California Government Code ARTICLE 2 - Security for Deposits

• Section 16520.
  Security shall not be required for that portion of any deposit that is insured under any law of the United States.(Added by Stats. 1945, Ch.
• Section 16521.
  To be eligible to receive and retain demand or time deposits, a bank shall deposit with the Treasurer as security for such deposits, securities specified...
• Section 16522.
  The following securities may be received as security for demand and time deposits:(a) Bonds, notes, or other obligations of the United States, or those for which...
• Section 16523.
  If it appears to him necessary for the security of the State, the Treasurer shall require as a condition of eligibility that a bank furnish...
• Section 16525.
  In lieu of deposits of securities, any otherwise eligible bank may deposit with the Treasurer bonds of admitted surety insurers as security for demand and...
• Section 16526.
  An admitted surety insurer is not eligible as surety for demand or time deposits in any one bank in amounts in excess of 10 percent...
• Section 16527.
  On demand of the Treasurer, the Insurance Commissioner shall issue a certificate showing the qualifications of any admitted surety insurer as surety for demand or...
• Section 16528.
  The bond of an admitted surety insurer shall not be accepted as security for demand or time deposits unless it has been certified by the...
• Section 16529.
  The form of bonds required under this chapter shall be prescribed by the Attorney General.(Added by Stats. 1945, Ch. 120.)
• Section 16530.
  A surety upon any bond to secure demand or time deposits may terminate the bond as to future liability by giving 10 days’ written notice...
• Section 16531.
  That portion of any security for deposit that is in excess of the requirements of this article may be withdrawn or released on the written...
• Section 16531.1.
  (a) Notwithstanding any other provision of law and without regard to fiscal year, if the annual State Budget is not enacted by June 30 of any...
• Section 16532.
  If any bank fails to pay all or any part of such deposits on demand of the Treasurer, pursuant to the terms and conditions of...
• Section 16533.
  If at any time the security deposited with the Treasurer is not deemed satisfactory by the Treasurer, he may require such additional security as is...

Last modified: October 22, 2018