California
Financial Code
3,323 entries
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This act is known and may be cited as the Financial Code.
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The provisions of this code insofar as they are substantially the same as existing statutory provisi…
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Any action or proceeding commenced before this code takes effect, or any right accrued, is not affec…
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Unless the context otherwise requires the general provisions hereinafter set forth govern the constr…
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Division, part, chapter, article, and section headings do not in any manner affect the scope, meanin…
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Whenever a power is granted to, or a duty imposed on any person or board by any provision of this co…
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Whenever any reference is made to any portion of this code or of any other law, the reference applie…
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“Writing” includes any form of recorded message capable of comprehension by ordinary visual means. W…
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“Section” means a section of this code unless some other statute is specifically mentioned, and “sub…
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The present tense includes the past and future tenses; and the future, the present.
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The masculine gender includes the feminine and neuter.
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“Spouse” includes “registered domestic partner,” as required by Section 297.5 of the Family Code.
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The singular number includes the plural and the plural the singular.
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“City” includes incorporated city, city and county, municipal corporation, municipality, town and in…
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“County” includes city and county.
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“Shall” is mandatory and “may” is permissive.
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“Oath” includes affirmation.
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“Signature” or “subscription” includes mark. The mark shall be made as required in the Civil Code.
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“Person” includes any person, firm, partnership, association, corporation, company, limited liabilit…
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If any provision of this code, or its application to any person or circumstance, is held invalid, th…
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The existence of corporations formed or existing on the date this code takes effect is not affected …
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All persons who, at the time this code goes into effect, hold office under any of the acts repealed …
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Notwithstanding any other provision of this code, Chapter 10 (commencing with Section 10000) of Divi…
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This division, Division 1.1 (commencing with Section 1000), Division 1.2 (commencing with Section 20…
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If and to the extent that any provision of the Financial Institutions Law is preempted by federal la…
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The word “bank” as used in the Financial Institutions Law means any incorporated banking institution…
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Banks are divided into the following classes: (a) Commercial banks. (b) Industrial banks. (c) Trust …
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“Commercial bank” means a corporation organized for the purpose of engaging in the commercial bankin…
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“Commercial banking business” includes, but is not limited to, the business of soliciting, receiving…
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“Industrial bank” means a corporation organized for the purpose of engaging in the industrial bankin…
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“Industrial banking business” includes the making of loans and acceptance of deposits, including dep…
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“Trust business” means the business of acting as executor, administrator, guardian or conservator of…
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“Trust company” means a corporation, industrial bank, or a commercial bank that is authorized to eng…
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“Bank” or “banks” includes a public bank, as defined in Section 57600 of the Government Code, commer…
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(a) “Office” includes head office, branch office, and any other authorized place of business of a li…
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“Real property” and “personal property” have the meanings defined in and shall be construed in accor…
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“Commissioner” means the Commissioner of Financial Protection and Innovation and “department” means …
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“Person” means an individual, sole proprietorship, partnership, joint venture, association, trust, e…
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Unless the provision or the context otherwise requires, the definitions set forth in this chapter go…
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References in this division to the voting of shares shall be construed in accordance with Section 11…
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If the articles of a bank provide for more or less than one vote for any share on any matter, the re…
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Any requirement in this division for a vote of each class of outstanding shares shall be construed i…
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“Approved by (or approval of) the board” means approved or ratified by the vote of the board or by t…
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“Approved by (or approval of) the outstanding shares” has the meaning set forth in Section 152 of th…
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“Approved by (or approval of) the shareholders” has the meaning set forth in Section 153 of the Corp…
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“Articles” has the meaning set forth in Section 154 of the Corporations Code.
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“Board” has the meaning set forth in Section 155 of the Corporations Code.
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“California” means: (a) When used with respect to a bank, in the case of a state bank, a bank that i…
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“CAMELS composite rating” shall have the meaning set forth in Section 327.8(j) of Title 12 of the Co…
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“Certificate of correction” means a certificate executed and filed with the Secretary of State pursu…
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“Certificate of determination” has the meaning set forth in Section 156 of the Corporations Code, su…
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“Certificate of revocation” means a certificate executed and filed with the Secretary of State pursu…
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“Common shares” has the meaning set forth in Section 159 of the Corporations Code.
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(a) “Confidential information” means any information regarding a licensee contained in, or related t…
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“Constituent corporation,” when used with respect to a corporation: (a) In the case of a merger, has…
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“Contributed capital” means all of shareholders’ equity other than retained earnings. However, nothi…
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“Credit union” means a corporation of the type described in Section 14002 organized under the laws o…
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“Directors” has the meaning set forth in Section 164 of the Corporations Code.
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“Disappearing,” when used with respect to a corporation, means a constituent corporation that is not…
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“Distribution to its shareholders” has the meaning set forth in Section 166 of the Corporations Code…
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(a) “Foreign,” when used with respect to a bank, an office of a bank, or any corporation other than …
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“Foreign nation” means any nation other than the United States, including, without limitation, any s…
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(a) The definition of “state of the United States” in Section 207 does not apply to this section. In…
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“Foreign (other state)”: (a) When used with respect to a bank, means a bank that is organized under …
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“Insured”: (a) When used with respect to a bank or an office of a bank, means a bank or office the d…
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“Law of the domicile” means: (a) When used with respect to a national bank, the law of the United St…
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“Licensee” has the following meanings: (a) Any bank authorized by the commissioner pursuant to Secti…
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“Majority-owned subsidiary” has the meaning set forth for “subsidiary” in subdivision (a) of Section…
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“Member of the public” means any person, except an agent, officer, or employee of the department act…
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“Money transmitter” means a person authorized pursuant to Chapter 3 (commencing with Section 2030) o…
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(a) “National bank” or “national banking association” means a national banking association organized…
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“Officer” means: (a) When used with respect to a corporation, any person appointed or designated as …
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“Officers’ certificate” has the meaning set forth in Section 173 of the Corporations Code.
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“Resulting,” when used with respect to a corporation, means: (a) In the case of a consolidation, the…
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“ROCA supervisory rating” shall have the meaning set forth in Section 327.8(k) of Title 12 of the Co…
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“Savings association” includes a savings association, a savings and loan association, and a savings …
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“Series,” when used with respect to shares, has the meaning set forth in Section 183 of the Corporat…
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“Shares” has the meaning set forth in Section 184 of the Corporations Code.
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“Shareholder” has the meaning set forth in Section 185 of the Corporations Code.
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“State”: (a) When used with respect to a corporation, means a corporation that is organized under th…
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“State of the United States” means any state of the United States, the District of Columbia, any ter…
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“Surviving,” when used with respect to a corporation, means a corporation in which one or more other…
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“Uniform Interagency Trust Rating System (UITRS)” shall have the meaning set forth in the policy sta…
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“Uniform Rating System for Informational Technology (URSIT)” shall have the meaning set forth in the…
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“Vote” has the meaning set forth in Section 194 of the Corporations Code.
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“Voting power” has the meaning set forth in Section 194.5 of the Corporations Code.
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In this chapter, unless the provision or context requires otherwise: (a) “New General Corporation La…
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For purposes of Chapter 23 (commencing with Section 2300) of the new General Corporation Law, in the…
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(a) Sections 600 and 600.2 of the revised Banking Law shall not apply to any subject institution exi…
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In case the board of a subject institution has, prior to January 1, 1979, adopted a resolution levyi…
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Article 3 (commencing with Section 640), Chapter 5 of the revised Banking Law applies to any distrib…
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(a) In this section: (1) “Business and industrial development corporation” means a corporation licen…
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(a) This chapter is applicable to this division, Division 1.1 (commencing with Section 1000), Divisi…
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(a) The chief officer of the Department of Financial Protection and Innovation is the Commissioner o…
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(a) In this section, “order” means any approval, consent, authorization, exemption, denial, prohibit…
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The commissioner is appointed by the Governor, and holds office at the pleasure of the Governor. The…
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The commissioner shall be a citizen of the United States and a resident of the state for at least th…
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The annual salary of the commissioner is provided for by Chapter 6 (commencing with Section 11550) o…
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Before entering upon the duties of his or her office, the commissioner shall take and subscribe to t…
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(a) The Commissioner of Financial Protection and Innovation is responsible for the performance of al…
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(a) The commissioner shall apply the Interagency Guidance on Nontraditional Mortgage Product Risks i…
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(a) The commissioner may make the agreements that he or she deems necessary or appropriate in exerci…
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(a) For purposes of this section, the following definitions apply: (1) “Applicable law” means: (A) W…
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The authority vested in the Superintendent of Banks under subdivision (2) of Section 1 of Article XV…
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The commissioner may adopt and implement any method of accepting electronic filings of applications,…
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(a) (1) A licensee subject to the commissioner’s jurisdiction shall establish and maintain an electr…
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(a) (1) In this section, “federal law” includes, but is not limited to, the United States Constituti…
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The powers of supervision and examination of all licensees are vested in the commissioner.
