities rating service to be an eligible securities rating service if the commissioner finds the...
• California Financial Code Section 2089
  A licensee shall maintain eligible securities that are adequately diversified, predominantly of a duration commensurate with the licensee's outstanding money transmission obligations, and of sufficient...
• California Financial Code Section 2100
  (a) (1) Each licensee shall file with the commissioner a certified copy of every receipt form used by it or by its agent for receiving...
• California Financial Code Section 2101
  Every licensee or its agent shall forward all money received for transmission or give instructions committing equivalent money to the person designated by the customer...
• California Financial Code Section 2102
  (a) Every licensee or its agent shall refund to the customer within 10 days of receipt of the customer's written request for a refund any...
• California Financial Code Section 2103
  (a) The receipt presented to each customer for money received for transmission pursuant to subdivision (b) of Section 2102 shall clearly state the rate of...
• California Financial Code Section 2104
  Each licensee or agent shall prominently post on the premises of each branch office that issues or sells payment instruments, and at machines located in...
• California Financial Code Section 2105
  (a) Each licensee or agent shall prominently post on the premises of each branch office that conducts money transmission a notice stating that: "If you...
• California Financial Code Section 2106
  (a) No licensee shall sell or issue any form of payment instrument in California unless a certified copy of the payment instrument has first been...
• California Financial Code Section 2120
  (a) The commissioner may at any time and from time to time examine the business and any office, within or outside this state, of any...
• California Financial Code Section 2121
  The commissioner may consult and cooperate with other state or federal money transmission regulators in enforcing and administering this chapter. They may jointly pursue examinations...
• California Financial Code Section 2122
  A licensee shall file a report with the commissioner within five business days after the licensee has reason to know of the occurrence any of...
• California Financial Code Section 2123
  A licensee that is a money services business under the regulations adopted pursuant to the United States Bank Secrecy Act (31 C.F.R. Part 103) and...
• California Financial Code Section 2124
  (a) A licensee shall maintain the following records for determining its compliance with this chapter for at least three years: (1) A record of each...
• California Financial Code Section 2148
  (a) If it appears to the commissioner that a licensee is violating or failing to comply with any law of this state, the commissioner may...
• California Financial Code Section 2149
  (a) The commissioner may issue an order suspending or revoking a license, or taking possession of and placing a licensee in receivership, if after notice...
• California Financial Code Section 2150
  (a) The commissioner may issue an order suspending or revoking the designation of an agent if, after notice and an opportunity for hearing, the commissioner...
• California Financial Code Section 2150.1
  (a) Every order, decision, or other official act of the commissioner is subject to review in accordance with law. (b) Whenever the commissioner has taken...
• California Financial Code Section 2150.2
  (a) If the commissioner finds that any of the factors set forth in Section 2149 is true with respect to any licensee and that it...
• California Financial Code Section 2151
  (a) If the commissioner finds that any of the factors set forth in Section 2150 is true with respect to any agent and that it...
• California Financial Code Section 2151.1
  The commissioner may assess a civil penalty against a person that violates this chapter or a regulation adopted or an order issued under this chapter...
• California Financial Code Section 2152
  (a) A person that intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained under this chapter...
• California Financial Code Section 2153
  The enforcement provisions of this chapter are in addition to any other enforcement powers that the commissioner may have under law.
• California Financial Code Section 2170
  Any licensee may surrender its license by filing with the commissioner the license and a report with any information as the commissioner requires. The voluntary...
• California Financial Code Section 2171
  If any provision of this chapter or the application thereof to any person or circumstances is held invalid, illegal, or unenforceable, that invalidity, illegality, or...
• California Financial Code Section 2172
  (a) A license issued under the former Chapter 14 (commencing with Section 1800), Chapter 14A (commencing with Section 1851), or the former Division 16 (commencing...
• California Financial Code Section 4000
  (a) For purposes of this division, the following terms have the following meanings: (1) "Charge cardholder" and "charge card issuer" have the meaning defined in...
• California Financial Code Section 4001
  (a) A supervised financial organization or charge card issuer may not charge more than any of the following amounts: (1) If set forth in the...
• California Financial Code Section 4002
  (a) (1) Upon the request of a person who has obtained a police report pursuant to Section 530.6 of the Penal Code, a supervised financial...
• California Financial Code Section 4050
  This division shall be known and may be cited as the California Financial Information Privacy Act.
• California Financial Code Section 4051
  (a) The Legislature intends for financial institutions to provide their consumers notice and meaningful choice about how consumers' nonpublic personal information is shared or sold...
• California Financial Code Section 4051.5
  (a) The Legislature finds and declares all of the following: (1) The California Constitution protects the privacy of California citizens from unwarranted intrusions into their...
• California Financial Code Section 4052
  For the purposes of this division: (a) "Nonpublic personal information" means personally identifiable financial information (1) provided by a consumer to a financial institution, (2)...
• California Financial Code Section 4052.5
  Except as provided in Sections 4053, 4054.6, and 4056, a financial institution shall not sell, share, transfer, or otherwise disclose nonpublic personal information to or...
• California Financial Code Section 4053
  (a) (1) A financial institution shall not disclose to, or share a consumer's nonpublic personal information with, any nonaffiliated third party as prohibited by Section...
• California Financial Code Section 4053.5
  Except as otherwise provided in this division, an entity that receives nonpublic personal information from a financial institution under this division shall not disclose this...
• California Financial Code Section 4054
  (a) Nothing in this division shall require a financial institution to provide a written notice to a consumer pursuant to Section 4053 if the financial...
• California Financial Code Section 4054.6
  (a) When a financial institution and an organization or business entity that is not a financial institution ("affinity partner") have an agreement to issue a...
• California Financial Code Section 4056
  (a) This division shall not apply to information that is not personally identifiable to a particular person. (b) Notwithstanding Sections 4052.5, 4053, 4054, and 4054.6,...
• California Financial Code Section 4056.5
  (a) The provisions of this division do not apply to any person or entity that meets the requirements of paragraph (1) or (2) below. However,...
• California Financial Code Section 4057
  (a) An entity that negligently discloses or shares nonpublic personal information in violation of this division shall be liable, irrespective of the amount of damages...
• California Financial Code Section 4058
  Nothing in this division shall be construed as altering or annulling the authority of any department or agency of the state to regulate any financial...
• California Financial Code Section 4058.5
  This division shall preempt and be exclusive of all local agency ordinances and regulations relating to the use and sharing of nonpublic personal information by...
• California Financial Code Section 4058.7
  Nothing in this division shall prevent an insurer, as defined in Section 23 of the Insurance Code, from combining the form required by subdivision (d)...
• California Financial Code Section 4059
  The provisions of this division shall be severable, and if any phrase, clause, sentence, or provision is declared to be invalid or is preempted by...
• California Financial Code Section 4060
  This division shall become operative on July 1, 2004.
• California Financial Code Section 4100
  On or after July 1, 2006, a supervised financial institution shall not issue a consumer deposit account number to a customer, if that account number...
• California Financial Code Section 4800
  This division shall be known and may be cited as the "Depository Corporation Sale, Merger, and Conversion Law."
• California Financial Code Section 4801
  In this division, unless otherwise expressly provided: (a) A reference to a statute or to a regulation includes the statute or regulation, as amended, whether...
• California Financial Code Section 4802
  If any provision of this division or the application thereof to any person or circumstances is held invalid, illegal, or unenforceable, such invalidity, illegality, or...
• California Financial Code Section 4803
  If and to the extent that any provision of this division is preempted by federal law, the provision does not apply and shall not be
• California Financial Code Section 4805.01
  Subject to additional definitions contained in this division that are applicable to specific provisions of this division and unless the context otherwise requires: (a) The...
• California Financial Code Section 4805.02
  (a) In this division, "bank" means a commercial bank or trust company (other than an industrial loan company authorized to engage in trust business). "Bank"...
• California Financial Code Section 4805.03
  "California" means: (a) When used with respect to a savings association, in the case of a state savings association, a savings association that is organized...
• California Financial Code Section 4805.04
  "California federally licensed foreign (other nation) bank," when used with respect to a sale or merger, means a foreign (other nation) bank that is authorized...
• California Financial Code Section 4805.05
  "California state-licensed foreign (other nation) bank," when used with respect to a sale or merger, means a foreign (other nation) bank that is licensed under...
• California Financial Code Section 4805.055
  "Commissioner" means the Commissioner of Financial Institutions.
• California Financial Code Section 4805.06
  "Depository corporation" means a state or federal depository corporation.
• California Financial Code Section 4805.07
  "Federal depository corporation" means a national banking association or a federal savings association.
• California Financial Code Section 4805.08
  "Federal savings association" means a savings association or savings bank organized pursuant to Section 5 of the Home Owners' Loan Act (12 U.S.C. Sec. 1464).
• California Financial Code Section 4805.09
  "Foreign" or "foreign (other state)" means: (a) When used with respect to a savings association, in the case of a state savings association, a savings...
• California Financial Code Section 4805.10
  In this division, "industrial loan company" means an industrial bank as defined in Section 105.5.
• California Financial Code Section 4805.11
  "Insured," when used with respect to a depository corporation, means a depository corporation the deposits of which are insured by the Federal Deposit Insurance Corporation...
• California Financial Code Section 4805.12
  "Law of the domicile" means: (a) When used with respect to a federal depository corporation, the law of the United States. (b) When used with...
• California Financial Code Section 4805.13
  "Merger," when used with respect to a merger in a case where the surviving corporation is a federal depository corporation and federal law authorizes a...
• California Financial Code Section 4805.15
  "Share" means: (a) When used with respect to a California state savings association that is authorized to issue guarantee stock, a share of guarantee stock....
• California Financial Code Section 4805.16
  "Shareholder" means: (a) When used with respect to a California state savings association that is authorized to issue guarantee stock, a holder of record of...
• California Financial Code Section 4805.17
  "State depository corporation" means a state bank, a state savings association, or an industrial loan company.
• California Financial Code Section 4805.18
  "Uninsured," when used with respect to a deposit, means a deposit or any part of a deposit that is not insured by the Federal Deposit...
• California Financial Code Section 4820
  For purposes of this division, a national banking association or federal savings association is deemed to be a corporation.
• California Financial Code Section 4820.5
  For purposes of this division, depository corporations are divided into the following classes: (a) Banks. (b) Savings associations. (c) Industrial loan companies.
• California Financial Code Section 4821
  The provisions of the General Corporation Law (Division 1 (commencing with Section 100) of Title 1 of the Corporations Code) shall apply to any transaction...
• California Financial Code Section 4821.5
  Any certificate of authority, license, or other authorization issued under subdivision (b) of Section 4858, subdivision (b) of Section 4877.13, subdivision (b) of Section 4888,...
• California Financial Code Section 4822
  (a) References in this division to the voting of the shares of a California state depository corporation shall be construed in accordance with Section 111...
• California Financial Code Section 4823
  References in this division to shareholders' equity mean shareholders' equity determined in accordance with generally accepted accounting principles, subject (a) in the case of California...
• California Financial Code Section 4824
  In determining for purposes of this division whether the shareholders' equity of a California state depository corporation will be adequate: (a) In case the corporation...
• California Financial Code Section 4825
  A California state depository corporation may merge with a corporation or other business entity that is not a depository corporation if the California state depository...
• California Financial Code Section 4826
  Notwithstanding any other provision of law, no savings association or industrial loan company may convert into a bank if the ownership of the savings association...
• California Financial Code Section 4826.5
  Notwithstanding any other provision of this division: (a) The provisions of Chapter 22 (commencing with Section 3800) of Division 1 apply to any transaction which...
• California Financial Code Section 4827
  Except as expressly provided otherwise in this division: (a) (1) No sale of a whole business unit (as defined in Section 4840) or merger in...
• California Financial Code Section 4827.3
  Except as otherwise provided in paragraph (2) of subdivision (a) of Section 4827.7 in the case of a California state-licensed foreign (other nation) bank or...
• California Financial Code Section 4827.7
  (a) (1) Except as otherwise provided in paragraph (2): (A) No California state depository corporation may, as the selling or disappearing depository corporation, make a...
• California Financial Code Section 4828
  Subject to the provisions of Sections 4827.3 and 4827.7 but notwithstanding any other provision of law: (a) (1) If, as a result of any sale,...
• California Financial Code Section 4828.3
  A California state bank or an industrial loan company may, with the approval of the commissioner and its board and, if the transaction constitutes a...
• California Financial Code Section 4828.7
  (a) The definitions in Section 4840 apply to this section. (b) In case a California state-licensed foreign (other nation) bank sells all or substantially all...
• California Financial Code Section 4830
  Every final order, decision, license, or other official act of the commissioner under this division is subject to judicial review in accordance with law.
• California Financial Code Section 4831
  (a) The commissioner may from time to time issue regulations and orders as may in his or her opinion be necessary to carry out the...
• California Financial Code Section 4832
  Whenever the commissioner issues an order or license under this division, he or she may impose conditions as may in his or her opinion be...
• California Financial Code Section 4833
  In any proceeding under this division: (a) The burden of proving that an application should be approved is upon the applicant. (b) The burden of...
• California Financial Code Section 4834
  The commissioner may honor applications from interested persons for interpretive opinions regarding any provision of this division or of any regulation or order issued under...
• California Financial Code Section 4835
  Each application and report filed with the commissioner under this division or under any regulation or order issued under this division shall be in the...
• California Financial Code Section 4836
  No person shall make any untrue statement of any material fact in any application or report filed with the commissioner under this division or under...
• California Financial Code Section 4837
  In determining whether to approve any application filed under this division or under any regulation or order issued under this division, the commissioner may consider...
• California Financial Code Section 4838
  If the commissioner finds, with respect to any application filed under this division or under any regulation or order issued under this division, that not...
• California Financial Code Section 4839
  Fees shall be paid to, and collected by, the commissioner, as follows: (a) The fee for filing an application for approval of a sale under...
• California Financial Code Section 4840
  In this chapter, unless the context otherwise requires: (a) "Branch business unit" means all or substantially all of the business of a branch office of...
• California Financial Code Section 4841
  The provisions of Section 1001 of the Corporations Code shall not apply to any transaction which is subject to this chapter.
• California Financial Code Section 4842
  If a trust is transferred under this chapter, the transfer shall be good cause for removal of the trustee under the Trust Law (Division 9...
• California Financial Code Section 4843
  In case a national banking association or federal savings association that is authorized to transact trust business in this state sells a partial business unit...
• California Financial Code Section 4845
  In this article, unless the context otherwise requires, "sale" means any of the sales described in Section 4846.
• California Financial Code Section 4846
  With the approval of the commissioner: (a) A bank may sell its whole business unit to a California state bank or a California state-licensed foreign...
• California Financial Code Section 4847
  A seller and purchaser shall make an agreement of sale, providing: (a) That the seller shall sell to the purchaser, and the purchaser shall purchase...
• California Financial Code Section 4848
  The agreement of sale shall be approved by the seller and purchaser, as follows: (a) In the case of a California state depository corporation: (1)...
• California Financial Code Section 4849
  (a) Any amendment to an agreement of sale shall be approved by the seller and purchaser, as follows: (1) In the case of a California...
• California Financial Code Section 4850
  In the case of a seller or purchaser which is a California state depository corporation, any approval of the outstanding shares of the corporation required...
• California Financial Code Section 4851
  In obtaining any approval of outstanding shares required for an agreement of sale, in case the purchaser is a California state depository corporation, the purchaser,...
• California Financial Code Section 4852
  A purchaser or seller that is a California state depository corporation, with the approval of its board and without further approval of the outstanding shares,...
• California Financial Code Section 4853
  In case a purchaser is a California state depository corporation, the provisions of Chapter 13 (commencing with Section 1300) of Division 1 of Title 1...
• California Financial Code Section 4854
  A purchaser shall file the following with the commissioner: (a) A copy of the agreement of sale. (b) An officers' certificate of the purchaser, certifying...
• California Financial Code Section 4855
  If the commissioner finds all of the following with respect to an application for approval of a sale, the commissioner shall approve the application: (a)...
• California Financial Code Section 4857
  After an application for approval of a sale has been approved and all conditions precedent to the sale have been fulfilled, the commissioner shall approve...
• California Financial Code Section 4858
  When a sale becomes effective: (a) Unless the purchaser provided otherwise in the application for approval of the sale or unless the commissioner provided otherwise...
• California Financial Code Section 4859
  When a sale becomes effective: (a) The purchaser shall succeed, without other transfer, to all the rights and property of the seller except any rights...
• California Financial Code Section 4860
  No action on account of any debt or liability assumed by a purchaser in a sale may be commenced against the seller more than one...
• California Financial Code Section 4861
  Promptly after a sale becomes effective: (a) The seller shall: (1) Surrender to the commissioner for cancellation the certificates of authority or licenses issued to...
• California Financial Code Section 4862
  (a) After a sale becomes effective, the commissioner shall issue, upon application, a certificate under his or her official seal, stating that the seller sold...
• California Financial Code Section 4870
  In this article, unless the context otherwise requires, "sale" means any of the sales described in Section 4871.
• California Financial Code Section 4871
  (a) A California state bank may sell its whole business unit to a national banking association, a California federally licensed foreign (other nation) bank, or...
• California Financial Code Section 4871.5
  (a) No provision of Division 1 (commencing with Section 99), except the provisions of Chapter 22 (commencing with Section 3800) of Division 1, prohibits or...
• California Financial Code Section 4872
  A sale is subject to the provisions of Sections 4847 to 4850, inclusive, and 4852 as if the sale were a sale of the type...
• California Financial Code Section 4873
  A sale shall have the same effect as provided in Sections 4859 and 4860 in the case of a sale of the type defined in...
• California Financial Code Section 4874
  Promptly after a sale becomes effective: (a) The seller shall: (1) Surrender to the commissioner for cancellation the certificates of authority or licenses issued to...
• California Financial Code Section 4875
  (a) After a sale becomes effective, the seller or purchaser may issue an officer's certificate stating that the seller sold its whole business unit to...
• California Financial Code Section 4876.01
  In this article, unless the context otherwise requires, "sale" means any sale described in Section 4876.02.
• California Financial Code Section 4876.02
  With the approval of the commissioner, a California state independent trust company may sell its whole business unit to an uninsured foreign (other state) state...
• California Financial Code Section 4876.03
  A sale is subject to the provisions of Sections 4847 to 4852 as if the sale were a sale of the type defined in Section
• California Financial Code Section 4876.04
  A seller shall file the following with the commissioner: (a) A copy of the agreement of sale. (b) An officers' certificate of the purchaser, certifying...
• California Financial Code Section 4876.05
  If the commissioner finds all of the following with respect to an application for approval of a sale, the commissioner shall approve the application: (a)...
• California Financial Code Section 4876.06
  After an application for approval of a sale has been approved and all conditions precedent to the sale have been fulfilled, the commissioner shall approve...
• California Financial Code Section 4876.07
  A sale shall have the same effect as provided in Sections 4859 and 4860 in the case of a sale of the type defined in...
• California Financial Code Section 4876.08
  Promptly after a sale becomes effective: (a) The seller shall: (1) Surrender to the commissioner for cancellation the certificates of authority issued to it by...
• California Financial Code Section 4876.09
  (a) After a sale becomes effective, the seller or purchaser may issue an officers' certificate stating that the seller sold its whole business unit to...
• California Financial Code Section 4877.01
  In this article, unless the context otherwise requires, "sale" means any of the sales described in Section 4877.02.
• California Financial Code Section 4877.02
  A California state bank or a California industrial loan company may sell a California branch business unit to an insured foreign (other state) bank or...
• California Financial Code Section 4877.03
  No provision of Division 1 (commencing with Section 99), except the provisions of Chapter 22 (commencing with Section 3800) of Division 1, prohibits or restricts...
• California Financial Code Section 4877.04
  A sale is subject to the provisions of Sections 4879.03 to 4879.06, inclusive, and Section 4879.08 as if the sale were a sale of the...
• California Financial Code Section 4877.05
  A sale shall have the same effect as provided in Sections 4879.14 and 4879.15 in the case of a sale of the type defined in...
• California Financial Code Section 4877.06
  Promptly after a sale becomes effective, the seller shall: (a) Surrender to the commissioner for cancellation the certificate of authority or license issued to it...
• California Financial Code Section 4877.07
  (a) After a sale becomes effective, the seller or purchaser may issue an officer's certificate stating that the seller sold a California branch business unit...
• California Financial Code Section 4878.01
  In this article, unless the context otherwise requires, "sale" means any sale described in Section 4878.02.
• California Financial Code Section 4878.02
  With the approval of the commissioner, a California state bank or savings association may sell a partial trust business unit to an uninsured foreign (other...
• California Financial Code Section 4878.03
  A sale is subject to the provisions of Sections 4879.03 to 4879.09, inclusive, as if the sale were a sale of the type defined in...
• California Financial Code Section 4878.04
  If the commissioner finds all of the following with respect to an application for approval of a sale, the commissioner shall approve the application: (a)...
• California Financial Code Section 4878.05
  After an application for approval of a sale has been approved by the commissioner and all conditions precedent to the sale have been fulfilled, the...
• California Financial Code Section 4878.06
  A sale shall have the same effect as provided in Sections 4879.14 and 4879.15 in the case of a sale of the type defined in...
• California Financial Code Section 4878.07
  (a) In case a seller is a California state commercial bank and sells all of its trust business in a sale: (1) As of the...
• California Financial Code Section 4878.08
  (a) After a sale becomes effective, the seller or purchaser may issue an officers' certificate stating that the seller sold a partial trust business unit...
• California Financial Code Section 4879.01
  In this article, unless the context otherwise requires, "sale" means any of the sales described in Section 4879.02.
• California Financial Code Section 4879.02
  With the approval of the commissioner: (a) A bank may sell a partial business unit to a California state bank pursuant to (1) this article,...
• California Financial Code Section 4879.03
  A seller and purchaser shall make an agreement of sale, providing: (a) That the seller shall sell to the purchaser, and the purchaser shall purchase...
• California Financial Code Section 4879.04
  The agreement of sale shall be approved by the seller and purchaser, as follows: (a) In the case of a California state depository corporation: (1)...
• California Financial Code Section 4879.05
  (a) Any amendment to an agreement of sale shall be approved by the seller and purchaser, as follows: (1) In the case of a California...
• California Financial Code Section 4879.06
  In the case of a seller or purchaser that is a California state depository corporation, any approval of the outstanding shares of the corporation required...
• California Financial Code Section 4879.07
  In obtaining any approval of outstanding shares required for an agreement of sale, a purchaser or seller that is a California state depository corporation and,...
• California Financial Code Section 4879.08
  A purchaser or seller that is a California state depository corporation, with the approval or its board and without further approval of the outstanding shares,...
• California Financial Code Section 4879.09
  A purchaser or seller that is a California state depository corporation or California state-licensed foreign (other nation) bank, shall file the following with the commissioner:...
• California Financial Code Section 4879.10
  (a) In case the purchaser is either, and the seller is not either, a California state depository corporation or California state-licensed foreign (other nation) bank,...
• California Financial Code Section 4879.11
  After an application for approval of a sale has been approved by the commissioner and all conditions precedent to the sale have been fulfilled, the...
• California Financial Code Section 4879.12
  When a sale becomes effective, in case the purchaser is a California state depository corporation or California state-licensed foreign (other nation) bank: (a) Unless the...
• California Financial Code Section 4879.13
  In case a seller is a California state commercial bank and sells all of its trust business in a sale: (a) As of the time...
• California Financial Code Section 4879.14
  When a sale becomes effective: (a) The purchaser shall succeed, without other transfer, to all rights and property of the seller which are sold to...
• California Financial Code Section 4879.15
  No action on account of any debt or liability assumed by a purchaser in a sale may be commenced against the seller more than one...
• California Financial Code Section 4879.16
  Promptly after a sale becomes effective, the seller shall: (a) Surrender to its regulator for cancellation the certificates of authority or licenses issued to it...
• California Financial Code Section 4879.17
  (a) After a sale becomes effective, the commissioner shall issue, upon application, a certificate under his or her official seal, stating that the seller sold...
• California Financial Code Section 4880
  In this article, unless the context otherwise requires: (a) "Agreement of merger" includes a certificate of ownership executed pursuant to Section 1110 of the Corporations...
• California Financial Code Section 4881
  (a) With the approval of the commissioner, a bank may merge into a California state bank pursuant to (1) this article, (2) in case the...
• California Financial Code Section 4882
  In obtaining any approval of outstanding shares required for a merger, the surviving depository corporation and, in case the surviving depository corporation is to issue...
• California Financial Code Section 4883
  The provisions of Chapter 13 (commencing with Section 1300) of Division 1 of Title 1 of the Corporations Code shall not apply to the shareholders...
• California Financial Code Section 4884
  A surviving depository corporation shall file with the commissioner an application for approval of the merger.
• California Financial Code Section 4885
  If the commissioner finds all of the following with respect to an application for approval of a merger, the commissioner shall approve the application: (a)...
• California Financial Code Section 4887
  (a) After an application for approval of a merger has been approved and all conditions precedent to the merger have been fulfilled, the commissioner shall...
• California Financial Code Section 4888
  When a merger becomes effective: (a) Unless the surviving depository corporation provided otherwise in the application for approval of the merger or unless the commissioner...
• California Financial Code Section 4889
  (a) When a merger becomes effective: (1) Any reference to the disappearing depository corporation in any writing, whether executed or taking effect before or after...
• California Financial Code Section 4890
  Promptly after a merger becomes effective: (a) The surviving depository corporation shall: (1) Surrender to the regulator of the disappearing depository corporation for cancellation the...
• California Financial Code Section 4891
  (a) After a merger becomes effective, the commissioner shall, upon application, issue a certificate under his or her official seal, stating that the disappearing depository...
• California Financial Code Section 4879.12
  When a sale becomes effective, in case the purchaser is a California state depository corporation or California state-licensed foreign (other nation) bank: (a) Unless the...
• California Financial Code Section 4879.13
  In case a seller is a California state commercial bank and sells all of its trust business in a sale: (a) As of the time...
• California Financial Code Section 4879.14
  When a sale becomes effective: (a) The purchaser shall succeed, without other transfer, to all rights and property of the seller which are sold to...
• California Financial Code Section 4879.15
  No action on account of any debt or liability assumed by a purchaser in a sale may be commenced against the seller more than one...
• California Financial Code Section 4879.16
  Promptly after a sale becomes effective, the seller shall: (a) Surrender to its regulator for cancellation the certificates of authority or licenses issued to it...
• California Financial Code Section 4879.17
  (a) After a sale becomes effective, the commissioner shall issue, upon application, a certificate under his or her official seal, stating that the seller sold...
• California Financial Code Section 4895.01
  In this article, unless the context otherwise requires, "merger" means any of the mergers described in Section 4895.02.
• California Financial Code Section 4895.02
  With the approval of the commissioner: (a) A California depository corporation may merge into a California state-licensed foreign (other nation) bank pursuant to (1) this...
• California Financial Code Section 4895.03
  In case the disappearing depository corporation is a California state depository corporation, a merger is subject to the provisions of Section 1108 of the Corporations
• California Financial Code Section 4895.04
  (a) In case the disappearing depository corporation is a California state depository corporation, a merger has the same effect as provided in Section 1107 of...
• California Financial Code Section 4895.05
  (a) A merger shall not become effective unless it has been approved by the commissioner. (b) After an application for approval of a merger has...
• California Financial Code Section 4895.06
  A merger is subject to the provisions of Sections 4884 to 4885, inclusive, and 4888 to 4891, inclusive, as if the merger were a merger...
• California Financial Code Section 4900
  In this article, unless the context otherwise requires, "merger" means any of the mergers described in Section 4901.
• California Financial Code Section 4901
  (a) A California state bank may merge into a national banking association, a California federally licensed foreign (other nation) bank, or an insured foreign (other...
• California Financial Code Section 4901.5
  (a) No provision of Division 1 (commencing with Section 99), except the provisions of Chapter 22 (commencing with Section 3800) of Division 1, prohibits or...
• California Financial Code Section 4902
  A merger is subject to the provisions of Section 1108 of the Corporations Code.
• California Financial Code Section 4903
  A merger shall have the same effect as provided in Section 1107 of the Corporations Code and as provided in Section 4889 in the case...
• California Financial Code Section 4904
  Promptly after a merger becomes effective, the surviving depository corporation shall: (1) Surrender to the commissioner for cancellation the certificates of authority or licenses issued...
• California Financial Code Section 4905
  (a) After a merger becomes effective, the surviving depository corporation may issue an officer's certificate, stating that the disappearing depository corporation merged into the surviving...
• California Financial Code Section 4908.01
  In this article, unless the context otherwise requires, "merger" means any of the mergers described in Section 4908.02.
• California Financial Code Section 4908.02
  With the approval of the commissioner, a California state independent trust company may merge into an uninsured foreign (other state) state depository corporation pursuant to...
• California Financial Code Section 4908.03
  A merger is subject to the provisions of Section 1108 of the Corporations Code.
• California Financial Code Section 4908.04
  A disappearing or surviving depository corporation shall file an application for approval of a merger with the commissioner.
• California Financial Code Section 4908.05
  A merger shall not become effective unless it has been approved by the commissioner.
• California Financial Code Section 4908.06
  If the commissioner finds all of the following with respect to an application for approval of a merger, the commissioner shall approve the application: (a)...
• California Financial Code Section 4908.07
  After an application for approval of a merger has been approved and all conditions precedent to the merger have been fulfilled, the commissioner shall approve...
• California Financial Code Section 4908.08
  A merger shall have the same effect as provided in Section 1107 of the Corporations Code and Section 4889 in the case of a merger...
• California Financial Code Section 4908.09
  Promptly after a merger becomes effective, the surviving depository corporation shall: (a) Surrender to the commissioner for cancellation the certificates of authority or licenses issued...
• California Financial Code Section 4908.10
  (a) After a merger becomes effective, the surviving depository corporation may issue an officers' certificate, stating that the disappearing depository corporation merged into the surviving...
• California Financial Code Section 4920
  In this article, unless the context otherwise requires, "conversion" means any of the conversions described in Section 4921.
• California Financial Code Section 4921
  With the approval of the commissioner, a California state depository corporation of any class may convert into a California state depository corporation of another class...
• California Financial Code Section 4922
  (a) A converting depository corporation shall adopt, and shall file with the commissioner an application for approval of, such amendments to its articles as may...
• California Financial Code Section 4923
  In obtaining the approval of outstanding shares or shareholders required for any amendment to articles or bylaws called for in Section 4922, a converting depository...
• California Financial Code Section 4924
  A converting depository corporation shall file with the commissioner an application for approval of the conversion.
• California Financial Code Section 4925
  If the commissioner finds all of the following with respect to an application for approval of a conversion, the commissioner shall approve the application: (a)...
• California Financial Code Section 4927
  After an application for approval of a conversion has been approved and all conditions precedent to the conversion have been fulfilled, the commissioner shall approve...
• California Financial Code Section 4928
  When a conversion becomes effective, the commissioner shall: (a) (1) In case the resulting depository corporation is a California state bank, issue to the resulting...
• California Financial Code Section 4929
  Promptly after a conversion becomes effective, the resulting depository corporation shall: (a) Surrender to the commissioner for cancellation the certificates of authority or licenses issued...
• California Financial Code Section 4930
  (a) After a conversion becomes effective, the commissioner shall issue, upon application, a certificate under his or her official seal, stating that the converting depository...
• California Financial Code Section 4940
  In this article, unless the context otherwise requires, "conversion" means any of the conversions described in Section 4941.
• California Financial Code Section 4941
  With the approval of the commissioner: (a) A national banking association may convert into a California state bank pursuant to this article and federal law....
• California Financial Code Section 4942
  A converting depository corporation shall adopt a plan of conversion pursuant to the provisions of federal law.
• California Financial Code Section 4943
  In obtaining any approval of outstanding shares required for a plan of conversion, a converting depository corporation shall provide to its shareholders information as the...
• California Financial Code Section 4944
  A converting depository corporation shall file the following with the commissioner: (a) The plan of conversion. (b) An officer's certificate certifying that the plan of...
• California Financial Code Section 4945
  If the commissioner finds all of the factors set forth in Section 4925 with respect to an application for approval of a conversion, the commissioner...
• California Financial Code Section 4946
  After an application for approval of a conversion has been approved by the commissioner but before the conversion becomes effective, the converting depository corporation shall...
• California Financial Code Section 4948
  (a) After an application for approval of a conversion has been approved and all conditions precedent to the conversion have been fulfilled, the commissioner shall:...
• California Financial Code Section 4949
  When a conversion becomes effective, the commissioner shall issue to the resulting depository corporation certificates of authority, licenses, or other appropriate authorizations for the branch...
• California Financial Code Section 4950
  When a conversion becomes effective: (a) The converting depository corporation shall cease to exist. (b) The resulting depository corporation shall succeed, without other transfer, to...
• California Financial Code Section 4951
  Promptly after a conversion becomes effective, the resulting depository corporation shall: (a) Surrender to the regulator of the converting depository corporation for cancellation the certificates...
• California Financial Code Section 4952
  (a) After a conversion becomes effective, the commissioner shall issue, upon application, a certificate under his or her official seal, stating that the converting depository...
• California Financial Code Section 4960
  In this article, unless the context otherwise requires, "conversion" means any of the conversions described in Section 4961.
• California Financial Code Section 4961
  (a) A California state bank may convert into a national banking association pursuant to this article and federal law. (b) A California state depository corporation...
• California Financial Code Section 4961.5
  (a) No provision of Division 1 (commencing with Section 99), except the provisions of Chapter 22 (commencing with Section 3800) of Division 1, prohibits or...
• California Financial Code Section 4962
  (a) A converting depository corporation shall make a plan of conversion, stating: (1) That the converting depository corporation shall be converted into the resulting depository...
• California Financial Code Section 4963
  A conversion shall have the same effect as provided in Section 4950 in the case of a conversion of the type defined in Section 4940.
• California Financial Code Section 4964
  Promptly after a conversion becomes effective, the resulting depository corporation shall: (a) Surrender to the commissioner for cancellation the certificates of authority or licenses issued...
• California Financial Code Section 4965
  (a) After a conversion becomes effective, the resulting depository corporation may issue an officers' certificate, stating that the converting depository corporation converted into the resulting...
• California Financial Code Section 4966
  (a) Within 60 days after a conversion, the resulting depository corporation shall file with the Secretary of State an officers' certificate reciting the name of...
• California Financial Code Section 4970
  For purposes of this division: (a) "Annual percentage rate" means the annual percentage rate for the loan calculated according to the provisions of the federal...
• California Financial Code Section 4973
  The following are prohibited acts and limitations for covered loans: (a) (1) A covered loan shall not include a prepayment fee or penalty after the...
• California Financial Code Section 4974
  (a) Any compliance failure that was not willful or intentional and resulted from a bona fide error, that occurred notwithstanding the maintenance of procedures reasonably...
• California Financial Code Section 4975
  (a) (1) Any licensed person who violates any provision of Section 4973, 4979.6, or 4979.7 shall be deemed to have violated that person's licensing law....
• California Financial Code Section 4977
  (a) A licensing agency may, after appropriate notice and opportunity for hearing, by order levy administrative penalties against a person who violates any provision of...
• California Financial Code Section 4978
  (a) A person who fails to comply with the provisions of this division is civilly liable to the consumer in an amount equal to any...
• California Financial Code Section 4978.6
  A person who originates covered loans shall inform any employee, who originates covered loans on behalf of the person, of the administrative or civil penalties...
• California Financial Code Section 4979
  Upon request, a person who originates a covered loan shall provide the licensing agency or the consumer, at no cost, documentation regarding his or her...
• California Financial Code Section 4979.5
  (a) A person who provides brokerage services to a borrower in a covered loan transaction by soliciting lenders or otherwise negotiating a consumer loan secured...
• California Financial Code Section 4979.6
  A person who originates a covered loan shall not make a covered loan that finances points and fees in excess of one thousand dollars ($1,000)...
• California Financial Code Section 4979.7
  On or after July 1, 2002, a person who originates a consumer loan shall not finance, directly or indirectly, into a consumer loan or finance...
• California Financial Code Section 4979.8
  The provisions of this division shall not impose liability on an assignee that is a holder in due course. The provisions of this division shall...
• California Financial Code Section 4981
  Any financial institution doing business in this state, or any other person, that sells to the public at any retail branch office at which deposits...
• California Financial Code Section 4982
  Any violation of this division by a bank is a violation of Division 1 (commencing with Section 99); a violation by a savings association is...
• California Financial Code Section 4983
  Nothing in this division shall be construed or interpreted to mean that this division in any way gives a financial institution the authority to offer...
• California Financial Code Section 4990
  (a) Any person convicted of a felony violation of any of the provisions specified in subdivision (b) shall not serve in any capacity as a...
• California Financial Code Section 4991
  (a) In response to a request by another bank, savings association, credit union, or any other financial institution it is not unlawful for a bank,...
• California Financial Code Section 4995
  The following definitions shall apply for purposes of this division: (a) "Higher-priced mortgage loan" has the meaning set forth in Part 226 of Title 12...
• California Financial Code Section 4995.1
  Notwithstanding any other provision of law, the maximum amount of a prepayment penalty that may be imposed by a licensed person in connection with a...
• California Financial Code Section 4995.2
  (a) This division shall apply to any licensed person who in bad faith attempts to avoid the application of this division by doing either of...
• California Financial Code Section 4995.3
  (a) Any licensed person who violates any provision of this division shall be deemed to have violated that person's licensing law. (b) The licensing agency...
• California Financial Code Section 4995.4
  The provisions of this division shall apply to higher-priced mortgage loans originated on or after July 1, 2010.
• California Financial Code Section 4995.5
  The provisions of this division are severable. If any provision of this division or its application is held invalid, that invalidity shall not affect other...
• California Financial Code Section 4995.6
  Nothing in this division shall be construed to affect any other rights or remedies otherwise available under the law.
• California Financial Code Section 5000
  This division may be cited as the "Savings Association Law."
• California Financial Code Section 5100
  When used in this division, the words and phrases set forth in this article shall have the meanings given in this article unless the context...
• California Financial Code Section 5100.2
  For purposes of this division: (a) Any reference to regulations of the federal Office of Thrift Supervision or the Federal Deposit Insurance Corporation shall also...
• California Financial Code Section 5100.5
  "Affiliated person" of a savings association means the following: (a) A director, officer, or controlling person of the savings association. (b) A spouse of a...
• California Financial Code Section 5100.6
  "Affiliate" of a savings association, unless otherwise defined, includes any corporation, business trust, unincorporated association or other similar organization which meets the criteria of subdivision...
• California Financial Code Section 5100.7
  "Controlling person" of a savings association means any person or entity which (a) either directly or indirectly or acting in concert with one or more...
• California Financial Code Section 5100.8
  "Immediate family" of any natural person means any of the following (whether by the full or half blood or by adoption): (a) The person's spouse,...
• California Financial Code Section 5100.9
  "Institution-affiliated party" means any of the following: (a) Any director, officer, employee or controlling stockholder of, or agent for, a savings association. (b) Any person...
• California Financial Code Section 5101
  "Approved by the members," in the case of a mutual association, means approved by a majority of all votes cast at a duly held regular...
• California Financial Code Section 5102
  (a) "Association" or "savings association" means a mutual or stock savings association, savings and loan association or savings bank subject to the provisions of this...
• California Financial Code Section 5103
  "Certificate of authority" means: (a) A certificate of authority to transact the business of an association, which is issued by the commissioner pursuant to this...
• California Financial Code Section 5103.5
  "Commercial paper" means any note, draft, or bill of exchange which arises out of a current transaction or the proceeds of which have been or...
• California Financial Code Section 5104
  "Commissioner" means the Commissioner of Financial Institutions.
• California Financial Code Section 5105
  "Community" means a centralized area or locality in which a body of inhabitants is gathered in one group having common residential, social, or business interests....
• California Financial Code Section 5105.5
  "Consumer loan" means a loan for personal, family, or household purposes, and loans reasonably incident thereto, and may be made as either open-end or closed-end...
• California Financial Code Section 5105.8
  "Corporate debt security" means a marketable obligation, evidencing the indebtedness of any corporation in the form of a bond, note, or debenture, or both note...
• California Financial Code Section 5106
  "Department" means the Department of Financial Institutions.
• California Financial Code Section 5107
  "Financial institution" means a thrift institution, commercial bank, or trust company.
• California Financial Code Section 5108
  "Impaired condition" means a condition in which the assets of an association in the aggregate do not have a value, as determined in accordance with...
• California Financial Code Section 5109
  "Mutual association" means an association for which the articles of incorporation do not authorize the issuance of capital stock.
• California Financial Code Section 5110
  "Member" means a person holding a savings account of a mutual association. A joint and survivorship or other multiple owner constitutes a single membership.
• California Financial Code Section 5111
  "Mutual capital certificate" means a certificate evidencing an investment in a mutual association and issued pursuant to provisions of this division.
• California Financial Code Section 5112
  "Net worth certificate" means a certificate issued by an association in accordance with Section 13i of the Federal Deposit Insurance Act, as amended (12 U.S.C.,...
• California Financial Code Section 5113
  "Person" means any individual, domestic, or foreign corporation, entity, voting trust, business trust, partnership, limited liability company, association, syndicate, organized group of persons, or similar...
• California Financial Code Section 5114
  "Primarily residential property" means real estate on which there is located, or will be located pursuant to a real estate loan, any of the following:...
• California Financial Code Section 5114.5
  "Residential real estate" means any improved real property that is used or intended to be used as a residence and contains not more than four...
• California Financial Code Section 5115
  "Real estate loan" means a loan or other obligation secured by a lien on real estate, if: (a) The security property is real estate as...
• California Financial Code Section 5116
  "Savings account" means that part of the savings liability of an association that is credited to the holder of the account. A savings account may...
• California Financial Code Section 5117
  "Savings bank" means a savings bank organized under this division.
• California Financial Code Section 5117.5
  "Savings institution" means a financial institution as defined in Section 5102.
• California Financial Code Section 5118
  "Savings liability" means the aggregate amount of savings accounts of depositors, including interest credited to the accounts, less redemptions and withdrawals.
• California Financial Code Section 5119
  "Service corporation" means a corporation, other than a wholly owned subsidiary referred to in Section 7300 or a wholly owned subsidiary doing business as a...
