§ 6653
86 words·~1 min read·
/ca/financial-code/6653A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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, or disposition of, for any one opening or increase anything having a cost or value in excess of the amount authorized by the commissioner by regulation.
(b)Notwithstanding subdivision
(a)the commissioner is authorized to impose by regulation restrictions on associations, relating to the distribution and advertising of giveaways, equivalent to those imposed on federal associations doing business in this state.