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The commissioner may promulgate or waive such rules and regulations as may be reasonable or necessar…
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(a) The commissioner, whenever in his or her opinion such action is necessary or appropriate to carr…
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The commissioner may, at any time, require a licensee to write down any asset held by the licensee t…
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(a) The commissioner, when conducting examinations under Section 500, 14250, 16150, or 16700, shall …
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Upon declaration of a state of emergency, pursuant to the California Emergency Services Act (Chapter…
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The chief deputy shall be appointed by the Governor and hold office at the pleasure of the Governor.…
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(a) The chief officer of the Division of Corporations and Financial Institutions is the Senior Deput…
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The commissioner may employ deputies in addition to the chief deputy, and examiners, appraisers, tec…
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Before entering upon the duties of his or her office each deputy and examiner shall take and subscri…
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The commissioner may require, at any time, of any deputy, examiner, or other employee of the departm…
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The Commissioner of Financial Protection and Innovation, the Senior Deputy Commissioner of the Divis…
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If the commissioner is unable to perform his or her duties for more than 30 consecutive days or if t…
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If a deputy commissioner or any examiner has knowledge of the insolvency or unsafe condition of any …
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The commissioner may have an office in the City of Sacramento, the City of Los Angeles, the City of …
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The department may expend moneys in accordance with law for the necessary travel expenses of officer…
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The commissioner shall adopt and keep an official seal. Papers executed by the commissioner in his o…
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(a) Whenever it is necessary for the commissioner to approve any instrument and to affix his or her …
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Official reports made by the commissioner and verified reports of an examination made by the commiss…
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At least once each month, the commissioner shall issue and disseminate as the commissioner deems app…
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Notwithstanding any other provision of this code, whenever any provision of the Financial Institutio…
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Whenever the commissioner is notified of or discovers a violation of the state law punishable by cri…
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(a) For the purposes of this section the following definitions shall apply: (1) “Control” has the me…
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(a) The commissioner shall inform appropriate state and federal officials charged with the regulatio…
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Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code …
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(a) The department shall require fingerprint images from any department employee, prospective employ…
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As of the operative date of this section, there is established a Financial Institutions Fund in the …
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(a) The commissioner shall annually collect pro rata from the banks and trust companies under the su…
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The commissioner shall annually collect from national banking associations and foreign (other state)…
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Whenever the commissioner makes an assessment pursuant to Section 405 or 406, the commissioner shall…
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The commissioner, in addition to the annual assessment, shall collect from each bank authorized to e…
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If any bank or trust company fails to make timely payment of any assessment made pursuant to Section…
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As of the operative date of this section: (a) The State Banking Fund is converted into a separate ac…
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Except as otherwise provided in Section 413 or 414, all salaries and other expenses of the departmen…
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The commissioner shall deliver all moneys received or collected by the commissioner under Section 40…
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(a) In this section, “assessment statute” means any statute that authorizes the commissioner to make…
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Notwithstanding any other provision of this code or of Section 53667 of the Government Code, the com…
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(a) In this section, “governmental agency” includes, without limitation, any agency of this state, o…
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With the prior approval of the commissioner, a foreign (other state) or foreign (other nation) finan…
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(a) Directors, officers, employees, attorneys, accountants, or consultants of a licensee may not dis…
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Every licensee shall make and file with the commissioner whenever required by him or her a report in…
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The commissioner shall call for the report specified in Section 453 from all licensees at least four…
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The commissioner may at any time require any licensee to make and file with him or her a special rep…
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Every licensee shall keep its corporate records, financial records, and books of account in words an…
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Every licensee shall notify the commissioner of any change in the following officers of the licensee…
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(a) Each report required under this article, or under any other provision of law administered by the…
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(a) Every licensee shall file with the commissioner one copy of all material filed by the licensee w…
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Any person intentionally making a false statement in any report required to be rendered under this a…
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Any debt due a licensee on which interest is past due and unpaid for the period of one year shall be…
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Any person that provides services to any licensee, at the request of the commissioner, shall submit …
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(a) All references in this code and the Corporations Code to financial statements, balance sheets, i…
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(a) An officer of a financial institution, within the meaning of Section 1101(1) of the federal Righ…
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(a) (1) For purposes of this section, “foreign bank” means the business in this state of every forei…
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(a) Whenever, in the judgment of the commissioner, it is necessary or advisable to make an extra exa…
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(a) The commissioner may by order or regulation grant exemptions from this section in cases where th…
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The commissioner, whenever in his or her opinion the condition of the bank, trust company, or foreig…
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The commissioner, for good cause, at any time and from time to time may employ appraisers to apprais…
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The commissioner, a deputy commissioner, and every examiner assigned to an examination may administe…
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Whenever he or she deems it expedient, the commissioner may call a meeting of the stockholders of an…
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During any emergency period declared by the President of the United States, each bank shall conform …
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During any emergency period declared by the Governor no bank shall transact any banking business exc…
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(a) The commissioner may, in his or her discretion, bring an action in the name of the people of thi…
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(a) A California state bank shall prominently display in the lobby of its main office and each branc…
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(a) A bank or credit union subject to the examination authority of the commissioner shall report ann…
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A bank or credit union subject to the examination authority of the commissioner shall not charge a c…
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In this article: (a) “Appropriate licensee business” means the business that a licensee may conduct …
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Any subject person who is entitled to a hearing pursuant to this article may waive that right at any…
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(a) Within 30 days after an order is issued pursuant to Section 567, 581, 582, 586, or 591, or subdi…
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In addition to any other action or requirement the commissioner deems necessary or advisable, an ord…
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If the commissioner takes possession of a subject institution without a prior notice or hearing, or …
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No person who has not received a certificate from the commissioner authorizing it to engage in the b…
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No person who has not received a certificate from the commissioner authorizing it to engage in the b…
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No person who has not received a certificate from the commissioner authorizing it to engage in the b…
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No provision of Section 560, 561, or 562 prohibits any of the following from transacting any busines…
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Any person or any bank violating any provision of the foregoing sections of this article shall be li…
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No person shall represent by advertisement, circular, or otherwise, or in any manner mislead anyone …
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(a) The commissioner may bring an action in the name of the people of this state in superior court t…
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If the commissioner finds that a person has conducted, or that there is reasonable cause to believe …
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If, after notice and an opportunity to be heard, the commissioner finds any of the factors set forth…
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If the commissioner finds that any of the factors set forth in Section 580 is true with respect to a…
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If the commissioner finds that a subject institution’s books or records are so incomplete or inaccur…
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(a) The commissioner shall make public on the department’s Internet Web site all final orders issued…
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If, after notice and an opportunity to be heard, the commissioner finds that any of the factors set …
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If the commissioner finds that any of the factors set forth in subdivision (a) of Section 585, any o…
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(a) If the commissioner finds that any of the factors set forth in paragraph (1) and the factor set …
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(a) Any subject institution, subject person of a subject institution, or former subject person of a …
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(a) In this section, “subject financial institution” means any: (1) Licensee or any bank or credit u…
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The commissioner may revoke or suspend any license issued by, or under the authority of, the commiss…
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If the commissioner finds that any of the factors set forth in Section 590 is true with respect to a…
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If the commissioner finds that any of the factors set forth in subdivisions (a) to (k), inclusive, i…
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(a) If the commissioner takes possession of the property and business of a licensee pursuant to Sect…
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(a) Upon taking possession of the property and business of any licensee, the commissioner shall give…
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The commissioner is deemed to take possession of the entire property and business of a licensee when…
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In this chapter, “Federal Insurance Agency” means the Federal Deposit Insurance Corporation or the N…
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Upon taking possession of the property and business of any licensee, the commissioner has authority,…
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No attachment shall be issued against the property of any licensee subject to conservation or liquid…
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Upon taking possession of the property and business of any licensee pursuant to Section 592, the com…
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Upon taking possession of the property and business of a licensee pursuant to Section 592, the commi…
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The commissioner shall supervise the acts of the conservator, liquidator, receiver, or liquidating c…
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If required by the commissioner, the conservator, liquidator, receiver, or members of the liquidatin…
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(a) If the commissioner retains possession of the assets of the licensee for the purpose of liquidat…
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The compensation of civil service employees, special deputies, counsel, and other employees and assi…
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If a licensee is not insured by a Federal Insurance Agency, upon the commissioner taking possession …
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If the licensee whose property and business has been taken pursuant to Section 592 is insured by a F…
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The Federal Insurance Agency may be, and act as, a conservator, liquidator, or receiver without bond…
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If the Federal Insurance Agency accepts the appointment in accordance with Section 620, the rights o…
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The Federal Insurance Agency conservator, liquidator, or receiver shall possess with respect to the …
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(a) The commissioner may sell to any other licensee any part or the whole of the business of a licen…
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Whenever the commissioner deems it necessary in order to conserve the assets of any licensee that do…
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A conservator appointed in accordance with Section 640 has all of the powers and rights with relatio…
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The commissioner may order an examination at the earliest possible date of a licensee for which the …
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While any licensee is in the hands of a conservator, the commissioner may require the conservator to…
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The commissioner, in his or her discretion, may permit the conservator to receive shares or deposits…
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If the commissioner is satisfied that it may be done safely and that it would be in the public inter…
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The conservator of a licensee that has been permitted to resume accepting member shares or deposits …
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The commissioner may assess and collect from all licensees for whom a conservator is appointed their…
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Any licensee that the commissioner has taken possession of pursuant to Section 592, and for which a …
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All customers, creditors, stockholders, if applicable, and other interested persons shall be given n…
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No plan of reorganization shall become effective until the commissioner finds that the plan is fair …
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No creditor having security for the payment of his, her, or its claim shall be affected in his, her,…
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When any plan of reorganization becomes effective, all books, records, and assets of the licensee sh…
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Upon taking possession of the property and business of a licensee that does not have federal deposit…
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The commissioner may sell any real or personal property of the licensee for cash or on credit and on…
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(a) The commissioner may, with the approval of the court, sell any part or the whole of the business…
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Within six months after taking possession of the property and business of any licensee that does not…
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The commissioner, in his or her own name or in the name of the licensee, may execute, acknowledge, a…
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The commissioner, in the name of the delinquent licensee or in his or her own name, may prosecute an…
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The commissioner from time to time shall deposit all moneys coming into his or her hands in the cour…
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The commissioner shall make an inventory of the assets of the licensee in duplicate and file one in …
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When the time fixed for the presentation of claims has expired, the commissioner shall make in dupli…
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The commissioner shall cause notice to be given by advertisement in any newspapers of general circul…
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All claims of every kind against the licensee or against any property owned or held by the licensee …
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At any time and from time to time after the expiration of the time fixed for the presentation of cla…
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(a) Expenses and claims of unsecured creditors have priority in the following order: (1) Expenses of…
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Objections to any claim not rejected by the commissioner may be made by any person interested by fil…
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Dividends remaining unpaid and any sums available for payment of shares or deposits for which no cla…
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Whenever, under the provisions of this article, the commissioner is required to transmit unclaimed m…
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All approved claims of customers and other creditors shall bear interest at the rate provided by law…
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If the licensee has in its possession for safekeeping or storage any jewelry, plate, money, specie, …
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On the last day fixed in the notice for the removal of the property or on the date when the property…
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If any property is not removed within the time fixed by the notice mailed by the commissioner, the c…
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(a) When the commissioner has completed the liquidation of the licensee, he or she shall petition th…
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Whenever this article requires court approval of any step in the liquidation proceedings, approval s…
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Whenever, in the opinion of the commissioner, the liquidation or reorganization of any licensee take…
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Whenever any licensee is being liquidated or whenever the trust business of any licensee has been di…
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Upon the delivery of any money to the Treasurer or upon the delivery of any property to the Controll…
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All money or other property delivered to the Treasurer or Controller pursuant to this article shall …
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The holder or transferor of a negotiable instrument transferred to a licensee for collection has a p…
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Any licensee that voluntarily has ceased to do the business for which it is licensed shall immediate…
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If the licensee referred to in Section 720 is a state-chartered credit union and the commissioner ha…
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In this chapter: (a) “Nonbank corporation” means any corporation incorporated or proposed to be inco…
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An application for a certificate of approval of the subject name of a nonbank corporation shall be i…
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The fee for filing with the commissioner an application for a certificate of approval of the subject…
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If the commissioner finds, with respect to an application for a certificate of approval of the subje…
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Promptly after the articles of a nonbank corporation, with the certificate of approval of the subjec…
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As used in this chapter, unless the context requires otherwise, the following terms have the followi…
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Any securities or other assets that are described in Sections 803 to 819, inclusive, are legal inves…
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Where any laws of this state provide that the moneys of any pension fund, retirement plan, trust fun…
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Gold and silver bullion and United States mint certificates of ascertained value.