• California Financial Code Section 5120
  "Statutory net worth" or "net worth" means the sum of the following: (a) Issued and outstanding capital stock. (b) Issued and outstanding capital certificates. (c)...
• California Financial Code Section 5121
  "Stock association" means an association for which the articles of incorporation authorize the issuance of capital stock.
• California Financial Code Section 5122
  "Stockholder" means the holder of one or more shares of any class of capital stock of a capital stock association which is organized and operating...
• California Financial Code Section 5123
  "Thrift institution" means an association, a cooperative bank, a homestead association, a building and loan association, a federal association, a federal savings bank, a state...
• California Financial Code Section 5124
  "Withdrawal value" means the amount credited to a savings account less lawful deductions, as shown by the records of the association.
• California Financial Code Section 5203
  (a) The name, rights, powers, privileges, and immunities of each association in existence on the effective date of this division shall be governed by the...
• California Financial Code Section 5204
  (a) Wherever it is stated in this division that an agreement or contract contrary to any of the division's provisions is void, the statement is...
• California Financial Code Section 5205
  Whenever the term " association" is used in any provision of law, such term shall be deemed to include savings banks organized under this division;...
• California Financial Code Section 5205.5
  (a) All references in this division to financial statements, balance sheets, income statements, and statements of changes in financial position of an association and all...
• California Financial Code Section 5206
  Whenever the terms "board of directors," "directors," or "director" are used in any provision of law, such terms shall mean, with respect to savings banks...
• California Financial Code Section 5207
  If any provision, clause, or phrase of this division or application to any person or circumstance is held invalid, its invalidity shall not affect other...
• California Financial Code Section 5208
  This division, being a comprehensive coverage of its subject matter, shall not be deemed to be impliedly repealed, in whole or in part, by subsequent...
• California Financial Code Section 5209
  Insofar as the provisions of this division are inconsistent with any other law in effect at the time the provisions of this division are enacted,...
• California Financial Code Section 5300
  Every person who willfully violates or willfully fails to comply with any of the provisions of this division is guilty of a public offense. Except...
• California Financial Code Section 5301
  (a) The commissioner may refer such evidence as is available concerning any violation of this division or of any regulation, order issued by the commissioner,...
• California Financial Code Section 5302
  (a) Whoever knowingly violates subdivision (a) or (b) of Section 6525.5 shall be punished by a fine of not more than one million dollars ($1,000,000)...
• California Financial Code Section 5303
  Any officer, director, employee, or agent of any association who (a) willfully makes or knowingly concurs in the making or publishing of a false or...
• California Financial Code Section 5304
  (a) It is unlawful for any person to corruptly give, offer, or promise anything of value to any other person, with intent to influence or...
• California Financial Code Section 5305
  Any institution-affiliated party who abstracts or willfully misapplies any of the money, funds, or property of the savings association, or willfully misapplies its credit, is...
• California Financial Code Section 5306
  Any institution-affiliated party who knowingly executes, or attempts to execute, a scheme or artifice to defraud a savings association or to obtain any of the...
• California Financial Code Section 5307
  Whoever willfully and knowingly makes, issues, circulates, transmits, or causes or knowingly permits to be made, issued, circulated, or transmitted, any statement or rumor which...
• California Financial Code Section 5308
  Whoever knowingly makes or causes to be made, directly or indirectly, or through any agency whatsoever, any false statement or report, or willfully overvalues any...
• California Financial Code Section 5309
  (a) A person shall be sentenced to consecutive terms for each violation of Section 5303, 5304, 5305, or 5306 up to a mandatory term of...
• California Financial Code Section 5310
  (a) Any person violating or conspiring to violate Sections 5303, 5304, 5305, or 5306 shall be subject to a civil penalty in an amount assessed...
• California Financial Code Section 5311
  (a) Any fine or civil penalty imposed under this chapter shall be based upon the ability of the defendant to pay. In setting the amount...
• California Financial Code Section 5320
  If a person is convicted of a violation of Section 5303, 5304, 5305, or 5306, or is convicted of a felony for a violation of...
• California Financial Code Section 5321
  (a) The prosecuting agency shall, prior to, in conjunction with, or subsequent to the criminal proceeding, file a petition of forfeiture with the superior court...
• California Financial Code Section 5322
  (a) Any person claiming an interest in the property may, at any time within 30 days from the date of the first publication of the...
• California Financial Code Section 5323
  (a) Concurrent with, or subsequent to, the filing of the petition, the prosecuting agency may move the superior court for the following pendente lite orders...
• California Financial Code Section 5324
  (a) If the trier of fact at the forfeiture hearing finds that the alleged property or proceeds is forfeitable pursuant to Section 5320, the court...
• California Financial Code Section 5325
  Notwithstanding that no response or claim has been filed pursuant to Section 5322, in all cases where property is forfeited pursuant to this article and,...
• California Financial Code Section 5330
  The commissioner may impose civil penalties on any savings association, and any institution-affiliated party as follows: (a) Except as provided in subdivision (b) or in...
• California Financial Code Section 5400
  (a) No funds from proposed stockholders, members, or organizers of any proposed association may be collected until a verified application for an organizing permit has...
• California Financial Code Section 5401
  The application for an organizing permit shall be in writing and shall be filed in the office of the commissioner. The application shall be executed...
• California Financial Code Section 5402
  (a) The commissioner may impose conditions in an organizing permit concerning the deposit in escrow of funds collected pursuant to the permit, the manner of...
• California Financial Code Section 5403
  (a) Before filing an application for an organizing permit with the commissioner under Section 5400, an organizer shall file with the Secretary of State an...
• California Financial Code Section 5500
  Within 60 days after issuance of an organizing permit under Article 1 (commencing with Section 5400) any person may request authority to form a capital...
• California Financial Code Section 5501
  Upon receipt of a petition for a certificate of authority, the commissioner shall give written notice to each association that a petition for the issuance...
• California Financial Code Section 5501.5
  The articles of incorporation of each domestic association incorporated after January 1, 1984, shall include a statement that it is formed for each of the...
• California Financial Code Section 5502
  The commissioner shall not approve any petition for certificate of authority unless it is found from the data furnished with the petition, the evidence adduced...
• California Financial Code Section 5503
  (a) The commissioner shall, within a reasonable time after the petition is filed, or within a reasonable time after the hearing, if one is held,...
• California Financial Code Section 5504
  Upon issuance of a certificate of approval of articles of incorporation to a proposed association, the commissioner shall attach the original signed copy of the...
• California Financial Code Section 5505
  The articles of incorporation of a proposed association shall not be filed in the office of the Secretary of State unless a certificate of approval...
• California Financial Code Section 5506
  Within 30 days after the corporate existence of an association begins, the directors of the association shall hold an organization meeting and shall elect officers...
• California Financial Code Section 5600
  (a) The board of directors of an association which is in the process of organization shall select a financial institution within this state as a...
• California Financial Code Section 5601
  Before a certificate of authority is issued, the capital of the association shall be paid into the association and, in the case of stock, shall...
• California Financial Code Section 5602
  In addition to the minimum capital required, the commissioner may require that the consideration for the issuance of capital stock shall be sufficient to create...
• California Financial Code Section 5603
  In the case of a stock association, prior to issuance of a certificate of authority, the association shall file with the commissioner a statement in...
• California Financial Code Section 5604
  (a) In the case of a stock association, on or after the date the commissioner issues the association a certificate of authority, the association shall...
• California Financial Code Section 5605
  (a) Any association that does not commence business within one year after the date of the issuance of its certificate of approval of articles of...
• California Financial Code Section 5606
  (a) Prior to doing business in this state, an association shall obtain and maintain insurance of its savings accounts by the Federal Deposit Insurance Corporation....
• California Financial Code Section 5612
  For the purposes of this article, "security" means any stock, subordinated debenture, warrant, or right or option to purchase any stock issued by an association.
• California Financial Code Section 5613
  (a) No association shall sell, except upon a sale for a delinquent assessment made in accordance with the provisions of the General Corporation Law, or...
• California Financial Code Section 5614
  (a) Except as provided in subdivision (b), no issued and outstanding stock of an association shall be sold or offered for sale to the public,...
• California Financial Code Section 5615
  An application for a permit to sell securities shall be in writing, verified as provided in the Code of Civil Procedure for the verification of...
• California Financial Code Section 5616
  Upon the filing of the application for a permit to sell securities, the commissioner shall examine the application and other papers and documents filed therewith,...
• California Financial Code Section 5617
  Every permit to sell securities shall recite in bold type that the issuance thereof is permissive only and does not constitute a recommendation or endorsement...
• California Financial Code Section 5618
  The commissioner may amend, alter, or revoke any permit issued by the commissioner, or temporarily suspend the rights of the association under such permit.
• California Financial Code Section 5620
  (a) A stock association may issue shares of common stock and preferred stock, with or without par value, and common and preferred stock may be...
• California Financial Code Section 5621
  (a) With the approval of the commissioner, a mutual association may amend its articles of incorporation to authorize the issuance of stock and may issue...
• California Financial Code Section 5622
  Capital stock of a stock association shall be issued pursuant to the following requirements: (a) Except for stock issued pursuant to a stock dividend, stock...
• California Financial Code Section 5623
  A mutual association may issue mutual capital certificates in accordance with regulations of the commissioner.
• California Financial Code Section 5624
  An association may issue net worth certificates in accordance with applicable regulations of the Office of Thrift Supervision or the Federal Deposit Insurance Corporation.
• California Financial Code Section 5650
  Notwithstanding the provisions of subdivision (a) of Section 201 of the Corporations Code and Division 1 of the Financial Code, the name of every association...
• California Financial Code Section 5651
  (a) No certificate of approval of articles of incorporation of a proposed association having the same name as an association in existence in this state...
• California Financial Code Section 5652
  Except as otherwise authorized under existing law, no person, unless lawfully authorized to do business in this state under the provisions of this division and...
• California Financial Code Section 5653
  Upon application by the commissioner or any association, a court of competent jurisdiction may issue an injunction to restrain any person from violating or continuing...
• California Financial Code Section 5654
  (a) Without the prior approval of the commissioner, as provided in this division, no association shall do any of the following: (1) Establish or maintain...
• California Financial Code Section 5655
  No association shall advertise or hold itself out to the public as a bank. This subdivision shall not be construed to prohibit an association which...
• California Financial Code Section 5700
  A state association may convert itself into a federal association by following the procedure outlined in Sections 5701 through 5708.
• California Financial Code Section 5701
  At any regular or special meeting called to consider the conversion of an association into a federal association, in the case of a stock association,...
• California Financial Code Section 5702
  Any executor, administrator, guardian, conservator of a natural person or receiver, and any fiduciary or trustee, and any public corporation, political subdivision, public instrumentality, charitable...
• California Financial Code Section 5703
  Promptly after the meeting approving a conversion into a federal association, the association shall file in the office of the commissioner a certificate verified by...
• California Financial Code Section 5704
  A certified copy of the certificate required by Section 5703 filed in the office of the Secretary of State is presumptive evidence of the holding...
• California Financial Code Section 5705
  After the meeting of the stockholders and members, the association shall take any action necessary to make it a federal association, and promptly after receipt...
• California Financial Code Section 5706
  At the time the conversion into a federal association becomes effective the association ceases to be supervised by this state and all of the property...
• California Financial Code Section 5707
  The converted federal association shall have, hold, and enjoy the property mentioned in Section 5706 in its own right as fully and to the same...
• California Financial Code Section 5708
  Where a copy of a charter of a federal association, issued by the Federal Home Loan Bank Board pursuant to the laws of the United...
• California Financial Code Section 5709
  Any federal association may convert itself into an association by following the procedure set forth in Sections 5710 through 5718.
• California Financial Code Section 5710
  At any regular or special meeting called to consider the action, the stockholders and members entitled to vote by an affirmative majority of the votes...
• California Financial Code Section 5711
  Copies of the minutes of the proceedings of the meeting of the stockholders or members in which they vote to convert into an association, verified...
• California Financial Code Section 5712
  The verified copies of the minutes of the meeting, when filed as required by Section 5711, are presumptive evidence of the holding and action of...
• California Financial Code Section 5713
  After a meeting as provided for in Section 5710, the federal association shall take or cause to be taken such action as shall make it...
• California Financial Code Section 5714
  The directors of an association converted from a federal association may insert in the articles of incorporation the following statement: "This association is incorporated by...
• California Financial Code Section 5715
  Promptly after the filing of the articles of incorporation with the Secretary of State, there shall be filed with the federal home loan bank of...
• California Financial Code Section 5716
  Upon the filing of the articles of incorporation with the Secretary of State, the federal association ceases to be a federal association and is an...
• California Financial Code Section 5717
  The converted association shall have, hold, and enjoy the property mentioned in Section 5716 in its own right as fully and to the same extent...
• California Financial Code Section 5718
  In the event stock is to be issued by the converted association, the commissioner may issue an organizing permit to the federal association or to...
• California Financial Code Section 5750
  (a) Pursuant to a plan or agreement (referred to as "agreement" in this article) adopted by the board of directors and approved by the commissioner...
• California Financial Code Section 5751
  At the sole discretion of the commissioner a public hearing may be held on applications filed under this article, in accordance with procedures established by...
• California Financial Code Section 5752
  Applications filed under this article shall be accompanied by any applicable filing fee prescribed by the commissioner pursuant to Section 9001.
• California Financial Code Section 5753
  The provisions of Chapter 13 (commencing with Section 1300) of Division 1 of Title 1 of the Corporations Code shall apply only to stockholders and...
• California Financial Code Section 5754
  In a merger the agreement shall state any matters with respect to which the articles of the surviving association are deemed amended and the articles...
• California Financial Code Section 5755
  When a merger or consolidation agreement has been approved by the directors and the stockholders or members of an association, the association shall mail notice...
• California Financial Code Section 5756
  Any amendment to a merger or consolidation agreement may be adopted, and the agreement so amended may be approved at the meeting of the stockholders...
• California Financial Code Section 5757
  Notwithstanding any other provision of law, the approval of transactions under this article shall not be required by any borrowers or by holders of savings...
• California Financial Code Section 5758
  The executed agreement, or an executed counterpart of it and the respective certificate of each constituent association or any other corporation and of the surviving...
• California Financial Code Section 5759
  An association may acquire all or at least 90 percent of the issued and outstanding stock of another association, or any other corporation, with the...
• California Financial Code Section 5760
  (a) Any association, owning all the outstanding stock of any corporation, may merge its wholly owned subsidiary corporation if the laws under which the subsidiary...
• California Financial Code Section 5761
  The directors of an association may, in their discretion, abandon a transaction under this article, subject to the rights of third parties under any contracts...
• California Financial Code Section 5762
  The commissioner may adopt rules and regulations relating to any transaction regulated by this article.
• California Financial Code Section 5800
  For the purposes of this article the following words and phrases shall have the following meanings: (a) "Savings and loan holding company" means any person...
• California Financial Code Section 5801
  (a) Except as provided in subdivision (b), no person may become a savings and loan holding company, or thereafter register under Section 5804, unless the...
• California Financial Code Section 5802
  The commissioner shall within 60 days after the date of filing of a completed application, unless good cause is shown why a decision to approve...
• California Financial Code Section 5803
  (a) After the decision under this article by the commissioner either approving or denying the application, upon the filing with the commissioner within 30 days...
• California Financial Code Section 5804
  (a) Within 60 days following approval, or a later date if extended by the commissioner, each savings and loan holding company shall register with the...
• California Financial Code Section 5806
  Each savings and loan holding company, which is not an individual, shall pay an initial and an annual registration fee of five hundred dollars ($500)...
• California Financial Code Section 5807
  When a savings and loan holding company has satisfied the requirements of this article, the commissioner shall issue the holding company a certificate of registration,...
• California Financial Code Section 5808
  No association that is a subsidiary in this state of any savings and loan holding company that does not have in effect a certificate of...
• California Financial Code Section 5809
  (a) The commissioner from time to time may require reports from any savings and loan holding company and its subsidiaries in a format deemed necessary...
• California Financial Code Section 5810
  The commissioner shall have the enforcement powers with respect to savings and loan holding companies and their subsidiaries that are provided with respect to associations...
• California Financial Code Section 5811
  This article shall not apply to an acquisition of stock made pursuant to a plan or agreement of reorganization, merger, consolidation, or transfer of assets...
• California Financial Code Section 5850
  (a) An association may dissolve pursuant to the General Corporation Law (Division 1 (commencing with Section 100) of Title 1 of the Corporations Code). (b)...
• California Financial Code Section 5860
  Notwithstanding any other provision of law, but subject to prior approval of the commissioner, any mutual association may reorganize so as to become a mutual...
• California Financial Code Section 5861
  Upon transfer of assets and assumption of liabilities pursuant to Section 5860, persons who prior thereto held savings accounts with, or other rights as creditors...
• California Financial Code Section 5862
  A reorganization of a mutual association pursuant to this article shall be approved by the board of directors and by the members of the mutual
• California Financial Code Section 5863
  An application to the commissioner for approval of a reorganization under this article shall contain such relevant information as the commissioner may require. The commissioner...
• California Financial Code Section 5864
  In connection with reorganization pursuant to the provisions of this article, a mutual association may, subject to the approval of the commissioner, retain capital assets...
• California Financial Code Section 5865
  A mutual holding company shall be deemed to be a savings association continuing its organization under this division and may engage only in activities authorized...
• California Financial Code Section 5866
  Sections 5801, 5802, and 5803 shall not apply to a reorganization pursuant to this article.
• California Financial Code Section 5867
  Notwithstanding any other provision of law, a reorganized stock association may exercise any and all powers, rights, and privileges of and be subject to all...
• California Financial Code Section 5868
  A reorganized stock association shall have the power to issue additional amounts of capital stock to the mutual holding company of which it is a...
• California Financial Code Section 6000
  An annual meeting of the members of each mutual association shall be held at a time and place fixed in the bylaws of the association.
• California Financial Code Section 6001
  Special meetings of the members of a mutual association may be called at any time by the president or the board of directors, and shall...
• California Financial Code Section 6002
  Notice of each annual and special meeting shall be either published once a week for the two successive calendar weeks (in each instance on any...
• California Financial Code Section 6003
  In the consideration of all questions requiring action by the members of a mutual association, each member shall be entitled to cast one vote for...
• California Financial Code Section 6004
  (a) In order that the association may determine the members entitled to notice of any meeting or to vote or entitled to receive any distribution...
• California Financial Code Section 6005
  At any meeting of the members, voting may be in person or by proxy, provided that no proxy is eligible to be voted at any...
• California Financial Code Section 6006
  Any number of members present at a regular or special meeting of the members shall constitute a quorum. A majority of all votes cast at...
• California Financial Code Section 6050
  (a) The register of stockholders or members, the books of account, and the minutes of an association shall be subject to inspection upon the written...
• California Financial Code Section 6051
  (a) If any member, members, stockholder or stockholders desire to communicate with other members or stockholders of an association about any question pending or to...
• California Financial Code Section 6052
  (a) No action may be instituted or maintained in the right of any association by any savings account holder who is not a stockholder or...
• California Financial Code Section 6053
  In the case of an association which converts from a mutual association to a stock association, for a period of up to five years from...
• California Financial Code Section 6100
  Each association shall prepare and publish annually within the time prescribed by the commissioner in a newspaper of general circulation in the county in which...
• California Financial Code Section 6150
  (a) The business of each association shall be directed by a board of directors elected by ballot by a plurality of the votes of the...
• California Financial Code Section 6151
  No person shall be eligible for election or shall serve as a director or officer of an association who has been convicted of a criminal...
• California Financial Code Section 6152
  (a) A director shall automatically cease to be a director upon becoming the subject of an order for relief in bankruptcy or upon conviction of...
• California Financial Code Section 6153
  Directors shall be elected for periods of three years and until their successors are elected and qualified, but provision shall be made for the election...
• California Financial Code Section 6154
  If the members or stockholders fail to elect a director to fill each vacancy created by an increase in the number of directors, the current...
• California Financial Code Section 6155
  Whenever the number of directors is changed and vacancies caused by the change are filled, the directors so elected shall be elected to terms in...
• California Financial Code Section 6156
  (a) Any vacancy among directors, not filled by the members or stockholders, may be filled by a majority vote of the remaining directors, though less...
• California Financial Code Section 6157
  Every savings association subject to the new director or senior executive officer notice requirements of Section 32 of the Federal Deposit Insurance Act (12 U.S.C....
• California Financial Code Section 6200
  Except as provided in subdivision (b) of Section 6203, all directors, officers, and employees of an association shall, before entering upon the performance of any...
• California Financial Code Section 6201
  Associations that employ collection agents, who for any reason are not covered by a bond required under Section 6200, shall provide for the bonding of...
• California Financial Code Section 6202
  No indemnity bond coverage is required of any agent that is a financial institution insured by the Federal Deposit Insurance Corporation.
• California Financial Code Section 6203
  (a) The amounts and form of indemnity bonds and sufficiency of the surety shall be approved by the board of directors and by the commissioner....
• California Financial Code Section 6204
  Indemnity bonds shall provide that their cancellation either by the surety or by the insured shall not become effective unless and until 10 days' notice...
• California Financial Code Section 6450
  Each association shall keep correct and complete books and records of accounts, as specified in Section 1500 of the Corporations Code.
• California Financial Code Section 6451
  (a) Except as provided in subdivision (b), each agency of an association, as defined in Section 6551, shall keep an original record of each transaction...
• California Financial Code Section 6452
  Each association shall observe generally accepted accounting principles and practices except to the extent that the commissioner may require or permit different accounting treatment of...
• California Financial Code Section 6453
  Each association shall close its books at the close of business at least annually, or more often if authorized or required in writing by the
• California Financial Code Section 6454
  No association by any system of accounting or any device of bookkeeping shall, either directly or indirectly, enter any of its assets upon its books...
• California Financial Code Section 6455
  (a) Each association shall maintain complete loan and investment records, and shall do so in a manner satisfactory to the commissioner. Detailed records necessary to...
• California Financial Code Section 6456
  Each mutual association shall maintain membership records which shall show the name and address of the member and the date of membership.
• California Financial Code Section 6457
  Each capital stock association shall maintain a register of stockholders.
• California Financial Code Section 6458
  (a) Any association may cause any or all records of the association to be copied or reproduced by any photostatic, photographic, or microfilming process that...
• California Financial Code Section 6475
  (a) Each association shall maintain an adequate statutory net worth appropriate for the conduct of its business and the protection of its savings account holders....
• California Financial Code Section 6476
  Each association shall set up and maintain the reserves required by, and may set up and maintain any additional reserves that are permitted by, this...
• California Financial Code Section 6477
  Any association which, for the purpose of evading provisions of this division or any order of the commissioner, knowingly participates, directly or indirectly, in an...
• California Financial Code Section 6500
  (a) Each association incorporated pursuant to or operating under the provisions of this division shall have all the powers enumerated, authorized, and permitted by this...
• California Financial Code Section 6501
  An association may have perpetual existence, adopt and use a corporate seal which may be affixed by imprint, facsimile, or otherwise, and adopt and amend...
• California Financial Code Section 6502
  An association may sue, be sued, complain, and defend in any court.
• California Financial Code Section 6502.5
  An association may, acquire, hold, sell, develop, subdivide, dispose of, and convey real and personal property consistent with its objects and powers. It may mortgage,...
• California Financial Code Section 6503
  (a) No association or subsidiary thereof, without the prior written consent of the commissioner, shall enter into either of the following: (1) Any transaction or...
• California Financial Code Section 6504
  (a) Except by the prior written consent of the commissioner, an association in organization that is not a member of a federal home loan bank...
• California Financial Code Section 6505
  (a) An association may issue and sell, directly or through underwriters, capital certificates that represent nonwithdrawable capital contributions, and constitute part of the reserves and...
• California Financial Code Section 6507
  An association may qualify as and become a member of a federal home loan bank and a home loan bank established as an agency or...
• California Financial Code Section 6508
  An association may become a member of, deal with, maintain reserves or deposits with, or make reasonable payments or contributions to any organization or instrumentality...
• California Financial Code Section 6509
  An association may act as depository for receipt of payments of federal or state taxes and loan funds, and may satisfy any related federal or...
• California Financial Code Section 6510
  An association may sell any loan, including a participating interest in a loan, at any time.
• California Financial Code Section 6511
  Loans secured by real property may be sold to, and are legal investments for, among others, any public or private pension fund, credit union, labor...
• California Financial Code Section 6513
  An association may service loans and investments for others.
• California Financial Code Section 6514
  (a) An association may act, and receive compensation for so acting, as trustee of any trust created or organized in the United States and forming...
• California Financial Code Section 6515
  (a) Notwithstanding any provisions of Division 1 (commencing with Section 99), Section 202 of the Corporations Code, or any other provisions of law relating to...
• California Financial Code Section 6516
  (a) Subject to regulations issued by the commissioner, an association may own and use or participate in the use or ownership and use of remote...
• California Financial Code Section 6517
  Subject to Regulation E (12 CFR Part 205) and to rules and regulations of the commissioner, an association may transfer funds between holders of savings...
• California Financial Code Section 6518
  (a) An association may maintain and rent safes, boxes, or other receptacles or premises for the safekeeping of personal property upon terms and conditions that...
• California Financial Code Section 6519
  An association may sell money orders, travel checks, and similar instruments drawn by it on its bank accounts or as agent for any organization empowered...
• California Financial Code Section 6520
  An association, service corporation, or a person authorized in writing by an association may act as an agent for others except that an association may...
• California Financial Code Section 6521
  (a) Notwithstanding the provisions of Division 6 (commencing with Section 17000) or any other provision of law, an association or service corporation may act as...
• California Financial Code Section 6522
  (a) An association that declares and pays dividends may distribute its own shares or may make payments in cash or property. Payment of cash or...
• California Financial Code Section 6523
  (a) An association may use advertising, whether printed, broadcasted by radio, televised, displayed, or communicated in any other manner or make any representation that is...
• California Financial Code Section 6524
  An association may organize, sponsor, operate, control, or render investment advice to, an investment company, or underwrite, distribute, or sell securities of any investment company...
• California Financial Code Section 6525
  (a) Notwithstanding the provisions of Sections 1051, 1052, and 1054 of the Labor Code and Section 2947 of the Penal Code, an association, a subsidiary...
• California Financial Code Section 6525.5
  Except with the prior written consent of the commissioner: (a) No person who has been convicted of any criminal offense involving dishonesty or breach of...
• California Financial Code Section 6526
  An association may issue commercial and standby letters of credit in conformance with the Uniform Commercial Code or the Uniform Customs and Practice for Documentary...
• California Financial Code Section 6527
  If a loan or other investment is authorized under more than one section of this division an association may designate under which section the loan...
• California Financial Code Section 6528
  An association may provide correspondent services primarily to other depository institutions to the extent that the activity does not violate other provisions of law. (a)...
• California Financial Code Section 6529
  (a) No affiliated person of a savings association may receive, either directly or indirectly, from the association, a subsidiary thereof, or any other source any...
• California Financial Code Section 6530
  (a) No savings association may discharge or otherwise discriminate against any employee with respect to compensation, terms, conditions, or privileges of employment because the employee...
• California Financial Code Section 6550
  (a) A branch office is a legally established place of business of an association other than the home office, a remote service unit, or any...
• California Financial Code Section 6551
  (a) An agency of an association is a place or facility, stationary or mobile, other than the home office, a remote service unit, or a...
• California Financial Code Section 6552
  No association may establish or maintain a branch office or agency without the prior written approval of the commissioner, except that temporary and incidental agencies...
• California Financial Code Section 6553
  (a) Each application for approval of the establishment and maintenance of a branch office or one or more agencies shall include the following: (1) The...
• California Financial Code Section 6554
  Upon receipt of a complete application for a branch office, the commissioner shall give written notice of the filing of the application to each association....
• California Financial Code Section 6555
  (a) Before acting on an application for a branch office, the commissioner may hold a hearing at a time and place specified in a notice...
• California Financial Code Section 6556
  (a) Upon review of the application for a branch office or agency and after a hearing on the branch application, if one is deemed necessary,...
• California Financial Code Section 6557
  The provisions of this article relating to branch office and agency applications do not apply to a branch office or agency of an existing association...
• California Financial Code Section 6558
  The commissioner may adopt rules and regulations relating to any action pertaining to branch offices and agencies regulated by this article.
• California Financial Code Section 6600
  The savings liability of an association shall consist only of the aggregate amount of its savings accounts, plus interest earned or credited to the accounts,...
• California Financial Code Section 6601
  Except as limited by the association from time to time or by state or federal law or regulations, account holders may make additions to their...
• California Financial Code Section 6602
  Savings accounts may be opened for cash or, subject to any limitations or restrictions in regulations issued by the commissioner, for property in which the...
• California Financial Code Section 6603
  No member of a mutual association is responsible for any losses of the association, no savings account is subject to assessment, and no savings account...
• California Financial Code Section 6651
  Except for savings accounts issued in marketable or bearer form, savings accounts shall be represented only by the account of each savings account holder on...
• California Financial Code Section 6652
  (a) Upon the filing with an association by the savings account holder of record as shown by the books of the association, or by the...
• California Financial Code Section 6653
  (a) No association shall, directly or indirectly, for the opening or increasing of any savings account, give, sell, dispose of, or permit the giving, selling,...
• California Financial Code Section 6653.5
  (a) A troubled savings association may not accept funds obtained, directly or indirectly, by or through any deposit broker for deposit into one or more...
• California Financial Code Section 6660
  (a) For the purposes of this section: (1) "Account" means withdrawable or repurchasable shares, investment certificates, deposits, or savings accounts as defined in Section 561.2,...
• California Financial Code Section 6661
  Notice to an association or federal association of an adverse claim to a savings account of, or to personal property held for the account of,...
• California Financial Code Section 6662
  Nothing in this chapter shall prohibit an association or federal association from issuing tenancy in common, community property, and other types of savings accounts authorized...
• California Financial Code Section 6663
  If any attachment is levied upon any savings account or any other property maintained with an association or federal association, a copy of the writ...
• California Financial Code Section 6700
  An association may contract with the proper authorities of any public or nonpublic elementary or secondary school or institution of higher learning, or any public...
• California Financial Code Section 6701
  An association may contract with any employer, as follows: (a) With respect to the solicitation, collection, and receipt of savings by payroll deduction to be...
• California Financial Code Section 6702
  An association may pay commissions or fees in cash or merchandise for soliciting deposits to any employee of the association or to any broker or...
• California Financial Code Section 6725
  (a) Notwithstanding any other provision of law, an association or federal association may continue to recognize the authority of an attorney-in-fact authorized in writing to...
• California Financial Code Section 6750
  Except as otherwise expressly provided in this article, an association or federal association may issue savings accounts to any married person or minor as the...
• California Financial Code Section 6751
  Any payment or delivery of rights to a married person, to any minor, or to a trust established by or for a married person, or...
• California Financial Code Section 6752
  (a) In the case of a minor, the receipt, acquittance, pledge, or other action required by the association or federal association to be taken by...
• California Financial Code Section 6800
  An account in an association or federal association that is a multiple-party account as defined in Section 5132 of the Probate Code is governed by...
• California Financial Code Section 6804
  No association or federal association paying any survivor in accordance with Part 2 (commencing with Section 5100) of Division 5 of the Probate Code shall,...
• California Financial Code Section 6805
  The pledge or hypothecation to any association or federal association of all or part of a multiple party account, as defined in Section 5132 of...
• California Financial Code Section 6850
  Any association may accept fiduciary savings accounts in the name of any administrator, executor, custodian, conservator, guardian, trustee, or other fiduciary for a named beneficiary...
• California Financial Code Section 6851
  (a) The withdrawal value of a fiduciary account, and interest on it, or other rights relating to it, may be paid or delivered, in whole...
• California Financial Code Section 6852
  (a) Whenever a person holding an account in a fiduciary capacity dies and no written notice of the revocation or termination of the fiduciary relationship...
• California Financial Code Section 6855
  No association paying any fiduciary, beneficiary, or designated person in accordance with this article or the California Multiple-Party Accounts Law contained in Part 2 (commencing...
• California Financial Code Section 6856
  The provisions of this article apply to federal associations to the extent that they are not inconsistent with and do not infringe upon federal laws...
• California Financial Code Section 6900
  If an association or federal association has received no written notice and is not on actual notice that the savings account holder has been adjudicated...
• California Financial Code Section 6950
  (a) When a savings account is held in any association or federal association by a person who dies while domiciled in a sister state or...
• California Financial Code Section 6951
  No action at law or in equity shall be maintained against an association or federal association for payment made in accordance with this article.
• California Financial Code Section 7000
  (a) Administrators, executors, custodians, conservators, guardians, trustees, and other fiduciaries, insurance companies, business and manufacturing companies, banks, trust companies, credit unions, and other types of...
• California Financial Code Section 7001
  (a) Whenever, under the laws of this state or otherwise, a deposit of securities is required for any purpose, the savings accounts and accounts made...
• California Financial Code Section 7002
  The provisions of this article supplement any and all other laws relating to and declaring what shall be legal investments for the persons, fiduciaries, corporations,...
• California Financial Code Section 7050
  An association may issue savings accounts earning interest at different rates of return. The annual rate of return paid on a savings account may either...
• California Financial Code Section 7051
  An association may classify its savings accounts on any basis including, but not limited to, character, amount, or duration of the account, regularity of additions,...
• California Financial Code Section 7052
  Except for accounts that are classified according to a specified contractual time or notice period, interest shall be based on the withdrawal value of each...
• California Financial Code Section 7053
  (a) The date of investment in a savings account shall be the date of actual receipt by the association of the account or an addition...
• California Financial Code Section 7054
  The board of directors, by resolution, may determine any of the following: (a) That interest shall not be paid on designated types of savings accounts...
• California Financial Code Section 7055
  The directors shall determine the method of calculating the amount of any interest on any savings account classification as provided in this article and the...
• California Financial Code Section 7100
  (a) Notwithstanding any other provision of law, but subject to subdivision (b), an association may permit the owner of a deposit or account to make...
• California Financial Code Section 7150
  At any time funds are on hand for the purpose, an association shall have the right to redeem by lot or otherwise, as the board...
• California Financial Code Section 7151
  Except with the prior consent of the commissioner, no association shall redeem any of its savings accounts when the association is in an impaired condition...
• California Financial Code Section 7152
  The redemption price of savings accounts redeemed shall be the full value of the account redeemed, as determined by the board of directors, but in...
• California Financial Code Section 7153
  If the notice of redemption under Section 7150 has been given, and if on or before the redemption date the funds necessary for the redemption...
• California Financial Code Section 7154
  (a) All certificates of ownership evidencing former savings accounts that have been called for redemption must be tendered for payment within the time limit specified...
• California Financial Code Section 7200
  No association shall invest in any security under this chapter, other than in liquid assets, or in any loan at any time if the association...
• California Financial Code Section 7250
  Notwithstanding any other provision of law, an association may invest in the following securities without limit, and in addition may invest not in excess of...
• California Financial Code Section 7250.5
  No savings association may directly or indirectly acquire or retain any corporate debt security unless the corporate debt security is rated in one of the...
• California Financial Code Section 7251
  An association holding investments which have been approved by the commissioner shall not be required to dispose of them or to establish a reserve account...
• California Financial Code Section 7252
  (a) Notwithstanding any other provisions of this chapter, an association may, subject to regulations of the commissioner, invest in the capital stock, obligations, or other...
• California Financial Code Section 7260
  Stock of a Federal Reserve bank.
• California Financial Code Section 7261
  Bonds of the State of California and those for which the faith and credit of the State of California are pledged for the payment of...
• California Financial Code Section 7262
  Bonds of any flood control and water conservation districts, or any zone thereof, having an assessed valuation on taxable real property of not less than...
• California Financial Code Section 7263
  Bonds of any other political subdivision, public corporation, or district of the State of California (herein referred to generally as public corporations) having the power,...
• California Financial Code Section 7264
  Bonds or other evidences of indebtedness of, or which are unconditionally guaranteed by the State of Israel, the United States of Mexico, the Commonwealth of...
• California Financial Code Section 7265
  Bonds of any irrigation district, water, storage district, water conservation district, county water district, reclamation district, drainage district, and any district the primary function of...
• California Financial Code Section 7266
  Bonds, consolidated bonds, collateral trust debentures, consolidated debentures, or other obligations issued by federal land banks or federal intermediate credit banks established under the Federal...
• California Financial Code Section 7267
  Bonds, notes, or other obligations issued by the Federal Financing Bank, the United State Postal Service, or issued or assumed by the International Bank for...
• California Financial Code Section 7268
  (a) Notes with a maturity not exceeding 15 months after the date of issue, issued in anticipation of uncollected taxes, income, revenue, cash receipts, and...
• California Financial Code Section 7269
  In revenue securities of any state of the United States, or of the Commonwealth of Puerto Rico, and of any city, county, city and county,...
• California Financial Code Section 7270
  Bonds of any local public housing agency (as defined in the United States Housing Act of 1937, as amended) as are secured either, (a) by...
• California Financial Code Section 7271
  Bonds secured by an insurance commitment of the Federal Housing Administration.
• California Financial Code Section 7272
  Evidences of indebtedness of companies incorporated in the United States and, directly or indirectly, engaged in manufacturing, extraction, merchandising, or commercial financing and in bonds...
• California Financial Code Section 7273
  Fixed interest railroad bonds meeting the requirements of subdivisions (a) and (b), bonds secured by a mortgage on jointly operated railroad facilities meeting the requirements...
• California Financial Code Section 7274
  Bonds and debentures of gas, electric, or gas and electric companies meeting the requirements of subdivision (a), bonds and debentures of telephone companies meeting the...
• California Financial Code Section 7275
  As used in this article, "funded debt" means all interest-bearing indebtedness of a corporation not maturing within one year of the date it was incurred.
• California Financial Code Section 7300
  (a) Each association shall have power to invest in real property, tangible personal property and interests in real property for the conduct of the business...
• California Financial Code Section 7350
  (a) An association may acquire and hold stock of one or more corporations the primary activities of which are engaging in real property investment, in...
• California Financial Code Section 7450
  (a) An association may make any loan authorized by this division, but the association shall first determine that the type, amount, purpose, and repayment provisions...
• California Financial Code Section 7450.2
  Except with the prior written consent of the commissioner, no association shall knowingly make: (a) Any loan to any corporation of which 10 percent or...
• California Financial Code Section 7451
  Except as otherwise provided by the commissioner, an association shall not make or acquire total loans with respect to one borrower or on one project...
• California Financial Code Section 7452
  (a) An association may make consumer loans, provided that the total of such loans shall not exceed 30-percent of the assets of the association. (b)...
• California Financial Code Section 7453
  (a) An association may make, invest in, sell, purchase, participate in, or otherwise deal in secured or unsecured loans for agricultural, business, commercial, or corporate...
• California Financial Code Section 7454
  Each association is authorized to issue credit cards, extend credit in connection with the cards, and otherwise engage in or participate in credit card operations....
• California Financial Code Section 7455
  No association or director, officer, or employee of an association shall require, as a condition to the granting of any loan or the extension of...
• California Financial Code Section 7456
  Any loan commitment made by an association shall be counted as an investment and shall be included in total assets of the association only to...
• California Financial Code Section 7457
  An association may make loans on the security of its savings accounts, whether or not the borrower is the owner of the account, subject to...
• California Financial Code Section 7458
  An association may make overdraft loans specifically related to transaction accounts, subject to regulations issued by the commissioner.
• California Financial Code Section 7459
  In addition to establishing reserves pursuant to Section 6476, an association or federal association, as defined in Section 5102, may establish a separate loan reserve...
• California Financial Code Section 7460
  (a) Notwithstanding Section 726 of the Code of Civil Procedure or any other provision of law to the contrary, an association, a federal association, an...
• California Financial Code Section 7461
  The provisions of any deed of trust or mortgage on real property which authorize an association, federal association, affiliate or service corporation of an association...
• California Financial Code Section 7462
  The provisions of any deed of trust or mortgage on real property which authorize an association, federal association, affiliate or service corporation of an association...
• California Financial Code Section 7500
  (a) Subject to limitations, if any, within this chapter, an association may originate, invest in, sell, purchase, service, participate, or otherwise deal in (including brokerage...
• California Financial Code Section 7501
  Each real estate loan shall be evidenced by a note or instrument of obligation for the amount of the loan. The note or instrument shall...
• California Financial Code Section 7502
  (a) Each real estate loan shall be secured by a deed of trust, mortgage, or other transaction or instrument constituting a lien or claim, or...
• California Financial Code Section 7503
  Except as specified by the loan contract or by Section 2954.8 of the Civil Code, an association shall have no obligation to pay interest to...
• California Financial Code Section 7504
  Notwithstanding any other provision of law, an association may adjust the interest rate, payment, balance, or term-to-maturity on any loan secured by real property as...
• California Financial Code Section 7505
  (a) Notwithstanding any other provision of law, an association may originate, invest in, sell, purchase, service, participate, or otherwise deal in loans (including construction loans)...
• California Financial Code Section 7505.5
  (a) A savings association may make loans the principal purpose of which is to provide financing with respect to what is, or what is to...
• California Financial Code Section 7506
  Notwithstanding any other provision of the law, an association may make a loan secured by an assignment of a loan or loans to the extent...
• California Financial Code Section 7507
  (a) An association may make loans or advances of credit, or invest in interests therein, on the security of real property, which loans, advances of...
• California Financial Code Section 7509
  (a) (1) At the time of origination, a real estate loan may not exceed 100 percent of the market value of security property. An association...
• California Financial Code Section 7600
  In the case of any investment made by an association in a real estate loan, in the event all or part of the ownership of...
• California Financial Code Section 7650
  (a) Except as provided in subdivision (b), nothing in this division or the laws of this state shall be construed as denying to an association...
• California Financial Code Section 7675
  (a) Pursuant to the authority contained in Section 1 of Article XV of the California Constitution, the restrictions upon rates of interest contained in Section...
• California Financial Code Section 7700.3
  An association may engage in leasing activities that are the functional equivalent of lending, subject to the limitations of Sections 7701 to 7704, inclusive.
• California Financial Code Section 7701
  An association may become the legal or beneficial owner of tangible personal property or real property for the purpose of leasing such property, may obtain...
• California Financial Code Section 7702
  (a) A lease of tangible personal property made to a natural person for personal, family, or household purposes pursuant to this section shall be subject...
• California Financial Code Section 7703
  For the purposes of this article: (a) A "net lease" is a lease under which the association will not, directly or indirectly, provide or be...
• California Financial Code Section 7704
  If, in good faith, an association believes that there has been an unanticipated change in conditions that threatens its financial position by significantly increasing its...
• California Financial Code Section 7720
  (a) An association may invest in tangible personal property, including without limitation, vehicles, mobilehomes, machinery, equipment, or furniture, and may hold the property for rental...
• California Financial Code Section 7800
  Subject to the provisions of Section 2955.5 of the Civil Code, the board of directors of every association and affiliate or service corporation of an...
• California Financial Code Section 8009
  (a) Except where required by law, regulation, or court order, or permitted under subdivision (b), the commissioner, and all employees of the department, shall not...
• California Financial Code Section 8010
  The commissioner, after a determination of value made in accordance with Article 4 (commencing with Section 8150) of Chapter 7, may order that assets, individually...
• California Financial Code Section 8030
  (a) To meet the operating costs and expenses of the department in administering this division and other laws relating to savings associations or the savings...
• California Financial Code Section 8031
  The proportion of operating costs and expenses to be assessed against each association shall be determined and prescribed by the commissioner by regulation. The total...
• California Financial Code Section 8032
  (a) On or before the 20th day of June of each year the commissioner shall notify each association by mail of the amount assessed and...
• California Financial Code Section 8033
  If an association ceases to be an association by reason of merger, consolidation, conversion, acquisition of assets, or a similar type of transaction, any unpaid...
• California Financial Code Section 8034
  (a) If a new domestic association is formed during a fiscal year, the initial assessment provided for by this article shall be computed on the...
• California Financial Code Section 8035
  If any domestic association proposes to acquire the assets of any federal association or any state or national bank by transfer, conversion, or otherwise, the...
• California Financial Code Section 8035.5
  As of the operative date of this section: (a) The Savings Association Special Regulatory Fund is converted into a separate account in the Financial Institutions...
• California Financial Code Section 8036
  All money collected or received by the commissioner under this division or any other law relating to savings associations or the savings association business, except...
• California Financial Code Section 8037
  All expenses of the department in administering the division and other laws relating to savings associations or to the savings association business shall be paid...
• California Financial Code Section 8050
  (a) The commissioner shall have general supervision over all (1) associations, (2) savings and loan holding companies, (3) service corporations, (4) finance subsidiaries, and (5)...
• California Financial Code Section 8051
  Each decision, order, or instruction shall be in writing signed by the commissioner or a deputy commissioner and shall be sent by registered or first-class...
• California Financial Code Section 8053
  The commissioner may from time to time issue, amend and rescind any rules, regulations, forms, and orders that are necessary to carry out the provisions...
• California Financial Code Section 8054
  (a) Notwithstanding any other provision of law, whenever by statute or regulation there is extended to federal associations doing business in this state any right,...
• California Financial Code Section 8055
  Every final decision of the commissioner is subject to judicial review in accordance with law. An action or proceeding for judicial review pursuant to this...
• California Financial Code Section 8150
  (a) On or before the last day of January in each year, or within 30 days following the end of the fiscal year, each association,...
• California Financial Code Section 8151
  Each association, savings and loan holding company and subsidiary of any association or savings and loan holding company that is required to file an annual...
• California Financial Code Section 8152
  From time to time the commissioner may, without previous notice, examine or cause an examination to be made into the affairs of each association, and...
• California Financial Code Section 8153
  (a) In lieu of a report or an examination under Section 8150 or 8152, the commissioner may accept any report made to, or examination made...
• California Financial Code Section 8154
  (a) Whenever, in the judgment of the commissioner, the condition of any association, savings and loan holding company, or any of their subsidiaries renders it...
• California Financial Code Section 8155
  (a) The commissioner is authorized in connection with any examination or audit of any association or any subsidiary to cause to be made appraisals of...
• California Financial Code Section 8156
  (a) Each association shall at least annually cause its books and accounts to be audited at its own expense by a certified public accountant or...
• California Financial Code Section 8157
  (a) The commissioner may prescribe the scope of the annual audit and may require the auditor to furnish information in addition to that contained in...
• California Financial Code Section 8158
  (a) The commissioner, or any department employee authorized by the commissioner, shall have free access to all books and records of an association, savings and...
• California Financial Code Section 8159
  For each department examination or appraisal made outside this state, a reasonable fee and the actual traveling expenses incurred shall be paid to the department...
• California Financial Code Section 8160
  If an association, savings and loan holding company, or any subsidiary of an association or savings and loan holding company fails to report to the...
• California Financial Code Section 8200
  The commissioner may issue cease and desist orders which may order affirmative action in accordance with the following: (a) If the commissioner, as a result...
• California Financial Code Section 8201
  (a) Whenever the commissioner determines that any institution-affiliated party or any director, officer, or employee of a savings and loan holding company or affiliate thereof...
• California Financial Code Section 8202
  (a) The commissioner shall publish and make the following available to the public: (1) Any final order issued with respect to any administrative enforcement proceeding...
• California Financial Code Section 8225
  (a) Whenever the commissioner deems it necessary in order to conserve the assets of any association for the benefit of the depositors and other creditors,...
• California Financial Code Section 8226
  Any conservator shall have all the rights, powers, and privileges possessed by the officers, directors, members and stockholders of the association.
• California Financial Code Section 8227
  Except as authorized by the commissioner, the conservator shall not retain special counsel or other experts, incur any expense other than normal operating expenses, or...
• California Financial Code Section 8228
  The directors and officers shall remain in office and the employees shall remain in their respective positions, but the conservator may remove any director, officer,...
• California Financial Code Section 8229
  (a) While the association is in the charge of a conservator, savings account holders, borrowers, and other obligors of the association shall continue to make...
• California Financial Code Section 8230
  Whenever a conservator has taken possession of the property and business of any association pursuant to this article, that association, within 10 days after the...
• California Financial Code Section 8250
  (a) If the commissioner finds that any association (1) is in an impaired condition, (2) is engaging in practices that threaten to result in an...
• California Financial Code Section 8251
  (a) In the case of an insured association, the appointment by the commissioner of a receiver under this article shall constitute an official determination of...
• California Financial Code Section 8252
  If the commissioner or a department employee is appointed receiver, no additional compensation shall be paid, but if another person is appointed, then the compensation...
• California Financial Code Section 8253
  If the association is an institution insured by the Federal Deposit Insurance Corporation, the Federal Deposit Insurance Corporation shall be tendered appointment as receiver or...
• California Financial Code Section 8254
  Whenever a receiver has taken possession of the property and business of any association pursuant to this article, that association, within 10 days after the...
• California Financial Code Section 8500
  (a) Every federal association and the holders of stock, shares, share accounts, savings accounts, and certificate accounts issued by any federal association have all the...
• California Financial Code Section 8501
  No director of a federal association shall be liable for monetary damages to the federal association, its stockholders or members, based upon the laws of...
• California Financial Code Section 9000
  Associations shall pay all fees required by this division to the department.
• California Financial Code Section 9001
  (a) Except where otherwise expressly provided, the commissioner shall prescribe by regulation the amount of each fee expressly required by the provisions of this division,...
• California Financial Code Section 10000
  Terms not expressly defined in this chapter have the meaning given in Chapter 1 (commencing with Section 5000) or as the commissioner may provide by...
• California Financial Code Section 10001
  (a) No person, other than a California savings association or other person authorized by this division, shall do any business of an association. (b) No...
• California Financial Code Section 10002
  Notwithstanding Section 10001, and subject to Section 10003, on and after January 1, 1991, a foreign savings association may conduct the business of an association...
• California Financial Code Section 10003
  No foreign savings association may conduct the business of an association in California, and no foreign savings association or foreign holding company may acquire control...
• California Financial Code Section 10004
  Except as expressly provided for in this chapter, any person who, as principal, agent, salesperson, solicitor, or in any other capacity, solicits or conducts in...
• California Financial Code Section 10005
  For the purposes of this article and any other law of this state prohibiting, limiting, or regulating the doing of business or the selling, taking,...
• California Financial Code Section 10006
  Except as provided by regulation, this division applies to a foreign savings association or its holding company as if business conducted in this state were...
• California Financial Code Section 10007
  If a foreign savings association is controlled by a foreign holding company, the requirements under this chapter applicable to both a foreign savings association and...
• California Financial Code Section 10009
  This chapter shall become operative on January 1, 1991.
• California Financial Code Section 10010
  Terms not expressly defined in this chapter have the meaning given in Chapter 1 (commencing with Section 5000) or as the commissioner may provide by...
• California Financial Code Section 12000
  This division is known and may be cited as the Check Sellers, Bill Payers and Proraters Law.
• California Financial Code Section 12001
  Unless the context otherwise requires, the definitions set forth in this chapter govern the construction of this division.
• California Financial Code Section 12002
  A check seller is a person: (a) who, for compensation, engages, in whole or in part, in the business of selling checks, drafts, money orders,...
• California Financial Code Section 12002.1
  A prorater is a person who, for compensation, engages in whole or in part in the business of receiving money or evidences thereof for the...
• California Financial Code Section 12002.2
  A business agent, for the purpose of this division is a person who engages in business as a prorater as defined in Section 12002.1 as...
• California Financial Code Section 12003
  "Commissioner" means the Commissioner of Corporations of the State of California, or any deputy, investigator, auditor, or any other person employed by him.
• California Financial Code Section 12004
  "Licensee" means any individual or corporation licensed by the commissioner to engage in the business of a business agent, and any corporation licensed by the...
• California Financial Code Section 12005
  "Mobile unit" means a vehicle or other movable means from which the business of selling checks, drafts, or money orders is conducted.
• California Financial Code Section 12100
  This division does not apply to any of the following: (a) Any person, or his or her authorized agent, doing business under license and authority...
• California Financial Code Section 12101.5
  In any proceeding under this law, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
• California Financial Code Section 12102
  Any person who willfully violates any provision of this division, or who willfully violates any rule or order under this division, shall, upon conviction, be...
• California Financial Code Section 12102.1
  A licensee under this division or any person engaged in the same type of business as licensed under this division whether said person is licensed...
• California Financial Code Section 12103
  Whenever in the opinion of the commissioner any person is engaged in business as a check seller as defined in this division without a license...
• California Financial Code Section 12104
  A nonprofit community service organization that meets all of the following criteria shall be exempt from any requirements imposed on proraters pursuant to this division:...
• California Financial Code Section 12105
  (a) Whenever it appears to the commissioner that any person has engaged or is about to engage in any act or practice constituting a violation...
• California Financial Code Section 12106
  (a) The commissioner may do the following, at his or her discretion: (1) Make public or private investigations within or outside of this state necessary...
• California Financial Code Section 12107
  (a) If, upon inspection or investigation, based upon a complaint or otherwise, the department has cause to believe that a person is engaged in business...
• California Financial Code Section 12108
  (a) The remedies available to the commissioner pursuant to this division are not exclusive and may be sought and employed in any combination deemed advisable...
• California Financial Code Section 12200
  No person shall engage in the business, for compensation, of selling checks, drafts, money orders, or other commercial paper serving the same purpose, or of...
• California Financial Code Section 12200.1
  A license to engage in the business of selling checks, drafts, or money orders, or of receiving money as agent of an obligor for the...
• California Financial Code Section 12200.2
  A license as a business agent or special prorater may be issued to an individual.
• California Financial Code Section 12200.3
  No licensee under this division shall engage in the business of selling checks, drafts, or money orders, or other commercial paper serving the same purpose...
• California Financial Code Section 12200.5
  The commissioner shall classify and license applicants for a proraters license in accordance with the nature of their existing or proposed business and the extent...
• California Financial Code Section 12201
  An application for a license shall be in writing, under oath, and in a form prescribed by the commissioner and shall contain the name, and...
• California Financial Code Section 12202
  If the business is to be conducted at a specific address or addresses, the address or addresses at which the business is to be conducted...
• California Financial Code Section 12203
  If the business is to be conducted from a mobile unit, the California state registration number or other identification of such mobile unit and the...
• California Financial Code Section 12204
  The application shall specify the type of business for which a license is requested and shall also contain such other information as the commissioner may...
• California Financial Code Section 12205
  (a) A licensed bill payer, general prorater, or special prorater who does not qualify to make use of agencies in the conduct of its business...
• California Financial Code Section 12206
  (a) If the applicant is to engage in the business of receiving money for the purpose of paying bills, invoices or accounts of an obligor,...
• California Financial Code Section 12207
  The bond shall be approved by the commissioner. The bond shall run to the state for the use of the state and of any person...
• California Financial Code Section 12208
  The bond shall be conditioned that the obligor will faithfully conform to and abide by the provisions of this division and of all rules and...
• California Financial Code Section 12209
  The bond shall remain in force and effect until the surety is released from liability by the commissioner, or until the bond is canceled by...
• California Financial Code Section 12212
  No action may be brought on the bond by any person after the expiration of two years from the time when the act or default...
• California Financial Code Section 12213
  When an action is commenced on the bond of a licensee the commissioner may require the filing of a new bond, and immediately upon the...
• California Financial Code Section 12214
  (a) An applicant at the time of filing an application for a license under this division shall pay to the commissioner the sum of fifty...
• California Financial Code Section 12216
  (a) Upon the filing of the application and the payment of the fees and the approval of the bond, the commissioner shall investigate and examine...
• California Financial Code Section 12217
  Each license shall state the following: (a) The name of the licensee, and if the licensee is a partnership or association the names of the...
• California Financial Code Section 12218
  The license shall be kept conspicuously posted in the principal place of business of the licensee.
• California Financial Code Section 12219
  The license is not transferable or assignable.
• California Financial Code Section 12220
  The commissioner may by regulation require licensees to file at such times as he may specify such information as the commissioner may reasonably require regarding...
• California Financial Code Section 12221
  Upon reasonable notice and opportunity to be heard, the commissioner may deny the application for the license for any of the following reasons: (a) A...
• California Financial Code Section 12223
  The commissioner may require a licensee, in addition to the bond provided in Section 12206, to obtain an adequate fidelity bond for each officer, employee,...
• California Financial Code Section 12225
  The commissioner may issue a duplicate of a license that has been lost, stolen, or destroyed, or for a certificate which the licensee desires to...
• California Financial Code Section 12300
  The commissioner may make general rules and regulations and specific rulings, demands, and findings for the enforcement of this division.
• California Financial Code Section 12300.1
  Licensees shall observe reasonable precautions against theft or alteration of checks, drafts or money orders, and against burglary or holdup.
• California Financial Code Section 12300.2
  Every person engaging in the business of a check seller shall conduct the business under his or her true name unless he or she has...
• California Financial Code Section 12300.3
  All funds received by a licensee or its agents from the sale of checks, drafts, money orders, or other commercial paper serving the same purpose...
• California Financial Code Section 12300.4
  Prior to such separation and transmittal to the licensee or deposit by its agent such funds received by said agent may be used by said...
• California Financial Code Section 12300.5
  An amount equal to all such funds received by a licensee shall be separated from the funds of the licensee and deposited in its trust...
• California Financial Code Section 12300.6
  Prior to separation and deposit by the licensee such funds may only be used by the licensee for the making of change or the cashing...
• California Financial Code Section 12301
  A licensee may establish branch offices or agencies if it is qualified under the provisions of Section 12205 and if it expressly assumes responsibility for...
• California Financial Code Section 12301.1
  A licensee within 10 days after establishing a mobile unit, a branch office or agency location shall notify the commissioner in writing and shall furnish...
• California Financial Code Section 12301.2
  A check, draft, or money order sold by a licensee shall be drawn on an account of a licensee maintained at a bank authorized to...
• California Financial Code Section 12301.3
  A licensee shall not permit any officer, employee, or agent to sell any check, draft, or money order unless the signature of the person signing...
• California Financial Code Section 12301.4
  A licensee shall terminate and cancel any agency immediately upon instruction from the commissioner and when it has been established (a) that the agent has...
• California Financial Code Section 12301.5
  No agent of a licensee shall issue or cause to be issued any check, draft, or money order, or other commercial paper serving the same...
• California Financial Code Section 12302
  Whenever a licensee desires to change his place of business to a street address other than that designated in his license or desires to change...
• California Financial Code Section 12303
  Every licensee shall keep and use in his business books, accounts and records in accordance with good accounting practice and which will enable the commissioner...
• California Financial Code Section 12304
  (a) Each licensee, except a special prorater, shall submit to the commissioner, at such licensee's own expense, an audit report containing audited financial statements covering...
• California Financial Code Section 12305
  For the purpose of discovering violations of this division the commissioner may at any time investigate the business and examine the books, accounts, records, and...
• California Financial Code Section 12306
  The cost of every examination of a licensee or other person subject to this division shall be paid to the commissioner by the licensee or...
• California Financial Code Section 12307
  The commissioner may require the attendance of witnesses and examine under oath all persons whose testimony he requires relative to any examination or investigation.
• California Financial Code Section 12307.1
  The commissioner may commence and prosecute actions and proceedings to enjoin violations of this division or violations of orders or decisions of the commissioner rendered...
• California Financial Code Section 12307.2
  If the commissioner finds as a result of an examination or report that a licensee is insolvent or conducting business in such an unsafe or...
• California Financial Code Section 12307.3
  Whenever as a result of an examination or report it appears to the commissioner that: (a) The capital of any licensee is impaired; (b) Any...
• California Financial Code Section 12307.4
  Whenever the commissioner has taken possession of the property and business of a licensee the commissioner may petition the superior court for the appointment of...
• California Financial Code Section 12307.5
  (a) For any licensee, a disciplinary action taken by the State of California, another state, an agency of the federal government, or another country for...
• California Financial Code Section 12309
  (a) A schedule of the fees charged by a licensee shall be posted in a conspicuous place in the place of business of the licensee...
• California Financial Code Section 12310
  A licensee under this division shall not sell checks payable to bearer, to cash, or to the purchaser, but a licensee may sell a check...
• California Financial Code Section 12311
  No licensee shall advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any...
• California Financial Code Section 12312
  An agreement between one licensed to engage in the business of selling checks, drafts, money orders, or other commercial paper serving the same purpose, and...
• California Financial Code Section 12313.5
  Nothing in this chapter shall be construed as authorizing the examination, inspection or auditing of the books and records of any client of a business...
• California Financial Code Section 12314
  The total charges received by a prorater, or any other person for the prorater's services, may not exceed in the aggregate twelve percent (12%) for...
• California Financial Code Section 12314.1
  A cancellation fee or termination penalty may not be charged to a debtor.
• California Financial Code Section 12315
  A prorater shall not receive any fee unless he has the consent of at least 51 percent of the total amount of indebtedness and of...
• California Financial Code Section 12315.1
  A prorater shall notify, in writing, all creditors listed in the prorate contract of the debtors desire to engage the services of the prorater within...
• California Financial Code Section 12316
  If a prorater contracts for, receives or makes any charge in excess of the maximum permitted by this division, except as the result of an...
• California Financial Code Section 12317
  A prorater shall not purchase from a creditor any obligation of a debtor.
• California Financial Code Section 12318
  A prorater shall not take: (a) Any contract, promise to pay, or other instrument which has any blank spaces when signed by a debtor; (b)...
• California Financial Code Section 12319
  Every contract between a prorater and a debtor shall: (a) List every debt to be prorated with the creditor's name and disclose the total of...
• California Financial Code Section 12320
  A prorater shall deliver a copy of any contract or agreement between the prorater and a debtor to the debtor immediately after the debtor executes...
• California Financial Code Section 12321
  Unless paid by check or money order a prorater shall deliver a receipt to a debtor for each payment within five (5) days after receipt...
• California Financial Code Section 12322
  At least once in each six (6) months, the prorater shall render an accounting to the debtor which shall itemize the total amount received from...
• California Financial Code Section 12323
  A prorater shall not lend money or credit.
• California Financial Code Section 12324
  A prorater shall not: (a) Offer, pay, or give any cash, fee, gift, bonus, premium, reward, or other compensation to any person for referring any...
• California Financial Code Section 12325
  A prorater shall not solicit or require a debtor to purchase or agree to purchase any policy of insurance.
• California Financial Code Section 12326
  A special prorater shall not advertise in any manner or otherwise hold himself out to the public as a general prorater or as qualified to...
• California Financial Code Section 12327
  Nothing in this division shall be deemed to authorize the performance, directly or indirectly, of an act or acts constituting the practice of law by...
• California Financial Code Section 12328
  (a) No collection agency may be maintained in the same premises as a prorating organization unless such prorating organization is exempt under the provisions of...
• California Financial Code Section 12329
  It shall be unlawful for any prorater to disclose the list of creditors of a debtor to any individual or firm for the purpose of...
• California Financial Code Section 12330
  The commissioner shall have power and authority to promulgate rules and regulations governing the form and wording of advertising to be used by proraters. The...
• California Financial Code Section 12331
  Within the organization of each prorater corporation, either as an owner, officer, or employee, there shall be one or more persons possessing a minimum of...
• California Financial Code Section 12332
  (a) It is unlawful for any person to knowingly alter, destroy, mutilate, conceal, cover up, falsify, or make a false entry in any record, document,...
• California Financial Code Section 12400
  The commissioner may, upon reasonable opportunity to be heard, suspend or revoke any license issued pursuant to this division, if he finds that: (a) The...
• California Financial Code Section 12401
  The commissioner may upon three days' notice and a hearing, suspend any license for a period not exceeding 30 days, pending investigation.
• California Financial Code Section 12401.1
  The commissioner may by order summarily suspend or revoke the license of a licensee who fails to pay the license fee prescribed by Section 12214...
• California Financial Code Section 12402
  Except where a shorter time for setting the hearing is prescribed in this division, all hearings under this division shall be conducted in accordance with...
• California Financial Code Section 12403
  Every order, decision, license, or other official act of the commissioner is subject to review in accordance with law.
• California Financial Code Section 12404
  (a) The commissioner may, after appropriate notice and opportunity for hearing, by order, censure or suspend for a period not exceeding 12 months, or bar...
• California Financial Code Section 13000
  It is the intent of the Legislature in enacting this division to enhance the safety of consumers using automated teller machines in California without discouraging...
• California Financial Code Section 13020
  As used in this division: (a) "Access area" means any paved walkway or sidewalk which is within 50 feet of an automated teller machine. The...
• California Financial Code Section 13030
  On or before July 1, 1991, with respect to all existing installed automated teller machines in this state, and any automated teller machines installed after...
• California Financial Code Section 13031
  It is not the intent of the Legislature in enacting this chapter to impose a duty to relocate or modify automated teller machines upon the...
• California Financial Code Section 13040
  (a) Each operator of an automated teller machine installed on or after July 1, 1991, shall comply with Section 13041 commencing on the date the...
• California Financial Code Section 13041
  The operator, owner, or other person responsible therefor, shall provide lighting during hours of darkness with respect to an open and operating automated teller machine...
• California Financial Code Section 13050
  Customers receiving access devices shall be furnished by the respective issuers thereof with notices of basic safety precautions which customers should employ while using an...
• California Financial Code Section 13060
  The provisions of this division shall not apply with respect to any automated teller machine which is: (a) Located inside of a building, unless it...
• California Financial Code Section 13070
  This division supersedes and preempts all rules, regulations, codes, statutes, or ordinances of all cities, counties, cities and counties, municipalities, and local agencies regarding customer...
• California Financial Code Section 13080
  (a) No operator of an automated teller machine (ATM) in this state shall impose any surcharge upon a customer for the usage of that machine...
• California Financial Code Section 13081
  (a) In enacting this section, the Legislature finds and declares all of the following: (1) It is in the best interest of consumers in this...
• California Financial Code Section 13082
  (a) Whenever a point-of-sale system is changed or modified to include a video touch screen or any other nontactile keypad, the point-of-sale device that would...
• California Financial Code Section 13083
  (a) Subject to the requirements of Section 13080, an agreement to operate or share an automated teller machine may not prohibit, limit, or restrict the...
• California Financial Code Section 14000
  This division shall be known as the "California Credit Union Law."
• California Financial Code Section 14001
  The definitions given in this division govern the construction of this division unless the context otherwise requires.
• California Financial Code Section 14001.1
  This division is applicable to any person, other than a federal credit union engaging in the business of a credit union in this state. For...
• California Financial Code Section 14001.5
  If and to the extent that any provision of this division is preempted by federal law, the provision shall not apply and shall not be
• California Financial Code Section 14002
  A credit union is a cooperative, organized for the purposes of promoting thrift and savings among its members, creating a source of credit for them...
• California Financial Code Section 14002.5
  (a) Except as provided in subdivision (b), all provisions of law applicable to nonprofit mutual benefit corporations generally (including, but not limited to, the Nonprofit...
• California Financial Code Section 14003
  "Commissioner" means the Commissioner of Financial Institutions of the State of California.
• California Financial Code Section 14004
  "Impaired capital" means that the losses or projected losses of a credit union are such that the book value of a member's share is reduced...
• California Financial Code Section 14005
  Unless otherwise defined in this division, "insolvent" means a credit union has ceased to pay its debts in the ordinary course of business, or cannot...
• California Financial Code Section 14006
  "Credit manager" means a natural person approved by the board of directors and employed by a credit union to supervise the lending activities of the...
• California Financial Code Section 14007
  "Obligation" means any contractual obligation to the credit union for money borrowed or credit extended or guaranteed from its members, including, but not limited to,...
• California Financial Code Section 14050
  The use by any person, other than those authorized by this division, of any name or title which contains the phrase "credit union," is a...
• California Financial Code Section 14051
  Any person who willfully and knowingly makes, circulates, or transmits to another or others any statement or rumor, written, printed or by word of mouth,...
• California Financial Code Section 14052
  In addition to the powers enumerated in this division, every credit union has the general powers conferred upon corporations by the Nonprofit Mutual Benefit Corporation...
• California Financial Code Section 14100
  (a) Credit unions shall be incorporated under the Nonprofit Mutual Benefit Corporation Law of this state. (b) The Secretary of State shall not file the...
• California Financial Code Section 14101
  The articles of incorporation of every credit union shall set forth the following: (a) The name of the corporation, which shall include the phrase "credit...
• California Financial Code Section 14101.2
  (a) The articles shall be signed by each director named in the articles, acknowledged pursuant to Section 5030 of the Corporations Code and filed in...
• California Financial Code Section 14101.4
  (a) The provisions of Section 14101, except as provided in subdivision (b) of that section, shall not apply to a credit union organized prior to...
• California Financial Code Section 14101.6
  (a) Every credit union shall, within 90 days after the filing of its original articles and annually thereafter during the applicable filing period in each...
• California Financial Code Section 14101.8
  (a) No amendment of the articles of a credit union shall become effective unless the certificate of amendment or other instrument setting forth the amendment...
• California Financial Code Section 14102
  (a) Amendments to the articles of incorporation of any credit union may be adopted by resolution of the board of directors, which is also adopted...
• California Financial Code Section 14102.2
  (a) No restated articles of a credit union shall become effective unless the certificate setting forth the restated articles, with the commissioner's approval endorsed thereon,...
• California Financial Code Section 14102.4
  (a) No certificate of correction of a credit union shall become effective unless the certificate, with the commissioner's approval endorsed thereon, is filed with the...
• California Financial Code Section 14102.6
  (a) No certificate of revocation by a credit union shall become effective unless the certificate, with the commissioner's approval endorsed thereon, is filed with the...
• California Financial Code Section 14103
  The bylaws shall prescribe the manner in which the business of the credit union shall be conducted with reference to the following matters: (a) The...
• California Financial Code Section 14150
  No membership shares, certificates for funds or other securities shall be issued by any credit union until it has applied for and obtained from the...
• California Financial Code Section 14151
  Applications for a certificate to act as a credit union shall be made in writing to the commissioner, setting forth such information as the commissioner...
• California Financial Code Section 14152
  At the time of filing an application to operate as a credit union, the applicant shall pay to the commissioner a filing fee of five...
• California Financial Code Section 14153
  Upon the filing of the application for a certificate to act as a credit union, the commissioner shall examine the application together with the other...
• California Financial Code Section 14154
  If the commissioner determines that the applicant has satisfied the provisions of this division and does not find facts constituting reasons for denial as specified...
• California Financial Code Section 14155
  Upon reasonable notice and opportunity to be heard, the commissioner may deny the application for a certificate to act as a credit union or an...
• California Financial Code Section 14156
  Each certificate issued under this division remains in full force and effect until surrendered and accepted by the commissioner, or until suspended or revoked by...
• California Financial Code Section 14200
  The powers of supervision and examination of all credit unions organized under the provisions of this division are vested in the commissioner.
• California Financial Code Section 14200.1
  There is in the Department of Financial Institutions, the Division of Credit Unions. The Division of Credit Unions has charge of the execution of the...
• California Financial Code Section 14200.2
  The Chief Officer of the Division of Credit Unions is the Deputy Commissioner of Financial Institutions for the Division of Credit Unions. The Deputy Commissioner...
• California Financial Code Section 14201
  The commissioner may establish or waive such rules and regulations as may be reasonable or necessary to carry out the purposes and provisions of this
• California Financial Code Section 14202
  The commissioner may by regulation authorize credit unions organized under the provisions of this division to engage in any activity authorized by law or regulation...
• California Financial Code Section 14203
  Upon request of the commissioner, a credit union shall furnish to the commissioner an authorization for examination of financial records of any capital funds, undivided...
• California Financial Code Section 14204
  If the commissioner upon any examination, or from any report made to the commissioner, finds any credit union is violating the provisions of this division...
• California Financial Code Section 14205
  The commissioner may, upon reasonable notice and opportunity to be heard, suspend or revoke any certificate if the commissioner finds that the credit union has...
• California Financial Code Section 14207
  In any proceeding under this law, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
• California Financial Code Section 14208
  The commissioner may, after appropriate notice and opportunity for hearing, by order censure, or suspend for a period not exceeding 12 months, or bar from...
• California Financial Code Section 14209
  (a) Whenever it appears to the commissioner that any person has engaged in or is about to engage in any acts or practices constituting a...
• California Financial Code Section 14211
  In determining for purposes of this division whether the capital of any credit union is adequate, the commissioner shall consider the following: (a) The nature...
• California Financial Code Section 14212
  (a) The commissioner, whenever in his or her opinion such action is necessary or appropriate to carry out his or her duties, may call a...
• California Financial Code Section 14250
  (a) (1) The commissioner may at any time investigate into the affairs and examine the books, accounts, records, files, and any office within or outside...
• California Financial Code Section 14251
  The commissioner upon the written consent of any credit union officer or director may make any examination of the credit union in any regularly established...
• California Financial Code Section 14252
  (a) A credit union with total assets equal to or greater than ten million dollars ($10,000,000) shall, within 105 days after the end of each...
• California Financial Code Section 14253
  A credit union shall, when requested by the commissioner, submit its unaudited financial statements, prepared in accordance with generally accepted accounting principles and consisting of...
• California Financial Code Section 14254.5
  (a) Except as provided in subdivisions (b) and (c), within 10 business days of opening, closing, or relocating a branch office, a credit union shall...
• California Financial Code Section 14255
  Every credit union shall make other special reports to the commissioner as the commissioner may from time to time require. Such reports shall be in...
• California Financial Code Section 14256
  (a) If any credit union fails to file with the commissioner any report required by this division on or before the day designated for the...
• California Financial Code Section 14257
  Investigation and examination reports prepared by the commissioner's duly designated representatives shall not be public records. The reports may be disclosed to the officers, directors,...
• California Financial Code Section 14300
  For purposes of this chapter, the following terms shall have the following meanings: (a) "Officer with a subject institution" means the position of director, officer,...
• California Financial Code Section 14301
  Any requirement in this chapter for notice or hearing before the commissioner issues an order may be waived by the person to whom the order...
• California Financial Code Section 14302
  (a) The commissioner may bring an action in the name of the people of this state in the superior court to enjoin any violation of,...
• California Financial Code Section 14303
  (a) The commissioner may, without any prior notice or hearing, order a person to cease and desist from violating Section 14150 if either of the...
• California Financial Code Section 14304
  If, after notice and a hearing, the commissioner finds any of the factors set forth in subdivision (a) or (b) with respect to a subject...
• California Financial Code Section 14305
  (a) If the commissioner finds that any of the factors set forth in Section 14304 is true with respect to a subject institution or subject...
• California Financial Code Section 14306
  An order issued pursuant to Sections 14303 to 14305, inclusive, may include any of the following provisions: (a) Require the subject institution or subject person...
• California Financial Code Section 14307
  (a) If the commissioner finds that a subject institution's books or records are so incomplete or inaccurate that the commissioner is unable through the normal...
• California Financial Code Section 14308
  If, after notice and a hearing, the commissioner finds that any of the factors set forth in subdivision (a), any of the factors set forth...
• California Financial Code Section 14309
  (a) If the commissioner finds that any of the factors set forth in subdivision (a) of Section 14308, any of the factors set forth in...
• California Financial Code Section 14310
  (a) If the commissioner finds that any of the factors set forth in paragraph (1) and the factor set forth in paragraph (2) are true...
• California Financial Code Section 14311
  (a) Any subject institution, subject person of a subject institution, or former subject person of a subject institution to whom an order is issued under...
• California Financial Code Section 14312
  (a) For purposes of this section, "subject depository institution" means any of the following: (1) A credit union that is organized under the laws of...
• California Financial Code Section 14313
  If the commissioner finds that any of the factors set forth in subdivisions (a) to (g), inclusive, are true with respect to a California credit...
• California Financial Code Section 14314
  (a) If the commissioner takes possession of the property and business of a California credit union pursuant to Section 14313, the California credit union may,...
• California Financial Code Section 14315
  (a) On taking possession of the business and assets of any credit union as provided in this chapter, the commissioner may proceed to liquidate the...
• California Financial Code Section 14316
  The commissioner shall supervise the acts of the liquidating agent or the liquidating committee appointed under this article and may remove the liquidating agent or...
• California Financial Code Section 14317
  If required by the commissioner, the liquidating agent or the members of the liquidating committee appointed under this article shall provide proof of bond coverage...
• California Financial Code Section 14318
  If the commissioner retains possession of the assets of a credit union for purposes of liquidation, the commissioner shall use the services of civil service...
• California Financial Code Section 14319
  In any case where the commissioner takes possession of a subject institution pursuant to this article without a prior notice or hearing, or takes action...
• California Financial Code Section 14350
  The commissioner shall annually levy on and collect from credit unions holding certificates authorizing them to act as credit unions, pro rata on the basis...
• California Financial Code Section 14351
  (a) The amount of the annual assessment on any credit union holding a certificate authorizing it to act as a credit union shall be the...
• California Financial Code Section 14352
  For purposes of the annual assessment, the total assets of a credit union holding a certificate authorizing it to act as a credit union shall...
• California Financial Code Section 14353
  (a) Whenever the commissioner levies an annual assessment on credit unions holding certificates authorizing them to act as credit unions, the commissioner shall promptly mail...
• California Financial Code Section 14353.5
  Whenever the commissioner finds it necessary or advisable to make an extra examination of a credit union, the commissioner may charge the credit union a...
• California Financial Code Section 14354
  There is established the Credit Union Fund in the State Treasury.
• California Financial Code Section 14355
  All money received or collected by the commissioner under this division or any other law relating to credit unions or the credit union business shall...
• California Financial Code Section 14356
  All expenses of the department in administering this division and other laws relating to credit unions or the credit union business shall be paid out...
• California Financial Code Section 14380
  There is established in the department a Credit Union Advisory Committee.
• California Financial Code Section 14381
  The Credit Union Advisory Committee shall advise the commissioner and the Deputy Commissioner of Financial Institutions for the Division of Credit Unions on matters relating...
• California Financial Code Section 14382
  (a) The Credit Union Advisory Committee consists of seven members. (b) The members of the Credit Union Advisory Committee shall be appointed by the Secretary...
• California Financial Code Section 14383
  The Credit Union Advisory Committee shall meet at least once each calendar quarter.
• California Financial Code Section 14384
  The commissioner may by order or regulation prescribe rules governing the Credit Union Advisory Committee and its members, including such matters as meetings, quorum, and
• California Financial Code Section 14400
  (a) The savings capital of a credit union shall consist of the payments made by members on shares as set forth in the credit union's...
• California Financial Code Section 14401
  A credit union may borrow money from any source in an aggregate amount not to exceed 50 percent of the paid-in and unimpaired capital and...
• California Financial Code Section 14402
  Every credit union may purchase and hold, either individually or jointly with other credit unions or affiliated organizations, a lot and building to be employed...
• California Financial Code Section 14403
  Every credit union may purchase and hold, either individually or jointly with other credit unions or affiliated organizations, furniture, fixtures, vaults, and other personal property...
• California Financial Code Section 14404
  A credit union shall not invest more than the amounts permitted pursuant to regulations which shall be promulgated by the commissioner for the investments set...
• California Financial Code Section 14405
  Every credit union may: (a) (1) Become a member of any organization or organizations composed of credit unions, credit associations, chambers of commerce, financial institutions,...
• California Financial Code Section 14406
  The savings capital, undivided profits, and reserve funds of a credit union shall be deposited only in the following: (a) Commercial banks or trust companies,...
• California Financial Code Section 14407
  (a) Whenever the losses of any credit union resulting from a depreciation in the value of its securities or otherwise exceed its undivided earnings and...
• California Financial Code Section 14408
  No credit union shall make any gift or donation having a value in excess of twenty-five thousand dollars ($25,000) unless the gift or donation is...
• California Financial Code Section 14409
  (a) Every credit union shall obtain adequate bond or insurance coverage, for each director, officer, supervisory committee member, and credit committee member, for the credit...
• California Financial Code Section 14409.2
  (a) Notwithstanding the provisions of Sections 1051, 1052, and 1054 of the Labor Code and Section 2947 of the Penal Code, any credit union or...
• California Financial Code Section 14410
  (a) No member of the board of directors, supervisory committee, or credit committee shall receive any compensation for his or her services as a member...
• California Financial Code Section 14450
  The credit union shall be directed by a board consisting of an odd number of directors, at least five in number, each of whom shall...
• California Financial Code Section 14451
  Directors may be elected for a term of three years or less. If directors are elected for terms in excess of one year their terms...
• California Financial Code Section 14452
  The office of any director shall be declared vacant if such director is absent from three consecutive regular meetings of the board of directors unless...
• California Financial Code Section 14452.5
  A vacancy on the board of directors shall be filled in accordance with Section 7224 of the Corporations Code, subject to the following: (a) A...
• California Financial Code Section 14453
  The board of directors of every credit union shall have the general management of the affairs, funds, and records of the credit union. The board...
• California Financial Code Section 14454
  The directors shall hold a meeting of all directors within 10 days after the annual meeting of members pursuant to Section 14804 for the purpose...
• California Financial Code Section 14456
  Unless the bylaws expressly reserve any or all of the following duties to the members, the directors have all of the following special duties: (a)...
• California Financial Code Section 14500
  (a) The officers of every credit union shall include a chairman or president, one or more vice chairmen or vice presidents, a secretary and a...
• California Financial Code Section 14501
  If the bylaws so provide, the directors may elect the same person as secretary and treasurer or chief financial officer.
• California Financial Code Section 14502
  The powers and duties of the officers of any credit union required pursuant to subdivision (a) of Section 14500 are as prescribed in the bylaws.
• California Financial Code Section 14550
  Every credit union shall have a supervisory committee of at least three persons, each of whom shall be a member of the credit union.
• California Financial Code Section 14551
  The supervisory committee may: (a) Suspend at any time by unanimous vote, at a meeting called for that purpose, the credit committee, or any member...
• California Financial Code Section 14551.5
  The supervisory committee shall be responsible for reviewing the credit union's policies and control procedures to safeguard against fraud and self-dealing, and the supervisory committee...
• California Financial Code Section 14552
  The supervisory committee shall, within seven days after suspension of any or all members of the credit committee, or any member of the board of...
• California Financial Code Section 14553
  (a) The supervisory committee shall at least once each year make or cause to be made an audit of the books and records and an...
• California Financial Code Section 14554
  No member of the supervisory committee shall serve as a member of the credit committee, as the credit manager, as a member of the board...
• California Financial Code Section 14555
  The commissioner may, after investigation and finding that the supervisory committee is not performing in conformance with this article, declare all offices of the supervisory...
• California Financial Code Section 14600
  Every credit union shall have a credit committee of at least three persons, each of whom shall be a member of the credit union, or...
• California Financial Code Section 14601
  No member of the credit committee or the credit manager or any loan officer shall serve as a member of the supervisory committee.
• California Financial Code Section 14602
  (a) (1) No credit union shall create any obligation with a credit union member, without the written approval of a majority of all the members...
• California Financial Code Section 14603
  The credit committee, the credit manager, or a loan officer may approve in advance, upon their own motion or upon the application of any member,...
• California Financial Code Section 14604
  A credit union member whose written application to enter into any obligation is denied, may appeal from the denial of the credit committee, the credit...
• California Financial Code Section 14605
  A credit manager shall not disburse or have the authority to authorize any person to disburse the proceeds of any loan. A credit manager shall...
• California Financial Code Section 14650
  Subject to the limitations of Sections 14402, 14403, and 14404, any credit union or credit unions may purchase, acquire and hold outstanding shares of a...
• California Financial Code Section 14651
  (a) Every credit union may invest in the shares of stock of a corporation, or in membership or economic interests of a limited liability company,...
• California Financial Code Section 14652
  Every credit union may invest in securities and other assets described in Chapter 10 (commencing with Section 800) of Division 1 as legal investments for...
• California Financial Code Section 14652.5
  A credit union may organize, sponsor, operate, control, or render investment advice to, an investment company, or underwrite, distribute, or sell securities of any investment...
• California Financial Code Section 14653
  Credit unions may invest in a trust organized solely for the purpose of investing in United States government securities and United States government agency securities,...
• California Financial Code Section 14653.5
  Notwithstanding any other provision of law, a credit union may make any investment authorized by regulation or in writing by the commissioner.
• California Financial Code Section 14654
  Credit unions may purchase from the vendor or lessor of any personal property, conditional sale contracts or vehicle lease agreements covering the sale or lease...