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Stock of a federal reserve bank or of a federal home loan bank to the extent authorized by Section 1…
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Bonds or other interest-bearing notes and obligations of the United States and those for which the f…
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Bonds of the State of California and those for which the faith and credit of the State of California…
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Bonds of any flood control and water conservation districts, or any zone thereof, having an assessed…
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Bonds of any other political subdivision, public corporation, or district of the State of California…
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(a) Any of the following subject to the conditions set forth in subdivision (b) to (d), inclusive. (…
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Bonds of any irrigation district, water storage district, water conservation district, county water …
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(a) Bonds, consolidated bonds, collateral trust debentures, consolidated debentures, or other obliga…
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Bonds, notes or other obligations issued by the Federal Financing Bank, the United States Postal Ser…
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(a) Notes with a maturity not exceeding 15 months after the date of issue, issued in anticipation of…
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Revenue securities of any state of the United States, or of the Commonwealth of Puerto Rico, and of …
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Bonds of any local public housing agency (as defined in the United States Housing Act of 1937, as am…
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Bonds secured by an insurance commitment of the Federal Housing Administration.
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Evidences of indebtedness of companies incorporated in the United States and, directly or indirectly…
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Fixed interest railroad bonds meeting the requirements of subdivisions (a) and (b); bonds secured by…
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Bonds and debentures of gas, electric, or gas and electric companies meeting the requirements of sub…
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(a) Commencing on or before January 1, 2027, the department shall make available to financial instit…
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When authorized by the commissioner as provided in Chapter 3 (commencing with Section 1040) a corpor…
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This division is known, and may be cited, as the “Banking Law.”
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No bank shall be a close corporation (as defined in Section 158 of the Corporations Code).
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Except where explicitly stated or the context provides otherwise, this division is applicable to the…
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(a) A California state bank is a corporation incorporated under Division 1 (commencing with Section …
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It shall be unlawful for any person, corporation, limited liability company, partnership, firm, or a…
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No corporation shall hereafter be organized under the laws of this state to transact the business of…
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Neither the enactment of this code nor the amendment or repeal thereof, nor the repeal of any statut…
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When applicable to a corporation organized as a public bank, as defined in Section 57600 of the Gove…
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The request for authority to organize and establish a corporation to engage in the banking or trust …
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Upon receiving a request for an application, the commissioner shall inform the prospective applicant…
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Upon the filing of an application the commissioner shall make or cause to be made a careful investig…
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The commissioner may give or withhold his or her approval of the application in his or her discretio…
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(a) In this section, “control” has the meaning set forth in Section 1250. (b) For purposes of Sectio…
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At least 30 days before denying an application, the commissioner shall by mail or other method of se…
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The commissioner may, in approving an application to organize and establish a corporation to engage …
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(a) With the approval of the commissioner, a bank may be formed to facilitate a merger or an acquisi…
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In this article: (a) “Preopening expenditure” means any obligation incurred, or sum disbursed, by a …
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The articles of incorporation of the proposed bank or trust company shall be submitted to the commis…
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If the commissioner finds that the proposed bank or trust company has in good faith complied with al…
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It shall be unlawful to accept payment of subscriptions for shares of any corporation proposing to e…
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No corporation organized to transact a commercial banking or trust business shall transact any busin…
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If the proposed bank or trust company fails to file evidence of incorporation and organization with …
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If the proposed bank or trust company fails to open for business within 90 days after the issuance o…
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It is unlawful to apply any part of the funds collected from subscribers or shareholders to the paym…
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Every bank and trust company shall keep posted in a conspicuous place in its banking room at its hea…
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For purposes of this chapter, the following definitions apply: (a) “Automated teller machine” means …
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The commissioner shall issue a certificate in duplicate authorizing a bank to establish and maintain…
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Every bank shall establish and maintain a head office which shall be located in this state.
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A bank, with the approval of its board, may establish and maintain one or more offices.
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A bank, with the approval of its board, may relocate an office.
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A bank, with the approval of its board, may redesignate offices.
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Each time a bank establishes an office, relocates an office, or redesignates an office, the bank sha…
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On or before January 1 of each year, every bank shall file with the commissioner a list of all offic…
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(a) A bank may close or discontinue the operation of any branch office if, before the closing or dis…
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If the commissioner finds for any reason that the establishment, relocation, or redesignation of off…
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If a bank violates any provision of this chapter or fails to comply with any order, the commissioner…
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A bank, with the approval of its board, may discontinue a facility office. Within 10 days of the dat…
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Any bank that establishes a branch office in this state in accordance with Section 36(g)(1)(A) of th…
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(a) A bank may participate in a financial education program that involves receiving deposits or payi…
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This chapter is known and may be cited as the “Bank Extraordinary Situation Closing Act.”
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“Extraordinary situation” means any condition or occurrence, other than as set forth in Section 592,…
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Whenever the commissioner determines that an extraordinary situation exists anywhere in this state t…
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(a) Whenever the officers of a bank are of the opinion that an extraordinary situation exists which …
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A bank closing an office or offices pursuant to the authority granted under subdivision (a) of Secti…
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Any day on which a bank or any one or more of its offices is closed pursuant to the authorization gr…
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Provisions of this chapter shall be construed and applied as being in addition to, and not a substit…
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The articles of each bank shall contain the applicable one of the following statements: (a) Except a…
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(a) In this section: (1) “Assessment provision” means the provision in the articles of a bank that c…
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(a) No amendment of the articles of a bank (other than an amendment set forth in an agreement of mer…
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No restated articles of a bank shall become effective unless the certificate setting forth such rest…
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No certificate of determination of a bank shall become effective unless such certificate of determin…
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No certificate of correction of a bank shall become effective unless such certificate of correction …
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No certificate of revocation of a bank shall become effective unless such certificate of revocation …
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(a) A bank may change its name if it files with the commissioner a report on the proposed change not…
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A bank may, with the approval of its board, determine and from time to time redetermine the par valu…
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No bank or trust company after October 1, 1949, shall issue any shares before they are fully paid fo…
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No bank shall issue any shares in consideration of: (a) Services rendered in the organization of suc…
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This article does not apply to any distribution made to the shareholders of a bank in any proceeding…
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Section 500 of the Corporations Code does not apply to the making by a bank or by any majority-owned…
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Neither a bank nor any majority-owned subsidiary of a bank shall make any distribution to the shareh…
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Notwithstanding the provisions of Section 1132, a bank or a majority-owned subsidiary of a bank may,…
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Notwithstanding the provisions of Section 1132, a bank may: (a) With the prior approval of the commi…
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If the commissioner finds that the shareholders’ equity of a bank is not adequate or that the making…
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In determining for purposes of this division whether the shareholders’ equity of a bank or of a prop…
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For purposes of any statute, regulation, or requirement of any governmental official or agency which…
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A bank which has deficit retained earnings may, with the prior approval of its outstanding shares an…
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Any reference in this article to the time a notice is given or sent shall be construed in accordance…
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The board of a bank or trust company hereafter organized shall consist of not less than 5 nor more t…
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The board of each bank and of each trust company shall hold a meeting not less than once each calend…
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The commissioner may, in the name of the people of this state, bring or intervene in an action under…
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(a) The commissioner shall be deemed to be a party in interest within the meaning of Section 306 of …
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(a) For purposes of Section 316 of the Corporations Code, to the extent that the making by a bank or…
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(a) For purposes of Section 316 of the Corporations Code, the making of a loan or guarantee by a ban…
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(a) Paragraph (1) of subdivision (b) of Section 1501 of the Corporations Code does not apply to the …
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Unless the context otherwise requires, in this chapter: (a) “Offer” or “offer to sell” includes ever…
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No bank organized under the laws of this state shall offer or sell any security issued by it unless …
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The following transactions are exempt from Section 1201: (a) (1) Any offer (but not a sale) not invo…
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An application for a permit shall be in such form and contain such information as the commissioner m…
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The commissioner shall charge and collect fees for applications filed under this chapter as fixed in…
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If the commissioner finds that the proposed sale of securities is fair, just, and equitable, he or s…
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The commissioner may impose conditions in any permit issued under Section 1205, requiring the deposi…
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Every permit issued pursuant to Section 1205 shall recite that it is permissive only and does not co…
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The commissioner may amend, alter, suspend, or revoke any permit issued pursuant to Section 1205.