• California Financial Code Section 14655
  A credit union may purchase from the owner thereof a promissory note upon which a member is primary obligor provided the credit union could have...
• California Financial Code Section 14656
  A credit union may, in accordance with rules and regulations prescribed by the commissioner, purchase from any liquidating credit union notes made by individual members...
• California Financial Code Section 14700
  Every credit union shall create and maintain a regular reserve as specified by the commissioner.
• California Financial Code Section 14701
  Losses incurred by a credit union may be charged to its regular reserve as permitted by rule of the commissioner.
• California Financial Code Section 14702
  In addition to the regular reserve, special reserves shall be established when required by regulation or when found necessary by the board of directors of...
• California Financial Code Section 14703
  A credit union shall establish and maintain an allowance-for-loan-losses account in accordance with generally accepted accounting principles. The commissioner may order the credit union to...
• California Financial Code Section 14750
  Except as provided in Section 14950, any officer, director, member of a committee of a credit union, loan officer appointed pursuant to Section 14602, or...
• California Financial Code Section 14751
  Any officer, director, member of a committee, credit manager, or loan officer appointed pursuant to Section 14602 who violates Section 14750 is primarily liable to...
• California Financial Code Section 14752
  Except as provided for in Section 14051 and this article, any person who willfully violates any provision of this division, or who willfully violates any...
• California Financial Code Section 14753
  Any director, officer, or employee of a credit union who asks for, receives, or agrees to receive any money, property, or thing of value for...
• California Financial Code Section 14754
  Any director, officer, or employee of a credit union who knowingly overdraws his or her account with that credit union, except for any overdraft pursuant...
• California Financial Code Section 14755
  Any director, officer, agent, or employee of any credit union who knowingly receives or possesses the credit union's property otherwise than in payment of a...
• California Financial Code Section 14756
  Any director, officer, agent, or employee of a credit union who (1) knowingly concurs in making or publishing any written report, exhibit, or statement of...
• California Financial Code Section 14758
  Any director, officer, or employee of a credit union who makes or maintains, or attempts to make or maintain, a deposit of the credit union's...
• California Financial Code Section 14759
  Any officer, director, employee, or agent of any credit union who willfully makes a false or untrue entry in any book, record, report, statement concerning...
• California Financial Code Section 14760
  (a) Every director of a credit union is guilty of a misdemeanor who: (1) In case of the fraudulent insolvency of that credit union, has...
• California Financial Code Section 14761
  Any officer or agent of any credit union who makes or delivers any guaranty or endorsement on behalf of the credit union whereby the credit...
• California Financial Code Section 14762
  A director of a credit union who concurs in any vote or act of the directors of the credit union by which it is intended...
• California Financial Code Section 14763
  Any officer or employee of any credit union who intentionally conceals from the directors of the credit union any discounts or loans made by the...
• California Financial Code Section 14764
  No credit union shall purchase any real or personal property or any interest in real or personal property, including, but not limited to, a leasehold,...
• California Financial Code Section 14765
  No officer, director, or employee of a credit union shall purchase, directly or indirectly, or be interested in the purchase of, any of the credit...
• California Financial Code Section 14766
  No officer, director, or employee of a credit union, directly or indirectly, shall purchase or be interested in the purchase of, any of the credit...
• California Financial Code Section 14767
  It is unlawful for any person willfully to make any untrue statement of a material fact in any document filed with the commissioner under this...
• California Financial Code Section 14768
  Any officer, director, employee, or agent of any credit union who abstracts or willfully misapplies any of the money, funds, or property of the credit...
• California Financial Code Section 14800
  (a) Every credit union may admit to membership those persons qualified for membership upon the occurrence of any of the following: (1) Upon the purchase...
• California Financial Code Section 14801
  Every credit union may expel members as provided in Section 14456 of this division and Section 7341 of the Corporations Code.
• California Financial Code Section 14802
  Each member shall keep the credit union informed of his current address. In the event a member fails to do this, a charge may be...
• California Financial Code Section 14803
  (a) No credit union shall pay any commission or compensation to any person for securing a new member or for getting an existing member to...
• California Financial Code Section 14804
  The members of a credit union shall hold an annual meeting for the election of directors and a supervisory committee and, if provided for in...
• California Financial Code Section 14805
  Special meetings of members may be held upon order of the board of directors. Special meetings of members shall be held upon the written request...
• California Financial Code Section 14806
  In credit unions formed on or after September 15, 1945, no member shall have more than one vote irrespective of the number of shares held...
• California Financial Code Section 14807
  Any member may withdraw from membership in the credit union at any time. A withdrawing member may be required to give 60 days' notice of...
• California Financial Code Section 14808
  All amounts paid on shares or on certificates for funds of an expelled or withdrawn member, with any dividends or interest credited thereto to the...
• California Financial Code Section 14809
  Members who leave the field of membership may be permitted to retain their membership in the credit union unless otherwise provided in the credit union's
• California Financial Code Section 14811
  (a) A member who has no outstanding obligations with the credit union and whose share account is below the amount established by the bylaws may...
• California Financial Code Section 14812
  Unless otherwise provided in the bylaws, a quorum for a meeting of members shall be 10 percent of the members or 50 members, whichever is
• California Financial Code Section 14820
  (a) Any member of a credit union may authorize another person or persons to act by proxy with respect to such membership, subject to subdivision...
• California Financial Code Section 14821
  (a) Except for solicited proxies which on their face provide for a period of validity of three years from the date of execution of the...
• California Financial Code Section 14822
  Notwithstanding any other provision to the contrary, no member shall vote by proxy on any matter submitted by mail to all members of a credit...
• California Financial Code Section 14850
  The Corporate Securities Law relating to the necessity of qualification of the sale of securities does not apply to the sale and issue of membership...
• California Financial Code Section 14851
  (a) Every credit union may issue shares (1) to any member qualified pursuant to the credit union's bylaws; (2) to an officer, employee, or agent...
• California Financial Code Section 14852
  Every credit union may charge a reasonable fee for the transfer of its shares.
• California Financial Code Section 14853
  A credit union may issue shares or certificates for funds to a minor of any age or maintain any other account authorized for credit union...
• California Financial Code Section 14854
  Subject to Section 14860, a credit union share account that is a multiple-party account, as defined in Section 5132 of the Probate Code, is governed...
• California Financial Code Section 14855
  Every credit union may receive money and accumulate funds to be loaned and execute certificates for funds for the money received. The certificates for funds...
• California Financial Code Section 14856
  Every credit union may impress a lien upon the shares and dividends of any member to the extent of any obligations entered into with that...
• California Financial Code Section 14857
  Every credit union may cancel the shares of any member who withdraws or is expelled, and apply the value of the shares to the liquidation...
• California Financial Code Section 14858
  Every credit union shall apply for and obtain insurance as provided for by Title II of the Federal Credit Union Act (12 U.S.C. Sec. 1781...
• California Financial Code Section 14860
  Except as provided in this section and Part 2 (commencing with Section 5100) of Division 5 of the Probate Code, no credit union shall exercise...
• California Financial Code Section 14861
  No credit union shall issue shares to anyone not qualified for membership under its bylaws, except shares issued in coownership as provided in Section 14851.
• California Financial Code Section 14862
  The board of directors shall establish from time to time a written savings capital structure policy which shall set out the various terms and conditions...
• California Financial Code Section 14863
  (a) A credit union shall not impose any charge on a member or depositor holding a periodic certificate for funds for the failure of such...
• California Financial Code Section 14865
  Shares issued by a credit union to a member shall be evidenced in monetary amounts rather than by numbers of shares. The shares owned by...
• California Financial Code Section 14866
  The evidence of credit union shares issued shall be a certificate, a passbook, a statement or other evidence approved by regulation of the commissioner. The...
• California Financial Code Section 14867
  (a) Shares, including special shares, and certificates for funds may be withdrawn for payment to the owner or for any third party, in the manner...
• California Financial Code Section 14868
  (a) As used in this section: (1) "Beneficiary" has the meaning given that term in Section 5126 of the Probate Code. (2) "Totten trust account"...
• California Financial Code Section 14900
  (a) The board of directors of any credit union may declare dividends at such intervals, in accordance with such formula, and for such periods as...
• California Financial Code Section 14901
  The rates of dividends and terms of payment may be established in advance by action of the board of directors. However, nothing in this section...
• California Financial Code Section 14902
  The directors of any credit union may, for the dividend period, declare dividends from its undivided profits as provided by law, but no credit union...
• California Financial Code Section 14905
  Amounts paid or credited by a credit union to its members or depositors on or before the 30th day after the close of its income...
• California Financial Code Section 14950
  (a) Every credit union may enter into obligations with its members upon the approval of the credit committee or, in the alternative, the credit manager,...
• California Financial Code Section 14951
  Any application for any loan or extension or guarantee of credit, except an application for an extension of a loan, shall be in writing, shall...
• California Financial Code Section 14952
  (a) The board of directors of a credit union shall establish the maximum amount that the credit union may lend to a member under 18...
• California Financial Code Section 14953
  (a) Any extension of credit in excess of the unsecured loan limit set by the board of directors pursuant to Section 15100 shall be secured...
• California Financial Code Section 14954
  For the purposes of this chapter, a person who is not an applicant for an extension of credit or the creation of an obligation with...
• California Financial Code Section 14955
  "Security" includes, but is not limited to, the following: (a) A note endorsed by any member of the credit union or by any other person....
• California Financial Code Section 14957
  Whenever the directors, the credit committee, or if applicable, the credit manager, deem any loan unsafe, they may require additional security to be given by...
• California Financial Code Section 14958
  A credit union may participate in guaranteed loan programs of the federal or state governments, subject to the limitations on loans set forth in this
• California Financial Code Section 14959
  (a) A credit union may participate in loans made to its members jointly with other credit unions, corporations or financial organizations. (b) A credit union...
• California Financial Code Section 14960
  (a) Any credit union that makes a refund anticipation loan to a covered borrower, as defined in Section 232 of Title 32 of the Code...
• California Financial Code Section 14961
  Any licensee that violates any provision of any of the following federal acts or regulations violates this division: (a) The federal Real Estate Settlement Procedures...
• California Financial Code Section 15001
  Every credit union may assess charges as approved by the board of directors for failure to meet punctually obligations to the credit union. Any late...
• California Financial Code Section 15050
  (a) For purposes of this section, the following definitions shall apply: (1) "Credit manager" means any individual, regardless of title, designated pursuant to Section 14600...
• California Financial Code Section 15051
  The board of directors shall declare the office of any director, officer, committee member, or the credit manager vacant if the person fails to reduce...
• California Financial Code Section 15100
  (a) The board of directors shall establish written policies which shall set forth the policies of the credit union with respect to any obligation that...
• California Financial Code Section 15101
  Notwithstanding the provisions of Section 15100, if a loan is made for educational purposes and such loan would cause the aggregate of loans to an...
• California Financial Code Section 15102
  (a) Notwithstanding Section 726 of the Code of Civil Procedure or any other provision of law to the contrary, a credit union, an affiliate of...
• California Financial Code Section 15103
  A credit union, or the agent of a credit union, that has received a notice pursuant to Section 7507.6 of the Business and Professions Code,...
• California Financial Code Section 15200
  Any credit union may, with the approval of the commissioner, merge with another credit union or with a central credit union.
• California Financial Code Section 15201
  (a) The merger shall be made pursuant to any plan agreed upon by the majority of the board of directors of each credit union joining...
• California Financial Code Section 15202
  (a) After the requirement of approval as provided in Section 15201 is satisfied, each credit union shall execute a certificate of merger as an officers'...
• California Financial Code Section 15203
  Each certificate of merger called for in Section 15202 shall be filed in the office of the Secretary of State. After the filing in the...
• California Financial Code Section 15204
  (a) Upon any merger effectuated as provided in this article, all property, property rights, and interests of the merged credit union shall vest in the...
• California Financial Code Section 15250
  (a) Whenever the board of directors of a credit union recommends by a vote of a majority of all its members the dissolution of the...
• California Financial Code Section 15251
  If the dissolution of the credit union is approved pursuant to subdivision (a) or (b) of Section 15250, the board of directors of the credit...
• California Financial Code Section 15252
  Promptly thereafter the president or vice president and secretary or assistant secretary, or a majority of the committee or the liquidating agent in charge of...
• California Financial Code Section 15253
  After a vote to dissolve a credit union no business may be carried on by the credit union except in the proper course of liquidation.
• California Financial Code Section 15254
  The committee or the liquidating agent in charge of liquidation may sue in the name and on behalf of the credit union, and may sell...
• California Financial Code Section 15255
  After determining that all known debts and liabilities of the credit union have been paid or adequately provided for, the committee or the liquidating agent...
• California Financial Code Section 15257
  When a credit union has completely wound up, all of its known debts and liabilities actually paid or adequately provided for or paid as far...
• California Financial Code Section 15258
  The certificate of dissolution shall be filed in the office of the Secretary of State and copies, certified by him, shall be filed in the...
• California Financial Code Section 15259
  At any time during the liquidation process, the committee or the liquidating agent in charge of liquidation may be relieved of their duties at the...
• California Financial Code Section 15260
  Where the commissioner finds that on the date of filing with the Secretary of State of the certificate of election to wind up and dissolve,...
• California Financial Code Section 15300
  A credit union may convert itself into a federal credit union by following the procedure contained in this article.
• California Financial Code Section 15301
  Upon recommendation of the board of directors the members of any credit union may by an affirmative majority vote of such members resolve to convert...
• California Financial Code Section 15302
  Within 10 days after the meeting or written vote at which the members determine to convert into a federal credit union, the credit union shall...
• California Financial Code Section 15303
  A certified copy of the certificate required by Section 15302 filed in the office of the Secretary of State is presumptive evidence of the holding...
• California Financial Code Section 15304
  After the meeting or the written vote of the members, the credit union shall take such action as is necessary to make it a federal...
• California Financial Code Section 15305
  At the time the conversion into a federal credit union becomes effective, the credit union ceases to be supervised by this state and all of...
• California Financial Code Section 15306
  The converted federal credit union shall have, hold, and enjoy the property mentioned in Section 15305 in its own right as fully and to the...
• California Financial Code Section 15350
  Upon recommendation of its board of directors, any federal credit union may convert into a credit union under the laws of this state by complying...
• California Financial Code Section 15351
  The officers and directors of the federal credit union shall be the officers and directors of the credit union after conversion takes effect, to hold...
• California Financial Code Section 15352
  The commissioner may conduct a joint audit of the federal credit union with federal auditors. Upon completion of such audit, he shall issue a certificate...
• California Financial Code Section 15353
  Copies of the minutes of the proceedings of the meeting of the members or the written ballot and the record of written vote of the...
• California Financial Code Section 15354
  The verified copies of the minutes of the meeting or the record of written vote, when filed as required by Section 15353, are presumptive evidence...
• California Financial Code Section 15355
  After an affirmative vote as provided in Section 15350, the federal credit union shall take or cause to be taken such action in the manner...
• California Financial Code Section 15356
  The directors of a credit union converted from a federal credit union may insert in the articles of incorporation the following statement: "This credit union...
• California Financial Code Section 15357
  Within 10 days after the filing of the articles of incorporation with the Secretary of State, there shall be filed, with the National Credit Union...
• California Financial Code Section 15358
  Upon the filing of the articles of incorporation with the Secretary of State and the issuance of a certificate by the commissioner authorizing the federal...
• California Financial Code Section 15359
  The converted credit union shall have, hold, and enjoy the property mentioned in Section 15358 in its own right as fully and to the same...
• California Financial Code Section 15400
  "Central credit union" means a credit union whose membership includes, but is not limited to, other credit unions, members of credit unions, credit union employees,...
• California Financial Code Section 15450
  Central credit unions may be organized and operated under this division. Each such credit union shall use the word "central" in its official name.
• California Financial Code Section 15451
  (a) A central credit union may, with the approval of the commissioner and under such regulations as he shall prescribe, admit to membership groups of...
• California Financial Code Section 16000
  This chapter may be cited as the "Foreign (Other State) Credit Union Law."
• California Financial Code Section 16001
  In this chapter: (a) "Branch business" means the business of issuing share accounts, certificates for funds, and share drafts, receiving deposits, paying checks, making loans...
• California Financial Code Section 16002
  Nothing in this chapter shall be deemed to authorize a foreign (other nation) credit union to transact business in this state.
• California Financial Code Section 16003
  No foreign (other state) credit union may establish or maintain a California branch office or California facility unless it is qualified to transact intrastate business...
• California Financial Code Section 16004
  No foreign (other state) credit union may establish a California branch office or California facility unless its deposit or share accounts are insured by the...
• California Financial Code Section 16005
  Each application filed with the commissioner under this chapter or under any regulation or order issued under this chapter shall be in the form, shall...
• California Financial Code Section 16006
  Fees shall be paid to and collected by the commissioner as follows: (a) The fee for an application by a foreign (other state) credit union...
• California Financial Code Section 16007
  (a) Not less than 30 days before a foreign (other state) credit union establishes a California branch office or a California facility, the foreign (other...
• California Financial Code Section 16008
  In administering the provisions of this chapter, the commissioner may share information with federal and home state regulators of foreign (other state) credit unions.
• California Financial Code Section 16009
  A foreign (other state) credit union that is licensed to establish an office shall post at a conspicuous place at the office a notice to...
• California Financial Code Section 16010
  No license shall be transferable or assignable.
• California Financial Code Section 16011
  Whenever a foreign (other state) credit union is licensed to establish more than one office, it shall designate one of its offices as its primary
• California Financial Code Section 16012
  Each foreign (other state) credit union that is licensed to establish an office shall conduct all of the business of the office in a single...
• California Financial Code Section 16013
  Whenever any provision of this chapter or of any regulation or order issued under this chapter which is applicable to or with respect to a...
• California Financial Code Section 16020
  (a) Except for the activities described in paragraph (2) of subdivision (c) of Section 16001, no foreign (other state) credit union shall transact business in...
• California Financial Code Section 16021
  (a) No foreign (other state) credit union shall establish or maintain a California branch office unless the commissioner shall have first approved its establishment and...
• California Financial Code Section 16022
  (a) If the commissioner finds all of the following with respect to an application by a foreign (other state) credit union for approval to establish...
• California Financial Code Section 16023
  The approval of an application for approval to establish a California branch office shall be revoked by operation of law if the applicant foreign (other...
• California Financial Code Section 16024
  (a) Within 30 days of establishing a California facility, a foreign (other state) credit union shall notify the commissioner in writing of its intent to...
• California Financial Code Section 16075
  Within 10 days of relocating a California branch office or California facility, a foreign (other state) credit union shall file a report with the commissioner...
• California Financial Code Section 16076
  Not less than 30 days before a foreign (other state) credit union discontinues a California branch office or California facility, it shall file a report...
• California Financial Code Section 16077
  Promptly after a foreign (other state) credit union relocates or discontinues a California branch office or California facility pursuant to this article, the foreign (other...
• California Financial Code Section 16100
  (a) A foreign (other state) credit union that has a license to establish and maintain an office in this state may engage in activities at...
• California Financial Code Section 16101
  (a) The following provisions of this division apply to a foreign (other state) credit union that maintains a California branch office or California facility with...
• California Financial Code Section 16102
  (a) Any foreign (other state) credit union that is authorized to and does maintain a California branch office or California facility is exempted from the...
• California Financial Code Section 16103
  (a) A foreign (other state) credit union that is licensed to establish and maintain an office or offices in this state shall keep the assets...
• California Financial Code Section 16150
  (a) The commissioner may at any time investigate into the affairs and examine the books, accounts, and other records of a foreign (other state) credit...
• California Financial Code Section 16151
  The commissioner may make any examination of a foreign (other state) credit union at any office of the commissioner. The commissioner may make an examination...
• California Financial Code Section 16152
  (a) Each foreign (other state) credit union shall, within 10 days after receipt or within any extended time that the commissioner may specify, file with...
• California Financial Code Section 16153
  A foreign (other state) credit union shall file with the commissioner any other report as the commissioner may from time to time require. Each report...
• California Financial Code Section 16154
  A foreign (other state) credit union that maintains a California branch office or California facility, if required by the commissioner, shall make, keep, and preserve,...
• California Financial Code Section 16200
  (a) The commissioner may bring an action in the name of the people of this state in the superior court to enjoin any violation of,...
• California Financial Code Section 16200.5
  (a) If the commissioner finds that any person has violated, or that there is reasonable cause to believe that any person is about to violate,...
• California Financial Code Section 16201
  If, after notice and hearing, the commissioner finds that any person has violated any provision of this chapter or of any regulation or order issued...
• California Financial Code Section 16202
  If, after notice and hearing, the commissioner finds any of the following with respect to a foreign (other state) credit union that is licensed to...
• California Financial Code Section 16203
  (a) If the commissioner finds that any of the factors set forth in Section 16202 is true with respect to any foreign (other state) credit...
• California Financial Code Section 16204
  Any foreign (other state) credit union whose license to maintain an office is suspended or revoked shall immediately surrender the license to the commissioner.
• California Financial Code Section 16205
  (a) Any foreign (other state) credit union to which an order is issued under Section 16202 or 16203 may apply to the commissioner to modify...
• California Financial Code Section 16206
  (a) If the commissioner finds that any of the factors set forth in Section 16202 is true with respect to any foreign (other state) credit...
• California Financial Code Section 16500
  This chapter may be cited as the "Foreign (Other Nation) Credit Union Law."
• California Financial Code Section 16501
  In this chapter: (a) "Agency," when used with respect to a foreign (other nation) credit union, means an office in this state at which the...
• California Financial Code Section 16502
  Nothing in this chapter shall apply to a foreign (other state) state credit union or be deemed to authorize a foreign (other state) state credit...
• California Financial Code Section 16503
  No foreign (other nation) credit union may establish a branch office unless its deposit or share accounts are insured by the National Credit Union Administration...
• California Financial Code Section 16504
  Each application filed with the commissioner under this chapter or under any regulation or order issued under this chapter shall be in the form, shall...
• California Financial Code Section 16505
  Fees shall be paid to and collected by the commissioner as follows: (a) The fee for filing with the commissioner an application by a foreign...
• California Financial Code Section 16506
  (a) (1) No foreign (other nation) credit union shall be issued a license to maintain an office unless it shall have first filed with the...
• California Financial Code Section 16507
  In administering the provisions of this chapter, the commissioner may share information with federal and home country regulators of foreign (other nation) credit unions.
• California Financial Code Section 16508
  No license shall be transferable or assignable.
• California Financial Code Section 16509
  A foreign (other nation) credit union that is licensed to establish an office shall post at a conspicuous place at the office a notice to...
• California Financial Code Section 16510
  Whenever a foreign (other nation) credit union is licensed to establish more than one office, it shall designate one of its offices as its primary
• California Financial Code Section 16511
  Each foreign (other nation) credit union that is licensed to establish an office shall conduct all of the business of the office in a single...
• California Financial Code Section 16512
  Whenever any provision of this chapter or of any regulation or order issued under this chapter that is applicable to or with respect to a...
• California Financial Code Section 16525
  (a) No foreign (other nation) credit union shall establish or maintain an office in this state at which it engages in representational functions unless it...
• California Financial Code Section 16526
  (a) No foreign (other nation) credit union shall establish or maintain a representative office unless the commissioner shall have first approved the establishment of the...
• California Financial Code Section 16527
  (a) No foreign (other nation) credit union that is licensed to maintain a representative office shall relocate the office unless the commissioner shall have first...
• California Financial Code Section 16528
  A foreign (other nation) credit union that is licensed to maintain a representative office may, subject to any regulations that the commissioner may prescribe, engage...
• California Financial Code Section 16529
  (a) (1) No foreign (other nation) credit union that is licensed to maintain a representative office shall close the office unless the commissioner shall have...
• California Financial Code Section 16530
  The approval of an application for approval to establish a representative office shall be revoked by operation of law if the applicant foreign (other nation)...
• California Financial Code Section 16550
  (a) No foreign (other nation) credit union shall transact business in this state except at a branch office or agency that it is licensed to...
• California Financial Code Section 16551
  No foreign (other nation) credit union shall be licensed to maintain a branch office or agency unless it is qualified to transact intrastate business in...
• California Financial Code Section 16552
  (a) No foreign (other nation) credit union shall establish or maintain a branch office or agency unless the commissioner shall have first approved its establishment...
• California Financial Code Section 16553
  The approval of an application for approval to establish a branch office or agency shall be revoked by operation of law if the applicant foreign...
• California Financial Code Section 16554
  (a) No foreign (other nation) credit union which is licensed to maintain a branch office or agency shall relocate the office unless the commissioner shall...
• California Financial Code Section 16555
  (a) (1) No foreign (other nation) credit union that is licensed to maintain a branch office or agency shall close the office unless the commissioner...
• California Financial Code Section 16600
  (a) A foreign (other nation) credit union that has a license to establish and maintain an office may engage in activities at the office as...
• California Financial Code Section 16601
  (a) A foreign (other nation) credit union may not expand its field of membership in this state without first obtaining the commissioner's approval. (b) An...
• California Financial Code Section 16602
  (a) The following provisions of this code apply to a foreign (other nation) credit union that maintains a branch office or agency with respect to...
• California Financial Code Section 16603
  (a) Any foreign (other nation) credit union that is authorized to and does maintain a branch office or agency is exempted from the restrictions of...
• California Financial Code Section 16604
  (a) A foreign (other nation) credit union which is licensed to establish and maintain an office or offices shall keep the assets of the offices...
• California Financial Code Section 16605
  (a) In this section: (1) "Adjusted liabilities," when used with respect to a foreign (other nation) credit union, means the liabilities of the foreign (other...
• California Financial Code Section 16607
  (a) In this section: (1) "Adjusted liabilities," when used with respect to a foreign (other nation) credit union that is licensed to maintain a branch...
• California Financial Code Section 16700
  (a) The commissioner may at any time investigate into the affairs and examine the books, accounts, and other records of a foreign (other nation) credit...
• California Financial Code Section 16701
  The commissioner may make an examination of a foreign (other nation) credit union at any office of the commissioner. The commissioner may make an examination...
• California Financial Code Section 16702
  (a) Each foreign (other nation) credit union shall, within 10 days after receipt or within any extended time that the commissioner may specify, file with...
• California Financial Code Section 16703
  A foreign (other nation) credit union shall file with the commissioner any other report as the commissioner may from time to time require. Each report...
• California Financial Code Section 16704
  Each foreign (other nation) credit union that maintains an office shall make, keep, and preserve at that office, or at any other place that the...
• California Financial Code Section 16800
  (a) A foreign (other nation) credit union that is licensed to maintain an office may voluntarily surrender the license for the office by filing the...
• California Financial Code Section 16900
  (a) The commissioner may bring an action in the name of the people of this state in the superior court to enjoin any violation of,...
• California Financial Code Section 16900.5
  (a) If the commissioner finds that any person has violated, or that there is reasonable cause to believe that any person is about to violate,...
• California Financial Code Section 16901
  If, after notice and hearing, the commissioner finds that any person has violated any provision of this chapter or of any regulation or order issued...
• California Financial Code Section 16902
  If, after notice and hearing, the commissioner finds any of the following with respect to a foreign (other nation) credit union that is licensed to...
• California Financial Code Section 16903
  (a) If the commissioner finds that any of the factors set forth in Section 16902 is true with respect to any foreign (other nation) credit...
• California Financial Code Section 16904
  Any foreign (other nation) credit union whose license to maintain an office is suspended or revoked shall immediately surrender the license to the commissioner.
• California Financial Code Section 16905
  (a) Any foreign (other nation) credit union to which an order is issued under Section 16902 and 16903 may apply to the commissioner to modify...
• California Financial Code Section 16906
  (a) If the commissioner finds that any of the factors set forth in Section 16902 is true with respect to any foreign (other nation) credit...
• California Financial Code Section 17000
  This division is known and may be cited as the "Escrow Law."
• California Financial Code Section 17001
  Unless the context otherwise requires, the definitions set forth in this chapter govern the construction of this division.
• California Financial Code Section 17002
  "Commissioner" means the Commissioner of Corporations.
• California Financial Code Section 17002.5
  "Person" means, in addition to the singular, persons, group of persons, co-operative, association, company, firm, partnership, corporation, limited liability company, or other legal entity.
• California Financial Code Section 17003
  (a) "Escrow" means any transaction in which one person, for the purpose of effecting the sale, transfer, encumbering, or leasing of real or personal property...
• California Financial Code Section 17004
  "Escrow agent" means any person engaged in the business of receiving escrows for deposit or delivery.
• California Financial Code Section 17004.5
  "Internet escrow agent" means any person engaged in the business of receiving escrows for deposit or delivery over the Internet.
• California Financial Code Section 17005
  "Licensee" means any person holding a valid, unrevoked license as an escrow agent.
• California Financial Code Section 17005.1
  "Joint control agent" means a person engaging in the business of receiving money or other property for disbursal or use in payment of the cost...
• California Financial Code Section 17005.2
  "Business location" and "business office location" mean a facility or other place of business where a person engages in the business of receiving an escrow...
• California Financial Code Section 17005.3
  "Customer contact center" means a facility operated by an Internet escrow agent that exists solely for the purpose of responding to customer electronic messages and...
• California Financial Code Section 17005.4
  "Person subject to this division" means any person undertaking the performance of escrow agent services. Unless specifically exempted, as in Section 17006, however, this definition...
• California Financial Code Section 17005.5
  "Within this state" means any activity of a person relating to receiving escrows for deposit or delivery that originates from this state and is directed...
• California Financial Code Section 17005.6
  Except as provided for in Section 17004, "escrow agent" as used in this division includes joint control agents and Internet escrow agents.
• California Financial Code Section 17006
  (a) This division does not apply to: (1) Any person doing business under any law of this state or the United States relating to banks,...
• California Financial Code Section 17006.5
  In any proceeding under this law, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
• California Financial Code Section 17008
  No foreign corporation shall transact any escrow business in this State without first complying with all the requirements of this division, nor until it has...
• California Financial Code Section 17009
  The commissioner shall forward by prepaid registered mail a copy of every paper served under this chapter, to the secretary of the corporation at its...
• California Financial Code Section 17010
  The commissioner shall collect from the plaintiff at the time of service, the sum of two dollars ($2) for each copy of process served on...
• California Financial Code Section 17200
  It shall be unlawful for any person to engage in business as an escrow agent within this state except by means of a corporation duly...
• California Financial Code Section 17200.8
  (a) Within the organization of each escrow agent corporation, either as an owner, officer, or employee, there shall be one or more persons possessing a...
• California Financial Code Section 17201
  An application for a license as an escrow agent shall be in writing and in such form as is prescribed by the commissioner. The application...
• California Financial Code Section 17202
  (a) At the time of filing an application for an escrow agent' s license, the applicant shall deposit with the commissioner a bond satisfactory to...
• California Financial Code Section 17202.1
  An applicant for an escrow agent's license or a licensee may, in lieu of and subject to the same conditions as the bond required by...
• California Financial Code Section 17203
  The bond of an escrow agent shall be conditioned that the licensee will faithfully conform to and abide by the provisions of this division and...
• California Financial Code Section 17203.1
  (a) All officers, directors, trustees, and employees of an escrow agent, whether or not compensated, who have access to money or negotiable securities belonging to...
• California Financial Code Section 17205
  No action may be brought on an escrow agent's bond by any person after the expiration of two years from the time when the act...
• California Financial Code Section 17206
  When an action is commenced on an escrow agent's bond the commissioner may require the filing of a new bond, and immediately upon the recovery...
• California Financial Code Section 17207
  The commissioner shall charge and collect the following fees and assessments: (a) For filing an application for an escrow agent's license, six hundred twenty-five dollars...
• California Financial Code Section 17208
  All money received by the commissioner shall be paid by him or her into the State Treasury to the credit of the State Corporations Fund...
• California Financial Code Section 17209
  An application for a license as an escrow agent shall be signed and verified by an authorized officer of the applicant, and such application shall...
• California Financial Code Section 17209.1
  Upon the receipt of a proper and complete application for license, and all required fees, the commissioner shall immediately examine and investigate all facts connected...
• California Financial Code Section 17209.2
  The commissioner may or may not require an applicant to submit to an appropriate hearing. If a hearing is held the commissioner shall, on or...
• California Financial Code Section 17209.3
  The commissioner may refuse to issue any license being applied for, and shall refuse to issue any license being applied for if upon the commissioner's...
• California Financial Code Section 17209.4
  The license shall state whether the licensee is licensed as an escrow agent or joint control agent.
• California Financial Code Section 17210
  (a) An escrow agent licensed on or after January 1, 1986, shall maintain at all times a tangible net worth of fifty thousand dollars ($50,000),...
• California Financial Code Section 17210.1
  The license shall be kept conspicuously posted in all places of business of the licensee.
• California Financial Code Section 17210.2
  (a) No escrow agent shall disseminate, or cause or permit to be disseminated, in any manner whatsoever, any statement or representation which is false, misleading,...
• California Financial Code Section 17212.1
  All licensees shall notify the commissioner of any changes in shareholders, directors, officers, trustees, managers, and other persons participating in the escrow business directly or...
• California Financial Code Section 17213
  (a) An escrow agent shall not transact business pursuant to this division under any other name than that set forth in the articles of incorporation...
• California Financial Code Section 17213.1
  (a) An escrow agent's business shall not be removed from the premises or address shown on the license without the prior approval of the commissioner,...
• California Financial Code Section 17213.2
  The commissioner may order a licensed escrow agent which opens a branch office or changes its business location or locations without first obtaining the approval...
• California Financial Code Section 17213.5
  Licensees of this division shall be entitled to establish additional business office locations by compliance with all of the following: (a) Filing with the commissioner...
• California Financial Code Section 17214
  (a) There is established in the Department of Corporations an Escrow Law Advisory Committee consisting of 11 members. The members shall consist of the commissioner...
• California Financial Code Section 17215
  Whenever the commissioner issues a license or order under this division, the commissioner may impose conditions that are necessary and appropriate to carry out the...
• California Financial Code Section 17300
  "Fidelity Corporation" means the Escrow Agents' Fidelity Corporation.
• California Financial Code Section 17301
  "Member" means any person licensed under this division who is required by Section 17312 to be a member of Fidelity Corporation.
• California Financial Code Section 17302
  "Trust obligation" means: (a) All money and property deposited with a member within the State of California in an escrow or joint control transaction. (b)...
• California Financial Code Section 17303
  "Commissioner" means the Commissioner of Corporations.
• California Financial Code Section 17304
  "Loss," within the meaning of this chapter, means the loss of trust obligations held by a member within the State of California as a result...
• California Financial Code Section 17305
  "Monthly average escrow liability," as used in this chapter, means the average escrow liability for the 12-month period as reported in the most recent report...
• California Financial Code Section 17310
  (a) It shall be the purpose of Fidelity Corporation to indemnify a member within the State of California against loss, subject to the limitations set...
• California Financial Code Section 17311
  (a) Persons licensed pursuant to this division shall maintain a corporation under the Nonprofit Mutual Benefit Corporation Law (Part 3 (commencing with Section 7110) of...
• California Financial Code Section 17312
  (a) Each person licensed pursuant to this division who is engaged in the business of receiving escrows specified in subdivision (c) and whose escrow business...
• California Financial Code Section 17313
  The commissioner shall review and approve the articles of incorporation and bylaws of Fidelity Corporation before they are filed with the Secretary of State.
• California Financial Code Section 17313.1
  The fiscal year of Fidelity Corporation shall commence on July 1 of each year.
• California Financial Code Section 17314
  (a) Fidelity Corporation shall pay a member for loss of trust obligations subject to the limitations set forth in this chapter. Fidelity Corporation shall pay...
• California Financial Code Section 17314.1
  (a) Notwithstanding any other provision of this article, Fidelity Corporation shall not be obligated to pay any claim made by a member unless (1) the...
• California Financial Code Section 17314.2
  Claims filed prior to the effective date of this chapter shall be governed by the provisions in effect when the loss occurred.
• California Financial Code Section 17314.3
  (a) A deductible shall apply to each loss suffered by a member in the amount of five thousand dollars ($5,000), plus 5 percent of the...
• California Financial Code Section 17315
  The commissioner may establish rules which are reasonable and necessary to carry out the provisions of this chapter.
• California Financial Code Section 17320
  Fidelity Corporation shall establish and maintain the following funds for payment of claims and for payment of costs of administration: the membership fund, the operations...
• California Financial Code Section 17321
  Fidelity Corporation shall bill and collect from each member an annual premium that in the aggregate shall consist of assessments for the operations fund and...
• California Financial Code Section 17321.1
  Fidelity Corporation shall levy a special assessment against its members whenever: (a) Deemed necessary by the board of directors in the event of any extraordinary...
• California Financial Code Section 17321.2
  Fidelity Corporation shall be entitled to collect late fees as specified in Fidelity Corporation's bylaws for any late payment of assessments under Section 17320, 17321,...
• California Financial Code Section 17322
  Fidelity Corporation shall report to the commissioner each levy of assessment within 10 business days after the levy.
• California Financial Code Section 17323
  (a) In the event any member fails to pay an assessment when due, Fidelity Corporation shall by written demand addressed to the member request the...
• California Financial Code Section 17324
  Any reduction in the membership fund caused by payment of an extraordinary expense pursuant to subdivision (a) of Section 17320 or payment of claims pursuant...
• California Financial Code Section 17330
  Any member or successor in interest who suffers a loss may file a claim with Fidelity Corporation for the amount of the loss.
• California Financial Code Section 17331
  (a) An applicant applying for licensure as an escrow agent under this division is required to apply for a Fidelity Corporation Certificate, prepared and issued...
• California Financial Code Section 17331.1
  (a) Any person not previously issued a certificate must, upon employment with an escrow agent within this state, apply to Fidelity Corporation for a certificate....
• California Financial Code Section 17331.2
  (a) Fidelity Corporation shall deny the application for a certificate or revoke the certificate of any person, upon any of the following grounds: (1) The...
• California Financial Code Section 17331.3
  (a) Notice to the person, and to the member with whom the person is employed, of the decision to deny an application for or to...
• California Financial Code Section 17332
  When either Fidelity Corporation or the insurer providing the fidelity bond or insurance policy, if any, under Section 17310, or both, pay an obligation on...
• California Financial Code Section 17333
  The commissioner may forthwith upon written notice and order take possession of the property and business of Fidelity Corporation and retain possession until Fidelity Corporation...
• California Financial Code Section 17334
  Whenever the commissioner has taken possession of the property and business of Fidelity Corporation, Fidelity Corporation within 10 business days after the taking, if it...
• California Financial Code Section 17335
  An appeal may be taken from the judgment of the court by the commissioner or by Fidelity Corporation in the manner provided by law for...
• California Financial Code Section 17336
  (a) Fidelity Corporation shall have independent authority to investigate claims filed by members pursuant to Section 17330. (b) Fidelity Corporation, upon submitting written notice to...
• California Financial Code Section 17337
  Fidelity Corporation may invest its funds only as provided by rules of the commissioner adopted with a view to preserving reasonable liquidity. Upon request of...
• California Financial Code Section 17339
  Prior to incurring any extraordinary or nonrecurring expense, Fidelity Corporation shall first obtain the written consent of the commissioner.
• California Financial Code Section 17340
  In the event the board of directors of Fidelity Corporation deem it necessary and prudent to raise additional moneys for payment of claims or expenses...
• California Financial Code Section 17341
  The commissioner shall give prompt notice to Fidelity Corporation when the commissioner takes possession of the property and business of a member and shall give...
• California Financial Code Section 17342
  Memberships issued by Fidelity Corporation shall be nontransferable and shall be exempt from the provisions of the Corporate Securities Law of 1968.
• California Financial Code Section 17343
  No provision of the Insurance Code shall apply to Fidelity Corporation.
• California Financial Code Section 17344
  The operation of Fidelity Corporation shall at all times be subject to the regulation of the commissioner and the commissioner's duly designated representatives. The commissioner...
• California Financial Code Section 17345
  Any member aggrieved by any action or decision of Fidelity Corporation may appeal to the commissioner within 30 days from the action or decision, except...
• California Financial Code Section 17345.1
  (a) A member or successor in interest aggrieved by any action or decision of Fidelity Corporation may file a written request for a hearing with...
• California Financial Code Section 17346
  (a) Fidelity Corporation and its members shall not advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published,...
• California Financial Code Section 17347
  (a) The Secretary of State shall not file articles for the incorporation of Fidelity Corporation or an amendment to the articles unless the commissioner has...
• California Financial Code Section 17348
  In order to permit Fidelity Corporation to fulfill its obligation under this chapter, the commissioner shall furnish a list of all persons licensed under this...
• California Financial Code Section 17349
  If Fidelity Corporation is dissolved, subject to the approval of the commissioner, the net assets after settling all liabilities shall be distributed to the members...
• California Financial Code Section 17350
  All costs and expenses incurred by the commissioner in the administration of this chapter shall be paid to the commissioner by Fidelity Corporation. The limitation...
• California Financial Code Section 17400
  The commissioner may from time to time make, amend, and rescind the rules, forms, and orders that are necessary to carry out the provisions of...
• California Financial Code Section 17402
  No person subject to this division or any officer thereof shall advertise in any manner or publish any statement of its capital, other than amounts...
• California Financial Code Section 17403
  (a) No person subject to this division shall issue, circulate, or publish any advertisement by any means of communication, or make use of or circulate...
• California Financial Code Section 17403.1
  No person subject to this division shall describe as an escrow, whether orally, in writing, or electronically, any transaction that is not defined as such...
• California Financial Code Section 17403.2
  (a) No person subject to this division shall solicit or accept an escrow instruction or amended or supplemental escrow instruction containing any blank to be...
• California Financial Code Section 17403.3
  (a) At the time of execution a copy of each escrow instruction or amended or supplemental escrow instruction shall be delivered to all persons executing...
• California Financial Code Section 17403.4
  All written escrow instructions and all escrow instructions transmitted electronically over the Internet executed by a buyer or seller, whether prepared by a person subject...
• California Financial Code Section 17403.5
  (a) All records required by this chapter may be retained by an Internet escrow agent and provided to the commissioner in electronic format. (b) All...
• California Financial Code Section 17404
  Every person subject to this division shall keep and use in its business, books, accounts, and records which will properly enable the commissioner to determine...
• California Financial Code Section 17405
  (a) The business, accounts and records of every person performing as an escrow agent, whether required to be licensed under this division or not, are...
• California Financial Code Section 17405.1
  The cost of every inspection and examination of a licensee or other person subject to this division shall be paid to the commissioner by the...
• California Financial Code Section 17406
  (a) Each licensee shall submit to the commissioner, at the licensee's own expense, an audit report containing audited financial statements covering the calendar year or,...
• California Financial Code Section 17406.1
  (a) Whenever the reports and financial statements required pursuant to subdivision (a), (b), or (c) of Section 17406 are to be reported upon or certified...
• California Financial Code Section 17408
  (a) If any person subject to this division fails to make any report required by law or by the commissioner, the commissioner may immediately cause...
• California Financial Code Section 17409
  (a) All moneys deposited in escrow to be delivered upon the close of the escrow or upon any other contingency shall be deposited and maintained...
• California Financial Code Section 17409.1
  (a) Each person subject to this chapter shall maintain separate escrow trust accounts for each licensed location. Transfers between accounts are prohibited except by the...
• California Financial Code Section 17410
  (a) Escrow or trust funds are not subject to enforcement of a money judgment arising out of any claim against the licensee or person acting...
• California Financial Code Section 17411
  No person shall knowingly keep or cause to be kept any funds or money in any bank or state or federal savings and loan association...
• California Financial Code Section 17411.1
  "Trust funds" or "escrow accounts" as used in Sections 17409, 17410, and 17411 shall include all funds required to be held by an escrow agent...
• California Financial Code Section 17414
  (a) It is a violation for any person subject to this division or any director, stockholder, trustee, officer, agent, or employee of any such person...
• California Financial Code Section 17414.1
  (a) Any person who has been convicted of or pleaded nolo contendere to any crime specified in subdivision (b) within the past 10 years, or...
• California Financial Code Section 17414.2
  (a) In response to any written request by an escrow agent or by Fidelity Corporation, any bank, savings association, credit union, any other financial institution,...
• California Financial Code Section 17415
  (a) If the commissioner, as a result of any examination or from any report made to him or her, shall find that any person subject...
• California Financial Code Section 17416
  Whenever in the opinion of the commissioner any person, except as named in Section 17006, is engaged, either actually or through subterfuge, in the business...
• California Financial Code Section 17419
  On and after January 1, 1992, any person seeking employment with an escrow agent shall complete an employment application on or before the first day...
• California Financial Code Section 17420
  Except for the normal compensation of his own employees, it shall be a violation of this division for any person subject to this division to...
• California Financial Code Section 17421
  Notwithstanding the provisions of Section 17420, a disbursal, other than for a fee, commission or compensation may be advanced or paid out prior to the...
• California Financial Code Section 17421.5
  (a) Notwithstanding Section 17420, a licensee may charge a fee for administering an escrow that has been postponed for at least two months from the...
• California Financial Code Section 17422
  A joint control agent, unless acting pursuant to written instructions of his principals, shall not disburse funds for the payment of the cost of labor,...
• California Financial Code Section 17423
  (a) The commissioner may, after appropriate notice and opportunity for hearing, by order, censure or suspend for a period not exceeding 12 months, or bar...
• California Financial Code Section 17423.1
  (a) (1) Whenever the commissioner takes any enforcement or disciplinary action pursuant to Section 17423, upon the action becoming final the commissioner shall notify the...
• California Financial Code Section 17424
  (a) For any licensee, a disciplinary action taken by the State of California, another state, an agency of the federal government, or another country for...
• California Financial Code Section 17425
  Any person subject to this division or any director, stockholder, trustee, officer, agent, or employee of that person who violates any provision of the federal...
• California Financial Code Section 17600
  (a) An escrow agent's license remains in effect until surrendered, revoked, or suspended. (b) A licensee that ceases to engage in the business regulated by...
• California Financial Code Section 17601
  If the commissioner has reason to believe that any escrow agent is violating the provisions of this division, the commissioner may investigate the escrow agent's...
• California Financial Code Section 17602
  If it appears to the commissioner that any licensed escrow agent has violated its articles of incorporation, or any law or rule binding upon it,...
• California Financial Code Section 17602.5
  If any licensed escrow agent fails to make any reports required by law or by the commissioner within ten (10) days from the day designated...
• California Financial Code Section 17603
  If it appears to the commissioner that any licensed escrow agent is conducting business in an unsafe or injurious manner, the commissioner shall, by written...
• California Financial Code Section 17604
  No order issued pursuant to Sections 17602 or 17603 may become final except after notice to any licensed escrow agent affected thereby of the intention...
• California Financial Code Section 17605
  The licensed escrow agent has ten (10) days after an order is made final in which to commence action to restrain enforcement of such order,...
• California Financial Code Section 17606
  The commissioner may immediately revoke by order the escrow agent's license if the licensee fails to comply with any order, unless the escrow agent secures...
• California Financial Code Section 17606.1
  The license of an escrow agent shall be deemed revoked upon the completion or closure of a court approved liquidation of the business of the...
• California Financial Code Section 17607
  (a) Whenever it appears to the commissioner that any person has engaged or is about to engage in any act or practice constituting a violation...
• California Financial Code Section 17608
  The commissioner may, after notice and a reasonable opportunity to be heard, suspend or revoke any license if he finds that: (a) The licensee has...
• California Financial Code Section 17609
  The revocation, suspension, surrender or expiration of an escrow agent's license does not impair or affect pre-existing escrows lawfully contracted, but nothing contained in this...
• California Financial Code Section 17609.1
  The power of investigation and examination by the commissioner is not terminated by the surrender, suspension, or revocation of any license issued by him.
• California Financial Code Section 17609.2
  Whenever the commissioner deems it necessary for the general welfare of the public, the commissioner has continuous authority to exercise the powers set forth in...
• California Financial Code Section 17610
  The commissioner, and all persons designated by him, may administer oaths, take the testimony of witnesses, and issue subpenas requiring the attendance of witnesses and...
• California Financial Code Section 17611
  (a) The commissioner may make such investigations as he or she deems necessary to determine whether any person has violated or is about to violate...
• California Financial Code Section 17612
  The authority to make or conduct any examination, investigation, or hearing, including the authority to administer oaths and to subpena witnesses, and to take their...
• California Financial Code Section 17613
  All hearings provided for in this division shall be conducted in accordance with the provisions of Chapter 5, Part 1, Division 3, Title 2, of...
• California Financial Code Section 17614
  Every order, decision, license or other official act of the commissioner is subject to review, in accordance with law.
• California Financial Code Section 17621
  Whenever it appears to the commissioner that any escrow agent subject to this division: (a) Is in an insolvent condition; (b) Is conducting escrow business...
• California Financial Code Section 17622
  Whenever the commissioner has taken possession of any licensee, such licensee, within 10 days after such taking, if it deems it is aggrieved thereby, may...
• California Financial Code Section 17623
  An appeal from a judgment enjoining the commissioner from further proceedings and directing the commissioner to surrender the business, property, and assets to the licensee...
• California Financial Code Section 17625
  If the commissioner's demand for the possession of the property, business and assets is not complied with within 24 hours after service of the demand,...
• California Financial Code Section 17626
  When the commissioner takes possession of the property, business and assets of any licensee, such licensee or the president and secretary of such licensee shall...
• California Financial Code Section 17627
  The commissioner may issue subpoenas and require the attendance of parties for examination under this article as provided for in this chapter.
• California Financial Code Section 17628
  When the commissioner takes possession of the business, property, and assets of a licensee, he may appoint a custodian. The commissioner may require a good...
• California Financial Code Section 17629
  When the commissioner takes possession of the property, business, and assets of a licensee, he may collect all money due to such licensee and give...
• California Financial Code Section 17630
  If any facts occur which would entitle the commissioner under Section 17621 to take possession of the property, business and assets of a licensee the...
• California Financial Code Section 17631
  Subject to the other provisions of this article, a conservator, while in possession of the property, business and assets of a licensee, has the same...
• California Financial Code Section 17632
  Upon appointing a conservator the commissioner shall cause to be made and completed at the earliest possible date such an examination of the affairs of...
• California Financial Code Section 17633
  A conservator, while in possession of the property, business and assets of a licensee, may call, upon the notice required by the licensee's bylaws, a...
• California Financial Code Section 17634
  If the commissioner becomes satisfied that it may be done safely and in the public interest, he may terminate the conservatorship and permit the licensee...
• California Financial Code Section 17635
  If at any time after taking possession of the property and business of a licensee it shall appear to the commissioner that it would be...
• California Financial Code Section 17636
  Whenever the commissioner has taken possession of the property and business of a licensee he may petition the superior court for the appointment of a...
• California Financial Code Section 17637
  The commissioner may appoint one or more special deputies to assist in the duties of liquidation and distribution under his direction and may also employ...
• California Financial Code Section 17638
  In liquidating the affairs of a licensee the commissioner may: (a) Collect all money due to, and claims of, the licensee and give receipt therefor....
• California Financial Code Section 17639
  After the issuance of an order of liquidation under Section 17635, any of the following transactions occurring within four months prior to the application for...
• California Financial Code Section 17640
  If the commissioner is in possession of the business, property, and assets of a licensee, whether or not he is liquidating the affairs of such...
• California Financial Code Section 17641
  Claims for damages resulting from the disaffirmance of an executory contract or lease by the commissioner may be filed and allowed. No claim of a...
• California Financial Code Section 17642
  When the commissioner determines to liquidate a licensee, he shall cause an inventory of all the assets of the licensee to be made in duplicate,...
• California Financial Code Section 17643
  When the commissioner determines to liquidate a licensee he shall cause notice to be given by publication once a week for four successive weeks in...
• California Financial Code Section 17644
  All claims, demands, or causes of action of creditors, and persons other than the parties to an escrow transaction against the licensee or against any...
• California Financial Code Section 17645
  Upon the expiration of the time fixed for the presentation of claims, the commissioner shall prepare in duplicate a full and complete schedule of all...
• California Financial Code Section 17646
  Not later than five days after the time of filing the schedule of claims with the court, written notice shall be mailed to all claimants...
• California Financial Code Section 17647
  Regardless of any law of this state, the judges of the superior court of the county in this state in which the principal office of...
• California Financial Code Section 17648
  If it appears improbable that anything can be realized from any property of the licensee and that the cost of maintaining, preserving, or protecting the...
• California Financial Code Section 17649
  For the purpose of executing and performing any of the powers and duties conferred upon him by this article, the commissioner may in the name...
• California Financial Code Section 17650
  If any real property of the licensee sold by the commissioner is located in a county other than the county in which the application to...
• California Financial Code Section 17651
  When the commissioner has (a) fully liquidated all claims other than claims of stockholders, and (b) made due provision for any and all known but...
• California Financial Code Section 17652
  Upon the payment of a final dividend in liquidation, the commissioner shall prepare and file with the court a full and final statement of the...
• California Financial Code Section 17653
  In making its order approving the commissioner's final statement of the liquidation of a licensee, the court shall determine the amounts of the liquidating dividends...
• California Financial Code Section 17654
  The order of the court approving the final statement on liquidation shall provide for the destruction or other disposition of the books and records of...
• California Financial Code Section 17700
  Any person who willfully violates any provision of this division, or who willfully violates any rule or order under this division, shall, upon conviction, be...
• California Financial Code Section 17701
  (a) Any person who violates any provision of this division, or who violates any rule or order under this division, shall be liable for a...
• California Financial Code Section 17702
  It is unlawful for any person to willfully make any untrue statement of a material fact in any application, notice, or report filed with the...
• California Financial Code Section 17703
  (a) It is unlawful for any person to knowingly alter, destroy, mutilate, conceal, cover up, falsify, or make a false entry in any record, document,...
• California Financial Code Section 18000
  This division shall be known and may be cited as the "Industrial Loan Law," the "Industrial Banking Law," or the "Thrift and Loan Law."
• California Financial Code Section 18001
  The definitions given in this article govern the construction of this division unless the context otherwise requires.
• California Financial Code Section 18002
  "Commissioner" means the Commissioner of Financial Institutions of the State of California.
• California Financial Code Section 18002.5
  "Department" means the Department of Financial Institutions.
• California Financial Code Section 18003
  "Industrial loan company," "thrift and loan company," or "company" as used in this division means a premium finance agency as defined in Section 18560. Notwithstanding...
• California Financial Code Section 18003.1
  "Investment and loan" means an industrial loan company.
• California Financial Code Section 18003.2
  (a) Any reference in a provision of any statute or regulation of this state to an industrial loan company or a thrift and loan company...
• California Financial Code Section 18003.5
  (a) When used with respect to an industrial loan company, "insured" means an industrial loan company that is insured by the Federal Deposit Insurance Corporation...
• California Financial Code Section 18003.6
  "Certificate of deposit" as that term is used by an industrial loan company licensed under this division means an investment certificate representing the obligation of...
• California Financial Code Section 18003.7
  "Demand deposit" means investment or thrift certificates in account, passbook, or certificate form which are redeemable and payable upon demand to the owner.
• California Financial Code Section 18004
  "Borrower" means the person receiving the proceeds or benefits of a loan.
• California Financial Code Section 18005
  "Consumer loan or consumer obligation" means a loan made to, or an obligation incurred by, a natural person in which the money loaned, or the...
• California Financial Code Section 18006
  "Primarily secured by real property", as used in this division, means the fair market value of the real property less prior encumbrances, at the time...
• California Financial Code Section 18007
  "Charges", as used in this division, include the aggregate interest, fees, bonuses, commissions, brokerage, discounts, expenses, and other forms of costs charged, contracted for, or...
• California Financial Code Section 18008
  "Charges" also include any profit or advantage of any kind that any person may contract for, collect, receive, or in any manner obtain by a...
• California Financial Code Section 18009
  "Principal amount", as used in this division, means the net amount of money, credit, goods, or things in action received by the debtor or borrower...
• California Financial Code Section 18010
  "Principal balance", and "face amount" as used in this division, means the unpaid balance of a loan or other obligation.
• California Financial Code Section 18011
  "Affiliated company", as used in this division, is a company under substantially the same management or control, directly or indirectly, as the industrial loan company.
• California Financial Code Section 18011.1
  "Affiliate" means an affiliated company or a person who, directly or indirectly, controls over 10 percent of the voting stock of an industrial loan company.
• California Financial Code Section 18012
  "Corporate Securities Law" means the Corporate Securities Law of 1968, Division 1 (commencing with Section 25000) of Title 4 of the Corporations Code.
• California Financial Code Section 18013
  "Outstanding loans and obligations," as used in this division, means total outstanding loans and obligations, including lease obligations, less unearned interest or charges, unearned discount,...
• California Financial Code Section 18014
  "Obligation" as used in Sections 18265, 18271, 18272, and 18343 includes lease obligations as authorized by Section 18310.
• California Financial Code Section 18015
  "Lease obligation" as used in this division, means a lease contract entered into by an industrial loan company as lessor.
• California Financial Code Section 18016
  "Investment certificates ratio", as used in this division, means the ratio of the aggregate sum of all of the outstanding investment certificates, exclusive of those...
• California Financial Code Section 18016.5
  "Premium finance agency" has the meaning set forth in Section 18560.
• California Financial Code Section 18017
  "Assets," as used in this division, means all assets excluding intangibles.
• California Financial Code Section 18018
  "Capital," as used in this division, consists of all of the following: (a) Capital stock. (b) Primary capital to the extent not included in capital...
• California Financial Code Section 18018.1
  "Primary capital," as used in this division, means the sum of common stock, perpetual preferred stock, capital surplus, undivided profits, capital reserves, and mandatory convertible...
• California Financial Code Section 18018.2
  "Secondary capital," as used in this division, means the sum of mandatory convertible debt that is not included in primary capital, limited life preferred stock,...
• California Financial Code Section 18018.3
  "Perpetual preferred stock," as used in this division, means a preferred stock that does not have a stated maturity date or that can not be...
• California Financial Code Section 18018.4
  "Mandatory convertible debt," as used in this division, means a subordinated debt instrument which requires the issuer to convert that instrument into common or perpetual...
• California Financial Code Section 18018.5
  "Limited life preferred," as used in this division, means preferred stock which has a maturity or which may be redeemed at the option of the
• California Financial Code Section 18018.6
  "Subordinated notes and debentures," as used in this division, means an obligation other than an investment certificate obligation that: (a) Bears on its face, in...
• California Financial Code Section 18019
  "Capital Stock," as used in this division, means one-class voting common stock.
• California Financial Code Section 18020
  An industrial loan company shall not appoint or continue in office any officer, director or management personnel who do not have the qualifications required by...
• California Financial Code Section 18021
  (a) An industrial loan company shall not deposit its funds except with a bank, trust company, or savings association authorized to do business in this...
• California Financial Code Section 18022
  No industrial loan company shall invest any of its funds, except as authorized in this division. Industrial loan companies may invest their funds in investments...
• California Financial Code Section 18022.5
  An industrial loan company may organize, sponsor, operate, control, or render investment advice to, an investment company, or underwrite, distribute, or sell securities of any...
• California Financial Code Section 18023
  If an industrial loan company has investment or thrift certificates outstanding, then such company shall not borrow, except by the sale of investment or thrift...
• California Financial Code Section 18023.1
  In addition to the borrowings under Section 18023, an industrial loan company may borrow funds from the Federal Home Loan Bank, the Federal Deposit Insurance...
• California Financial Code Section 18024
  An industrial loan company shall not transact business or make any loan provided for by this division under any other name than that set forth...
• California Financial Code Section 18025
  No person shall use a holding company or any other device for the purpose of evading or avoiding any of the provisions of this division....
• California Financial Code Section 18027
  Corporations subject to this division are not subject to the provisions or regulations of the Personal Property Brokers Law, Division 9 (commencing with Section 22000),...
• California Financial Code Section 18028
  All corporations formed under the provisions of this division are taxed in the same manner and at the same rates as other corporations are taxed...
• California Financial Code Section 18029
  Each industrial loan company shall keep and use in its business, books, accounts, and records which will enable the commissioner to determine if the company...
• California Financial Code Section 18030
  Each industrial loan company shall preserve the books, accounts, and records, including cards used in the card system, if any, for a least two years...
• California Financial Code Section 18040
  An industrial loan company may purchase, hold and convey real property for the following purposes only: (a) Real property conveyed to it in satisfaction of...
• California Financial Code Section 18041
  (a) The commissioner may establish rules and regulations regarding the sale of any real property acquired pursuant to subdivision (a) or (b) of Section 18040,...
• California Financial Code Section 18042
  The authority of a three-fourths vote of all the directors is necessary to authorize the purchase of a lot and building necessary as premises for...
• California Financial Code Section 18043
  Real property held by an industrial loan company shall be conveyed by an instrument under the corporate seal of the corporation, signed by the president...
• California Financial Code Section 18055
  No person shall advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any...
• California Financial Code Section 18056
  An industrial loan company shall not use any advertising which refers to the supervision of such company by the state or any department or official
• California Financial Code Section 18057
  An industrial loan company shall not use any advertising nor make any representations which indicate, imply or might lead a person to believe that the...
• California Financial Code Section 18058
  An industrial loan company shall not use any advertising nor make any representations which indicate, infer or might lead a person to believe that investment...
• California Financial Code Section 18060
  (a) Except as provided in subdivision (b), industrial loan company which issues thrift certificates shall not use any thrift advertisement which refers to the industrial...
• California Financial Code Section 18061
  If an industrial loan company refers in any advertisement to rates of charge, discount, charges or costs of loans, those charges shall be stated fully...
• California Financial Code Section 18062
  An industrial loan company shall not use any advertisement after its use has been disapproved by the commissioner and the industrial loan company has been...
• California Financial Code Section 18063
  The commissioner may require an industrial loan company to maintain a file of all advertising copy for a period of 12 months from the date...
• California Financial Code Section 18100
  When authorized by the commissioner as provided in this chapter, a corporation may be organized under the laws of this state, or an existing California...
• California Financial Code Section 18100.5
  Each industrial loan company, other than a premium finance agency, that has issued and has outstanding thrift obligations shall, as a condition to its authority...
• California Financial Code Section 18101
  If the commissioner approves an application to engage in business as an industrial loan company filed pursuant to Article 2 (commencing with Section 18115) of...
• California Financial Code Section 18101.5
  Upon filing an application for approval of proposed articles of incorporation with the commissioner, or upon filing an amendment to the articles of a proposed...
• California Financial Code Section 18101.6
  Companies authorized to engage in the industrial loan business after the effective date of the act which added this section shall have the words "industrial...
• California Financial Code Section 18102
  The articles of incorporation of an industrial loan company, in addition to the statement required by subdivision (b) of Section 202 of the Corporations Code,...
• California Financial Code Section 18103
  An industrial loan company's certificate to engage in the industrial loan business is not transferable or assignable.
• California Financial Code Section 18104
  Except as otherwise authorized under existing law, no person, unless lawfully authorized to do business in this state under the provisions of this division and...
• California Financial Code Section 18115
  An application for authority to engage in the industrial loan business shall be in such form and contain such information as the commissioner may require...
• California Financial Code Section 18116
  Upon the filing of an application, the commissioner shall make or cause to be made a careful investigation and examination relative to the following: (a)...
• California Financial Code Section 18117
  The commissioner, upon reasonable notice and opportunity to be heard, may deny the application for any of the following reasons: (a) The public convenience and...
• California Financial Code Section 18119
  Within 30 days after an application is filed for authorization to establish an industrial loan company which intends to sell and issue its investment certificates,...
• California Financial Code Section 18120
  Before the commissioner issues a certificate of authorization to operate as an industrial loan company, there must be paid in cash for the benefit of...
• California Financial Code Section 18130
  The capital stock of an industrial loan company incorporated under this division shall not be less than: (a) Five hundred thousand dollars ($500,000), if incorporated...
• California Financial Code Section 18131
  In addition to the capital stock required by Section 18130, an industrial loan company which has branch offices or which opens an additional branch office...
• California Financial Code Section 18132
  An industrial loan company may declare a dividend on its capital stock only if the company has minimum unimpaired capital of seven hundred fifty thousand...
• California Financial Code Section 18137
  An industrial loan company shall not reduce its capital stock to an amount less than is required by this article to be maintained by such...
• California Financial Code Section 18138
  (a) No person may acquire in the aggregate 10 percent or more of the capital stock of, or the capital of, an industrial loan company...
• California Financial Code Section 18139
  A sale, merger, or conversion involving an industrial loan company and another industrial loan company, a bank, or a savings association is subject to Division...
• California Financial Code Section 18145
  Subject to Section 18145.1, when authorized by the commissioner as provided in this division, an industrial loan company, pursuant to a resolution of its board...
• California Financial Code Section 18145.1
  (a) The commissioner may, by order or regulation, exempt from the requirement of authorization by the commissioner set forth in Section 18145 any establishment of...
• California Financial Code Section 18146
  The request for authority to establish a branch office shall be set forth in an application in such form and containing such information as the...
• California Financial Code Section 18147
  The commissioner shall not approve an application for a branch office until the commissioner has ascertained to the commissioner's satisfaction that the facts set forth...
• California Financial Code Section 18148
  The failure of an industrial loan company to open and operate a branch office within six months after the commissioner has issued an order approving...
• California Financial Code Section 18149
  When the commissioner has approved an application for permission to establish a branch office and the applicant pays to the commissioner an additional fee of...
• California Financial Code Section 18150
  An industrial loan company shall keep posted in a conspicuous place in each branch office the certificate of authorization to transact business issued by the...
• California Financial Code Section 18151
  An industrial loan company which opens a branch office without first obtaining a certificate of authorization to transact business shall forfeit to the people of...
• California Financial Code Section 18152
  The provisions of Sections 18146, 18147, 18148, 18149, 18150, and 18151 shall not affect branch offices which are opened and operating prior to September 18,
• California Financial Code Section 18153
  An industrial loan company which maintains a branch office or branch offices shall give to each branch office maintained by it a specified designation by...
• California Financial Code Section 18154
  With the prior written approval of the commissioner, an industrial loan company may close or discontinue the opertion of any branch office provided public notice...
• California Financial Code Section 18165
  (a) Except as otherwise provided for in this division, an industrial loan company shall not transact business or make any loan provided for by this...
• California Financial Code Section 18165.1
  (a) The commissioner may, by order or regulation, exempt from the requirement of authorization by the commissioner set forth in Section 18165 any establishment of...
• California Financial Code Section 18166
  (a) If an industrial loan company desires to change its place of business to a street address other than that designated in its authorization, it...
• California Financial Code Section 18190
  An industrial loan company may: (a) Loan money, secured or unsecured, with or without the pledge of its installment investment certificates. (b) Collect and receive...
• California Financial Code Section 18191
  Sections 18008, 18009, 18010, 18212, 18212.1, 18214, 18219, 18220, 18222, 18230 through 18234, 18290 through 18295, and 18439 do not apply to: (a) Any bona...
• California Financial Code Section 18191.5
  Sections 18008, 18009, 18010, 18212, 18212.1, and 18214 do not apply to: (a) Any bona fide loan of a principal amount of five thousand dollars...
• California Financial Code Section 18192
  The payment of money, credit, goods, or things in action as consideration for any sale or assignment of, or order for, the payment of wages,...
• California Financial Code Section 18205
  Except as otherwise provided for in this division, an industrial loan company shall not make any loan or purchase or discount any other obligation that...
• California Financial Code Section 18205.5
  Notwithstanding any other provision of this division, an industrial loan company may make a loan or acquire an obligation that is repayable in unequal periodic...
• California Financial Code Section 18206
  Consumer loans made and obligations acquired that are secured by a motor vehicle and repayable other than in equal periodic payments during its term shall...
• California Financial Code Section 18207
  An industrial loan company may make a consumer loan that is not secured primarily by real property or other type of loan which is repayable...
• California Financial Code Section 18208
  An industrial loan company may make a consumer loan in which the principal and charges are payable at any time during the loan, provided that...
• California Financial Code Section 18209
  An industrial loan company may make loans, purchase or discount notes, mortgages, contracts or other commercial paper insured by the Federal Housing Administrator, Veterans Administration,...
• California Financial Code Section 18210
  (a) Except as provided in Sections 18205.5 and 18209 and subject to subdivisions (b) and (c), an industrial loan company shall not make any loan...
• California Financial Code Section 18211
  No charge shall be collected unless a loan is made, except that an industrial loan company may charge, contract for, and receive a fee in...
• California Financial Code Section 18212
  (a) The charges by an industrial loan company, broker, and all other persons on any loan, forbearance of money, credit, goods, or things in action...
• California Financial Code Section 18212.1
  As an alternative to the charges authorized by Section 18212 a licensee may contract for and receive charges at a rate not exceeding five-sixths of...
• California Financial Code Section 18212.2
  In addition to the charges authorized by Section 18212 or 18212.1 an industrial loan company may contract for and receive an administrative fee, which shall...
• California Financial Code Section 18213
  Notwithstanding any other provision of law not within this division, industrial loan companies making loans pursuant to this division may not precompute interest on such
• California Financial Code Section 18214
  For the purpose of computing the charges set forth in this article, a month is any period of 30 consecutive days.
• California Financial Code Section 18215
  An industrial loan company may contract for, collect, and receive at the time of making the loan or at any time thereafter, any of the...
• California Financial Code Section 18216
  (a) Notwithstanding Section 18211, an appraisal fee may be charged to an applicant or borrower by an industrial loan company in connection with an application...
• California Financial Code Section 18217
  An escrow fee of a reasonable amount may be charged for any loan made which is secured primarily by real property when such services are...
• California Financial Code Section 18218
  Notwithstanding any other provision of this division, an industrial loan company, in the collection of a delinquent loan of an unpaid principal balance, may do...
• California Financial Code Section 18218.5
  With respect to a loan under this division, a fee not to exceed fifteen dollars ($15) for return by a depository institution of a dishonored...
• California Financial Code Section 18219
  An industrial loan company shall not induce or permit any borrower to split up or divide any loan and thereby contract for or receive a...
• California Financial Code Section 18220
  An industrial loan company shall not induce any husband and wife jointly or severally, to become obligated, directly or contingently or both, under more than...
• California Financial Code Section 18221
  Nothing in this division shall prevent an industrial loan company from transacting loan contracts with different borrowers and from contracting for and receiving, up to...
• California Financial Code Section 18222
  An industrial loan company shall permit payment to be made in advance in any amount on any contract of loan at any time. The industrial...
• California Financial Code Section 18230
  Each industrial loan company shall display prominently in each place of business a full and accurate schedule of the maximum charges to be made and...
• California Financial Code Section 18231
  Each industrial loan company shall: (a) Deliver or cause to be delivered to the borrowers, or any one thereof, at the time the loan is...
• California Financial Code Section 18233
  An industrial loan company shall deliver or cause to be delivered to the person making any payment in person in cash at any office of...
• California Financial Code Section 18234
  An industrial loan company shall upon repayment of any loan in full, cancel or plainly mark "paid" and return to the borrower or person making...
• California Financial Code Section 18235
  An industrial loan company shall not take any note, promise to pay, or security agreement that does not accurately disclose the actual amount of the...
• California Financial Code Section 18245
  (a) Subject to any regulations that the commissioner may issue, an industrial loan company may issue credit cards and may acquire or hold obligations resulting...
• California Financial Code Section 18265
  An industrial loan company that has investment certificates outstanding shall not make any loan or purchase or discount any other obligation with a maturity of...
• California Financial Code Section 18266
  (a) Except as set forth in subdivisions (b) and (c), any loan or obligation made or acquired by an industrial loan company that has investment...
• California Financial Code Section 18266.1
  An industrial loan company may make loans and acquire obligations, the proceeds of which are used for home improvements that are secured by real property...
• California Financial Code Section 18266.2
  An industrial loan company shall file a written request for authorization to conduct business under Section 18266.1. The request shall include the following information: (a)...
• California Financial Code Section 18266.3
  The commissioner shall approve the request made pursuant to Section 18266.2 within 30 days after filing unless the commissioner has ascertained that the company has...
• California Financial Code Section 18268
  An industrial loan company that has investment certificates outstanding shall not lend in the aggregate more than 5 percent of its capital stock and surplus...
• California Financial Code Section 18269
  An industrial loan company that has investment certificates outstanding shall not make any loan secured primarily by improved real property in a principal amount in...
• California Financial Code Section 18270
  An industrial loan company may require the borrower to sign a contract of pledge, assignment, mortgage, security agreement, deed of trust, or trust receipt relating...
• California Financial Code Section 18271
  An industrial loan company that has investment certificates outstanding shall not make loans to, or hold the obligations of, any one person as primary obligor...
• California Financial Code Section 18272
  An industrial loan company shall diversify the loans and lease obligations it makes and other obligations it acquires, both as to the types of debtors...
• California Financial Code Section 18274
  The principal balances of loans made, or obligations purchased, by an industrial loan company that has investment certificates outstanding, which loans or obligations are secured...
• California Financial Code Section 18290
  (a) As used in this division: (1) "Credit life insurance" and "credit disability insurance" have the same meanings as defined in Section 779.2 of the...
• California Financial Code Section 18291
  (a) If credit life or disability insurance is provided pursuant to this division, and if the insured borrower dies or becomes disabled during the term...
• California Financial Code Section 18292
  (a) If credit disability insurance is provided pursuant to this division, it shall not provide indemnity against the risk of a borrower becoming disabled for...
• California Financial Code Section 18292.5
  If credit loss-of-income insurance is provided pursuant to this division, it shall be subject to the following conditions: (a) The insurance shall provide indemnity in...
• California Financial Code Section 18293
  If credit disability or loss-of-income insurance is provided pursuant to this division, the industrial loan company shall also deliver an understandable written statement to the...
• California Financial Code Section 18294
  An industrial loan company may collect the costs for insurance of tangible personal or real property offered as security for a loan, reasonably insured against...
• California Financial Code Section 18295
  An industrial loan company may collect the costs of title insurance for loans secured primarily by real property. The costs for such insurance may be...
• California Financial Code Section 18296
  An industrial loan company may collect the costs of insurance of the type defined by subdivision (a) of Section 12640.02 of the Insurance Code. Costs...
• California Financial Code Section 18300
  (a) As used in this article, "open-end loan" means a loan or loans made by an industrial loan company pursuant to a loan agreement which...
• California Financial Code Section 18301
  (a) Whenever authorized by the commissioner, an industrial loan company whose thrift obligations are insured by the Federal Deposit Insurance Corporation may make a secured...
• California Financial Code Section 18302
  An industrial loan company shall file a written request for authorization to conduct business under subdivision (a) of Section 18301. The request shall include all...
• California Financial Code Section 18303
  The commissioner shall approve the request made pursuant to Section 18302 within 30 days after filing unless the commissioner has ascertained that the company has...
• California Financial Code Section 18315
  (a) When authorized to conduct business pursuant to this division, an industrial loan company may sell and issue its investment certificates subject to the provisions...
• California Financial Code Section 18316
  An industrial loan company may, in addition to the sale of installment investment certificates with loans, sell or negotiate investment certificates either in certificates, or...
• California Financial Code Section 18317
  No company may have investment certificates outstanding with a person or related persons in an aggregate amount in excess of 20 percent of the unimpaired...
• California Financial Code Section 18318
  Investment or thrift certificates may be issued to or in the name of a minor and as such shall be for the exclusive right and...
• California Financial Code Section 18318.5
  An investment or thrift certificate that is a multiple-party account as defined in Section 5132 of the Probate Code is governed by Part 2 (commencing...
• California Financial Code Section 18319
  In no event shall an industrial loan company have outstanding at any time its investment certificates (exclusive of those hypothecated with the company issuing them)...
• California Financial Code Section 18320
  Notwithstanding Section 18319, an industrial loan company shall in no event: (a) Have outstanding at any time during its first 12 months of operation as...
• California Financial Code Section 18321
  (a) Nothing in this division authorizes an industrial loan company to receive demand deposits. (b) Subject to Section 18315, an industrial loan company that is...
• California Financial Code Section 18322
  An industrial loan company shall obtain the written consent of the commissioner prior to accepting any moneys pursuant to Section 17409. The commissioner may, by...
• California Financial Code Section 18325
  (a) An industrial loan company shall not impose any charge on a periodic investment or thrift certificate, or on an investor in an account evidenced...
• California Financial Code Section 18339
  As of the operative date of this section: (a) There is established an Industrial Loan Account in the Financial Institutions Fund in the State Treasury....
• California Financial Code Section 18340
  All money received or collected by the commissioner under this division or any other law relating to industrial loan companies or the industrial loan business...
• California Financial Code Section 18340.5
  All expenses of the department in administering this division and other laws relating to industrial loan companies or the industrial loan business shall be paid...
• California Financial Code Section 18342
  Industrial loan companies have the powers specified in this division. In addition, industrial loan companies have the general powers conferred upon corporations by the General...
• California Financial Code Section 18343
  The commissioner may require an industrial loan company to establish and maintain reasonable reserves for loans made, and contracts or other obligations purchased or discounted...
• California Financial Code Section 18344
  An industrial loan company shall not conduct the business of making loans under this division, within any office, room, or place of business in which...
• California Financial Code Section 18345
  An industrial loan company shall notify the commissioner of every change in the officers, directors and management personnel of the company and of each branch...
• California Financial Code Section 18346
  The commissioner may require each industrial loan company to file with the commissioner a fidelity bond indemnifying the industrial loan company against loss of money...
• California Financial Code Section 18346.1
  (a) In lieu of providing a bond required pursuant to Section 18346, a licensee may deposit with the commissioner security in an amount as the...
• California Financial Code Section 18347
  The commissioner may establish rules and regulations which are reasonable and necessary to carry out the purposes and provisions of this division, including rules and...
• California Financial Code Section 18349
  The commissioner may, upon reasonable notice and opportunity to be heard, suspend or revoke the license of an industrial loan company if the commissioner finds...
• California Financial Code Section 18349.5
  (a) For the purposes of this section, the following definitions are applicable: (1) "Account holder" includes, in the case of an investment certificate account, an...
• California Financial Code Section 18350
  Each industrial loan company shall pay to the commissioner its pro rata share of all costs and expenses of the department in administering this division...
• California Financial Code Section 18351
  On or before the 30th day of November in each year, the commissioner shall notify each industrial loan company by mail of the amount assessed...
• California Financial Code Section 18352
  In the levying and collection of an assessment pursuant to Section 18350, an industrial loan company shall not be assessed for nor be permitted to...
• California Financial Code Section 18353
  If an industrial loan company fails to pay the assessment provided in Section 18350 on or before the 30th day of December following the day...
• California Financial Code Section 18354
  The commissioner may require the attendance of witnesses and examine under oath all persons whose testimony he requires relative to the affairs of an industrial...
• California Financial Code Section 18355
  Whenever, after an examination, investigation or hearing under this division, the commissioner deems it of public interest or advantage, he may certify a record to...
• California Financial Code Section 18356
  The commissioner may order any industrial loan company to desist from any conduct which the commissioner finds in violation of this division or any rule...
• California Financial Code Section 18357
  (a) If it appears to the commissioner that an industrial loan company has violated or failed to comply with the provisions of its articles of...
• California Financial Code Section 18358
  If it appears to the commissioner that an industrial loan company is conducting business in an unsafe, unsound, or injurious manner, the commissioner may, by...
• California Financial Code Section 18359
  Whenever the commissioner is authorized to issue an order pursuant to Section 18357 or Section 18358 of this division, the commissioner may issue an order...
• California Financial Code Section 18360
  The company named in any order issued pursuant to this division for which no express hearing right is provided, including Sections 18356, 18357, 18358, 18359,...
• California Financial Code Section 18361
  After any order is made final, the industrial loan company shall have 10 days in which suit may be commenced to restrain enforcement of such...
• California Financial Code Section 18362
  (a) If the commissioner believes that an industrial loan company or its directors, officers, agents, or employees have violated or are about to violate any...
• California Financial Code Section 18363
  The commissioner may order an industrial loan company to suspend the redemption of investment certificates or the payment of the liabilities of the company or...
• California Financial Code Section 18364
  After an order of suspending or limiting the payment of liabilities is effective and until that order is rescinded, the industrial loan company shall make...
• California Financial Code Section 18365
  The authority granted to the commissioner by Section 18363, may be exercised by him in conjunction with all other powers granted by this chapter, or...
• California Financial Code Section 18366
  Every order, decision, license, or other official act of the commissioner is subject to review in accordance with law. Upon review, the burden of proof...
• California Financial Code Section 18367
  (a) If at any time the commissioner is of the opinion that the further sale of investment certificates by an industrial loan company would be...
• California Financial Code Section 18368
  (a) The commissioner may make the agreements that he or she deems necessary or appropriate in exercising his or her powers. (b) (1) The agreements...
• California Financial Code Section 18390
  For the purpose of discovering violations of this division or securing information required, the commissioner may at any time investigate the affairs and examine the...
• California Financial Code Section 18391
  Whenever in the judgment of the commissioner the condition of any industrial loan company renders it necessary or expedient to devote any extraordinary attention to...
• California Financial Code Section 18392
  The industrial loan company examined shall pay to the commissioner the cost of any examination, investigation or services, including the salary or other compensation paid...
• California Financial Code Section 18393
  The commissioner shall, upon receipt of written notification by an industrial loan company that it intends to engage in or is engaging in transactions permitted...
• California Financial Code Section 18394
  Investigation and examination reports prepared by the commissioner's duly designated representatives shall not be public records. Those reports may be disclosed to the officers and...
• California Financial Code Section 18396
  (a) In this section, "governmental agency" includes, without limitation, any agency of this state, of any other state of the United States, of the United...
• California Financial Code Section 18405
  (a) On or before the 15th day of March of every year, each industrial loan company shall file with the commissioner an audit report containing...
• California Financial Code Section 18406
  Each industrial loan company which has issued and which has outstanding investment certificates shall: (a) Post in a conspicuous and prominent place in each business...
• California Financial Code Section 18407
  An industrial loan company shall, when requested by the commissioner, submit its unaudited financial statements, prepared in accordance with generally accepted accounting principles and consisting...
• California Financial Code Section 18408
  An industrial loan company shall make other special reports to the commissioner as the commissioner may from time to time require.
• California Financial Code Section 18409
  The commissioner shall make and file annually with the department as a public record a composite of reports filed by industrial loan companies, and any...
• California Financial Code Section 18410
  For the purposes of the composite report provided for by Section 18409, an industrial loan company shall furnish statistical information as is reasonably required by...
• California Financial Code Section 18411
  The commissioner may by rule or regulation specify the form and contents of the financial statements, reports, certificates and opinions required to be filed pursuant...
• California Financial Code Section 18412
  Each report required under this article shall be filed with the commissioner at the time that the commissioner by regulation or order may require. If...
• California Financial Code Section 18415
  The commissioner may take possession of the property and business of any industrial loan company and retain possession until the company resumes business or its...
• California Financial Code Section 18415.1
  Whenever the commissioner has taken possession of the property and business of an industrial loan company, that industrial loan company, within 10 days after the...
• California Financial Code Section 18415.2
  An appeal may be taken from the judgment of the court by the commissioner or by the industrial loan company in the manner provided by...
• California Financial Code Section 18415.3
  (a) Whenever the net worth of an industrial loan company, exclusive of its good will, is less than 90 percent of the aggregate sum of...
• California Financial Code Section 18415.4
  The commissioner may also, upon the request of the board of directors of a company, take possession of the property and business of a company...
• California Financial Code Section 18415.5
  Upon taking possession of the property and business of any industrial loan company, the commissioner shall give notice of that fact to all persons holding...
• California Financial Code Section 18415.6
  Any officer, agent, employee, director, or stockholder of a company who refuses to comply with the demand for possession issued under Section 18415 shall be...
• California Financial Code Section 18415.7
  On demand of the commissioner, it shall be the duty of the sheriff of any county of the state, and of the police department of...
• California Financial Code Section 18415.8
  Upon taking possession of the property and business of any company, the superior court for the county in which the head office of the company...
• California Financial Code Section 18415.9
  At any time after the order taking possession issued under Section 18415 has been filed with the court, the commissioner may remove the principal office...
• California Financial Code Section 18415.10
  The commissioner may, at any time, examine under oath any officer, director, agent, employee or stockholder of a company to determine whether or not all...
• California Financial Code Section 18415.11
  Upon taking possession of the property and business of any company, the commissioner has authority and the duty to collect all moneys due to the...