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Whenever a bank applies for a permit to issue any security or to deliver any other consideration (wh…
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There shall be exempted from the provisions of Section 1201 any transaction or security, including, …
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A bank at any time may, with the approval of its board, issue, sell or hypothecate its capital notes…
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Nothing contained in this chapter shall affect the Corporate Securities Law of 1968, Division 1 (com…
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Unless the context otherwise requires, in this chapter: (a) “Bank” means a bank organized under the …
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No person shall, directly or indirectly, unless the commissioner has approved such acquisition of co…
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Notwithstanding any other provision of this chapter, except for those persons approved by the commis…
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An application for approval to acquire control of a bank or a controlling person shall be in such fo…
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If the commissioner finds, with respect to the proposed acquisition of control of a bank or a contro…
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(a) For purposes of Section 1254, the commissioner may find: (1) That the integrity of an acquiring …
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The commissioner may, in approving a proposal to acquire control of a bank or a controlling person p…
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The commissioner may, for good cause, amend, alter, suspend, or revoke any approval of a proposal to…
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Notwithstanding any other provision of this chapter, any application for approval to acquire control…
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(a) The commissioner, before determining whether, for purposes of this chapter, a person controls an…
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There shall be exempted from the provisions of Section 1251 any transaction, including, without limi…
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Whenever it appears to the commissioner that any person has committed or is about to commit a violat…
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No person shall be entitled to vote or to give a written consent with respect to any security acquir…
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If any provision or clause of this chapter or the application thereof to any person or circumstance …
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“Bank holding company” means: (a) Any person or company which: (1) Directly or indirectly owns, cont…
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“Company” means any domestic or foreign corporation, voting trust, business trust, limited partnersh…
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“Subsidiaries,” with respect to a specified bank holding company, means: (a) Any company 10 percent …
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The commissioner may from time to time require, under oath or otherwise, reports from any bank holdi…
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Each bank holding company and its subsidiaries shall be subject to examination by the commissioner. …
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With respect to a trust company controlled by or under common control with a title insurance company…
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Nothing in this chapter shall be construed to authorize the commissioner to require reports from a n…
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Pursuant to the authority contained in Section 1 of Article XV of the California Constitution, the r…
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(a) Notwithstanding the provisions of Sections 1051, 1052, and 1054 of the Labor Code and Section 29…
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(a) Notwithstanding Section 726 of the Code of Civil Procedure or any other provision of law to the …
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A bank or trust company may purchase, acquire, hold, or lease real property or an interest therein o…
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Any real property not held for any purpose permitted by subdivisions (a) and (e) of Section 1320 sha…
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(a) The Legislature finds and declares: (1) That it is necessary to increase job opportunities in re…
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Any director, officer, or employee of a bank or of a foreign banking corporation who asks for or rec…
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Any director, officer, agent, or employee of any bank who knowingly receives or possesses himself or…
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Any director, officer, agent, or employee of a bank who knowingly concurs in making or publishing an…
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No bank shall publish a statement of its resources or liabilities in connection with those of any ot…
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(a) Any person who willfully and knowingly makes, circulates, or transmits to another or others, any…
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(a) A bank or trust company may engage in the business of renting safe deposit boxes and may receive…
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(a) In this section, “subject person,” when used with respect to a bank, means any director or offic…
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(a) In this section, “subject person” has the meaning set forth in subdivision (a) of Section 1329. …
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(a) For purposes of this section, the following terms have the following meanings: (1) “Carrying a s…
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Any officer, director, trustee, employee, or agent of any bank in this state, who abstracts or willf…
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(a) Every director of a bank in this state who does either of the following is guilty of a misdemean…
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An officer or agent of any bank in this state, who makes or delivers any guaranty or endorsement on …
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A director of a bank, organized under the laws of this state, who concurs in any vote or act of the …
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Any director, trustee, officer, or employee of any bank organized under the laws of this state, who …
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Any officer or employee of any bank organized under the laws of this state, who intentionally concea…
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Every officer, agent, teller, or clerk of any bank, and every individual banker, or agent, teller, o…
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Any officer, director, trustee, employee, or agent of any bank, who willfully makes a false or untru…
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Unless specifically authorized by law or by the commissioner, a bank shall not become, act as, or in…
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A bank, or the agent of a bank, that has received a notice pursuant to Section 7507.6 of the Busines…
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It is the intent of the Legislature that the provisions of this article, insofar as they are contain…
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As used in this article: (a) “Bank” means: (1) Any commercial bank, industrial bank, or trust compan…
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Sections 215.2, 215.3, 215.4, 215.5, 215.8, and 215.9 of Regulation O in all of their particulars, i…
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No bank shall extend credit in an aggregate amount greater than the amount permitted in paragraph (4…
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In making any extension of credit that is subject to this article, a bank shall comply with all othe…
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No provision of this article or of Article 3 (commencing with Section 1480) of Chapter 14 shall appl…
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A bank may make a loan, otherwise complying with the provisions of this division, for the benefit of…
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Any bank that makes an extension of credit in violation of this article is subject to a civil penalt…
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In this chapter, unless the context otherwise requires: (a) “Authorized agency activities” means rec…
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This chapter does not apply to a California state bank having an insured depository institution enga…
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(a) In this section, “affiliated,” when used with respect to a California state bank and an insured …
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Notwithstanding the provisions of Chapter 4 (commencing with Section 1070), a California state bank …
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An application by a California state bank for approval to have an insured depository institution eng…
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An application by a California state bank for approval to have an insured depository institution eng…
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In determining whether to approve or deny an application by a California state bank for approval to …
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No California state bank may have an insured depository institution conduct as its agent any activit…
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No office of an insured depository institution that is performing authorized agency activities as ag…
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If the commissioner finds that any activity performed by an insured depository institution as agent …
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Notwithstanding the provisions of Chapter 4 (commencing with Section 1070), a California state bank …
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An application by a California state bank for approval to engage in authorized agency activities as …
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An application by a California state bank for approval to engage in authorized agency activities as …
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In determining whether to approve or deny an application by a California state bank for approval to …
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No California state bank may conduct any activity as an agent for an insured depository institution …
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(a) No office of a California state bank that conducts authorized agency activities as agent for an …
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If the commissioner finds that any activities performed by a California state bank as agent for an i…
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A bank account by or in the name of a minor shall be held for the exclusive right and benefit of suc…
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A bank account by or in the name of a married person shall be held for the exclusive right and benef…
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A bank account that is a multiple-party account as defined in Section 5132 of the Probate Code is go…
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No bank, directly or indirectly, by any device whatever, shall pay any interest on any demand deposi…
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Notwithstanding Section 10145 of the Business and Professions Code or any other provision of law, bu…
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(a) Notwithstanding Section 10145 of the Business and Professions Code or any other provision of law…
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(a) In this section: (1) “Creditor” includes, but is not limited to, a depositor. (2) “Insolvency,” …
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An overdraft of more than 90 days standing shall not be allowed as an asset of any bank.
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A bank may act as a depositary, paying agent, trustee, or fiscal agent for the holding or handling o…
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When a statement of account has been rendered by a bank to a depositor accompanied by vouchers, if a…
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(a) No bank shall impose any charge on a savings account or on a depositor for the failure of a depo…
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(a) For the purposes of this section: (1) “Customer” means one or more natural persons. (2) “Debt” m…
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(a) For purposes of this section, the following definitions apply: (1) “Nonqualifying account” means…
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As used in this article: (a) “Depository institution” means any of the following: (1) Any insured ba…
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(a) Prior to opening a deposit account a depository institution shall provide a written disclosure t…
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For the purposes of computing the amount of interest or dividends payable with respect to an interes…
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Except as otherwise provided in this section, any depository institution which fails to comply with …
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The commissioner shall issue administrative regulations to define a reasonable time for permitting c…
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Pursuant to Section 1424, the commissioner shall promulgate regulations which shall be reviewed annu…
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The commissioner is authorized to gather from depository institutions such information as may be nec…
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The first regulations issued pursuant to this article shall be issued on or before July 1, 1984.
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The commissioner is authorized to issue regulations which provide for a different period of time for…
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(a) Funds deposited in an account at a depository institution shall be available on the second busin…
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Any bank which delivers or has heretofore delivered to the State Treasurer pursuant to law any uncla…
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Notice to any bank of an adverse claim (the person making the adverse claim being hereafter called “…
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When the depositor of a commercial or savings account has authorized any person to make withdrawals …
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A bank need not recognize or give any effect to (1) any claim to a deposit of cash or securities sta…
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Whenever a bank certifies a check, the amount thereof shall be immediately charged against the accou…
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It shall be unlawful for any officer or employee of a bank to certify any check drawn upon such bank…
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A commercial bank shall not rediscount, borrow money, or hypothecate its assets as security for mone…
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Assets hypothecated by a commercial bank as security for moneys borrowed shall not exceed in value t…
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A commercial bank may borrow money by discounting or otherwise, and may borrow money secured by real…
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A commercial bank may hypothecate its assets in any manner provided by law to secure the deposits of…
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A commercial bank may borrow for the purpose of buying from the United States, United States bonds, …
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A commercial bank may rediscount with, borrow money from, or hypothecate its assets as security for …
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A commercial bank may issue negotiable certificates of deposit transferable by endorsement and deliv…
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A commercial bank located in a place the population of which does not exceed 5,000 persons according…
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(a) In this article and in Article 4 (commencing with Section 1710) of Chapter 19, “affiliate,” when…
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(a) Subject to the limitations and exceptions in Sections 1481 and 1510, a bank may hold both obliga…
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Subject to prior approval by the commissioner and to any limitations the commissioner may impose, th…
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Sections 1481 and 1510 shall not apply to investments held by a bank prior to January 1, 2009. All a…
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For the purpose of this article: (a) “Obligations” means the total sums for the payment of which a p…
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The obligations, as defined in Section 1480, excepting the obligations described in Section 1485 and…
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An obligation shall not be deemed secured by personal property or collateral unless the personal pro…
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(a) In addition to the limitations contained in Section 1481 a commercial bank may issue letters of …
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With the approval of the commissioner a commercial bank may accept drafts or bills of exchange drawn…
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The limitations of Section 1481 shall not apply to the following and the following shall not be incl…
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A commercial bank may lend on the security of a first lien on real property or a first lien on a lea…
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(a) The provisions of any deed of trust or mortgage on real property which authorize any state or na…
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The provisions of any deed of trust or mortgage on real property which authorize any state or nation…
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A commercial bank may lend on the security of a first lien on real property or a first lien on a lea…
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A commercial bank shall not lend in the aggregate more than 5 percent of its assets upon the securit…
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No loan shall be made by any commercial bank upon the securities of one or more corporations, the pa…
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Nothing in this chapter restricts a commercial bank in taking any lien on or pledge of any property …
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A commercial bank holding a first lien on real property may take, or purchase and hold, or loan upon…
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A commercial bank may lend on the security of a first security interest on stock or a membership cer…
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(a) A commercial bank may make amortized loans upon the security of residential real property to fin…
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For the purpose of determining whether any loan or investment is secured by a first lien on real pro…
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No loan made by any bank in excess of any limitations contained in this division or which is made in…
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(a) Any state-chartered bank that extends consumer credit to a covered borrower, as those terms are …
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The total amount invested by a bank in the securities issued by a person shall not exceed 15 percent…
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Section 1510 shall not apply to investments made pursuant to this section. A bank may invest in shar…
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Notwithstanding Section 1510, a bank may purchase, acquire, or hold the stock of any corporation pur…
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If any commercial bank has made investments which it was authorized to make at the time they were ma…
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A commercial bank may organize, sponsor, operate, control, or render investment advice to, an invest…
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A bank or trust company may acquire stock in settlement or reduction of a loan or in exchange for an…
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Whenever the public administrator becomes the administrator of the estate of a decedent who at the t…
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A commercial bank accepting savings deposits shall provide by its bylaws or by contract with its sav…