• California Financial Code Section 18415.12
  The commissioner may file a petition with the court and the court shall issue such injunctions or orders, as may be deemed necessary, to prevent...
• California Financial Code Section 18415.13
  After the taking of possession of the property and business of any company, the commissioner may terminate or adopt any executory contract to which the...
• California Financial Code Section 18415.14
  The commissioner may proceed against any debtor or alleged debtor by way of summary procedure or by order to show cause issued by the court...
• California Financial Code Section 18415.15
  The commissioner may make examinations of the seized company and review the activities of any conservator or liquidator.
• California Financial Code Section 18415.16
  The actual cost of any examination, investigation or services, including the actual amount of salary or other compensation paid to the persons making the examination,...
• California Financial Code Section 18415.17
  The determination by the commissioner to liquidate a company, evidenced by filing written notice of the determination with the court, operates to stay or dissolve...
• California Financial Code Section 18415.18
  Upon taking possession of the property, and business of a company in any proceeding under this article, the commissioner shall have the power to do...
• California Financial Code Section 18415.19
  All expenses of taking possession of, conserving, conducting, liquidating, disposing of or otherwise dealing with the business and property of any company under this article...
• California Financial Code Section 18415.21
  Any transaction occurring within six months of the date of taking possession shall be voidable by the conservator or liquidator if the transaction has the...
• California Financial Code Section 18415.22
  No obligation may be purchased or discounted under any agreement between the company and any person involving the purchase or discount of obligation from the...
• California Financial Code Section 18415.23
  No attachment or execution shall be issued against the property of any company before final judgment in any action or proceeding in any court.
• California Financial Code Section 18420
  The commissioner, as conservator or liquidator, after taking possession of the company, shall, in his or her name, in the name of the company, in...
• California Financial Code Section 18420.1
  No transaction involving real or personal property, investment or reinvestment of funds or assets, or settlement or compromise of pending lawsuits shall be made without...
• California Financial Code Section 18420.2
  The commissioner may, with ex parte approval of the court, sell all or any part of the company's assets to another industrial loan company, to...
• California Financial Code Section 18420.5
  The commissioner may appoint a person to act as conservator or liquidator of the company. The person appointed may be Thrift Guaranty Corporation of California....
• California Financial Code Section 18420.6
  The commissioner shall have the authority to terminate the appointment of a conservator or liquidator whenever the commissioner deems it in the best interest of...
• California Financial Code Section 18420.7
  The commissioner may require a conservator or liquidator to provide such bond as the commissioner deems proper. The conservator or liquidator shall receive a salary,...
• California Financial Code Section 18425
  If at any time after taking possession of the property and business of a company it shall appear to the commissioner that it would be...
• California Financial Code Section 18425.1
  The liquidator shall cause notice to be given by publication for four successive weeks in a newspaper of general circulation at or near the principal...
• California Financial Code Section 18425.2
  All claims, demands, or causes of action of creditors, and persons other than investors against any property owned or held by it in trust, or...
• California Financial Code Section 18425.3
  If the liquidator doubts the validity of any claim, the liquidator may reject the claim and serve notice of rejection upon the claimant either by...
• California Financial Code Section 18425.4
  A claim shall set forth, under oath, on the form prescribed by the commissioner, all of the following: (a) The particulars of the claim, and...
• California Financial Code Section 18425.5
  When an investment certificate holder is also a debtor, the liquidator may offset any balance due the investment certificate holder against the debt and the...
• California Financial Code Section 18425.6
  The amount of a claim of an investment certificate holder shall be the amount which the investment certificate holder would have been entitled to withdraw...
• California Financial Code Section 18425.7
  When the time fixed for the presentation of claims has expired, the liquidator shall make in duplicate a full and complete list of all claims...
• California Financial Code Section 18425.8
  Objections to any claim not rejected by the liquidator may be made by any person interested by filing his or her objections, in writing, with...
• California Financial Code Section 18425.9
  The liquidator, with the approval of the court, may pay one or more dividends to investment certificate holders prior to the expiration of the time...
• California Financial Code Section 18425.10
  (a) Claims allowed in a proceeding under this article shall be given preference in the following order: (1) All costs and expenses of administration of...
• California Financial Code Section 18425.11
  Whenever the commissioner determines to liquidate a company, the commissioner shall cause an inventory of all the assets of the company to be made in...
• California Financial Code Section 18425.12
  If it appears improbable that anything can be realized from any property of the company and that the cost of maintaining, preserving, or protecting the...
• California Financial Code Section 18425.13
  If a purchaser of any property or any bad or doubtful debt or claim of a company cannot be obtained and it appears improbable that...
• California Financial Code Section 18425.14
  When the liquidator has fully liquidated all claims other than claims of stockholders, made due provision for any and all known but unclaimed liabilities, excepting...
• California Financial Code Section 18425.15
  Upon the payment of a final dividend in liquidation, the commissioner shall prepare and file with the court a full and final statement of the...
• California Financial Code Section 18425.16
  In making its order approving the commissioner's final statement of the liquidation of the company, the court shall determine the amounts of the liquidating dividends...
• California Financial Code Section 18425.17
  The order of the court approving the final statement on liquidation shall provide for the destruction or other disposition of the books and records of...
• California Financial Code Section 18427
  Unless the context otherwise requires, in this article: (a) "Offer" or "offer to sell" includes every attempt or offer to dispose of, or solicitation of...
• California Financial Code Section 18427.1
  No industrial loan company organized under the laws of this state shall offer or sell any security issued by it unless the commissioner has issued...
• California Financial Code Section 18427.2
  An application for a permit shall be in such form and contain such information as the commissioner may prescribe.
• California Financial Code Section 18427.3
  The commissioner shall charge and collect fees for applications filed under this article as fixed in this section. (a) The fee for a negotiating permit...
• California Financial Code Section 18427.4
  If the commissioner finds that the proposed sale of securities is fair, just, and equitable, he or she shall issue to the applicant a permit...
• California Financial Code Section 18427.5
  The commissioner may impose conditions in any permit issued under Section 18427.4, requiring the deposit in escrow of securities, imposing a legend condition restricting the...
• California Financial Code Section 18427.6
  Every permit issued pursuant to Section 18427.4 shall recite that it is permissive only and does not constitute a recommendation or endorsement of the securities...
• California Financial Code Section 18427.7
  The commissioner may amend, alter, suspend, or revoke any permit issued pursuant to Section 18427.4.
• California Financial Code Section 18427.8
  Whenever an industrial loan company applies for a permit to issue any security or to deliver any other consideration (whether or not such security or...
• California Financial Code Section 18427.9
  There shall be exempted from the provisions of Section 18427.1 all of the following: (a) (1) Any offer, not involving a public offering, to an...
• California Financial Code Section 18427.10
  Nothing contained in this article shall affect the Corporate Securities Law of 1968, Division 1 (commencing with Section 25000) of Title 4 of the Corporations
• California Financial Code Section 18427.11
  The commissioner may by regulation or order restrict, limit, prohibit or otherwise condition the uses of the proceeds from the sale of securities, the extent...
• California Financial Code Section 18435
  Except as otherwise provided in this division, any person who willfully violates any provision of this division, or who willfully violates any rule or order...
• California Financial Code Section 18436
  An industrial loan company shall not, directly or indirectly, make any loan of money or property to or guarantee the obligation of any of its...
• California Financial Code Section 18437
  (a) Except as provided in subdivision (b), an industrial loan company shall not make loans to, or purchase any obligations from, persons who do not...
• California Financial Code Section 18438
  If a loan is made or other thing is purchased or discounted in violation of Section 18271, 18272, 18273, 18274, or 18437, the officers, directors...
• California Financial Code Section 18439
  If any amount in excess of the charges permitted by this division, including interest, is charged, contracted for, or received in the making or collection...
• California Financial Code Section 18440
  An industrial loan company shall not take any confession of judgment or any power of attorney at the time of making the loan except a...
• California Financial Code Section 18441
  No person in connection with or incidental to the making of any loan under this division, shall require the borrower to contract for, purchase, or...
• California Financial Code Section 18442
  An industrial loan company shall not make any loan of money or property to or guarantee the obligation of any person upon the security of...
• California Financial Code Section 18443
  If any loan or guaranty is made in violation of Section 18436 or 18442, the directors and officers who authorize it or assent thereto are...
• California Financial Code Section 18444
  Any officer or director held liable under Section 18443, who satisfies such liability is entitled to contribution from any other officer or director who participates...
• California Financial Code Section 18445
  Any director, officer, or employee of an industrial loan company, its holding company, or its affiliates who asks for or receives, or consents or agrees...
• California Financial Code Section 18446
  Any director, officer, or employee of an industrial loan company, its holding company, or its affiliates who knowingly receives or possesses himself of any of...
• California Financial Code Section 18447
  Any director, officer, or employee of an industrial loan company, its holding company, or its affiliates who knowingly makes or concurs in making or publishing...
• California Financial Code Section 18448
  No director, officer, stockholder, or employee of an industrial loan company, its holding company, or its affiliates shall purchase, directly or indirectly, or be interested...
• California Financial Code Section 18449
  Every director of an industrial loan company who: (a) In the case of the fraudulent insolvency of such company, shall have participated in such fraud;...
• California Financial Code Section 18450
  A director, officer, or employee of an industrial loan company, its holding company, or its affiliates who concurs in any vote or act by which...
• California Financial Code Section 18451
  A director, officer, or employee of an industrial loan company, its holding company, or its affiliates who makes or maintains, or attempts to make or...
• California Financial Code Section 18452
  Every officer or employee of an industrial loan company, its holding company, or its affiliates who sells investment or thrift certificates knowing that the company...
• California Financial Code Section 18453
  Any person who knowingly sells investment certificates in violation of any provision of this division or any order or regulation of the commissioner, is guilty...
• California Financial Code Section 18454
  Any director, officer, agent or employee of an industrial loan company, its holding company, or its affiliates who willfully makes a false or untrue entry...
• California Financial Code Section 18454.5
  It is unlawful for any person to willfully make any untrue statement of a material fact in any document filed with the commissioner under this...
• California Financial Code Section 18455
  An industrial loan company shall not, directly or indirectly, make any loan to, or purchase a contract, loan, or chose in action from, hold a...
• California Financial Code Section 18456
  The provisions of this chapter shall be applicable to lease obligations.
• California Financial Code Section 18457
  Any officer, director, employee, or agent of any company who abstracts or willfully misapplies any of the money, funds, or property of the industrial loan...
• California Financial Code Section 18475
  "Guaranty corporation" means Thrift Guaranty Corporation of California which exists under the Nonprofit Mutual Benefit Corporation Law (Part 3 (commencing with Section 7110) of Division...
• California Financial Code Section 18476
  (a) "Member" means an industrial loan company required by Section 18100.5 to be a member of Guaranty Corporation. "Member" includes "special member" except where the...
• California Financial Code Section 18477
  "Thrift obligations" as used in this chapter include principal invested in investment or thrift certificates however evidenced, and unpaid interest thereon accrued as of the...
• California Financial Code Section 18478
  "Fund" means the Guaranty Corporation Fund established pursuant to Section 18535.
• California Financial Code Section 18479
  "Capital contribution" means the amount each member is required to maintain as an investment in the corporation pursuant to Section 18535.
• California Financial Code Section 18480
  "Member account" means the total of all amounts credited to a member for paid-in capital contributions, and other credits, net of any charges to that...
• California Financial Code Section 18481
  "Guaranteed investment certificate" means a thrift obligation guaranteed by Guaranty Corporation pursuant to Section 18523.
• California Financial Code Section 18490
  When the property and business of a member, other than a special member, has been liquidated or is in the process of liquidation by the...
• California Financial Code Section 18491
  (a) When the property and business of a member, other than a special member, is being liquidated, the commissioner may direct Guaranty Corporation to pay...
• California Financial Code Section 18493
  Whenever it appears to the commissioner that Guaranty Corporation has: (a) Violated its articles of incorporation or any law of this state; (b) Not paid...
• California Financial Code Section 18494
  Whenever the commissioner has taken possession of the property and business of Guaranty Corporation, Guaranty Corporation within 10 days after such taking, if it deems...
• California Financial Code Section 18495
  An appeal may be taken from the judgment of the court by the commissioner or by Guaranty Corporation in the manner provided by law for...
• California Financial Code Section 18496
  (a) Guaranty Corporation shall have independent authority to approve membership, or suspend or revoke the right to participate in Guaranty Corporation by any member for...
• California Financial Code Section 18496.1
  (a) A director, officer, employee, or agent of Thrift Guaranty Corporation shall be subject to liability for acts of fraud, willful misconduct, or reckless or...
• California Financial Code Section 18497
  Guaranty Corporation may invest its funds only in readily marketable securities as provided by rules of the commissioner. Upon request of the commissioner, Guaranty Corporation...
• California Financial Code Section 18498
  Income from investments shall be recorded in an income account and be used to defray expenses of administration. Income from investments that exceeds an amount...
• California Financial Code Section 18499
  Expenses of administration that exceed income from investments at year end shall be charged to members' accounts. Each member's account shall be charged ratably based...
• California Financial Code Section 18500
  Guaranty Corporation shall have authority to: (a) Borrow funds when necessary to effectuate the provisions of this chapter. (b) Make loans to, deposits in, purchase...
• California Financial Code Section 18501
  The commissioner shall give prompt notice to Guaranty Corporation when the commissioner takes possession of the property and business of a member and shall give...
• California Financial Code Section 18502
  Memberships issued by Guaranty Corporation shall be nontransferable and shall be exempt from the provisions of the Corporate Securities Law of 1968.
• California Financial Code Section 18503
  The commissioner and the commissioner's duly designated representatives may at any time investigate the affairs and examine the books, accounts, records and files used by...
• California Financial Code Section 18504
  Any member or industrial loan company making application to participate in Guaranty Corporation aggrieved by any action or decision of Guaranty Corporation may appeal to...
• California Financial Code Section 18505
  (a) After consultation with, and approval by, the Thrift Guaranty Corporation, the commissioner shall adopt rules and regulations regarding information to be given to holders...
• California Financial Code Section 18506
  No person shall advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any...
• California Financial Code Section 18507
  In order to permit Guaranty Corporation to fulfill its obligations under this chapter, the commissioner shall furnish to Guaranty Corporation a list of all industrial...
• California Financial Code Section 18508
  An industrial loan company or its successor shall not be entitled to receive a refund, return, withdrawal, or distribution of the amount in its member's...
• California Financial Code Section 18509
  (a) Guaranty Corporation may elect to wind up and dissolve upon approval of the commissioner, the board, and the members in accordance with Section 8610...
• California Financial Code Section 18510
  The Board of Directors of Guaranty Corporation shall be composed of five members, at least two of which shall be public members. The five members...
• California Financial Code Section 18511
  Guaranty Corporation shall establish a permanent office in this state.
• California Financial Code Section 18512
  The commissioner may require Guaranty Corporation to obtain a bond, insurance, or reinsurance which provides additional protection against losses to its members' thriftholders. The type,...
• California Financial Code Section 18520
  It shall be the purpose of Guaranty Corporation to guarantee full payment of guaranteed accounts of members, exclusive of special members, up to fifty thousand...
• California Financial Code Section 18521.5
  (a) Notwithstanding Section 18521 or 18100.5, until July 1, 1990, each industrial loan company, other than a premium finance agency, which has issued and has...
• California Financial Code Section 18521.6
  No industrial loan company which fails to comply with the requirements of subdivision (b) of Section 18521.5 by June 30, 1990, may continue to sell...
• California Financial Code Section 18523
  The following described thrift obligations will be guaranteed by Guaranty Corporation in the amounts hereinafter set forth below: (a) Single ownership investment certificates. Funds owned...
• California Financial Code Section 18525
  Notwithstanding any other provision of this division, Guaranty Corporation, with the written consent of the commissioner, shall have the power to assume obligations, enter into...
• California Financial Code Section 18535
  Guaranty Corporation shall establish and maintain a guarantee fund as follows: (a) Each new member, other than a new special member, shall pay one hundred...
• California Financial Code Section 18536
  Guaranty Corporation shall send a written notice of assessment to each member assessed within 10 days after the levy of any assessment. Amounts assessed shall...
• California Financial Code Section 18538
  In the event any member fails to pay an assessment when due, Guaranty Corporation shall report such default in writing to the commissioner and the...
• California Financial Code Section 18560
  "Premium finance agency" means any industrial loan company incorporated under this division which, by the terms of its authority to engage in the industrial loan...
• California Financial Code Section 18561
  Such terms relating to insurance as are used in this chapter shall have the meaning ascribed to them in the Insurance Code and in the...
• California Financial Code Section 18562
  As used in this chapter, "insured" means the person who has purchased or arranged to purchase an insurance contract and who enters into a premium...
• California Financial Code Section 18563
  As used in this chapter, "premium financing" means the activities of a company engaging in the business of advancing money directly or indirectly to an...
• California Financial Code Section 18564
  As used in this chapter, "premium finance agreement" means a loan contract, note, agreement or obligation by which an insured agrees to pay to a...
• California Financial Code Section 18565
  As used in this chapter, "company" means a premium finance agency.
• California Financial Code Section 18566
  As used in this chapter, "principal balance" means the difference between the amount of the premium and fees charged by the insurer or producer and...
• California Financial Code Section 18567
  As used in this chapter, "finance charge" means any amount which the insured agrees to pay the company in excess of the premium and fees...
• California Financial Code Section 18580
  A premium finance agency desiring the full authority which may be conferred by this division, shall, in respect to any lending operations other than insurance...
• California Financial Code Section 18581
  The articles of incorporation of any corporation organized under this division as a premium finance agency shall include reference to that fact.
• California Financial Code Section 18582
  Capital stock of any premium finance agency shall not be less than seventy-five thousand dollars ($75,000) and need not exceed that sum regardless of the...
• California Financial Code Section 18583
  Before a premium finance agency commences business or opens a branch office or place of business, there must be paid in cash, for the benefit...
• California Financial Code Section 18584
  An insurance premium finance agreement, as defined in Section 18564, may be prepared in the office of an insurance producer licensed by the Department of...
• California Financial Code Section 18585
  In the event of any conflict in the provisions of this chapter with the provisions of any other chapter in this division, the provisions of...
• California Financial Code Section 18586
  The provisions of Sections 18023, 18024, 18120, 18205, 18268, 18269, 18271, 18272, 18274, and 18455 shall not apply to a premium finance agency.
• California Financial Code Section 18587
  The provisions of Sections 18607, 18625, and 18626 shall not apply to any bona fide loan with a principal amount of two thousand five hundred...
• California Financial Code Section 18588
  Unless the insured has notice of the assignment of a premium finance agreement, payment thereunder by him to the last known assignee of the agreement...
• California Financial Code Section 18589
  At any time during the term of the premium finance agreement, but not later than one year after the last payment thereunder, the company shall...
• California Financial Code Section 18590
  Upon payment of a loan in full the company upon request shall return the premium finance agreement marked "Paid" to the insured.
• California Financial Code Section 18591
  No filing of the premium finance agreement shall be necessary to perfect the validity of such agreement as a secured transaction as against creditors, subsequent...
• California Financial Code Section 18592
  Any downpayment which is made and which is received by the company from the insured, or from the insurance producer on behalf of the insured,...
• California Financial Code Section 18593
  The downpayments received by the company under the provisions of Section 18592, may be held by the company in trust in a separate bank account...
• California Financial Code Section 18594
  Any corporation organized as an industrial loan company other than a premium finance agency shall conduct any insurance premium financing business under the authority of...
• California Financial Code Section 18595
  A premium finance agency shall not incorporate the words "industrial loan company" in its corporate name, on its loan forms, or in its advertising.
• California Financial Code Section 18596
  A premium finance company may issue or sell investment certificates only (a) to its customers directly in connection with the financing of premiums for such...
• California Financial Code Section 18605
  A premium finance agreement shall be in writing and the printed portion thereof shall be in at least eight-point type. The agreement shall set forth:...
• California Financial Code Section 18606
  A premium finance agreement shall not be executed by or on behalf of the insured when it contains any blank space to be filled in...
• California Financial Code Section 18607
  Upon receipt of the loan form the company shall promptly mail to the insured at the address shown in the agreement, or deliver to the...
• California Financial Code Section 18608
  (a) A premium finance agreement may contain a power of attorney or other authority enabling the company to cancel the insurance contract or contracts listed...
• California Financial Code Section 18609
  All statutory, regulatory and contractual restrictions providing that the insured or the insurer shall not cancel the insurance contract unless the insured or the insurer...
• California Financial Code Section 18610
  The insurer within a reasonable time after the effective date of cancellation shall return whatever gross unearned premiums or accrued dividends are payable under the...
• California Financial Code Section 18611
  At the time of mailing the notice required by Section 18606 or 18608, the employee of the company who is doing the mailing shall prepare...
• California Financial Code Section 18625
  A premium finance agency shall not, except as otherwise provided by law, impose, take, receive, reserve or charge a finance charge which in the aggregate...
• California Financial Code Section 18626
  A premium finance agency may, in a premium finance agreement, contract for, charge, receive, and collect a finance charge which shall not exceed in the...
• California Financial Code Section 18627
  If the finance charge computed under Section 18626 is less than twenty-five dollars ($25), a minimum finance charge of twenty-five dollars ($25) may be imposed.
• California Financial Code Section 18628
  The finance charge may be computed from the effective date of the insurance coverage, provided that the company shall pay the premium due the insurer,...
• California Financial Code Section 18629
  Notwithstanding the provisions of any premium finance agreement to the contrary, any insured may pay the obligation in full at any time before maturity of...
• California Financial Code Section 18630
  In the event that the insurance policy or policies which are the subject of a premium finance agreement are canceled by the insured or by...
• California Financial Code Section 18631
  (a) A premium finance agreement may provide for the payment of a default charge of one dollar ($1) to a maximum of 5 percent of...
• California Financial Code Section 18634
  This article is applicable only to premium finance agencies.
• California Financial Code Section 18635
  Whenever the interest or charges, or interest and charges deducted in advance exceed the maximum provided by this division, by reason of subsequent repayment of...
• California Financial Code Section 18636
  (a) As an alternative to the provisions of Section 18635, if a loan is repayable in substantially equal and consecutive monthly installments of principal and...
• California Financial Code Section 18637
  If a loan contract made under Section 18636 is prepaid in full by cash, a new loan, refinancing or otherwise before the final installment date,...
• California Financial Code Section 18638
  A special rebate of precomputed charges shall be made if three or more, but not all, installments are prepaid in full at any one time...
• California Financial Code Section 18640
  A deferment charge may be charged and collected on a loan made under Section 18636 if the payment date of all wholly unpaid installments on...
• California Financial Code Section 18642
  If the maturity of a loan made under Section 18636 is accelerated for any reason, the company shall make the same refund or credit as...
• California Financial Code Section 18643
  Notwithstanding any other provision of law not within this article, with respect to precomputed loans, premium finance agencies derive authority only from this article.
• California Financial Code Section 18650
  This chapter does not apply to any of the following transactions: (a) An acquisition of control of a California industrial loan company that requires the...
• California Financial Code Section 18651
  Each application filed with the commissioner for an approval under this chapter shall be in the form, shall contain the information, shall be signed in...
• California Financial Code Section 18652
  The fee for filing with the commissioner an application for an approval under this chapter is four hundred dollars ($400).
• California Financial Code Section 18653
  (a) The definitions that are set forth in or are applicable to Section 44 of the Federal Deposit Insurance Act (12 U.S.C. Sec. 1831u) apply...
• California Financial Code Section 18654
  The commissioner is authorized to adopt rules to implement this chapter similar to regulations adopted under similar provisions of law contained in Chapter 21.5 (commencing...
• California Financial Code Section 18660
  In this chapter, unless the context otherwise requires: (a) "Authorized agency activities" means issuing investment certificates, renewing certificates of deposits, as defined in Section 18003.6,...
• California Financial Code Section 18661
  Each application filed with the commissioner under this chapter or under any rule or order issued under this chapter shall be in the form, shall...
• California Financial Code Section 18662
  (a) Each foreign (other state) industrial loan company that maintains a facility or a California branch office shall file with the commissioner such reports as...
• California Financial Code Section 18663
  Each foreign (other state) industrial loan company that maintains a facility or a California branch office shall make, keep, and preserve at the facility or...
• California Financial Code Section 18664
  Fees shall be paid to, and collected by, the commissioner as follows: (a) Each foreign (other state) industrial loan company that on July 1 of...
• California Financial Code Section 18665
  (a) Any foreign (other state) industrial loan company is exempted from the restrictions of Section 1 of Article XV of the California Constitution relating to...
• California Financial Code Section 18666
  The commissioner is authorized to adopt rules to implement this chapter similar to regulations adopted by the Superintendent of Banks under similar provisions of law...
• California Financial Code Section 18670
  No provision of this article applies to an insured foreign (other state) industrial loan company that maintains a California branch office.
• California Financial Code Section 18671
  (a) No foreign (other state) industrial loan company may establish or maintain an office in this state at which it engages in noncore industrial loan...
• California Financial Code Section 18672
  Not less than 30 days before an insured foreign (other state) industrial loan company establishes a facility, it shall file with the commissioner a report...
• California Financial Code Section 18673
  (a) Not less than 30 days before establishing a facility, an insured foreign (other state) industrial loan company shall file with the commissioner, in the...
• California Financial Code Section 18674
  Not less than 30 days before an insured foreign (other state) industrial loan company relocates a facility, it shall file a report with the commissioner.
• California Financial Code Section 18675
  Not less than 30 days before an insured foreign (other state) industrial loan company closes a facility, it shall file a report with the commissioner.
• California Financial Code Section 18680
  No foreign (other state) industrial loan company may transact core business in this state except at a branch office established in accordance with federal law...
• California Financial Code Section 18681
  Section 18680 does not prohibit: (a) Any foreign (other state) industrial loan company which does not maintain a California branch office from carrying on the...
• California Financial Code Section 18682
  No foreign (other state) industrial loan company may establish or maintain a California branch office unless it is qualified to transact intrastate business in this...
• California Financial Code Section 18683
  No foreign (other state) industrial loan company may establish or maintain a California branch office unless the industrial loan company is insured.
• California Financial Code Section 18684
  (a) (1) No foreign (other state) industrial loan company may merge as the surviving corporation (Section 148) with a California industrial loan company or California...
• California Financial Code Section 18685
  (a) No foreign (other state) industrial loan company that does not already maintain a California branch office may: (1) Merge as the surviving corporation (Section...
• California Financial Code Section 18687
  (a) No foreign (other state) industrial loan company that maintains a California branch office may transact at the branch office any business that it is...
• California Financial Code Section 18690
  Notwithstanding the provisions of Sections 18147 and 18165, a California industrial loan company may, with the prior approval of the commissioner and subject to any...
• California Financial Code Section 18691
  An application by a California industrial loan company for approval to have an insured depository institution engage in authorized agency activities as its agent shall...
• California Financial Code Section 18692
  An application by a California industrial loan company for approval to have an insured depository institution engage in authorized agency activities as its agent shall...
• California Financial Code Section 18693
  In determining whether to approve or deny an application by a California industrial loan company for approval to have an insured depository institution engage in...
• California Financial Code Section 18694
  No California industrial loan company may have an insured depository institution conduct as its agent any activity that the California industrial loan company is prohibited...
• California Financial Code Section 18695
  No office of an insured depository institution that is performing authorized agency activities as agent for a California industrial loan company in accordance with this...
• California Financial Code Section 18696
  If the commissioner finds that any activity performed by an insured depository institution as agent for a California industrial loan company is not an authorized...
• California Financial Code Section 18697
  This article does not apply to a California industrial loan company's having an insured depository institution engage in authorized agency activities as its agent in...
• California Financial Code Section 18700
  Notwithstanding the provisions of Sections 18147 and 18165, a California industrial loan company may, with the prior approval of the commissioner and subject to any...
• California Financial Code Section 18701
  An application by a California industrial loan company for approval to engage in authorized agency activities as agent for an insured depository institution shall be...
• California Financial Code Section 18702
  An application by a California industrial loan company for approval to engage in authorized agency activities as agent for an insured depository institution shall be...
• California Financial Code Section 18703
  In determining whether to approve or deny an application by a California industrial loan company for approval to engage in authorized agency activities as agent...
• California Financial Code Section 18704
  No California industrial loan company may conduct any activity as an agent for an insured depository institution that the California industrial loan company would be...
• California Financial Code Section 18705
  (a) No office of a California industrial loan company that conducts authorized agency activities as agent for an insured depository institution in accordance with this...
• California Financial Code Section 18706
  If the commissioner finds that any activities performed by a California industrial loan company as agent for an insured depository institution are not authorized agency...
• California Financial Code Section 18707
  This article does not apply to a California industrial loan company's engaging in authorized agency activities as agent for an insured depository institution in any...
• California Financial Code Section 21000
  Every person engaged in the business of receiving goods, including motor vehicles, in pledge as security for a loan is a pawnbroker within the meaning...
• California Financial Code Section 21000.7
  As used in this division "receiving goods as security for a loan" does not include a good faith purchase of goods.
• California Financial Code Section 21001
  "Compensation" includes expenses, interest, disbursements, storage charges, and all other charges of any nature in connection with a loan or forbearance.
• California Financial Code Section 21002
  (a) As used in this division, "pledged property" is property held as security for a loan, the title to which remains with the pledgor and...
• California Financial Code Section 21003
  For purposes of this division, the term "month" means a period of time consisting of 30 consecutive calendar days.
• California Financial Code Section 21050
  This division does not apply to any of the following: (a) Any corporation organized for the purpose of securing credit from any federal intermediate credit...
• California Financial Code Section 21051
  (a) The limitations with respect to rates and charges set forth in Sections 21200 and 21200.5 do not apply to any loan of a bona...
• California Financial Code Section 21200
  (a) Except as otherwise provided in this chapter, no pawnbroker shall charge or receive compensation at a rate exceeding the sum of the following: (1)...
• California Financial Code Section 21200.1
  A loan setup fee not to exceed five dollars ($5) or 2 percent, whichever is greater, may be charged for each loan. However, the maximum...
• California Financial Code Section 21200.5
  A pawnbroker may charge as prescribed in the following schedule: Schedule of Charges (a) A charge not exceeding one dollar ($1) per month for the...
• California Financial Code Section 21200.6
  (a) In addition to other allowed charges, at the time property is redeemed a pawnbroker may collect a handling and storage charge for certain pawned...
• California Financial Code Section 21200.7
  The maximum charge of compensation charged by a pawnbroker pursuant to the authority of Section 21200 shall be posted in a place clearly visible to...
• California Financial Code Section 21200.8
  In addition to other allowed charges, a pawnbroker may collect a processing charge of four dollars ($4) for each firearm pawned.
• California Financial Code Section 21200.9
  No licensed pawnbroker shall promise any seller of tangible personal property that the seller may repurchase property sold to the pawnbroker.
• California Financial Code Section 21201
  Every loan made by a pawnbroker for which goods are received in pledge as security shall be evidenced by a written contract, a copy of...
• California Financial Code Section 21201.1
  Whenever a pledger, or his or her assignee, loses a pawn ticket, a fee of not to exceed ten dollars ($10) may be charged for...
• California Financial Code Section 21201.2
  If the pledgor fails to redeem any pawned item during the loan period, thereby obliging the pawnbroker to mail the notice required under Section 21201,...
• California Financial Code Section 21201.3
  (a) The written contract required pursuant to Section 21201 shall contain a provision in 8-point type stating whether the item or items pledged are to...
• California Financial Code Section 21201.4
  Charges for the first three months of any loan made pursuant to the written contract required by Section 21201 or 21201.5 shall be determined by...
• California Financial Code Section 21201.5
  A pledgor may request, and a pawnbroker may consent to, a new loan to take effect upon or at any time after the expiration of...
• California Financial Code Section 21202
  Every pawnbroker shall enter at the time of the transaction, in records of loans and pledges kept by him for that purpose, the date, duration,...
• California Financial Code Section 21203
  Any property held in pawn which is not subject to a hold pursuant to Section 21647 of the Business and Professions Code shall be returned...
• California Financial Code Section 21204
  Every pawnbroker, upon redemption of a loan contract, shall provide the borrower with a receipt that correctly states in detail all of the fees, charges,...
• California Financial Code Section 21206
  Every pawnbroker shall produce his or her records of loans and all pledged property, for inspection by the following persons: (a) Any officer holding a...
• California Financial Code Section 21206.7
  Whenever any property is taken from a pawnbroker by a peace officer which is alleged to be stolen property, the police officer shall give the...
• California Financial Code Section 21206.8
  (a) Notwithstanding the provisions of Chapter 12 (commencing with Section 1407) of Title 10 of Part 2 of the Penal Code, whenever property alleged to...
• California Financial Code Section 21207
  No pawnbroker shall receive anything in pledge from any person who is a minor.
• California Financial Code Section 21208
  Every pawnbroker shall report daily or on the first working day after receipt or purchase, all descriptions of all property received in pledge or purchased...
• California Financial Code Section 21209
  The violation of any provision of this chapter under circumstances where a person knows or should have known that a violation was being committed is...
• California Financial Code Section 21300
  (a) The chief of police, the sheriff, or, where appropriate, the police commission, shall accept an application for and grant a license permitting the licensee...
• California Financial Code Section 21300.1
  It is unlawful for any person who is not duly licensed under this section to act as a pawnbroker or represent himself, herself, or a...
• California Financial Code Section 21301
  (a) A license granted pursuant to Section 21300 shall be renewable the second year from the date of issue, and every other year thereafter, upon...
• California Financial Code Section 21301.1
  It is unlawful for any person to advertise his or her services as a pawnbroker, or to use any words or parts of words in...
• California Financial Code Section 21302
  The district attorney or the Attorney General, in the name of the people of the State of California, may bring an action to enjoin the...
• California Financial Code Section 21303
  (a) As a condition precedent to the issuance or renewal of a pawnbroker's license the applicant shall file a pawnbroker's two-year nonrevokable surety bond with...
• California Financial Code Section 21304
  (a) As a condition precedent to the issuing of a pawnbroker' s license, the applicant shall file with the issuing authority a financial statement confirming...
• California Financial Code Section 21305
  A license issued pursuant to this chapter shall not be transferred or assigned.
• California Financial Code Section 21306
  A pawnbroker licensed under Section 21300 is exempt from the licensing requirements under Sections 21641 and 21642 of the Business and Professions Code and may...
• California Financial Code Section 21307
  Except as otherwise specifically provided, the violation of any provision of this chapter under circumstances where a person knows or should have known that a...
• California Financial Code Section 22000
  This division is known and may be cited as the "California Finance Lenders Law."
• California Financial Code Section 22001
  (a) This division shall be liberally construed and applied to promote its underlying purposes and policies, which are: (1) To ensure an adequate supply of...
• California Financial Code Section 22002
  To accomplish its underlying purposes and policies, this division creates a class of exempt persons pursuant to Section 1 of Article XV of the California...
• California Financial Code Section 22003
  Unless the context otherwise requires, the definitions given in this article govern the construction of this division.
• California Financial Code Section 22004
  "Broker" includes any person who is engaged in the business of negotiating or performing any act as broker in connection with loans made by a...
• California Financial Code Section 22005
  "Commissioner" means the Commissioner of Corporations.
• California Financial Code Section 22006
  As used in this division, the terms "security interest," "accounts," "chattel paper," "documents," "general intangibles," "goods," and "instruments" are as defined in the Uniform Commercial
• California Financial Code Section 22007
  "Licensee" means any finance lender or broker who receives a license in accordance with this division.
• California Financial Code Section 22008
  "Person" means an individual, a corporation, a partnership, a limited liability company, a joint venture, an association, a joint stock company, a trust, an unincorporated...
• California Financial Code Section 22009
  "Finance lender" includes any person who is engaged in the business of making consumer loans or making commercial loans. The business of making consumer loans...
• California Financial Code Section 22010
  "Finance lender" and "broker" do not include employees regularly employed at the location specified in the license of the finance lender or broker, except that...
• California Financial Code Section 22011
  A "regulatory ceiling provision" is a statement in a section or subdivision that specifies an original bona fide principal loan amount at or above which...
• California Financial Code Section 22012
  (a) "Branch office license" means a license to engage in business as a finance lender or broker at a location other than the location identified...
• California Financial Code Section 22013
  (a) "Mortgage loan originator" means an individual who, for compensation or gain, or in the expectation of compensation or gain, takes a residential mortgage loan...
• California Financial Code Section 22014
  (a) A loan processor or underwriter who does not represent to the public, through advertising or other means of communicating or providing information, including the...
• California Financial Code Section 22050
  (a) This division does not apply to any person doing business under any law of any state or of the United States relating to banks,...
• California Financial Code Section 22051
  This division does not apply to the following: (a) Any nonprofit cooperative association organized under Chapter 1 (commencing with Section 54001) of Division 20 of...
• California Financial Code Section 22052
  This division does not apply to any loan of credit made by a person not licensed under this division pursuant to a plan having all...
• California Financial Code Section 22053
  In any proceeding under this law, the burden of proving an exemption is upon the person claiming it.
• California Financial Code Section 22054
  This division does not apply to bona fide conditional contracts of sale involving the disposition of personal property when these forms of sales agreements are...
• California Financial Code Section 22055
  This division does not apply to premium financing as defined in Section 18563.
• California Financial Code Section 22056
  This division does not apply to the California Infrastructure and Economic Development Bank, any program authorized pursuant to Chapter 1 (commencing with Section 14000) of...
• California Financial Code Section 22057
  This division does not apply to any loan that is made or arranged by any person licensed as a real estate broker by the state...
• California Financial Code Section 22058
  This division does not apply to any cemetery broker licensed under the Cemetery Act (Chapter 19 (commencing with Section 9600) of Division 3 of the...
• California Financial Code Section 22059
  A license to act as a broker under this division does not authorize the licensee to negotiate or perform any act as a broker in...
• California Financial Code Section 22060
  This division does not apply to a loan made or arranged by a licensed residential mortgage lender or servicer when acting under the authority of...
• California Financial Code Section 22061
  (a) This division does not apply to any nonprofit church extension fund. (b) For purposes of this section: (1) "Nonprofit church extension fund" means a...
• California Financial Code Section 22062
  (a) This division does not apply to a commercial bridge loan made by a venture capital company to an operating company. (b) For purposes of...
• California Financial Code Section 22063
  (a) This division does not apply to a franchise loan made by a franchisor to a franchisee or a subfranchisor or by a subfranchisor to...
• California Financial Code Section 22064
  (a) This division does not apply to the following: (1) A program-related investment defined in subsection (c) of Section 4944 of the Internal Revenue Code...
• California Financial Code Section 22065
  (a) Persons not subject to this division may apply to the commissioner for an exempt company registration for the purpose of sponsoring one or more...
• California Financial Code Section 22100
  (a) No person shall engage in the business of a finance lender or broker without obtaining a license from the commissioner. (b) Every licensee engaging...
• California Financial Code Section 22101
  (a) An application for a license as a finance lender or broker under this division shall be in the form and contain the information that...
• California Financial Code Section 22101.5
  (a) The commissioner shall submit to the Department of Justice fingerprint images and related information required by the Department of Justice of all finance lender...
• California Financial Code Section 22102
  (a) A finance lender or broker licensee seeking to engage in business at a new location shall submit an application for a branch office license...
• California Financial Code Section 22103
  At the time of filing the application for a finance lender, broker, or branch office license, the applicant shall pay to the commissioner the sum...
• California Financial Code Section 22104
  (a) The applicant shall file with the application for a finance lender or broker license financial statements prepared in accordance with generally accepted accounting principles...
• California Financial Code Section 22105
  Upon the filing of an application pursuant to Section 22101 and the payment of the fees, the commissioner shall investigate the applicant and its general...
• California Financial Code Section 22105.1
  (a) An applicant for a mortgage loan originator license shall apply by submitting the uniform form prescribed for such purpose by the Nationwide Mortgage Licensing...
• California Financial Code Section 22105.2
  (a) The commissioner is authorized to establish relationships or contracts with the Nationwide Mortgage Licensing System and Registry or other entities designated by the Nationwide...
• California Financial Code Section 22105.3
  (a) Except as otherwise provided in Section 1512 of the SAFE Act, the requirements under any federal or state law regarding the privacy or confidentiality...
• California Financial Code Section 22105.4
  The commissioner shall regularly report violations of this division, as well as enforcement actions and other relevant information, to the Nationwide Mortgage Licensing System and...
• California Financial Code Section 22106
  (a) The finance lender or broker license shall state the name of the licensee, and if the licensee is a partnership, the names of its...
• California Financial Code Section 22107
  (a) Each finance lender and broker licensee shall pay to the commissioner its pro rata share of all costs and expenses, including the costs and...
• California Financial Code Section 22108
  (a) The commissioner may by rule require licensees to file, at the times that he or she may specify, the information that he or she...
• California Financial Code Section 22109
  (a) Upon reasonable notice and opportunity to be heard, the commissioner may deny the application for a finance lender or broker license for any of...
• California Financial Code Section 22109.1
  (a) The commissioner shall deny an application for a mortgage loan originator license unless the commissioner makes, at a minimum, the following findings: (1) The...
• California Financial Code Section 22109.2
  (a) An applicant for a mortgage loan originator license shall complete at least 20 hours of education approved in accordance with subdivision (b). The education...
• California Financial Code Section 22109.3
  (a) An applicant for a mortgage loan originator license shall pass a qualified written test developed by the Nationwide Mortgage Licensing System and Registry and...
• California Financial Code Section 22109.4
  (a) A mortgage loan originator shall comply with the requirements of this section on or before December 31 of every year. (b) The minimum standards...
• California Financial Code Section 22109.5
  (a) A licensed mortgage loan originator shall complete at least eight hours of continuing education approved in accordance with subdivision (b). The continuing education shall...
• California Financial Code Section 22109.6
  In addition to any other duties imposed upon the commissioner by law, the commissioner shall require mortgage loan originators to be licensed and registered through...
• California Financial Code Section 22110
  The proceedings for a denial of a license shall be conducted in accordance with Chapter 5 (commencing with Section 11500) of Part 1 of Division...
• California Financial Code Section 22111
  All money paid or collected under this division shall be deposited in the State Treasury to the credit of the State Corporations Fund. The administration...