§
For the purposes of any law authorizing or providing for the deposit of funds with a savings bank, a…
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Chapter 15 (commencing with Section 1530) is a restatement of Division 7 (commencing with Section 18…
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(a) Any reference in a provision of any statute or regulation of this state to banks or commercial b…
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The Industrial Loan Account of the Financial Institutions Fund is renamed to be the Industrial Bank …
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(a) The commissioner shall annually levy on and collect from industrial banks authorized to transact…
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Each industrial bank shall be an insured bank at all times while it is engaged in the industrial ban…
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Subject to any order or regulation of the commissioner, an industrial bank may accept deposits evide…
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In addition to other provisions of this division that are otherwise applicable to an industrial bank…
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No corporation shall engage in the trust business unless: (a) Its articles comply with the requireme…
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Any commercial bank or industrial bank, with the prior authorization of the commissioner, may engage…
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No California state bank may engage in trust business at a place unless the place is its head office…
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The following persons are exempt from Section 1550: (a) Any natural person serving as trustee of one…
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In this section, “subject national banking association” means a national banking association that (a…
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No foreign corporation, other than a national banking association or a foreign (other state) state b…
§
Pursuant to the authority contained in Section 1 of Article XV of the California Constitution, the r…
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The Legislature finds and declares that it is important to inform taxpayers that they may make volun…
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It is the intent of the Legislature that the provisions of this article, insofar as they are contain…
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For purposes of Section 1562, the following terms have the following meanings: (a) “Bank” means any …
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(a) Sections 9.4 to 9.6, inclusive, Sections 9.8 to 9.15, inclusive, and Sections 9.18 to 9.101, inc…
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Every trust company shall deposit with the State Treasurer money or securities of the character desc…
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Whenever any trust company receives trust funds or property, other than real property, from court tr…
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Security deposited with the Treasurer by trust companies pursuant to Section 1570 or 1571 shall cons…
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Such money or securities shall be approved by the commissioner and be deposited with the Treasurer u…
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Securities deposited pursuant to this article may be exchanged from time to time, with the approval …
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Should any security deposited pursuant to this article so depreciate in value as to reduce the depos…
§
When any revaluation of securities is made by the commissioner pursuant to Section 1575, other than …
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The money and securities deposited pursuant to this article shall be subject to sale and the same or…
§
The commissioner may, pursuant to Section 329, levy a civil penalty against any trust company that f…
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A trust company may invest its contributed capital only in the securities and properties in which a …
§
Trust funds received by any trust company in connection with its trust business, if invested, shall …
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(a) As used in this section: (1) “Fund” means any investment company registered under the Investment…
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Any trust company or bank authorized to engage in the trust business holding trust funds awaiting in…
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Any trust company acting in any capacity under a court or private trust or when acting in such capac…
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(a) For purposes of this section, two or more trust companies shall be deemed to be affiliated if th…
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With regard to any participation certificates heretofore issued by any trust company, secured by a t…
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A trust company has the following powers: (a) It may act, or may be appointed by any court to act, i…
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For the purposes of this chapter, all trusts and other business permitted to be accepted or executed…
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A trust company, its officers and employees, shall not disclose any information to any person concer…
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The commissioner shall examine the court trust business of a trust company at least once every 24 mo…
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In making the reports to the commissioner required by this division, every trust company shall repor…
§
Any court having jurisdiction of any executor, administrator, guardian, conservator, assignee, recei…
§
Securities held by a trust company by direction of any court order issued pursuant to Section 1605 m…
§
Whenever an executor, administrator, guardian or conservator of estates, assignee, receiver, deposit…
§
Whenever any corporation desires to withdraw from and discontinue doing a trust business, it shall f…
§
The validity or legality of any act or proceeding done or taken by any trust company, relating to or…
§
Nothing in this chapter shall make it unlawful for any person or corporation to engage in the busine…
§
A bank or trust company shall not mingle trust funds received by it with other assets of the corpora…
§
Notwithstanding any other provision of law, any bank and any trust company holding securities in a f…
§
Notwithstanding any other provision of law, any bank and any trust company holding securities in a f…
§
Notice to a bank operating a safety deposit department or to a company conducting a safety deposit b…
§
Every bank conducting a safe-deposit business shall be entitled to the special remedies set forth in…
§
If the rental of any safe-deposit box is not paid within six months from the day it is due, the bank…
§
At any time after the date specified in such notice, if the rental for such safe-deposit box to the …
§
The following persons, and no others, are entitled to receive from the bank a copy of the inventory:…
§
All contents removed from a safe-deposit box pursuant to Section 1632 shall be retained by the bank …
§
At any time after two years from the day when a safe-deposit box has been opened pursuant to this ar…
§
Notwithstanding any of the provisions of this article, no stocks, bonds, or other securities which, …
§
Upon the making of a sale of any securities, an officer of the bank shall execute and attach to the …
§
From the proceeds of any sale the bank shall deduct the amount set forth in such notice and any furt…
§
Any documents, letters, or other articles found in a safe-deposit box opened pursuant to Section 163…
§
If, before the effective date of this section, a bank or its predecessor in interest, has caused a s…
§
Whenever a bank receives personal property for safekeeping or storage as bailee and issues a receipt…
§
If the amount charged by a bank for the safekeeping or storage of personal property is not paid with…
§
From the proceeds of the sale, the bank shall deduct all charges as stated in the final notice, toge…
§
Any documents, letters, or other articles which, in the judgment of an officer of the bank, have no …
§
The power conferred on a bank to sell the contents of a safe-deposit box or personal property receiv…
§
A bank holding a safe-deposit box originally rented from, or personal property against which a safek…
§
The provisions of this article do not preclude any other remedy by action or otherwise now or hereaf…
§
If the principal of, or interest or dividends on, any securities that have come into the possession …
§
(a) Whenever this article requires that notice be sent to a person, and the box stood or stands on t…
§
Whenever an amount of safe-deposit rental, custody, safekeeping, or other charge is to be paid or de…
§
Any bank or trust company may receive bonds issued by the United States Government for safekeeping, …
§
This chapter does not apply to any of the following transactions: (a) An acquisition of control of a…
§
Each application filed with the commissioner for an approval under this chapter shall be in the form…
§
The fee for filing with the commissioner an application for an approval under this chapter is two th…
§
(a) The definitions that are set forth in or are applicable to Section 3(d) of the Bank Holding Comp…
§
(a) The definitions that are set forth in or are applicable to Section 44 of the Federal Deposit Ins…
§
In this chapter, unless the context otherwise requires: (a) “Branch business unit” has the meaning s…
§
Each application filed with the commissioner under this chapter or under any regulation or order iss…
§
(a) Each foreign (other state) bank that maintains a facility or a California branch office shall fi…
§
Each foreign (other state) bank that maintains a facility (other than a foreign (other state) nation…
§
Fees shall be paid to and collected by the commissioner as follows: (a) The fee for filing with the …
§
(a) Any foreign (other state) state bank is exempted from the restrictions of Section 1 of Article X…
§
(a) In this section, “subject bank” means a bank organized under the laws of any territory of the Un…
§
No foreign (other state) state bank may transact core banking business in this state except at a bra…
§
Section 1680 does not prohibit: (a) Any foreign (other state) state bank that does not maintain a Ca…
§
No foreign (other state) bank may establish or maintain a California branch office unless it is qual…
§
No foreign (other state) bank may establish or maintain a California branch office unless the bank i…
§
(a) (1) No foreign (other state) bank may merge as the surviving corporation with a California bank,…
§
(a) No foreign (other state) bank that does not already maintain a California branch office may: (1)…
§
The minimum age requirement set forth in Section 1685 does not apply in any case in which the factor…
§
(a) In case a foreign (other state) state bank that maintains a California branch office is a commer…
§
Notwithstanding Section 1684, a foreign (other state) bank that does not maintain offices in Califor…
§
No provision of this article applies to an insured foreign (other state) bank that maintains a Calif…
§
(a) No insured foreign (other state) bank may establish or maintain an office in this state at which…
§
Not less than 30 days before an insured foreign (other state) bank establishes a facility, the bank …
§
(a) Not less than 30 days before establishing a facility, an insured foreign (other state) bank shal…
§
Not less than 30 days before an insured foreign (other state) bank relocates a facility, it shall fi…
§
Not less than 30 days before an insured foreign (other state) bank closes a facility, it shall file …
§
In this article, unless the context otherwise requires: (a) “Controlling person,” when used with res…
§
(a) In this section, “act” includes (without limitation) omission. (b) For purposes of making findin…
§
(a) No uninsured foreign (other state) bank may establish or maintain an office in this state at whi…
§
(a) No uninsured foreign (other state) bank may establish or maintain a facility unless the commissi…
§
(a) No uninsured foreign (other state) bank that is licensed to maintain a facility may relocate the…
§
An uninsured foreign (other state) bank that is licensed to maintain a facility may, subject to any …
§
(a) (1) No uninsured foreign (other state) bank that is licensed to maintain a facility may close th…
§
(a) Any uninsured foreign (other state) bank that holds a license to maintain a facility may volunta…
§
(a) (1) No uninsured foreign (other state) bank may be issued a license to maintain a facility unles…
§
Each uninsured foreign (other state) bank that is licensed to maintain a facility shall assign to th…
§
Each uninsured foreign (other state) bank that is licensed to maintain a facility shall post its lic…
§
No license is transferable or assignable.
§
In this chapter, unless the context otherwise requires: (a) “Agency” means a depositary agency or a …
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Nothing in this chapter, except Section 1760, applies to a federal agency or branch in this state.
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(a) In this section, “subject bank” means a bank organized under the laws of any territory of the Un…
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For purposes of this chapter, offices of foreign (other nation) banks are divided into classes and r…
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(a) For purposes of this chapter: (1) Changing a lower class office into a higher class office shall…
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Fees shall be paid to, and collected by, the commissioner, as follows: (a) The fee for filing with t…
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Each application filed with the commissioner under this chapter or under any regulation or order iss…
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(a) In this section, “act” includes (without limitation) omission. (b) For purposes of making findin…
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(a) Each foreign (other nation) bank that is licensed to maintain an office shall file with the comm…
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Each foreign (other nation) bank that is licensed to maintain an office shall make, keep, and preser…
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(a) No foreign (other nation) bank which is licensed to maintain an agency or branch office shall co…
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(a) No foreign (other nation) bank shall concurrently be licensed to maintain offices of different c…
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(a) (1) No foreign (other nation) bank (other than a bank that is licensed to maintain an agency or …
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No license shall be transferable or assignable.
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Each foreign (other nation) bank that is licensed to maintain an office shall post its license in a …
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(a) Each foreign (other nation) bank that is licensed to maintain an office shall assign to the offi…
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Whenever a foreign (other nation) bank is licensed to maintain two or more agencies or branch office…
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Each foreign (other nation) bank that is licensed to maintain an office shall conduct all of the bus…
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Any foreign (other nation) bank that, at the time it makes a loan or forbearance or executes a contr…
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(a) No foreign (other nation) bank shall establish or maintain an office in this state at which it e…
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(a) (1) No foreign (other nation) bank shall establish or maintain a representative office unless th…
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(a) No foreign (other nation) bank that is licensed to maintain a representative office shall reloca…
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A foreign (other nation) bank that is licensed to maintain a representative office may, subject to a…
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(a) (1) No foreign (other nation) bank that is licensed to maintain a representative office shall cl…
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(a) No foreign (other nation) bank shall transact business in this state except at an agency or bran…
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No foreign (other nation) bank shall be licensed to maintain any agency or branch office unless it i…
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No foreign (other nation) bank shall be licensed to maintain a retail branch office unless the depos…
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(a) (1) No foreign (other nation) bank shall establish or maintain an agency or branch office unless…
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(a) No foreign (other nation) bank which is licensed to maintain an agency or branch office shall re…
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(a) A foreign (other nation) bank that is licensed to maintain an agency or branch office may transa…
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(a) In addition to other provisions of this division and Division 1 (commencing with Section 99) tha…
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(a) Whenever the commissioner calls for a report under Section 453 from commercial banks organized u…
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Each foreign (other nation) bank which is licensed to maintain a depositary agency, limited branch o…
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(a) In case a foreign (other nation) bank is licensed to maintain a depositary agency or branch offi…
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(a) Each foreign (other nation) bank which is licensed to transact business in this state shall keep…
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(a) In this section: (1) “Adjusted liabilities,” when used with respect to a foreign (other nation) …
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(a) In this section: (1) “Adjusted liabilities,” when used with respect to a foreign (other nation) …
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(a) (1) No foreign (other nation) bank which is licensed to maintain an agency or branch office shal…
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(a) Any foreign (other nation) bank that holds a license to maintain an office may voluntarily surre…
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If the commissioner finds that any person has violated any provision of this chapter or of any regul…
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If, after notice and a hearing, the commissioner finds any of the following with respect to a foreig…
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(a) If the commissioner finds that any of the factors set forth in Section 1831 is true with respect…
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Any foreign (other nation) bank whose license to maintain an office is suspended or revoked shall im…
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(a) Any foreign (other nation) bank to which an order is issued under Section 1831 or 1832 may apply…
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(a) If the commissioner finds that any of the factors set forth in Section 1831 is true with respect…
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As used in this article, unless the context otherwise requires, “corporation” means a corporation or…
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The provisions of Chapter 1 (commencing with Section 99) of Division 1 applicable to, or with respec…
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When authorized by the previous written consent of the commissioner as provided by Chapter 3 (commen…
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The articles of a corporation shall provide that the purpose of the corporation is to engage in the …
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The articles of incorporation shall be submitted to the commissioner for his or her approval before …
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Each corporation shall have power, under such rules and regulations as the commissioner may prescrib…
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Except with the approval of the commissioner, no corporation shall invest in any one corporation an …
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No corporation shall purchase, own, or hold stock or certificates of ownership in any other corporat…
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Nothing contained in this article shall prevent corporations from purchasing and holding stock in an…
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No corporation shall carry on any part of its business in the United States except such as, in the j…
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No corporation shall engage in commerce or trade in commodities except as specifically provided in t…
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It shall be unlawful for any director, officer, agent, or employee of any corporation to use or to c…
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No corporation shall be organized without adequate shareholders’ equity.
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The provisions of Chapter 5 (commencing with Section 1100) (except the provisions of Section 1121) a…
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Any bank may invest in the shares of any corporation organized under the provisions of this article,…
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(a) In this section, “foreign bank” means any company organized under the laws of a foreign country,…
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Whenever it shall appear to the commissioner that any corporation has violated the provisions of its…
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No corporation shall deposit any of its funds with any other moneyed corporation unless the other co…
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No corporation shall be the holder of any shares of its own capital stock unless such stock shall ha…
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No corporation shall, either directly or indirectly, make any discount to any person for the purpose…
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No corporation shall by any system of accounting or any device of bookkeeping, directly or indirectl…
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Every corporation shall conform its methods of keeping its books and records to such orders in respe…
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Each official communication directed by the commissioner to a corporation or to any officer thereof,…
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On or before the first day of February in each year, each corporation and every foreign corporation …
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Every corporation and foreign corporation shall also make such other special reports to the commissi…
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If any corporation or foreign corporation shall fail to make any report required by this article on …
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Every corporation shall hold a meeting of its stockholders annually upon a date fixed in its bylaws …
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Every corporation shall keep at its main office, or if its main office is to be located outside of t…
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Every corporation shall make reports to the commissioner at such times and in such form as the commi…
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No officer, director, clerk or other employee of any corporation, and no person in any way intereste…
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Every officer, director, clerk, employee, or agent of any corporation who embezzles, abstracts, or w…
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Whoever being connected in any capacity with any corporation represents in any way that the State of…
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No person shall act in this state as the representative of any foreign corporation in transacting th…
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Every foreign corporation before being licensed by the commissioner to transact in this state the bu…
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At the time the application certificate is first submitted to the commissioner, such corporation sha…
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No foreign corporation shall transact in this state the business defined in this article or any part…
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When the commissioner shall have issued a license to any foreign corporation, it may engage in the b…
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Every foreign corporation, before receiving a license to transact business in this state, shall depo…
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The foreign corporation shall pay a license fee of five hundred dollars ($500).
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Every foreign corporation, duly licensed by the commissioner to transact in this state the business …
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Whenever the commissioner shall have revoked the license of any such foreign corporation and shall h…
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Nothing in this division restricts the right of a state international or foreign banking or financin…
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An international or foreign banking or financing corporation organized under the laws of the United …
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Nothing in this division restricts the right of any one or more state international or foreign banki…
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Nothing in this division restricts one or more international or foreign banking or financing corpora…
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Whenever a state international or foreign banking or financing corporation survives the merger of on…
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Whenever one or more state international or foreign banking or financing corporations and one or mor…
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Whenever an international or foreign banking or financing corporation organized under the laws of th…
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Any bank may, with the consent of the commissioner, upon such conditions and under such regulations …
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Every bank investing in the capital stock of any corporation described in Section 1900 shall be requ…
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Before any bank shall be permitted to purchase stock in any corporation described in Section 1900 th…
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Any bank may, with the consent of the commissioner, upon such conditions and under such regulations …
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Any bank may, with the consent of the commissioner, upon such conditions and under such regulations …
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This division shall be known and may be cited as the Money Transmission Act.
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The Legislature finds and declares all of the following: (a) Money transmission businesses conduct a…
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It is the intent of the Legislature that the provisions of this act accomplish all of the following:…
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For purposes of this division: (a) “Affiliate,” when used with respect to a specified person, means …
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This division does not apply to any of the following: (a) The United States or a department, agency,…
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(a) The commissioner may, by regulation or order, either unconditionally or upon specified terms and…
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(a) A person shall not engage in the business of money transmission in this state, or advertise, sol…
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Only the following persons may apply for or be issued a license: (a) A corporation or limited liabil…
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(a) An applicant for licensure under this division shall pay to the commissioner a nonrefundable fee…
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(a) The commissioner may conduct an examination of the applicant and the applicant shall pay the rea…
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(a) Before any corporation or limited liability company is issued a license, the corporation or limi…
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(a) No person shall, directly or indirectly, acquire control of a licensee unless the commissioner h…
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The commissioner may impose on any authorization, approval, license, or order issued pursuant to thi…
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(a) As security, each licensee shall deposit and thereafter maintain on deposit with the Treasurer c…
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Fees shall be paid to, and collected by, the commissioner, as follows: (a) The fee for filing an app…
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(a) The commissioner may, by order or regulation, grant exemptions from this section in cases in whi…
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(a) Subject to subdivision (b), a licensee shall maintain at all times a tangible net worth of the g…
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(a) A licensee shall conduct money transmission in California under its true name unless it has comp…
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(a) In addition to the fees provided in Section 2038, the commissioner shall levy an assessment each…
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(a) On or before April 1, 2013, and annually thereafter, each licensee shall provide its agents unde…
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(a) In this section, “remit” means to make direct payments of money to a licensee or its representat…
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(a) No licensee shall appoint any person as an agent unless it has conducted a review of the propose…
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A person may not provide money transmissions on behalf of a person not licensed or not exempt from l…
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(a) No agent of a licensee who has actual notice that the commissioner has suspended or revoked the …
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(a) A licensee shall at all times own eligible securities having an aggregate market value computed …
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(a) “Eligible security” means any United States currency eligible security or foreign currency eligi…
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(a) In computing, for purposes of Section 2082, the aggregate value of eligible securities owned by …
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(a) A licensee shall be deemed to own an eligible security only if the following apply: (1) (A) The …
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If the commissioner finds that any eligible security or class of eligible securities is not of suffi…
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If the commissioner finds that any security or class of securities that is not an eligible security …
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(a) If the commissioner finds that a rating assigned to a class of securities by an eligible securit…
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(a) The commissioner may by regulation or order declare a credit rating agency to be an eligible sec…
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A licensee shall maintain eligible securities that are adequately diversified, predominantly of a du…
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(a) (1) Each licensee shall file with the commissioner a certified copy of every receipt form used b…
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Every licensee or its agent shall forward all money received for transmission or give instructions c…
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(a) Every licensee or its agent shall refund to the customer within 10 days of receipt of the custom…
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(a) In the case of money received for transmission, the licensee or its agent shall give the custome…
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Each licensee or agent shall prominently post on the premises of each branch office that issues or s…
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(a) Each licensee or agent shall prominently post on the premises of each branch office that conduct…
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(a) No licensee shall sell or issue any form of payment instrument in California unless a certified …
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(a) A licensee shall prominently display on its internet website a toll-free telephone number throug…
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(a) The commissioner may at any time and from time to time examine the business and any office, with…
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The commissioner may consult and cooperate with other state or federal money transmission regulators…
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A licensee shall file a report with the commissioner within five business days after the licensee ha…
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A licensee that is a money services business under the regulations adopted pursuant to the United St…
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(a) A licensee shall maintain the following records for determining its compliance with this divisio…
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A licensee adding or replacing a key individual shall do all of the following: (a) Provide notice to…
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Before January 1, 2025, a person licensed under this division to engage in the business of money tra…
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(a) If it appears to the commissioner that a licensee is violating or has violated, or is failing or…
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(a) The commissioner may issue an order suspending or revoking a license, or taking possession of an…
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(a) The commissioner may issue an order suspending or revoking the designation of an agent if, after…
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(a) Every order, decision, or other official act of the commissioner is subject to review in accorda…
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(a) If the commissioner finds that any of the factors set forth in Section 2149 is true with respect…
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(a) If the commissioner finds that any of the factors set forth in Section 2150 is true with respect…
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The commissioner may assess a civil penalty against a person that violates this division or a regula…
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(a) A person that intentionally makes a false statement, misrepresentation, or false certification i…
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The enforcement provisions of this division are in addition to any other enforcement powers that the…
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Any licensee may surrender its license by filing with the commissioner the license and a report with…
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If any provision of this division or the application thereof to any person or circumstances is held …
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(a) A license issued under the former Chapter 14 (commencing with Section 1800), Chapter 14A (commen…
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(a) The commissioner may prepare written decisions, opinion letters, and other formal written guidan…
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The commissioner may offer informal guidance to any prospective applicant for a license under this d…
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At any time, if the commissioner deems it necessary for the general welfare of the public, he or she…
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This division shall be known as the Digital Financial Assets Law.
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For purposes of this division: (a) “Applicant” means a person that applies for a license under this …
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(a) Except as otherwise provided in subdivision (b), this division governs the digital financial ass…
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On or after July 1, 2026, a person shall not engage in digital financial asset business activity, or…
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(a) An application for a license under this division shall meet all of the following requirements: (…
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(a) The commissioner may issue a conditional license to an applicant who holds or maintains a licens…
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(a) (1) (A) A licensee shall maintain a surety bond or trust account in United States dollars in a f…
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(a) The department shall issue a license to an applicant if all of the following conditions are sati…
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(a) Subject to subdivision (h), between October 1 and November 1 of each year, a licensee shall subm…
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A license under this division is not transferable or assignable.
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(a) The department may adopt rules necessary to implement this division and may offer informal guida…
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(a) The commissioner may establish relationships or contracts with the Nationwide Multistate Licensi…
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(a) (1) The commissioner shall require the submission of fingerprints for each applicant if the appl…
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(a) An applicant shall not be denied a license on the basis of a criminal conviction, or on the basi…
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(a) Except as otherwise provided in Section 5111 of the SAFE Act, the requirements under any federal…
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The commissioner shall regularly report violations of this division, enforcement actions under this …
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(a) (1) (A) The department may, at any time and from time to time, examine the business and any offi…
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(a) A licensee shall maintain, for all digital financial asset business activity with, or on behalf …
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The department may cooperate, coordinate, jointly examine, consult, and share records and other info…
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(a) A licensee shall file with the department a report of the following, as may be applicable: (1) A…
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(a) For purposes of this section, “proposed person to be in control” means the person that would con…
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(a) Before a proposed merger or consolidation of a licensee with another person, the licensee shall …
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For the purpose of this chapter, “enforcement measure” means an action that includes, but is not lim…
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(a) The department may take an enforcement measure against a licensee or person that is not a licens…
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(a) Except as provided in subdivision (b), the department may take an enforcement measure only after…
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(a) If a person other than a licensee has engaged, is engaging, or is about to engage in digital fin…
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(a) Revocation of a license under this division is effective against a licensee one day after the de…
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The department may enter into a consent order with a person regarding an enforcement measure. The or…
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Whenever the commissioner deems it necessary for the general welfare of the public, the commissioner…
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(a) This chapter shall not be construed to provide a private right of action to a resident. (b) The …
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(a) When engaging in digital financial business activity with a resident, a covered person shall pro…
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(a) (1) A covered person that has control of a digital financial asset for one or more persons shall…
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(a) (1) Except as provided for under paragraph (2), a covered exchange, prior to listing or offering…
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A covered person shall prominently display on its internet website a toll-free telephone number thro…
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The requirements imposed on a covered person or a covered exchange under this chapter shall be opera…
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(a) Except as provided in Section 3603, a covered person shall not exchange, transfer, or store a di…
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(a) Notwithstanding subdivision (a) of Section 3601, a covered person may exchange, transfer, or sto…
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The requirements imposed by this chapter shall be operative on July 1, 2026.