• California Financial Code Section 22112
  (a) A licensee shall maintain a surety bond in accordance with this subdivision in a minimum amount of twenty-five thousand dollars ($25,000). The bond shall...
• California Financial Code Section 22150
  The commissioner may make general rules and regulations and specific rulings, demands, and findings for the enforcement of this division, in addition to, and within...
• California Financial Code Section 22151
  (a) A finance lender license, broker license, and the license of every mortgage loan originator employed by a lender or finance broker, along with any...
• California Financial Code Section 22152
  A finance lender or broker licensee shall maintain only one place of business under a duplicate or original license issued pursuant to Section 22101 or...
• California Financial Code Section 22153
  (a) If a finance lender or broker licensee seeks to change its place of business to a street address other than that designated in its...
• California Financial Code Section 22154
  (a) No licensee shall conduct the business of making loans under this division within any office, room, or place of business in which any other...
• California Financial Code Section 22155
  No finance lender, broker, or mortgage loan originator licensee shall transact the business licensed or make any loan provided for by this division under any...
• California Financial Code Section 22156
  Finance lender, broker, and mortgage loan originator licensees shall keep and use in their business, books, accounts, and records which will enable the commissioner to...
• California Financial Code Section 22157
  Finance lender, broker, and mortgage loan originator licensees shall preserve their books, accounts, and records, including cards used in the card system, if any, for...
• California Financial Code Section 22158
  Nothing contained in Sections 22156 and 22157 shall require the maintenance or preservation of original records, provided that any information requested by the commissioner can...
• California Financial Code Section 22159
  (a) Each finance lender and broker licensee shall file an annual report with the commissioner, on or before the 15th day of March, giving the...
• California Financial Code Section 22159.5
  (a) The commissioner may, as he or she deems necessary, require licensees to provide reports concerning their residential mortgage loan servicing activities, including, but not...
• California Financial Code Section 22160
  The commissioner shall make and file annually with the Department of Corporations as a public record a composite of the annual reports and any comments...
• California Financial Code Section 22161
  (a) No person shall make a materially false or misleading statement or representation to a borrower about the terms or conditions of that borrower's loan,...
• California Financial Code Section 22162
  No licensee shall place an advertisement disseminated primarily in this state for a loan unless the licensee discloses in the printed text of the advertisement,...
• California Financial Code Section 22163
  The commissioner may require that rates of charge, if stated by a licensee, be stated fully and clearly in the manner that the commissioner deems...
• California Financial Code Section 22164
  If any person engaged in the business regulated by this division refers in any advertising to rates of interest, charges, or cost of loans, the...
• California Financial Code Section 22165
  No advertising copy shall be used after its use has been disapproved by the commissioner and the licensee is notified in writing of the disapproval....
• California Financial Code Section 22166
  The commissioner may require licensees to maintain a file of all advertising copy for a period of two years from the date of its use....
• California Financial Code Section 22167
  A licensed finance lender may act as a broker as defined in Section 22004 at its licensed place of business without obtaining an additional license...
• California Financial Code Section 22168
  (a) The commissioner may, after appropriate notice and opportunity for hearing, suspend for a period not to exceed 12 months or bar a person from...
• California Financial Code Section 22169
  (a) The commissioner may, after appropriate notice and opportunity for hearing, by order, censure or suspend for a period not exceeding 12 months, or bar...
• California Financial Code Section 22170
  (a) It is unlawful for any person to knowingly alter, destroy, mutilate, conceal, cover up, falsify, or make a false entry in any record, document,...
• California Financial Code Section 22171
  (a) The commissioner shall apply the guidance on nontraditional mortgage product risks published on November 14, 2006, by the Conference of State Bank Supervisors and...
• California Financial Code Section 22172
  (a) The commissioner may do one or more of the following: (1) Deny, suspend, revoke, condition, or decline to renew a mortgage loan originator license...
• California Financial Code Section 22200
  "Charges" include the aggregate interest, fees, bonuses, commissions, brokerage, discounts, expenses, and other forms of costs charged, contracted for, or received by a licensee or...
• California Financial Code Section 22201
  "Charges" include any profit or advantage of any kind that a licensee may contract for, collect, receive, or obtain by a collateral sale, purchase, or...
• California Financial Code Section 22202
  "Charges" do not include any of the following: (a) Commissions received as a licensed insurance agent or broker in connection with insurance written as provided...
• California Financial Code Section 22203
  "Consumer loan" means a loan, whether secured by either real or personal property, or both, or unsecured, the proceeds of which are intended by the...
• California Financial Code Section 22204
  (a) In addition to the definition of consumer loan in Section 22203, a "consumer loan" also means a loan of a principal amount of less...
• California Financial Code Section 22250
  (a) The following sections do not apply to any loan of a bona fide principal amount of ten thousand dollars ($10,000) or more, or to...
• California Financial Code Section 22251
  Any section that refers to this section does not apply to any loan of the bona fide principal amount specified in the regulatory ceiling provision...
• California Financial Code Section 22300
  No licensee shall directly or indirectly charge, contract for, or receive any interest or charge of any nature unless a loan is made.
• California Financial Code Section 22301
  (a) No licensee shall directly or indirectly charge, contract for, or receive any interest or charge of any nature with respect to a loan of...
• California Financial Code Section 22302
  (a) Section 1670.5 of the Civil Code applies to the provisions of a loan contract that is subject to this division. (b) A loan found...
• California Financial Code Section 22303
  Every licensee who lends any sum of money may contract for and receive charges at a rate not exceeding the sum of the following: (a)...
• California Financial Code Section 22304
  As an alternative to the charges authorized by Section 22303, a licensee may contract for and receive charges at the greater of the following: (a)...
• California Financial Code Section 22305
  In addition to the charges authorized by Section 22303 or 22304, a licensee may contract for and receive an administrative fee, which shall be fully...
• California Financial Code Section 22306
  No amount in excess of that allowed by this article shall be directly or indirectly charged, contracted for, or received by any person, and the...
• California Financial Code Section 22307
  (a) Except as provided in Section 22305 and Article 4 (commencing with Section 22400), all charges on loans made under this division shall be computed...
• California Financial Code Section 22308
  Notwithstanding Section 22307, a licensee may contract for and receive charges on the unpaid principal balance at a single annual percentage rate, applied on the...
• California Financial Code Section 22309
  Except as provided in Section 22305 and Article 4 (commencing with Section 22400), no charges on loans made pursuant to this division shall be paid,...
• California Financial Code Section 22310
  (a) Except for a rebate or refund pursuant to any administrative, civil, or criminal action, or any act of the commissioner, a rebate or refund...
• California Financial Code Section 22311
  No person in connection with or incidental to the making of any loan regulated by this division may require the borrower to contract for purchase,...
• California Financial Code Section 22312
  No person in connection with or incidental to the making of a loan shall require the borrower to enter into any collateral sales agreements or...
• California Financial Code Section 22313
  Insurance on tangible personal or real property offered as security shall not be deemed to be a collateral sale, purchase, or agreement within the terms...
• California Financial Code Section 22314
  (a) Credit insurance shall not be deemed to be a collateral sale, purchase, or agreement within the terms of Section 22201, 22311, or 22312 when...
• California Financial Code Section 22315
  (a) Credit disability insurance written pursuant to Section 22314 shall not provide indemnity against the risk that the borrower will become disabled for a period...
• California Financial Code Section 22316
  A licensee may collect the cost of a lot book report purchased in lieu of the title insurance provided for in Section 22313. The cost...
• California Financial Code Section 22317
  On any loan made that is secured by real property, an appraisal fee not to exceed the actual cost of the appraisal may be charged...
• California Financial Code Section 22317.2
  (a) A licensee may collect a fee for use of an automated valuation model result prepared by a third party not to exceed the actual...
• California Financial Code Section 22317.5
  On any loan secured by real property, a licensee may not do either of the following: (a) Fail to disburse funds in accordance with a...
• California Financial Code Section 22318
  On any loan made that is secured by real property, an escrow fee of a reasonable amount may be charged. The fee shall be considered...
• California Financial Code Section 22319
  On any loan that is secured by real property, the fee to be paid to the trustee for reconveyance of the trust deed may be...
• California Financial Code Section 22320
  With respect to a loan under this division, a fee not to exceed fifteen dollars ($15) for the return by a depository institution of a...
• California Financial Code Section 22320.5
  (a) A licensee may contract for and receive a delinquency fee not in excess of one of the following amounts: (1) For a period in...
• California Financial Code Section 22321
  If credit loss-of-income insurance is provided pursuant to this division, it shall be subject to the following conditions: (a) The insurance shall provide indemnity in...
• California Financial Code Section 22322
  A loan lawfully made outside the state may be enforced in this state as to the unpaid principal balance of the loan together with the...
• California Financial Code Section 22323
  Any person who collects or attempts to collect in this state the unpaid principal balance of a loan made outside the state and a greater...
• California Financial Code Section 22324
  Any person who contracts for or negotiates in this state a loan to be made outside the state for the purpose of evading or avoiding...
• California Financial Code Section 22325
  Every licensee shall display prominently in each licensed place of business a full and accurate schedule of the charges to be made and the method...
• California Financial Code Section 22326
  No person, except as authorized by this division, shall directly or indirectly charge, contract for, or receive any interest, discount, or consideration greater than the...
• California Financial Code Section 22327
  No licensee shall knowingly induce any borrower to split up or divide any loan with any other licensee. No licensee shall induce or permit any...
• California Financial Code Section 22328
  (a) This section applies to a loan secured in whole or in part by a lien on a motor vehicle as defined by subdivision (k)...
• California Financial Code Section 22329
  (a) This section applies to a loan secured in whole or in part by a lien on a motor vehicle as defined by subdivision (k)...
• California Financial Code Section 22329.5
  A licensee, or the agent of a licensee, that has received a notice pursuant to Section 7507.6 of the Business and Professions Code, shall not...
• California Financial Code Section 22330
  No licensee shall take a deed of trust, mortgage, or lien upon real property as security for any loan made under this division, except any...
• California Financial Code Section 22331
  No licensee shall take any confession of judgment or any power of attorney, except a power of attorney taken to effectuate the transfer of the...
• California Financial Code Section 22332
  No licensee shall take any note or promise to pay that does not accurately disclose the actual amount of the loan, the time for which...
• California Financial Code Section 22333
  No licensee shall take any instrument in which blanks are left to be filled in after execution.
• California Financial Code Section 22334
  No licensee shall enter into any contract for a loan that provides for a scheduled repayment of principal over more than the maximum terms set...
• California Financial Code Section 22335
  The payment by any person in money, credit, goods, or things in action as consideration for any sale or assignment of, or order for, the...
• California Financial Code Section 22336
  This article does not prohibit any licensee from contracting for, collecting, or receiving the following: (a) The statutory fee paid by the licensee to any...
• California Financial Code Section 22337
  Each licensed finance lender shall: (a) Deliver or cause to be delivered to the borrower, or any one thereof, at the time the loan is...
• California Financial Code Section 22338
  Each licensed broker shall: (a) Deliver to the borrower, or any one thereof, at the time the final negotiation or arrangement is made, a statement...
• California Financial Code Section 22339
  Nothing contained in this article shall be construed to deny to any licensee hereunder the right of taking and using a security agreement that, in...
• California Financial Code Section 22340
  (a) A licensee may sell promissory notes evidencing the obligation to repay loans made by the licensee pursuant to this division or evidencing the obligation...
• California Financial Code Section 22340.1
  (a) A licensee that is a finance lender may sell to (1) an institutional lender, or (2) an institutional investor described in paragraph (6) of...
• California Financial Code Section 22341
  (a) No licensee may make a loan to refinance a retail installment contract subject to Chapter 1 (commencing with Section 1801) of Title 2 of...
• California Financial Code Section 22342
  (a) As used in this section, "instant loan check" or "live check" means any loan or extension of credit that is made available in the...
• California Financial Code Section 22345
  (a) Any person who violates any provision of Section 670 of the John Warner National Defense Authorization Act for Fiscal Year 2007 (Public Law 109-364)...
• California Financial Code Section 22346
  Any licensee that violates any provision of any of the following federal acts or regulations violates this division: (a) The federal Real Estate Settlement Procedures...
• California Financial Code Section 22347
  The unique identifier of any licensed mortgage loan originator shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business...
• California Financial Code Section 22348
  (a) The Pilot Program for Affordable Credit-Building Opportunities is hereby established and is intended to increase the availability of affordable credit-building opportunities to underbanked individuals...
• California Financial Code Section 22349
  Any licensee wishing to participate in the program, who is in good standing with the commissioner and has no outstanding enforcement actions or deficiencies at...
• California Financial Code Section 22349.1
  The commissioner shall not approve any licensee to participate in the program unless that licensee has been accepted as a data furnisher by at least...
• California Financial Code Section 22349.2
  Every licensee approved by the commissioner to participate in the program shall file with the commissioner on or before the 15th day of March an...
• California Financial Code Section 22350
  Nothing in this article shall exempt any licensee from any of the provisions of this division or Section 1632 of the Civil Code.
• California Financial Code Section 22351
  No licensee may offer or make a loan, nor impose any charges or fees pursuant to Section 22352, nor use a finder pursuant to Section...
• California Financial Code Section 22352
  (a) Any loan made pursuant to this section shall comply with the following requirements: (1) The loan shall be unsecured. (2) Interest on the loan...
• California Financial Code Section 22353
  (a) A licensee who is approved by the commissioner to participate in the program may use the services of one or more finders as provided...
• California Financial Code Section 22354
  (a) A finder may perform one or more of the following services for a licensee at the finder's physical location for business: (1) Distributing, circulating,...
• California Financial Code Section 22355
  (a) At the time the finder receives or processes an application for a program loan, the finder shall provide the following statement to the applicant,...
• California Financial Code Section 22356
  (a) A finder may be compensated by the licensee pursuant to the written agreement between the licensee and the finder, as described in Section 22357....
• California Financial Code Section 22357
  A licensee that utilizes the service of a finder shall do all of the following: (a) Notify the commissioner within 15 days of entering into...
• California Financial Code Section 22358
  All arrangements between a licensee and a finder shall be set forth in a written agreement between the parties. The agreement shall contain a provision...
• California Financial Code Section 22359
  (a) The commissioner may examine the operations of each licensee and each finder to ensure that the activities of the licensee and the finder are...
• California Financial Code Section 22360
  Notwithstanding any other provision of law, the commissioner shall examine each licensee that is accepted into the program at least once every 24 months. The...
• California Financial Code Section 22361
  (a) On or before January 1, 2014, the commissioner shall submit a report to the Senate Committee on Banking, Finance and Insurance, the Assembly Committee...
• California Financial Code Section 22362
  This article shall remain in effect only until January 1, 2015, and as of that date is repealed, unless a later enacted statute, that is...
• California Financial Code Section 22400
  This article applies only to loan contracts payable in substantially equal and consecutive monthly installments of principal and charges combined, the first of which is...
• California Financial Code Section 22401
  With respect to precomputed loans, licensees shall be subject only to, comply only with, and derive authority only from Sections 22400 and 22402, notwithstanding any...
• California Financial Code Section 22402
  When charges on a loan of an original bona fide principal amount of five thousand ($5,000) or more have been precomputed in a manner similar...
• California Financial Code Section 22450
  As used in this division, "open-end credit program" means a licensee's plan for making open-end loans pursuant to a loan agreement that sets forth the...
• California Financial Code Section 22451
  If an open-end credit program is not primarily for the purpose of purchasing or leasing goods or services from the licensee, then all credit extended...
• California Financial Code Section 22452
  Subject to the written approval of the commissioner of the licensee's plan of business for making open-end loans as not being misleading or deceptive and...
• California Financial Code Section 22453
  The minimum monthly payment shall be determined by any of the following: (a) The amount calculated by multiplying the unpaid principal balance, after an advance...
• California Financial Code Section 22454
  On open-end loans, the licensee may contract for and receive the fees, costs, and expenses permitted on other loans, including those permitted by subdivisions (a),...
• California Financial Code Section 22455
  (a) In lieu of subdivisions (b), (c), (d), (e), and (f) of Section 22314, with respect to open-end loans, a licensee may provide credit insurance...
• California Financial Code Section 22456
  Section 22309 shall apply to open-end loans with the following variations: (a) To comply with Section 22309, in the case of open-end loan advances directly...
• California Financial Code Section 22457
  In lieu of Section 22332, the open-end loan agreement shall contain the name, address, and license number of the finance lender and shall disclose the...
• California Financial Code Section 22458
  In lieu of subdivision (a) of Section 22337, with respect to open-end loans, except in the case of an account that the licensee deems to...
• California Financial Code Section 22459
  Subdivision (e) of Section 22337 shall not apply to an open-end loan that has no balance outstanding if the open-end loan agreement continues in effect.
• California Financial Code Section 22460
  Section 22333 shall not apply to a change in terms of an open-end loan if notice is given to the borrower in accordance with subsection...
• California Financial Code Section 22461
  Subdivision (a) of Section 22151, Sections 22154 and 22325, and subdivision (b) of Section 22337 shall not apply to a licensee with respect to advances...
• California Financial Code Section 22462
  The payment of fees for participation in an open-end credit program, the acceptance by a borrower of the form of the licensee's program, and the...
• California Financial Code Section 22463
  Nothing in this article limits the authority of the commissioner to disapprove advertising with respect to open-end loans pursuant to Section 22165. This section does...
• California Financial Code Section 22464
  This article does not apply to loans other than open-end loans. This section does not apply to any open-end loan of a bona fide principal...
• California Financial Code Section 22465
  Section 22400 does not apply to open-end loans.
• California Financial Code Section 22466
  An open-end loan is in compliance with Section 22330 if it is an open-end loan of a bona fide principal amount of five thousand dollars...
• California Financial Code Section 22467
  (a) Any section that refers to this section or that is subject to Section 22251 does not apply to any open-end loan of the bona...
• California Financial Code Section 22470
  (a) (1) Upon the request of a person who has obtained a police report pursuant to Section 530.6 of the Penal Code, a finance lender...
• California Financial Code Section 22500
  "Charges" include the aggregate interest, fees, bonuses, commissions, brokerage, discounts, expenses, and other forms of costs charged, contracted for, or received by a licensee or...
• California Financial Code Section 22501
  "Charges" do not include commissions received as a licensed insurance agent or broker.
• California Financial Code Section 22502
  "Commercial loan" means a loan of a principal amount of five thousand dollars ($5,000) or more, or any loan under an open-end credit program, whether...
• California Financial Code Section 22550
  Sections 22152, 22154, 22155, 22163, and 22164 do not apply to any commercial loan of a bona fide principal amount of five thousand dollars ($5,000)...
• California Financial Code Section 22551
  In determining whether a loan is a loan of a bona fide principal amount of the specified amount or more, the following principles shall apply:...
• California Financial Code Section 22600
  (a) A licensee may sell promissory notes evidencing the obligation to repay loans made by the licensee pursuant to this division or evidencing the obligation...
• California Financial Code Section 22600.1
  (a) A licensee that is a finance lender may sell to (1) an institutional lender, or (2) an institutional investor described in paragraph (6) of...
• California Financial Code Section 22601
  With respect to a loan under this division, a fee not to exceed fifteen dollars ($15) for the return by a depository institution of a...
• California Financial Code Section 22650
  As used in this division, "open-end credit program" means a licensee's plan for making open-end loans pursuant to a loan agreement that sets forth the...
• California Financial Code Section 22700
  (a) Finance lender and broker licenses issued under this division shall remain in effect until they are surrendered, revoked, or suspended. (b) Mortgage loan originator...
• California Financial Code Section 22701
  For the purpose of discovering violations of this division or securing information required by him or her in the administration and enforcement of this division,...
• California Financial Code Section 22702
  In making any examination or investigation, the commissioner may, for a reasonable time not to exceed 30 days, take possession of the books, records, accounts,...
• California Financial Code Section 22703
  The officers, employees, partners, directors, and stockholders may inspect and examine the books, accounts, papers, records, files, safes, and vaults while they are in the...
• California Financial Code Section 22704
  The power of investigation and examination by the commissioner is not terminated by the surrender, suspension, or revocation of any license issued by him or
• California Financial Code Section 22705
  Whenever the commissioner deems it necessary for the general welfare of the public, he or she has continuous authority to exercise the powers set forth...
• California Financial Code Section 22705.1
  (a) For any licensee, a disciplinary action taken by the State of California, another state, an agency of the federal government, or another country for...
• California Financial Code Section 22706
  The commissioner may require the attendance of witnesses and examine under oath all persons whose testimony he or she requires relative to loans or business...
• California Financial Code Section 22707
  (a) The cost of each examination of a licensee or a person subject to this division shall be paid to the commissioner by the licensee...
• California Financial Code Section 22708
  After an examination, investigation, or hearing under this division, if the commissioner deems it of public interest or advantage, he or she may certify a...
• California Financial Code Section 22709
  The commissioner may require the production for examination in this state of all books, records, and supporting data used by the licensee in the preparation...
• California Financial Code Section 22710
  The commissioner may upon three days' notice and a hearing, suspend any license for a period not exceeding 30 days, pending investigation.
• California Financial Code Section 22711
  Any licensee may surrender any license by delivering to the commissioner written notice that the licensee surrenders that license. Surrender of the license does not...
• California Financial Code Section 22712
  Whenever, in the opinion of the commissioner, any person is engaged in business as a broker or finance lender, as defined in this division, without...
• California Financial Code Section 22713
  (a) Whenever the commissioner believes from evidence satisfactory to the commissioner that any person has violated or is about to violate a provision of this...
• California Financial Code Section 22714
  (a) The commissioner shall suspend or revoke any license, upon notice and reasonable opportunity to be heard, if the commissioner finds any of the following:...
• California Financial Code Section 22715
  The commissioner may by order summarily suspend or revoke the license of any licensee if that person fails to file the report required by Section...
• California Financial Code Section 22716
  The revocation, suspension, expiration, or surrender of any license does not impair or affect the obligation of any preexisting lawful contract between the licensee and...
• California Financial Code Section 22717
  Except in cases in which the time for setting the hearing is shortened as provided in this division, the proceedings under this article shall be...
• California Financial Code Section 22718
  Every order, decision, license, or other official act of the commissioner is subject to judicial review in accordance with law.
• California Financial Code Section 22750
  (a) If any amount other than, or in excess of, the charges permitted by this division is willfully charged, contracted for, or received, the contract...
• California Financial Code Section 22751
  (a) If any amount other than or in excess of the charges permitted by this division is charged or contracted for, or received, for any...
• California Financial Code Section 22752
  (a) If any provision of this division is violated in the making or collection of a loan, for any reason other than a willful act...
• California Financial Code Section 22753
  Any person who willfully violates any provision of this division or who willfully violates any rule or order adopted pursuant to this division, shall, upon...
• California Financial Code Section 22754
  No provision imposing liability under this division, including the provisions of subdivision (a) of Section 22751 and subdivision (a) of Section 22752, shall apply to...
• California Financial Code Section 22755
  It is a violation of this division for a mortgage loan originator to do any of the following: (a) Directly or indirectly employ any scheme,...
• California Financial Code Section 22780
  Any person who willfully violates any provision of this division, or who willfully violates any rule or order adopted pursuant to this division, shall, upon...
• California Financial Code Section 23000
  This division shall be known and may be cited as the "California Deferred Deposit Transaction Law."
• California Financial Code Section 23001
  As used in this division, the following terms have the following meanings: (a) "Deferred deposit transaction" means a transaction whereby a person defers depositing a...
• California Financial Code Section 23005
  (a) No person shall offer, originate, or make a deferred deposit transaction, arrange a deferred deposit transaction for a deferred deposit originator, act as an...
• California Financial Code Section 23006
  At the time of filing the application, the applicant shall pay to the commissioner the sum of one hundred dollars ($100) as a fee for...
• California Financial Code Section 23007
  The applicant shall file with the application financial statements prepared in accordance with generally accepted accounting principles and acceptable to the commissioner that indicate a...
• California Financial Code Section 23008
  Upon the filing of an application pursuant to Section 23005 and the payment of fees pursuant to Section 23006, the commissioner shall investigate the applicant,...
• California Financial Code Section 23009
  The license shall state the name of the licensee, and if the licensee is a partnership, the names of its general partners, and if a...
• California Financial Code Section 23010
  The commissioner may by regulation require licensees to file, at the times that the commissioner may specify, the information that the commissioner may reasonably require...
• California Financial Code Section 23011
  (a) Upon reasonable notice and the opportunity to be heard, the commissioner may deny the application for any of the following reasons: (1) Any false...
• California Financial Code Section 23011.5
  (a) The commissioner may, after appropriate notice and opportunity for hearing, by order, censure or suspend for a period not exceeding 12 months, or bar...
• California Financial Code Section 23012
  The proceedings for denial of a license shall be conducted in accordance with Chapter 5 (commencing with Section 11500) of Part 1 of Division 3...
• California Financial Code Section 23013
  (a) A licensee shall maintain a surety bond in accordance with this subdivision in the amount of twenty-five thousand dollars ($25,000). The bond shall be...
• California Financial Code Section 23014
  In any proceeding under this division, the burden of proving an exemption or exception is upon the person claiming it.
• California Financial Code Section 23015
  The commissioner may make general rules and regulations and specific rulings, demands, and findings for the enforcement of this division, in addition to, and within...
• California Financial Code Section 23015
  (a) It is unlawful for any person to knowingly alter, destroy, mutilate, conceal, cover up, falsify, or make a false entry in any record, document,...
• California Financial Code Section 23016
  (a) Each licensee shall pay to the commissioner its pro rata share of all costs and expenses reasonably incurred in the administration of this division,...
• California Financial Code Section 23017
  All money paid or collected under this division shall be deposited in the State Treasury to the credit of the State Corporations Fund. The administration...
• California Financial Code Section 23018
  (a) A license, along with any currently effective order of the commissioner approving a different name pursuant to Section 23023, shall be conspicuously posted in...
• California Financial Code Section 23019
  Every licensee shall post a complete, detailed, and unambiguous schedule of fees. The information required by this section shall be clear, legible, and in letters...
• California Financial Code Section 23020
  A licensee shall maintain only one place of business under an original or amended license issued pursuant to Section 23008. The commissioner may issue more...
• California Financial Code Section 23021
  (a) If a licensee desires to change its place of business to a street address other than that designated in its license, the licensee shall...
• California Financial Code Section 23023
  No licensee shall transact the business licensed or make any transaction provided for by this division under any other name or at any other place...
• California Financial Code Section 23024
  Each licensee shall keep and use books, accounts, and records that will enable the commissioner to determine if the licensee is complying with the provisions...
• California Financial Code Section 23025
  The department shall maintain a toll-free telephone number for deferred deposit transaction customers to make complaints and express concerns regarding the product or a specific
• California Financial Code Section 23026
  On or before March 15 of each year, beginning March 2006, each licensee shall file an annual report with the commissioner pursuant to procedures that...
• California Financial Code Section 23027
  (a) No licensee shall advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed or broadcast, in...
• California Financial Code Section 23035
  (a) A licensee may defer the deposit of a customer's personal check for up to 31 days, pursuant to the provisions of this section. The...
• California Financial Code Section 23036
  (a) A fee for a deferred deposit transaction shall not exceed 15 percent of the face amount of the check. (b) A licensee may allow...
• California Financial Code Section 23037
  In no case shall a licensee do any of the following: (a) Accept or use the same check for a subsequent transaction, or permit a...
• California Financial Code Section 23038
  (a) Any person who violates any provision of Section 670 of the John Warner National Defense Authorization Act for Fiscal Year 2007 (Public Law 109-364)...
• California Financial Code Section 23045
  (a) Licenses issued under this division remain in effect until they are surrendered, revoked, or suspended. (b) The surrender of a license becomes effective 30...
• California Financial Code Section 23046
  (a) For the purpose of discovering violations of this division or securing information required by the commissioner in the administration and enforcement of this division,...
• California Financial Code Section 23047
  (a) In making any examination or investigation, the commissioner may, for a reasonable time not to exceed 30 days, take possession of the books, records,...
• California Financial Code Section 23048
  (a) The commissioner may require the attendance of witnesses and examine under oath all persons whose testimony the commissioner requires relative to transactions or business...
• California Financial Code Section 23049
  After an examination, investigation, or hearing under this division, if the commissioner deems it of public interest or advantage, the commissioner may certify a record...
• California Financial Code Section 23050
  Whenever, in the opinion of the commissioner, any person is engaged in the business of deferred deposit transactions, as defined in this division, without a...
• California Financial Code Section 23051
  (a) Whenever the commissioner believes from evidence satisfactory to the commissioner that any person has violated or is about to violate a provision of this...
• California Financial Code Section 23052
  The commissioner may suspend or revoke any license, upon notice and reasonable opportunity to be heard, if the commissioner finds any of the following: (a)...
• California Financial Code Section 23053
  The commissioner may by order summarily suspend or revoke the license of any licensee if that person fails to file the report required by Section...
• California Financial Code Section 23054
  The revocation, suspension, expiration, or surrender of any license does not impair or affect the obligation of any preexisting lawful contract between the licensee and...
• California Financial Code Section 23055
  The proceedings under this article shall be conducted in accordance with Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title...
• California Financial Code Section 23056
  Every order, decision, license, or other official act of the commissioner is subject to judicial review in accordance with law.
• California Financial Code Section 23057
  On December 1, 2007, the commissioner shall report to the Governor and the Legislature on its implementation of this division. The report shall include, at...
• California Financial Code Section 23058
  (a) If, upon inspection, examination or investigation, based upon a complaint or otherwise, the department has cause to believe that a person is engaged in...
• California Financial Code Section 23060
  (a) If any amount other than, or in excess of, the charges or fees permitted by this division is willfully charged, contracted for, or received,...
• California Financial Code Section 23061
  (a) If any amount other than, or in excess of, the charges permitted by this division is charged, contracted for, or received in connection with...
• California Financial Code Section 23062
  (a) If any provision of this division is violated in the making or collection of a deferred deposit transaction, for any reason other than a...
• California Financial Code Section 23063
  No provision imposing liability under this division, including the provisions of subdivision (a) of Section 23061 and subdivision (a) of Section 23062, shall apply to...
• California Financial Code Section 23064
  Any person who is injured by any violation of this division may bring an action for the recovery of damages, an equity proceeding to restrain...
• California Financial Code Section 23064.5
  The rights, remedies, and penalties established by this division are cumulative to the rights, remedies, or penalties established under other laws. It is not necessary...
• California Financial Code Section 23065
  Any person, including a partner or officer of an entity that is a licensee, who willfully violates any provision of this division or who willfully...
• California Financial Code Section 23070
  (a) The Legislature finds and declares that it is in the public interest for the administration and enforcement of this division to be undertaken by...
• California Financial Code Section 23071
  The Commissioner of Corporations and the Department of Corporations shall succeed to, and are vested with, all duties, powers, purposes, responsibilities, and jurisdiction of the...
• California Financial Code Section 23072
  The Department of Corporations may use the unexpended balance of funds available for use in connection with the performance of duties of the Department of...
• California Financial Code Section 23073
  All officers and employees of the Department of Justice who, on the operative date of this division, are performing any duty, power, purpose, responsibility, or...
• California Financial Code Section 23074
  The Department of Corporations shall have possession and control of all records, criminal history information, papers, equipment, supplies, moneys, funds, appropriations, licenses, permits, contracts, claims,...
• California Financial Code Section 23100
  (a) Check cashers that hold a valid permit prior to January 1, 2003, issued pursuant to Section 1789.37 of the Civil Code, and that have...
• California Financial Code Section 23101
  Regulations of the commissioner adopted prior to June 30, 2003, to implement this division shall be adopted as emergency regulations. Upon receipt of the regulations,...
• California Financial Code Section 23102
  The deferred deposits made pursuant to a permit issued under Section 1789.37 of the Civil Code prior to December 31, 2004, shall be subject to...
• California Financial Code Section 23103
  It is the intent of the Legislature that this division shall be administered and enforced with sufficient program resources and funding including personnel to examine...
• California Financial Code Section 23104
  Except as provided in this article, the provisions of this division shall become effective on January 1, 2003, and shall become operative on December 31,...
• California Financial Code Section 23105
  The provisions of this division are severable. If any provision of this division or its application is held invalid, that invalidity shall not affect other...
• California Financial Code Section 23106
  This division creates and authorizes an exempt class of persons pursuant to Section 1 of Article XV of the California Constitution.
• California Financial Code Section 24058
  This division does not apply to any loans made or arranged by a licensed residential mortgage lender or servicer when acting under the authority of...
• California Financial Code Section 27000
  Insurance companies, personal finance companies, mortgage companies, mortgage insurance companies, building and loan associations, trust companies, fiduciaries, or fiduciary institutions may invest in, or purchase...
• California Financial Code Section 27001
  Insurance companies, personal finance companies, mortgage companies, mortgage insurance companies, building and loan associations, trust companies, fiduciaries, fiduciary institutions, or public or private agencies may...
• California Financial Code Section 27002
  Insurance companies, personal finance companies, mortgage companies, or mortgage insurance companies may make, invest in, or purchase loans or advances of credit insured by the...
• California Financial Code Section 27003
  Insurance companies, personal finance companies, mortgage companies, mortgage insurance companies, building and loan associations, or trust companies may make such loans secured by real property...
• California Financial Code Section 27004
  No law of this State, prescribing the nature, amount or form of security or requiring security upon which loans or investments may be made, or...
• California Financial Code Section 27050
  Wherever, by statute of this State, collateral is required as security for the deposit of public or other funds, or deposits are required to be...
• California Financial Code Section 28000
  (a) Pursuant to the authority contained in Section 1 of Article XV of the State Constitution, and subject to subdivision (b), educational institutions of collegiate...
• California Financial Code Section 28001
  This division shall not apply to community colleges.
• California Financial Code Section 29000
  As used in this division, "premium financing" means engaging in the business of advancing money, directly or indirectly, to an insurer or producer at the...
• California Financial Code Section 29001
  As used in this division, "finance charge" means any amount which the insured agrees to pay in excess of the premium and fees charged by...
• California Financial Code Section 29002
  As used in this division, "premium finance agreement" means a loan contract, note, agreement, or obligation by which an insured agrees to pay to a...
• California Financial Code Section 29003
  Any person engaged in premium financing may pay compensation to a licensed insurance agent or broker for arranging, directing or performing services in connection with...
• California Financial Code Section 30000
  This division is known and may be cited as the "Securities Depository Law."
• California Financial Code Section 30001
  Unless the context otherwise requires, the definitions set forth in this chapter govern the construction of this division.
• California Financial Code Section 30002
  "Commissioner" means the Commissioner of Corporations.
• California Financial Code Section 30003
  "Person" means, in addition to the singular, persons, group of persons, cooperative, association, company, firm, partnership, corporation, limited liability company, or other legal entity.
• California Financial Code Section 30004
  "Securities depository" means any person or group of persons who acts as the custodian of securities in accordance with a system for the central handling...
• California Financial Code Section 30005
  This division does not apply to: (a) A securities depository which is operated by a corporation, all of the capital stock (other than directors' qualifying...
• California Financial Code Section 30006
  The commissioner may establish such rules and regulations as are reasonable or necessary to carry out the purposes and provisions of this division. The commissioner...
• California Financial Code Section 30200
  It shall be unlawful for any person to operate a securities depository within this state, or to solicit holders of securities within this state to...
• California Financial Code Section 30201
  A securities depository shall only be operated by a corportion: (a) At least 90 percent of the capital stock of which is held by or...
• California Financial Code Section 30202
  The commisioner shall charge and collect the following fees: (a) For filing an application for a securities depository license, two thousand five hundred dollars ($2,500)....
• California Financial Code Section 30203
  All money received by the commissioner shall be paid by him or her into the State Treasury to the credit of the State Corporations Fund.
• California Financial Code Section 30204
  An application for a securities depository license shall be signed and verified by an authorized officer of the applicant, and shall set forth in such...
• California Financial Code Section 30205
  Upon the receipt of a proper and complete application for license, and all required fees, the commissioner shall immediately examine and investigate all facts connected...
• California Financial Code Section 30206
  The commissioner may refuse to issue any license being applied for, and shall refuse to issue any license being applied for if upon his examination...
• California Financial Code Section 30207
  No licensee, or any other person, shall solicit deposits of securities or otherwise conduct the business of a licensee, by means of any statement or...
• California Financial Code Section 30208
  A securities depository license is not transferable or assignable. Further, no license may be acquired, either in whole or in part, through stock purchase or...
• California Financial Code Section 30209
  Any person who operates a securities depository, or solicits holders of securities within this state to place securities in a securities depository, either directly as...
• California Financial Code Section 30210
  Every person subject to this division shall keep and use in its business, books, accounts, and records which will properly enable the commissioner to determine...
• California Financial Code Section 30211
  The business, accounts and records of every person licensed under this division are subject to inspection and examination by the commissioner at any time without...
• California Financial Code Section 30212
  The actual cost of every inspection and examination shall be paid to the commissioner by the person examined and the commissioner may maintain an action...
• California Financial Code Section 30213
  (a) Every person subject to this division shall submit to the commissioner, at such person's own expense, financial statements prepared in accordance with generally accepted...
• California Financial Code Section 30214
  If any person subject to this division fails to make any report required by law or by the commissioner, the commissioner shall immediately cause the...
• California Financial Code Section 30215
  If the commissioner, as a result of any examination or from any report made to him, shall find that any person subject to this division...
• California Financial Code Section 30216
  Whenever in the opinion of the commissioner any person required by this division to be licensed is engaged in operating a securities depository or in...
• California Financial Code Section 30217
  The commissioner may from time to time make, amend, and rescind such rules, forms, and orders as are necessary to carry out the provisions of...
• California Financial Code Section 30218
  (a) It is unlawful for any person to knowingly alter, destroy, mutilate, conceal, cover up, falsify, or make a false entry in any record, document,...
• California Financial Code Section 30600
  A security depository license remains in effect until surrendered, revoked or suspended.
• California Financial Code Section 30601
  If the commissioner has reason to believe that a licensed securities depository has violated its articles of incorporation, or any law or rule binding upon...
• California Financial Code Section 30602
  If any licensed securities depository fails to make any report required by law or by the commissioner within 10 days from the day designated for...
• California Financial Code Section 30603
  If it appears to the commissioner that any licensed securities depository located within this state is conducting business in an unsafe or injurious manner, he...
• California Financial Code Section 30604
  An order issued pursuant to Section 30601 or 30603 shall require the licensed securities depository to show cause before the commissioner, at a time fixed...
• California Financial Code Section 30605
  The licensed securities depository has 10 days after an order is made final in which to commence action to restrain enforcement of such order, and...
• California Financial Code Section 30606
  (a) If a securities depository fails to comply with a final order and has not secured a court order restraining the enforcement of the final...
• California Financial Code Section 30607
  The commissioner may commence and prosecute actions and proceedings to enjoin violations of this division or violations of orders or decisions of the commissioner rendered...
• California Financial Code Section 30608
  The commissioner may, after notice and a reasonable opportunity to be heard, suspend, revoke, or decline to renew any license if he finds that: (a)...
• California Financial Code Section 30609
  (a) The commissioner may, after appropriate notice and opportunity for hearing, by order, censure or suspend for a period not exceeding 12 months, or bar...
• California Financial Code Section 30700
  The commissioner, and all persons designated by him, may administer oaths, take the testimony of witnesses, and issue subpoenas requiring the attendance of witnesses and...
• California Financial Code Section 30701
  All of the provisions of Chapter 2 (commencing with Section 1985), Title 3, Part 4 of the Code of Civil Procedure relating to the means...
• California Financial Code Section 30702
  The authority to make or conduct any examination, investigation, or hearing, including the authority to administer oaths and to subpoena witnesses, and to take their...
• California Financial Code Section 30703
  All hearings provided for in this division shall be conducted in accordance with the provisions of Chapter 5 (commencing with Section 11500), Part 1, Division...
• California Financial Code Section 30704
  Every order, decision, license or other official act of the commissioner is subject to review, in accordance with law.
• California Financial Code Section 31000
  This division shall be known and may be cited as the "Business and Industrial Development Corporations Law".
• California Financial Code Section 31001
  This division shall be liberally construed to accomplish its purposes.
• California Financial Code Section 31002
  No provision of this division imposing any liability applies to any act committed in good faith in conformity with any regulation, order, or written interpretive...
• California Financial Code Section 31003
  In this division, unless otherwise expressly provided: (a) A reference to a statute or to a regulation includes such statute or regulation as amended, whether...
• California Financial Code Section 31004
  Except as otherwise provided in Chapter 14 (commencing with Section 31950) of this division: (a) The provisions of the Nonprofit Corporation Law (Division 2 (commencing...
• California Financial Code Section 31006
  If any provision of this division or the application thereof to any person or circumstances is held invalid, illegal, or unenforceable, such invalidity, illegality, or...
• California Financial Code Section 31020
  The Legislature finds all of the following: (a) That it is necessary to increase job opportunities in this state. (b) That promoting the establishment, growth,...
• California Financial Code Section 31021
  (a) The purposes of this division are: (1) To provide for the licensing and regulation of business and industrial development corporations which will provide financing...
• California Financial Code Section 31030
  Subject to additional definitions contained in this division which are applicable to specific provisions of this division and unless the context otherwise requires, the definitions...
• California Financial Code Section 31031
  "Act" includes omission.
• California Financial Code Section 31032
  "Affiliate", when used with respect to a specified person, means any person (other than a natural person) controlling, controlled by, or under common control with,...
• California Financial Code Section 31033
  "Business day" means any day other than (a) Saturday, (b) Sunday, and(c) any other day which is specified or provided for as a holiday in...
• California Financial Code Section 31034
  "Business firm" means any person which transacts business on a regular and continual basis, with respect to the transacting of such business.
• California Financial Code Section 31034.5
  "Business firm in another state" means both of the following: (a) Any person which transacts business on a regular and continual basis at one or...
• California Financial Code Section 31035
  "Business firm in this state" means: (a) Any person which transacts business on a regular and continual basis at one or more places of business...
• California Financial Code Section 31036
  "California corporation" means: (a) Any corporation organized under the General Corporation Law (Division 1 (commencing with Section 100), Title 1 of the Corporations Code) or...