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(a) An applicant, before submitting an application, shall create and, during licensure, maintain in …
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(a) An applicant, before submitting its application, shall establish and maintain in a record a poli…
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The provisions of this division are severable. If any provision of this division or its application …
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For purposes of this division: (a) “Charges” means either of the following: (1) Fees or expenses pai…
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An operator shall not accept or dispense more than one thousand dollars ($1,000) in a day from or to…
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On or after January 1, 2025, an operator shall not collect charges, whether direct or indirect, from…
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(a) (1) On or after January 1, 2025, before a digital financial asset transaction, an operator shall…
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(a) An operator shall provide to the department a list of all locations of digital financial asset t…
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(a) On or after July 1, 2026, an operator shall comply with Section 3201 to the extent that the oper…
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(a) For purposes of this division, the following terms have the following meanings: (1) “Charge card…
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(a) A supervised financial organization or charge card issuer may not charge more than any of the fo…
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(a) (1) Upon the request of a person who has obtained a police report pursuant to Section 530.6 of t…
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This division shall be known and may be cited as the California Financial Information Privacy Act.
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(a) The Legislature intends for financial institutions to provide their consumers notice and meaning…
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(a) The Legislature finds and declares all of the following: (1) The California Constitution protect…
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For the purposes of this division: (a) “Nonpublic personal information” means personally identifiabl…
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Except as provided in Sections 4053, 4054.6, and 4056, a financial institution shall not sell, share…
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(a) (1) A financial institution shall not disclose to, or share a consumer’s nonpublic personal info…
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Except as otherwise provided in this division, an entity that receives nonpublic personal informatio…
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(a) Nothing in this division shall require a financial institution to provide a written notice to a …
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(a) When a financial institution and an organization or business entity that is not a financial inst…
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(a) This division shall not apply to information that is not personally identifiable to a particular…
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(a) The provisions of this division do not apply to any person or entity that meets the requirements…
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(a) An entity that negligently discloses or shares nonpublic personal information in violation of th…
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Nothing in this division shall be construed as altering or annulling the authority of any department…
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This division shall preempt and be exclusive of all local agency ordinances and regulations relating…
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Nothing in this division shall prevent an insurer, as defined in Section 23 of the Insurance Code, f…
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The provisions of this division shall be severable, and if any phrase, clause, sentence, or provisio…
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This division shall become operative on July 1, 2004.
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On or after July 1, 2006, a supervised financial institution shall not issue a consumer deposit acco…
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This division shall be known and may be cited as the “Depository Corporation Sale, Merger, and Conve…
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In this division, unless otherwise expressly provided: (a) A reference to a statute or to a regulati…
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If any provision of this division or the application thereof to any person or circumstances is held …
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If and to the extent that any provision of this division is preempted by federal law, the provision …
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Subject to additional definitions contained in this division that are applicable to specific provisi…
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(a) In this division, “bank” means a commercial bank or trust company (other than an industrial loan…
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“California” means: (a) When used with respect to a savings association, in the case of a state savi…
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“California federally licensed foreign (other nation) bank,” when used with respect to a sale or mer…
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“California state-licensed foreign (other nation) bank,” when used with respect to a sale or merger,…
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“Depository corporation” means a state or federal depository corporation.
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“Federal depository corporation” means a national banking association or a federal savings associati…
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“Federal savings association” means a savings association or savings bank organized pursuant to Sect…
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“Foreign” or “foreign (other state)” means: (a) When used with respect to a savings association, in …
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In this division, “industrial loan company” means an industrial bank as defined in Section 111.
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“Insured,” when used with respect to a depository corporation, means a depository corporation the de…
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“Law of the domicile” means: (a) When used with respect to a federal depository corporation, the law…
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“Merger,” when used with respect to a merger in a case where the surviving corporation is a federal …
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“Share” means: (a) When used with respect to a California state savings association that is authoriz…
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“Shareholder” means: (a) When used with respect to a California state savings association that is au…
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“State depository corporation” means a state bank, a state savings association, or an industrial loa…
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“Uninsured,” when used with respect to a deposit, means a deposit or any part of a deposit that is n…
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“Commissioner” means the Commissioner of Financial Protection and Innovation.
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For purposes of this division, a national banking association or federal savings association is deem…
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For purposes of this division, depository corporations are divided into the following classes: (a) B…
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The provisions of the General Corporation Law (Division 1 (commencing with Section 100) of Title 1 o…
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Any certificate of authority, license, or other authorization issued under subdivision (b) of Sectio…
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(a) References in this division to the voting of the shares of a California state depository corpora…
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References in this division to shareholders’ equity mean shareholders’ equity determined in accordan…
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In determining for purposes of this division whether the shareholders’ equity of a California state …
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A California state depository corporation may merge with a corporation or other business entity that…
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Notwithstanding any other provision of law, no savings association or industrial loan company may co…
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Notwithstanding any other provision of this division: (a) The provisions of Chapter 19 (commencing w…
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Except as expressly provided otherwise in this division: (a) (1) No sale of a whole business unit (a…
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Except as otherwise provided in paragraph (2) of subdivision (a) of Section 4827.7 in the case of a …
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(a) (1) Except as otherwise provided in paragraph (2): (A) No California state depository corporatio…
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Subject to the provisions of Sections 4827.3 and 4827.7 but notwithstanding any other provision of l…
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A California state bank or an industrial loan company may, with the approval of the commissioner and…
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(a) The definitions in Section 4840 apply to this section. (b) In case a California state-licensed f…
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Every final order, decision, license, or other official act of the commissioner under this division …
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(a) The commissioner may from time to time issue regulations and orders as may in his or her opinion…
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Whenever the commissioner issues an order or license under this division, he or she may impose condi…
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In any proceeding under this division: (a) The burden of proving that an application should be appro…
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The commissioner may honor applications from interested persons for interpretive opinions regarding …
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Each application and report filed with the commissioner under this division or under any regulation …
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No person shall make any untrue statement of any material fact in any application or report filed wi…
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In determining whether to approve any application filed under this division or under any regulation …
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If the commissioner finds, with respect to any application filed under this division or under any re…
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Fees shall be paid to, and collected by, the commissioner, as follows: (a) The fee for filing an app…
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In this chapter, unless the context otherwise requires: (a) “Branch business unit” means all or subs…
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The provisions of Section 1001 of the Corporations Code shall not apply to any transaction which is …
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If a trust is transferred under this chapter, the transfer shall be good cause for removal of the tr…
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In case a national banking association or federal savings association that is authorized to transact…
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In this article, unless the context otherwise requires, “sale” means any of the sales described in S…
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With the approval of the commissioner: (a) A bank may sell its whole business unit to a California s…
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A seller and purchaser shall make an agreement of sale, providing: (a) That the seller shall sell to…
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The agreement of sale shall be approved by the seller and purchaser, as follows: (a) In the case of …
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(a) Any amendment to an agreement of sale shall be approved by the seller and purchaser, as follows:…
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In the case of a seller or purchaser which is a California state depository corporation, any approva…
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In obtaining any approval of outstanding shares required for an agreement of sale, in case the purch…
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A purchaser or seller that is a California state depository corporation, with the approval of its bo…
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In case a purchaser is a California state depository corporation, the provisions of Chapter 13 (comm…
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A purchaser shall file the following with the commissioner: (a) A copy of the agreement of sale. (b)…
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If the commissioner finds all of the following with respect to an application for approval of a sale…
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After an application for approval of a sale has been approved and all conditions precedent to the sa…
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When a sale becomes effective: (a) Unless the purchaser provided otherwise in the application for ap…
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When a sale becomes effective: (a) The purchaser shall succeed, without other transfer, to all the r…
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No action on account of any debt or liability assumed by a purchaser in a sale may be commenced agai…
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Promptly after a sale becomes effective: (a) The seller shall: (1) Surrender to the commissioner for…
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(a) After a sale becomes effective, the commissioner shall issue, upon application, a certificate un…
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In this article, unless the context otherwise requires, “sale” means any of the sales described in S…
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(a) A California state bank may sell its whole business unit to a national banking association, a Ca…
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(a) No provision of Division 1.1 (commencing with Section 1000), except the provisions of Chapter 19…
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A sale is subject to the provisions of Sections 4847 to 4850, inclusive, and 4852 as if the sale wer…
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A sale shall have the same effect as provided in Sections 4859 and 4860 in the case of a sale of the…