• California Financial Code Section 31037
  "California nonprofit corporation" means any corporation organized under the Nonprofit Corporation Law (Division 2 (commencing with Section 5000) of Title 1 of the Corporations Code)...
• California Financial Code Section 31038
  "Control", when used with respect to a specified person, means possession, direct or indirect, of the power to do either of the following: (a) To...
• California Financial Code Section 31039
  "Controlling person", when used with respect to a specified person, means any person who controls such specified person, directly or indirectly through one or more
• California Financial Code Section 31040
  "Corporate name" means the name of a corporation as set forth in the articles of incorporation of such corporation.
• California Financial Code Section 31041
  "Financial institution" means any commercial bank, trust company, savings and loan association, credit union, industrial loan company, insurance company, or person engaged in the business...
• California Financial Code Section 31042
  "Insolvent", when used with respect to any person, means a person who has ceased to pay his debts in the ordinary course of business, who...
• California Financial Code Section 31043
  To "issue", when used with respect to any regulation or order, includes to adopt, amend, repeal, or rescind.
• California Financial Code Section 31044
  "License" means a license issued under this division authorizing a California corporation to transact business as a business and industrial development corporation.
• California Financial Code Section 31045
  "Licensee" means a California corporation which is licensed under this division.
• California Financial Code Section 31046
  "Officer" means: (a) When used with respect to a corporation, any person appointed or designated as an officer of such corporation by or pursuant to...
• California Financial Code Section 31047
  "Order" means any approval, consent, authorization, exemption, denial, prohibition, or requirement applicable to a specific case issued by the commissioner. "Order" includes any condition of...
• California Financial Code Section 31047.5
  "Parent," when used with respect to a specified person other than a natural person, means any person other than a natural person which controls the...
• California Financial Code Section 31048
  "Person" means any natural person, proprietorship, joint venture, partnership, trust, business trust, syndicate, association, joint stock company, corporation, limited liability company, government, agency of any...
• California Financial Code Section 31049
  "Principal shareholder", when used with respect to a corporation, means any person who owns, directly or indirectly, of record or beneficially, securities representing 10 percent...
• California Financial Code Section 31050
  To "provide financing assistance" to a person includes: (a) To lend money or otherwise extend credit to such person; (b) To purchase securities issued by...
• California Financial Code Section 31051
  To "provide management assistance" to a person includes: (a) To provide management or technical advice to such person; and (b) To provide management or technical...
• California Financial Code Section 31052
  "Regulation" means any published regulation, rule, or standard of general application issued by the commissioner.
• California Financial Code Section 31053
  "Security" has the meaning set forth in Section 25019 of the Corporations Code.
• California Financial Code Section 31054
  "Subsidiary", when used with respect to a specified person other than a natural person, means any person other than a natural person controlled by such...
• California Financial Code Section 31055
  "Commissioner" means the Commissioner of Financial Institutions or any person to whom the Commissioner of Financial Institutions delegates the authority to act for him or...
• California Financial Code Section 31056
  "Voting power" has the meaning set forth in Corporations Code Section 194.5.
• California Financial Code Section 31100
  The commissioner shall administer the provisions of this division.
• California Financial Code Section 31101
  (a) The commissioner may from time to time issue such regulations and orders as are in his or her opinion necessary to carry out the...
• California Financial Code Section 31102
  Whenever the commissioner issues an order or license under this division, he or she may impose such conditions as are in his or her opinion...
• California Financial Code Section 31103
  Every final order, decision, license, or other official act of the commissioner under this division is subject to judicial review in accordance with law.
• California Financial Code Section 31104
  In any proceeding under this division: (a) The burden of proving that an application should be approved is upon the applicant. (b) The burden of...
• California Financial Code Section 31105
  No provision of this division shall be construed to require by implication that the commissioner hold a hearing on any matter.
• California Financial Code Section 31106
  No provision of this division shall be construed to require by implication that the commissioner make written findings on any matter.
• California Financial Code Section 31107
  Any application filed with the commissioner under this division or under any regulation or order issued under this division shall be in such form, shall...
• California Financial Code Section 31108
  In determining whether to approve any application filed under this division or under any regulation or order issued under this division, the commissioner may consider...
• California Financial Code Section 31109
  The commissioner may honor applications from interested persons for interpretive opinions regarding any provision of this division or of any regulation or order issued under...
• California Financial Code Section 31110
  (a) The commissioner may (1) make such public or private investigations within or outside this state as he or she deems necessary to determine whether...
• California Financial Code Section 31110.5
  The commissioner may provide information relating to a licensee to the Small Business Administration or to any governmental agency which licenses or regulates the licensee...
• California Financial Code Section 31111
  Notwithstanding the fact that the commissioner permits any licensee, any affiliate of such licensee, or any governmental agency to inspect or make copies of any...
• California Financial Code Section 31112
  The commissioner may refer such evidence as is available concerning any violation of this division or of any regulation or order issued under this division...
• California Financial Code Section 31113
  Before any applicant for a license is issued a license, such applicant and each parent and subsidiary of such applicant shall file, and each person...
• California Financial Code Section 31114
  Whenever any person, including any nonresident of this state, engages in conduct prohibited or made actionable by this division or by any regulation or order...
• California Financial Code Section 31115
  (a) Fees shall be paid to, and collected by, the commissioner, as follows: (1) The fee for filing with the commissioner an application for a...
• California Financial Code Section 31150
  (a) Except as otherwise provided in subdivision (b), no person transacting business in this state, other than a licensee, shall use any name or title...
• California Financial Code Section 31151
  No person other than a California corporation may apply for or be issued a license.
• California Financial Code Section 31152
  If the commissioner finds all of the following with respect to an application for a license, the commissioner shall approve the application: (a) That the...
• California Financial Code Section 31152.5
  (a) For purposes of Section 31152, the commissioner may find: (1) That a director, officer, or controlling person of an applicant is not of good...
• California Financial Code Section 31153
  Before any applicant for a license is issued a license, each person which is a parent or subsidiary of such applicant shall file, and each...
• California Financial Code Section 31154
  Whenever any application for a license has been approved and all conditions precedent to the issuance of such license have been fulfilled, the commissioner shall...
• California Financial Code Section 31155
  No license shall be transferable or assignable.
• California Financial Code Section 31156
  Each licensee shall post its license in a conspicuous place at its head office.
• California Financial Code Section 31157
  No licensee shall represent that it is sponsored, recommended, or approved by, or that its abilities or qualifications have in any respect been passed upon...
• California Financial Code Section 31158
  (a) The fact that a California corporation is licensed under any law other than this division shall not preclude such corporation from applying for or...
• California Financial Code Section 31200
  The corporate name of each licensee shall include the phrase "California business and industrial development corporation".
• California Financial Code Section 31201
  No licensee shall, except with the prior approval of the commissioner, transact business under any name other than its corporate name.
• California Financial Code Section 31210
  The board of directors of each licensee shall consist of not less than five directors.
• California Financial Code Section 31211
  The board of directors of each licensee shall hold a meeting not less frequently than once each calendar quarter.
• California Financial Code Section 31220
  Notwithstanding any other law of this state, but subject to the provisions of Section 31550: (a) Any commercial bank, industrial bank, or trust company organized...
• California Financial Code Section 31230
  In this article, "distribution to its shareholders" has the meaning set forth in Corporations Code Section 166.
• California Financial Code Section 31231
  No licensee shall, except with the prior approval of the commissioner, make, or obligate itself to make, any distribution to its shareholders.
• California Financial Code Section 31232
  If the commissioner finds, with respect to an application for approval for a licensee to make, or to obligate itself to make, a distribution to...
• California Financial Code Section 31233
  Notwithstanding the provisions of Section 31232, unless an application for approval for a licensee to make, or to obligate itself to make, a distribution to...
• California Financial Code Section 31300
  Each licensee shall maintain its head office in this state.
• California Financial Code Section 31301
  No licensee shall maintain an office at any place outside this state.
• California Financial Code Section 31302
  Each office of a licensee shall be located in a place which is reasonably accessible to the public and shall, unless the commissioner approves otherwise,...
• California Financial Code Section 31303
  Each licensee shall post in a conspicuous place at each of its offices a sign which bears the corporate name of such licensee.
• California Financial Code Section 31304
  Each licensee shall maintain telephone service at each of its offices and shall maintain a telephone listing under its corporate name for each of its
• California Financial Code Section 31305
  Each licensee shall maintain at each of its offices personnel who are competent to conduct the business of such office.
• California Financial Code Section 31320
  (a) No licensee shall relocate its head office without the prior approval of the commissioner. (b) No licensee shall establish, relocate, or close any office...
• California Financial Code Section 31322
  If the commissioner finds, with respect to an application by a licensee for approval to relocate its head office: (a) That the office at its...
• California Financial Code Section 31400
  (a) Each licensee shall transact its business in a safe and sound manner and shall maintain itself in a safe and sound condition. (b) No...
• California Financial Code Section 31401
  No licensee shall engage in any business other than one or more of the following: (a) The business of providing financing assistance and management assistance...
• California Financial Code Section 31402
  Each licensee shall use its best efforts: (a) To provide financing assistance to business firms in this state in cooperation with the Small Business Administration...
• California Financial Code Section 31403
  (a) Except as provided in subdivision (b), no licensee shall provide financing assistance or management assistance to any person other than a business firm in...
• California Financial Code Section 31404
  Except as otherwise provided in subdivision (b) of Section 31403, no licensee shall provide financing assistance or management assistance for use outside this state.
• California Financial Code Section 31405
  Except as otherwise provided in subdivisions (b), (c), and (d) of Section 31406: (a) No licensee shall provide financing assistance or management assistance to any...
• California Financial Code Section 31406
  No licensee shall, either by itself or in concert with any of its directors, officers, principal shareholders, or affiliates, any other licensee, or any of...
• California Financial Code Section 31408
  No licensee shall, except with the prior approval of the commissioner, guarantee the debt of any other person or otherwise lend its credit to any...
• California Financial Code Section 31409
  No licensee shall, except with the prior approval of the commissioner, provide a lien or security interest in any of its property for the purpose...
• California Financial Code Section 31410
  This section creates and authorizes an exempt class of persons pursuant to Section 1 of Article XV of the State Constitution. The restrictions upon rates...
• California Financial Code Section 31500
  Each licensee shall adopt as its fiscal year the period from July 1st to and including the following June 30th.
• California Financial Code Section 31501
  Each licensee shall make and keep such books, accounts, and other records in such form and in such manner as the commissioner may by regulation...
• California Financial Code Section 31502
  No licensee shall, except with the prior approval of the commissioner, enter or carry on its books or records any asset at a valuation exceeding...
• California Financial Code Section 31503
  The commissioner may by order require a licensee to write down any asset on its books and records to a valuation which represents its then
• California Financial Code Section 31504
  Each licensee shall, not more than 90 days after the close of each of its fiscal years or within such longer period as the commissioner...
• California Financial Code Section 31506
  Each licensee, each director, officer, and employee of a licensee, and each parent and subsidiary of a licensee shall file with the commissioner such reports...
• California Financial Code Section 31507
  (a) The commissioner shall examine each licensee not less frequently than once each calendar year. (b) (1) The commissioner may at any time examine any...
• California Financial Code Section 31508
  (a) No licensee shall, except with the prior approval of the commissioner, cause or permit any other person to make or keep any of its...
• California Financial Code Section 31509
  The commissioner may publish any report filed with him or her under this division or under any regulation or order issued under this division.
• California Financial Code Section 31550
  No person shall, except with the prior approval of the commissioner, acquire control of a licensee.
• California Financial Code Section 31551
  If the commissioner finds, with respect to an application for approval to acquire control of a licensee: (a) That the applicant and the directors and...
• California Financial Code Section 31551.5
  (a) For purposes of Section 31551, the commissioner may find: (1) That an applicant or a director or officer of an applicant is not of...
• California Financial Code Section 31552
  The commissioner may, by such regulations or orders as he or she deems necessary and appropriate, either unconditionally or upon specified terms and conditions or...
• California Financial Code Section 31600
  In this chapter: (a) "Acquiring licensee" means: (1) In the case of a merger, the licensee which is the surviving corporation; (2) In the case...
• California Financial Code Section 31601
  No licensee shall merge with any other corporation unless: (a) In case such licensee is the surviving corporation, such merger shall have first been approved...
• California Financial Code Section 31602
  No licensee shall purchase all or substantially all of the business of any other person unless such purchase shall have first been approved by the
• California Financial Code Section 31603
  No licensee shall sell all or substantially all of its business to any other person unless such other person is a licensee and such sale...
• California Financial Code Section 31604
  If the commissioner finds, with respect to an application for approval of a merger, purchase, or sale: (a) That the merger, purchase, or sale will...
• California Financial Code Section 31605
  The commissioner may, by such regulations or orders as he or she deems necessary and appropriate, either unconditionally or upon specified terms and conditions or...
• California Financial Code Section 31650
  Any licensee may surrender its license by filing with the commissioner such license and a report which shall be in such form, shall contain such...
• California Financial Code Section 31651
  (a) Except as otherwise provided in subdivision (b), a voluntary surrender of a license shall be effective on the 30th day after such license and...
• California Financial Code Section 31800
  It shall be unlawful for any person willfully to make any untrue statement of a material fact in any application or report filed with the...
• California Financial Code Section 31801
  It shall be unlawful for any person having custody of any of the books, accounts, or other records of a licensee willfully to refuse to...
• California Financial Code Section 31802
  It shall be unlawful for any person, with intent to deceive any director, officer, employee, auditor, or attorney of a licensee, the commissioner, or any...
• California Financial Code Section 31820
  In this article, unless the context otherwise requires: (a) "Adviser," when used with respect to a licensee, means any person who regularly provides legal, accounting,...
• California Financial Code Section 31821
  (a) The commissioner may, by such regulations or orders as he or she deems necessary and appropriate, either unconditionally or upon specified terms and conditions...
• California Financial Code Section 31822
  It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance to any of its associates.
• California Financial Code Section 31823
  (a) It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance to any associate of another licensee if any associate of...
• California Financial Code Section 31824
  It shall be unlawful for any licensee or for any associate of a licensee, directly or indirectly, to borrow money from: (a) Any person to...
• California Financial Code Section 31825
  It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance to discharge, or to free other funds for use in discharging,...
• California Financial Code Section 31826
  It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance for the purchase of property from any associate of such licensee.
• California Financial Code Section 31827
  It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance to any person to whom any associate of such licensee provides...
• California Financial Code Section 31828
  It shall be unlawful for any associate of a licensee, directly or indirectly, to receive from any person to whom such licensee provides financing assistance,...
• California Financial Code Section 31829
  It shall be unlawful for any licensee, directly or indirectly, to sell or otherwise transfer any of its assets to any of its associates.
• California Financial Code Section 31880
  Any person who violates any provision of this chapter shall upon conviction be fined not more than ten thousand dollars ($10,000) or be imprisoned pursuant...
• California Financial Code Section 31881
  Nothing in this division limits the power of the state to punish any person for any act which constitutes a crime under any statute.
• California Financial Code Section 31900
  If, after notice and a hearing, the commissioner finds that any person has violated any provision of this division or of any regulation or order...
• California Financial Code Section 31901
  The provisions of Section 31900 are additional to, and not alternative to, other provisions of this division which authorize the commissioner to issue orders or...
• California Financial Code Section 31950
  In this chapter: (a) "Member" has the meaning set forth in the old law. (b) "Old corporation" means a corporation organized under the old law....
• California Financial Code Section 31951
  Except as otherwise provided in Sections 31004 and 31952, the provisions of the General Corporation Law (Division 1 (commencing with Section 100), Title 1 of...
• California Financial Code Section 31952
  In case any old corporation has, on the effective date of this division, any members: (a) The old law shall continue to apply with respect...
• California Financial Code Section 32000
  This division shall be known and may be cited as the "State Assistance Fund for Enterprise Act of 1989."
• California Financial Code Section 32001
  In this division, unless the context otherwise requires: (a) A reference to a statute or to a regulation includes such statute or regulation as amended,...
• California Financial Code Section 32002
  If any provision of this division or the application thereof to any person or circumstances is held invalid, illegal, or unenforceable, such invalidity, illegality, or...
• California Financial Code Section 32101
  The purposes of this division are the following: (a) To enhance the availability of financial assistance for small business in California. (b) To increase the...
• California Financial Code Section 32200
  Subject to additional definitions contained in Division 15 (commencing with Section 31000) and this division which are applicable to specific provisions of these divisions and...
• California Financial Code Section 32201
  "Alternative energy system" means any device or combination of devices which conserves or produces heat, process heat, space heating, water heating, steam, space cooling, refrigeration,...
• California Financial Code Section 32202
  "Conventional energy fuel" means any fuel derived from petroleum deposits, including but not limited to oil, heating oil, gasoline, fuel oil, or natural gas, including...
• California Financial Code Section 32203
  "Small business" means a business defined as an eligible small business as set forth in Section 121.3-10 of Part 121, Chapter 1, Title 13 of...
• California Financial Code Section 32204
  "State Controller" means the State Controller or any person to whom the State Controller delegates the authority to act for him or her in the...
• California Financial Code Section 32205
  "Rules Committee" means the rules committee of the State Senate or any person to whom the rules committee of the State Senate delegates to act...
• California Financial Code Section 32206
  "Speaker" means the Speaker of the State Assembly or any person to whom the Speaker of the Assembly delegates the authority to act for him...
• California Financial Code Section 32207
  "Corporation" means the State Assistance Fund for Enterprise Business and Industrial Development Corporation.
• California Financial Code Section 32208
  "Energy Commission" means the California Energy Resources Conservation and Development Commission.
• California Financial Code Section 32209
  " Alternative energy business firm" means any small business engaged primarily in the business of the design, manufacture, production, assembly, distribution, marketing, sale, transportation, or...
• California Financial Code Section 32210
  "Board" means the board of directors of the corporation.
• California Financial Code Section 32211
  "President" means the president of the corporation.
• California Financial Code Section 32212
  "Finance officer" means the director of the finance division of the corporation.
• California Financial Code Section 32215
  "Governor" means the Governor of the State of California or any person to whom the Governor of the State of California delegates the authority to...
• California Financial Code Section 32216
  "Savings-investment ratio" means an analysis of the proposed system in which energy cost savings are added to other net benefits and costs from operation, maintenance,...
• California Financial Code Section 32217
  "Life cycle cost analysis" means an analysis of a proposed system in which all costs and benefits are evaluated over the expected life of the
• California Financial Code Section 32218
  "Minimum economic feasibility" means that the net savings or benefits of an investment exceed the net costs.
• California Financial Code Section 32219
  "Special projects" means any financing assistance or other program undertaken by the corporation pursuant to Article 3 (commencing with Section 32720) of Chapter 6.
• California Financial Code Section 32300
  The Legislature hereby authorizes the creation of a nonprofit corporation pursuant to the provisions of the Nonprofit Corporation Law (Part 1 (commencing with Section 9000),...
• California Financial Code Section 32301
  Except as otherwise provided in this division: (a) The Nonprofit Corporation Law shall apply to the corporation. However, whenever any provision of the Nonprofit Corporation...
• California Financial Code Section 32310
  The name of this corporation shall be: State Assistance Fund for Enterprise, Business and Industrial Development Corporation.
• California Financial Code Section 32320
  Except as provided in Sections 32325 and 32352.5, the board of directors of the corporation shall consist of six members, two official and four public
• California Financial Code Section 32321
  (a) The official members of the board shall be: (1) A member of the Governor's cabinet, or his or her designee. (2) One member of...
• California Financial Code Section 32322
  (a) The terms of official members of the board shall coincide with their official terms of office, except in the case of the member selected...
• California Financial Code Section 32323
  (a) The directors selected and appointed by the Governor, Rules Committee, and Speaker shall meet the requirements of subdivision (d) of Section 31152. (b) The...
• California Financial Code Section 32324
  (a) The official directors shall serve without compensation, except that they shall be reimbursed for their actual and necessary expenses incurred in the performance of...
• California Financial Code Section 32325
  If the corporation becomes a federal Community Development Financial Institution (CDFI), in addition to the official and public directors provided for in Section 32321, the...
• California Financial Code Section 32326
  The board of directors of the corporation shall establish a loan committee, which shall review, rank, and approve or disapprove applications for loans under this...
• California Financial Code Section 32330
  The management of the corporation shall be conducted by the board of directors, subject to the following limitations: (a) All action taken by the board...
• California Financial Code Section 32331
  The operations of the corporation shall be directed by the president of the corporation, who shall be selected and appointed by the board.
• California Financial Code Section 32332
  The corporation shall adopt bylaws, which shall include provisions governing the election of officers; the establishment and functions of committees; eligibility criteria for loan applications...
• California Financial Code Section 32350
  (a) The corporation may appoint such agents and employees as it requires, and determine their qualifications, duties, terms of employment, and compensation. The corporation shall...
• California Financial Code Section 32351
  The corporation shall not provide financing assistance to any business firm in this state unless such business firm meets the financial and eligibility criteria for...
• California Financial Code Section 32352
  The corporation shall (a) be empowered to do and perform all acts contemplated for a business and industrial development corporation, and (b) upon approval of...
• California Financial Code Section 32352.5
  (a) If the corporation becomes a small business development corporation pursuant to Section 32352, the official and public members of the board of directors shall,...
• California Financial Code Section 32400
  The financial accounts and records of the corporation shall be kept by the finance officer according to policies and rules which the board shall adopt.
• California Financial Code Section 32401
  The corporation shall adopt as its fiscal year the period from July 1st to and including the following June 30th.
• California Financial Code Section 32402
  In addition to other accounts the board may establish, the financial accounts of the corporation shall include: (a) A general operating account. (b) A general...
• California Financial Code Section 32403
  Except as otherwise provided for in this division, all funds received by the corporation shall be deposited in the general operating account of the corporation.
• California Financial Code Section 32404
  Beginning with the fiscal year which begins July 1, 1982, and each fiscal year thereafter, the board shall not adopt any budget for the corporation...
• California Financial Code Section 32420
  In this article "trust fund" means the government guaranteed securities trust fund of the corporation.
• California Financial Code Section 32421
  The finance officer shall place into the trust fund all securities held by the corporation which carry a guarantee of repayment issued by the Small...
• California Financial Code Section 32422
  According to policies and regulations which the board shall adopt, the finance officer shall use his or her best efforts to sell the guaranteed portion...
• California Financial Code Section 32423
  The proceeds of the sale of government guaranteed securities shall be allocated to the accounts of the corporation in the following manner: (a) That portion...
• California Financial Code Section 32600
  (a) The finance officer shall not execute any loan that is not: (1) Approved for guarantee by the Small Business Administration, under that agency's prevailing...
• California Financial Code Section 32601
  The corporation shall not provide financing assistance on any application, except for any application submitted for review as a special project, which has not been...
• California Financial Code Section 32720
  The corporation is authorized to accept any public or private financial grant in furtherance of the purposes of this division, including, but not limited to,...
• California Financial Code Section 32721
  The board may consider and adopt rules for the acceptance and disbursement of grants, provided, however, that the cost of administering any grant, less any...
• California Financial Code Section 32722
  The corporation may participate with any federal or state governmental agency, department, board, bureau, or office in any program which is intended to assist the...
• California Financial Code Section 32723
  The corporation may develop and implement a program to assist private financial institutions, to evaluate investment opportunities in alternative energy systems, and to help potential...
• California Financial Code Section 32724
  Notwithstanding any other provision of this division, loans or other financing programs undertaken by the corporation in furtherance of minority enterprises and export financing shall...
• California Financial Code Section 32810
  The Controller shall establish, maintain, and administer a separate account within the General Fund of the State of California to effect the provisions of this
• California Financial Code Section 32811
  The name of this account shall be the "State Enterprise Loan Fund," which fund shall be continuously appropriated for the purposes of this division.
• California Financial Code Section 32812
  The Controller shall transfer into the fund from the General Fund and from the Energy Resources Program Account in the General Fund all moneys required...
• California Financial Code Section 32813
  The Controller shall disburse moneys from the fund to the corporation subject to the provisions of this chapter.
• California Financial Code Section 32814
  The Controller shall deposit in the fund all moneys received from the corporation in repayment of the principal and interest of loans made to the
• California Financial Code Section 32820
  The corporation is authorized to borrow money from the fund, subject to the following terms and conditions: (a) The interest rate on loans from the...
• California Financial Code Section 32820.5
  Upon approval of the corporation to exercise the powers of a small business development corporation pursuant to Section 32352, the corporation shall cease to be...
• California Financial Code Section 32821
  The corporation shall make application in writing to the Controller for loans from the fund.
• California Financial Code Section 32822
  Within five working days after receipt of an application from the corporation for a loan from the fund, the Controller shall disburse the proceeds of...
• California Financial Code Section 32823
  If the Controller finds either subdivision (a) or (b) of Section 32822 to be the case, the Controller shall deny the loan application of the
• California Financial Code Section 40500
  It is the intent of the Legislature that a financial institution shall not transfer funds from a depositor's account unless authorization has been granted by...
• California Financial Code Section 40501
  In accordance with the implied contract existing between a financial institution and its depositor, no bank, savings association, credit union, or other financial institution operating...
• California Financial Code Section 50000
  This division will be known and may be cited as the California Residential Mortgage Lending Act.
• California Financial Code Section 50001
  Unless the context otherwise requires, the definitions in this chapter apply throughout this division.
• California Financial Code Section 50002
  (a) No person shall engage in the business of making residential mortgage loans or servicing residential mortgage loans, in this state, without first obtaining a...
• California Financial Code Section 50002.5
  (a) Every licensee engaging in the business of making, servicing, or making and servicing residential mortgage loans shall require that every mortgage loan originator employed...
• California Financial Code Section 50003
  (a) "Annual audit" means a certified audit of the licensee's books, records, and systems of internal control performed by an independent certified public accountant in...
• California Financial Code Section 50003.5
  (a) "Mortgage loan originator" means an individual who, for compensation or gain, or in the expectation of compensation or gain, takes a residential mortgage loan...
• California Financial Code Section 50003.6
  (a) A loan processor or underwriter who does not represent to the public, through advertising or other means of communicating or providing information, including the...
• California Financial Code Section 50004
  "Fraud," "deceit," and "defraud" are not limited to common law fraud or deceit.
• California Financial Code Section 50005
  This division creates and authorizes a class of exempt persons pursuant to Section 1 of Article XV of the California Constitution.
• California Financial Code Section 50006
  No person subject to this law shall use in its name "bank," "trust," "trustee," "loan association," or related terms. This section does not apply to...
• California Financial Code Section 50120
  (a) A residential mortgage lender shall file an application for licensure under this chapter with the commissioner to make or service residential mortgage loans in...
• California Financial Code Section 50121
  The commissioner shall issue a residential mortgage lender license upon the satisfaction of all of the following: (a) The filing with the commissioner of a...
• California Financial Code Section 50122
  (a) Except as provided in Section 50120, the information provided on an application for a residential mortgage lender, residential mortgage servicer, or residential mortgage lender...
• California Financial Code Section 50123
  (a) A residential mortgage lender license shall remain in effect until suspended, surrendered, or revoked. (b) A residential mortgage lender licensee that ceases to engage...
• California Financial Code Section 50124
  (a) A residential mortgage lender or servicer shall do all of the following: (1) Maintain staff adequate to meet the requirements of this division, as...
• California Financial Code Section 50125
  The commissioner may refuse to issue a residential mortgage lender or servicer license if any of the following apply: (a) The applicant is not in...
• California Financial Code Section 50126
  (a) Upon reasonable notice and opportunity to be heard, the commissioner may deny an application for any of the following reasons: (1) A false statement...
• California Financial Code Section 50127
  The proceedings for a denial of a license shall be conducted in accordance with Chapter 5 (commencing with Section 11500) of Part 1 of Division...
• California Financial Code Section 50128
  As used in this act, the term "principal officer" means an officer with direct responsibility for the conduct of the residential mortgage lender or servicer...
• California Financial Code Section 50129
  (a) A residential mortgage lender or servicer licensed under this chapter may, under the authority of that license and subject to the provisions of this...
• California Financial Code Section 50130
  (a) A mortgage servicer shall file an application for licensure under this chapter with the commissioner to service mortgage loans in this state by satisfying...
• California Financial Code Section 50140
  (a) An applicant for a license as a mortgage loan originator shall apply by submitting the uniform form prescribed for that purpose by the Nationwide...
• California Financial Code Section 50141
  (a) The commissioner shall deny an application for a mortgage loan originator license unless the commissioner makes at a minimum the following findings: (1) The...
• California Financial Code Section 50142
  (a) An applicant for a mortgage loan originator license shall complete at least 20 hours of education approved in accordance with subdivision (b). The education...
• California Financial Code Section 50143
  (a) An applicant for a mortgage loan originator license shall pass a qualified written test developed by the Nationwide Mortgage Licensing System and Registry and...
• California Financial Code Section 50144
  (a) A mortgage loan originator shall comply with the requirements of this section on or before December 31 of every year. (b) The minimum standards...
• California Financial Code Section 50145
  (a) A licensed mortgage loan originator shall complete at least eight hours of continuing education approved in accordance with subdivision (b). The continuing education shall...
• California Financial Code Section 50146
  In addition to any other duties imposed upon the commissioner by law, the commissioner shall require mortgage loan originators to be licensed and registered through...
• California Financial Code Section 50150
  (a) The commissioner is authorized to establish relationships or contracts with the Nationwide Mortgage Licensing System and Registry or other entities designated by the Nationwide...
• California Financial Code Section 50151
  (a) Except as otherwise provided in Section 1512 of the SAFE Act, the requirements under any federal law or the Information Practices Act (Chapter 1...
• California Financial Code Section 50152
  The commissioner shall report regularly violations of this division, as well as enforcement actions and other relevant information, to the Nationwide Mortgage Licensing System and...
• California Financial Code Section 50143
  (a) An applicant for a mortgage loan originator license shall pass a qualified written test developed by the Nationwide Mortgage Licensing System and Registry and...
• California Financial Code Section 50144
  (a) A mortgage loan originator shall comply with the requirements of this section on or before December 31 of every year. (b) The minimum standards...
• California Financial Code Section 50145
  (a) A licensed mortgage loan originator shall complete at least eight hours of continuing education approved in accordance with subdivision (b). The continuing education shall...
• California Financial Code Section 50146
  In addition to any other duties imposed upon the commissioner by law, the commissioner shall require mortgage loan originators to be licensed and registered through...
• California Financial Code Section 50200
  (a) At the end of the licensee's fiscal year, but in no case more than 12 months after the last audit conducted pursuant to this...
• California Financial Code Section 50201
  (a) A licensee issued a license for purposes of making or servicing residential mortgage loans, including a licensee employing one or more mortgage loan originators,...
• California Financial Code Section 50202
  (a) Escrow funds for a purpose authorized by the residential mortgage loan contract (1) shall be subject to and satisfy all applicable state and federal...
• California Financial Code Section 50203
  (a) A licensee may not require a borrower to pay fees or charges prior to the residential mortgage loan closing, except for: (1) Actual charges...
• California Financial Code Section 50204
  A licensee may not do any of the following: (a) Disburse the mortgage loan proceeds in a form other than direct deposit to the borrower's...
• California Financial Code Section 50205
  (a) A residential mortgage lender or servicer licensee shall maintain a surety bond in accordance with this subdivision. The bond shall be used for the...
• California Financial Code Section 50206
  (a) Prior to a change of control of the business of a licensee, the person wishing to acquire control shall submit an application to the...
• California Financial Code Section 50207
  (a) A license, along with any currently effective order of the commissioner approving use of a different name pursuant to Sections 50120 and 50130, shall...
• California Financial Code Section 50208
  The license shall state the name of the licensee. If the licensee is a partnership, the license shall state the names of its general partners....
• California Financial Code Section 50209
  The unique identifier of any licensed mortgage loan originator shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business...
• California Financial Code Section 50301
  Without limitation, the functions, powers, and duties of the commissioner include the following: (a) To issue or refuse to issue a license as provided by...
• California Financial Code Section 50302
  (a) As often as the commissioner deems necessary and appropriate, but at least once every 48 months, the commissioner shall examine the affairs of each...
• California Financial Code Section 50303
  Neither the commissioner nor any employee of the Department of Corporations shall be precluded from obtaining a residential mortgage loan from a lender licensed under...
• California Financial Code Section 50304
  The commissioner may, from time to time, make, amend, and rescind the rules, forms, and orders that are necessary to carry out the provisions of...
• California Financial Code Section 50305
  Upon written request from the commissioner, a licensee shall forward authorization to release workpapers of the licensee's independent auditor to the commissioner within two business...
• California Financial Code Section 50306
  The commissioner may order a licensee that opens a branch office in this state or changes its business location or its locations from which activities...
• California Financial Code Section 50307
  (a) Each residential mortgage lender or servicer licensee shall file a report with the commissioner annually, on or before the first day of March, giving...
• California Financial Code Section 50307.1
  The commissioner may, as he or she deems necessary, require licensees to provide reports concerning their residential mortgage loan servicing activities, including, but not limited...
• California Financial Code Section 50307.2
  The commissioner may require a licensee that employs one or more mortgage loan originators to submit to the Nationwide Mortgage Licensing System and Registry reports...
• California Financial Code Section 50308
  If any person engaged in the business regulated by this division refers in any advertising to rates of interest, charges, or costs of loans, the...
• California Financial Code Section 50309
  The commissioner may require licensees to maintain a file of all advertising copy for a period of 90 days from the date of its use....
• California Financial Code Section 50310
  Nothing in this law shall preclude a person, other than a mortgage loan originator, whose license has been suspended or revoked, summarily or otherwise, from...
• California Financial Code Section 50311
  Nothing in this law shall preclude a person whose license has been suspended or revoked, summarily or otherwise, from making a residential mortgage loan pursuant...
• California Financial Code Section 50312
  The commissioner, in his or her discretion, may honor requests from interested persons for interpretive opinions.
• California Financial Code Section 50313
  In any proceeding under this law, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
• California Financial Code Section 50314
  (a) Every person subject to this division shall keep documents and records that will properly enable the commissioner to determine whether the residential mortgage lending...
• California Financial Code Section 50315
  (a) The commissioner may refer the evidence that is available concerning any violation of this law or of any rule or order adopted under this...
• California Financial Code Section 50316
  (a) For any licensee, a disciplinary action taken by the State of California, another state, any agency of the federal government, or another country for...
• California Financial Code Section 50317
  (a) Any person who has been convicted of, or pleaded nolo contendere to any crime specified in subdivision (b) within the past 10 years or...
• California Financial Code Section 50318
  (a) The commissioner may, after appropriate notice and opportunity for hearing, by order censure or suspend for a period not exceeding 12 months, or bar...
• California Financial Code Section 50319
  (a) If the commissioner, as a result of any examination or from any report made to him or her, shall find that any person subject...
• California Financial Code Section 50320
  Whenever, in the opinion of the commissioner, a person is engaged, either actually or through subterfuge, in the business of making residential mortgage loans, servicing...
• California Financial Code Section 50321
  If, after investigation, the commissioner has reasonable grounds to believe that any licensee has violated its articles of incorporation or any law or rule binding...
• California Financial Code Section 50322
  If, after investigation, the commissioner has reasonable grounds to believe that any licensee is conducting business in an unsafe or injurious manner, the commissioner shall,...
• California Financial Code Section 50323
  (a) No order issued pursuant to Section 50321 or 50322 may become final except after notice to the affected licensee of the commissioner's intention to...
• California Financial Code Section 50324
  (a) If, after investigation, the commissioner has reasonable grounds to believe that any person has engaged or is about to engage in any act or...
• California Financial Code Section 50325
  The commissioner may immediately revoke the residential mortgage lender's, residential mortgage loan servicer's, or mortgage loan originator's license if the licensee fails to comply with...
• California Financial Code Section 50326
  If any licensee fails to do any of the following, the licensee shall forfeit to the people of the state a sum of up to...
• California Financial Code Section 50327
  (a) The commissioner may, after notice and a reasonable opportunity to be heard, suspend or revoke any license if the commissioner finds that: (1) the...
• California Financial Code Section 50328
  Except in the case of an exempt person, whenever the commissioner deems it to be necessary for the public interest, the commissioner has continuous authority...
• California Financial Code Section 50329
  (a) In making an investigation or examination authorized by this division, the commissioner may, for a reasonable time not exceeding 30 days, control access to...
• California Financial Code Section 50330
  The authority to make or conduct any examination or investigation may be delegated by the commissioner to any deputy, investigator, examiner, or auditor appointed for...
• California Financial Code Section 50331
  All hearings provided for in this division shall be conducted in accordance with the provisions of Chapter 5 (commencing with Section 11500) of Part 1...
• California Financial Code Section 50332
  Every order, decision, license, or other official act of the commissioner is subject to review, in accordance with law.
• California Financial Code Section 50333
  (a) The commissioner shall apply the guidance on nontraditional mortgage product risks published on November 14, 2006, by the Conference of State Bank Supervisors and...
• California Financial Code Section 50400
  The commissioner has the authority to levy assessments for the support of this part as provided for in this chapter.
• California Financial Code Section 50401
  (a) In addition to other fees and reimbursements required to be paid under this division, each residential mortgage lender or servicer licensee shall pay to...
• California Financial Code Section 50402
  Notwithstanding subdivision (a) of Section 50401, if the commissioner determines that the charges and assessments set forth in this division for any year are in...
• California Financial Code Section 50500
  Any person who willfully violates any provision of this division, or any rule or order under this division, shall, upon conviction, be subject to a...
• California Financial Code Section 50501
  (a) Any person who violates a provision of this division, or any rule or order under this division, shall be liable for a civil penalty...
• California Financial Code Section 50502
  It is a violation of this division for any person to make any untrue statement of a material fact in any document filed with the...
• California Financial Code Section 50503
  (a) It is a violation for any person subject to this law or any director, partner, shareholder controlling an ownership interest of 10 percent or...
• California Financial Code Section 50504
  (a) If an amount other than or in excess of the charges permitted by this division is willfully charged, contracted for, or received, in addition...
• California Financial Code Section 50505
  Any person who violates any provision of any of the following federal acts or regulations violates this division: (a) The federal Real Estate Settlement Procedures...
• California Financial Code Section 50506
  Any director, officer, partner, trustee, or employee of a licensee, its holding company, or its affiliates who knowingly receives or appropriates any of the licensee's...
• California Financial Code Section 50507
  Any director, officer, partner, trustee, or employee of a licensee, its holding company, or its affiliates who knowingly makes or concurs in making or publishing...
• California Financial Code Section 50508
  Any director, officer, partner, trustee, or employee of a licensee, its holding company, or its affiliates who makes a false entry in any book or...
• California Financial Code Section 50509
  Any officer, director, partner, trustee, or employee of any entity who abstracts or misapplies any of the money, funds, or property of a licensee, or...
• California Financial Code Section 50510
  Nothing in this chapter shall be construed to authorize a criminal prosecution for a violation of a civil statute incorporated by reference into this division....
• California Financial Code Section 50511
  The commissioner may, subject to the requirements of subdivisions (b), (c), and (d) of Section 50318, suspend for a period not to exceed 12 months...
• California Financial Code Section 50512
  (a) It is unlawful for any person to knowingly alter, destroy, mutilate, conceal, cover up, falsify, or make a false entry in any record, document,...
• California Financial Code Section 50513
  (a) The commissioner may do one or more of the following: (1) Deny, suspend, revoke, condition, or decline to renew a mortgage loan originator license...
• California Financial Code Section 50700
  (a) A residential mortgage lender, or a person or employee acting under the authority of a residential mortgage lender's license, including a mortgage loan originator,...
• California Financial Code Section 50701
  (a) As soon as practical after a borrower requests that the residential mortgage lender licensee arrange a loan to be made by another institutional lender,...
• California Financial Code Section 50702
  (a) The annual report required by Section 50401(a) shall include both of the following: (1) The number and the aggregate principal amount of closed residential...
• California Financial Code Section 50703
  Notwithstanding Section 10248.3 of the Business and Professions Code, the provisions of Article 7 (commencing with Section 10240) of Chapter 3 of Part 1 of...
• California Financial Code Section 50706
  (a) Except as provided in subdivision (b), the commissioner has primary regulatory jurisdiction over all transactions in which a licensed residential mortgage lender provides brokerage...
• California Financial Code Section 51000
  As used in this division, the following terms shall have the following meanings: (a) "Client" means the taxpayer with whom the exchange facilitator enters into...
• California Financial Code Section 51001
  (a) A person who engages in business as an exchange facilitator shall notify all existing exchange clients whose relinquished property is located in this state,...
• California Financial Code Section 51003
  (a) A person who engages in business as an exchange facilitator shall at all times comply with one or more of the following: (1) Maintain...
• California Financial Code Section 51005
  Any person claiming to have sustained damage by reason of the failure of a person engaging in business as an exchange facilitator to comply with...
• California Financial Code Section 51007
  (a) A person who engages in business as an exchange facilitator shall at all times comply with either of the following: (1) Maintain a policy...
• California Financial Code Section 51009
  (a) A person who engages in business as an exchange facilitator shall have the responsibility to act as a custodian for all exchange funds, including,...
• California Financial Code Section 51011
  A person engaged in business as an exchange facilitator shall not do any of the following: (a) Make any material misrepresentations concerning any like-kind exchange...
• California Financial Code Section 51013
  A person who violates this division is subject to civil suit in a court of competent jurisdiction.
• California Financial Code Section 51015
  This division shall remain in effect only until January 1, 2014, and as of that date is repealed, unless a later enacted statute, that is...
• California Financial Code Section 70000
  For purposes of this division, "fund" means the California Financial Literacy Fund.
• California Financial Code Section 70001
  (a) The California Financial Literacy Fund is hereby established in the State Treasury. The fund shall be administered by the Controller. (b) The purpose of...
• California Financial Code Section 70002
  The Controller may accept private donations and deposit those donations into the fund, which shall be made available upon appropriation in the annual Budget Act....
• California Financial Code Section 70003
  The Controller may convene a financial literacy advisory committee to provide additional oversight of the fund and develop strategies to improve financial literacy. If convened,...
• California Financial Code Section 70004
  Beginning in 2013, the Controller shall provide to the respective chairpersons of the Assembly Committee on Banking and Finance and the Senate Committee on Banking...