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Promptly after a sale becomes effective: (a) The seller shall: (1) Surrender to the commissioner for…
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(a) After a sale becomes effective, the seller or purchaser may issue an officer’s certificate stati…
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In this article, unless the context otherwise requires, “sale” means any sale described in Section 4…
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With the approval of the commissioner, a California state independent trust company may sell its who…
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A sale is subject to the provisions of Sections 4847 to 4852 as if the sale were a sale of the type …
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A seller shall file the following with the commissioner: (a) A copy of the agreement of sale. (b) An…
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If the commissioner finds all of the following with respect to an application for approval of a sale…
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After an application for approval of a sale has been approved and all conditions precedent to the sa…
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A sale shall have the same effect as provided in Sections 4859 and 4860 in the case of a sale of the…
§
Promptly after a sale becomes effective: (a) The seller shall: (1) Surrender to the commissioner for…
§
(a) After a sale becomes effective, the seller or purchaser may issue an officers’ certificate stati…
§
In this article, unless the context otherwise requires, “sale” means any of the sales described in S…
§
A California state bank or a California industrial loan company may sell a California branch busines…
§
No provision of Division 1.1 (commencing with Section 1000), except the provisions of Chapter 19 (co…
§
A sale is subject to the provisions of Sections 4879.03 to 4879.06, inclusive, and Section 4879.08 a…
§
A sale shall have the same effect as provided in Sections 4879.14 and 4879.15 in the case of a sale …
§
Promptly after a sale becomes effective, the seller shall: (a) Surrender to the commissioner for can…
§
(a) After a sale becomes effective, the seller or purchaser may issue an officer’s certificate stati…
§
In this article, unless the context otherwise requires, “sale” means any sale described in Section 4…
§
With the approval of the commissioner, a California state bank or savings association may sell a par…
§
A sale is subject to the provisions of Sections 4879.03 to 4879.09, inclusive, as if the sale were a…
§
If the commissioner finds all of the following with respect to an application for approval of a sale…
§
After an application for approval of a sale has been approved by the commissioner and all conditions…
§
A sale shall have the same effect as provided in Sections 4879.14 and 4879.15 in the case of a sale …
§
(a) In case a seller is a California state commercial bank and sells all of its trust business in a …
§
(a) After a sale becomes effective, the seller or purchaser may issue an officers’ certificate stati…
§
In this article, unless the context otherwise requires, “sale” means any of the sales described in S…
§
With the approval of the commissioner: (a) A bank may sell a partial business unit to a California s…
§
A seller and purchaser shall make an agreement of sale, providing: (a) That the seller shall sell to…
§
The agreement of sale shall be approved by the seller and purchaser, as follows: (a) In the case of …
§
(a) Any amendment to an agreement of sale shall be approved by the seller and purchaser, as follows:…
§
In the case of a seller or purchaser that is a California state depository corporation, any approval…
§
In obtaining any approval of outstanding shares required for an agreement of sale, a purchaser or se…
§
A purchaser or seller that is a California state depository corporation, with the approval or its bo…
§
A purchaser or seller that is a California state depository corporation or California state-licensed…
§
(a) In case the purchaser is either, and the seller is not either, a California state depository cor…
§
After an application for approval of a sale has been approved by the commissioner and all conditions…
§
When a sale becomes effective, in case the purchaser is a California state depository corporation or…
§
In case a seller is a California state commercial bank and sells all of its trust business in a sale…
§
When a sale becomes effective: (a) The purchaser shall succeed, without other transfer, to all right…
§
No action on account of any debt or liability assumed by a purchaser in a sale may be commenced agai…
§
Promptly after a sale becomes effective, the seller shall: (a) Surrender to its regulator for cancel…
§
(a) After a sale becomes effective, the commissioner shall issue, upon application, a certificate un…
§
In this article, unless the context otherwise requires: (a) “Agreement of merger” includes a certifi…
§
(a) With the approval of the commissioner, a bank may merge into a California state bank pursuant to…
§
In obtaining any approval of outstanding shares required for a merger, the surviving depository corp…
§
The provisions of Chapter 13 (commencing with Section 1300) of Division 1 of Title 1 of the Corporat…
§
A surviving depository corporation shall file with the commissioner an application for approval of t…
§
If the commissioner finds all of the following with respect to an application for approval of a merg…
§
(a) After an application for approval of a merger has been approved and all conditions precedent to …
§
When a merger becomes effective: (a) Unless the surviving depository corporation provided otherwise …
§
(a) When a merger becomes effective: (1) Any reference to the disappearing depository corporation in…
§
Promptly after a merger becomes effective: (a) The surviving depository corporation shall: (1) Surre…
§
(a) After a merger becomes effective, the commissioner shall, upon application, issue a certificate …
§
In this article, unless the context otherwise requires, “merger” means any of the mergers described …
§
With the approval of the commissioner: (a) A California depository corporation may merge into a Cali…
§
In case the disappearing depository corporation is a California state depository corporation, a merg…
§
(a) In case the disappearing depository corporation is a California state depository corporation, a …
§
(a) A merger shall not become effective unless it has been approved by the commissioner. (b) After a…
§
A merger is subject to the provisions of Sections 4884 to 4885, inclusive, and 4888 to 4891, inclusi…
§
In this article, unless the context otherwise requires, “merger” means any of the mergers described …
§
(a) A California state bank may merge into a national banking association, a California federally li…
§
(a) No provision of Division 1.1 (commencing with Section 1000), except the provisions of Chapter 19…
§
A merger is subject to the provisions of Section 1108 of the Corporations Code.
§
A merger shall have the same effect as provided in Section 1107 of the Corporations Code and as prov…
§
Promptly after a merger becomes effective, the surviving depository corporation shall: (1) Surrender…
§
(a) After a merger becomes effective, the surviving depository corporation may issue an officer’s ce…
§
In this article, unless the context otherwise requires, “merger” means any of the mergers described …
§
With the approval of the commissioner, a California state independent trust company may merge into a…
§
A merger is subject to the provisions of Section 1108 of the Corporations Code.
§
A disappearing or surviving depository corporation shall file an application for approval of a merge…
§
A merger shall not become effective unless it has been approved by the commissioner.
§
If the commissioner finds all of the following with respect to an application for approval of a merg…
§
After an application for approval of a merger has been approved and all conditions precedent to the …
§
A merger shall have the same effect as provided in Section 1107 of the Corporations Code and Section…
§
Promptly after a merger becomes effective, the surviving depository corporation shall: (a) Surrender…
§
(a) After a merger becomes effective, the surviving depository corporation may issue an officers’ ce…
§
In this article, unless the context otherwise requires, “conversion” means any of the conversions de…
§
With the approval of the commissioner, a California state depository corporation of any class may co…
§
(a) A converting depository corporation shall adopt, and shall file with the commissioner an applica…
§
In obtaining the approval of outstanding shares or shareholders required for any amendment to articl…
§
A converting depository corporation shall file with the commissioner an application for approval of …
§
If the commissioner finds all of the following with respect to an application for approval of a conv…
§
After an application for approval of a conversion has been approved and all conditions precedent to …
§
When a conversion becomes effective, the commissioner shall: (a) (1) In case the resulting depositor…
§
Promptly after a conversion becomes effective, the resulting depository corporation shall: (a) Surre…
§
(a) After a conversion becomes effective, the commissioner shall issue, upon application, a certific…
§
In this article, unless the context otherwise requires, “conversion” means any of the conversions de…
§
With the approval of the commissioner: (a) A national banking association may convert into a Califor…
§
A converting depository corporation shall adopt a plan of conversion pursuant to the provisions of f…
§
In obtaining any approval of outstanding shares required for a plan of conversion, a converting depo…
§
A converting depository corporation shall file the following with the commissioner: (a) The plan of …
§
If the commissioner finds all of the factors set forth in Section 4925 with respect to an applicatio…
§
After an application for approval of a conversion has been approved by the commissioner but before t…
§
(a) After an application for approval of a conversion has been approved and all conditions precedent…
§
When a conversion becomes effective, the commissioner shall issue to the resulting depository corpor…
§
When a conversion becomes effective: (a) The converting depository corporation shall cease to exist.…
§
Promptly after a conversion becomes effective, the resulting depository corporation shall: (a) Surre…
§
(a) After a conversion becomes effective, the commissioner shall issue, upon application, a certific…
§
In this article, unless the context otherwise requires, “conversion” means any of the conversions de…
§
(a) A California state bank may convert into a national banking association pursuant to this article…
§
(a) No provision of Division 1.1 (commencing with Section 1000), except the provisions of Chapter 19…
§
(a) A converting depository corporation shall make a plan of conversion, stating: (1) That the conve…
§
A conversion shall have the same effect as provided in Section 4950 in the case of a conversion of t…
§
Promptly after a conversion becomes effective, the resulting depository corporation shall: (a) Surre…
§
(a) After a conversion becomes effective, the resulting depository corporation may issue an officers…
§
(a) Within 60 days after a conversion, the resulting depository corporation shall file with the Secr…
§
For purposes of this division: (a) “Annual percentage rate” means the annual percentage rate for the…
§
The following are prohibited acts and limitations for covered loans: (a) (1) A covered loan shall no…
§
(a) Any compliance failure that was not willful or intentional and resulted from a bona fide error, …
§
(a) (1) Any licensed person who violates any provision of Section 4973, 4979.6, or 4979.7 shall be d…
§
(a) A licensing agency may, after appropriate notice and opportunity for hearing, by order levy admi…
§
(a) A person who fails to comply with the provisions of this division is civilly liable to the consu…
§
A person who originates covered loans shall inform any employee, who originates covered loans on beh…
§
Upon request, a person who originates a covered loan shall provide the licensing agency or the consu…
§
(a) A person who provides brokerage services to a borrower in a covered loan transaction by soliciti…
§
A person who originates a covered loan shall not make a covered loan that finances points and fees i…
§
On or after July 1, 2002, a person who originates a consumer loan shall not finance, directly or ind…
§
The provisions of this division shall not impose liability on an assignee that is a holder in due co…
§
Any financial institution doing business in this state, or any other person, that sells to the publi…
§
Any violation of this division by a bank is a violation of Division 1.1 (commencing with Section 100…
§
Nothing in this division shall be construed or interpreted to mean that this division in any way giv…
§
(a) Any person convicted of a felony violation of any of the provisions specified in subdivision (b)…
§
(a) In response to a request by another bank, savings association, credit union, or any other financ…
§
The following definitions shall apply for purposes of this division: (a) “Higher-priced mortgage loa…
§
Notwithstanding any other provision of law, the maximum amount of a prepayment penalty that may be i…
§
(a) This division shall apply to any licensed person who in bad faith attempts to avoid the applicat…
§
(a) Any licensed person who violates any provision of this division shall be deemed to have violated…
§
The provisions of this division shall apply to higher-priced mortgage loans originated on or after J…
§
The provisions of this division are severable. If any provision of this division or its application …
§
Nothing in this division shall be construed to affect any other rights or remedies otherwise availab…
§
This division may be cited as the “Savings Association Law.”
§
When used in this division, the words and phrases set forth in this article shall have the meanings …
§
For purposes of this division: (a) Any reference to regulations of the federal Office of the Comptro…
§
“Affiliated person” of a savings association means the following: (a) A director, officer, or contro…
§
“Affiliate” of a savings association, unless otherwise defined, includes any corporation, business t…
§
“Controlling person” of a savings association means any person or entity which (a) either directly o…
§
“Immediate family” of any natural person means any of the following (whether by the full or half blo…
§
“Institution-affiliated party” means any of the following: (a) Any director, officer, employee or co…
§
“Approved by the members,” in the case of a mutual association, means approved by a majority of all …
§
(a) “Association” or “savings association” means a mutual or stock savings association, savings and …
§
“Certificate of authority” means: (a) A certificate of authority to transact the business of an asso…
§
“Commercial paper” means any note, draft, or bill of exchange which arises out of a current transact…
§
“Commissioner” means the Commissioner of Financial Protection and Innovation.
§
“Community” means a centralized area or locality in which a body of inhabitants is gathered in one g…
§
“Consumer loan” means a loan for personal, family, or household purposes, and loans reasonably incid…
§
“Corporate debt security” means a marketable obligation, evidencing the indebtedness of any corporat…
§
“Department” means the Department of Financial Protection and Innovation.
§
“Financial institution” means a thrift institution, commercial bank, or trust company.
§
“Impaired condition” means a condition in which the assets of an association in the aggregate do not…
§
“Mutual association” means an association for which the articles of incorporation do not authorize t…
§
“Member” means a person holding a savings account of a mutual association. A joint and survivorship …
§
“Mutual capital certificate” means a certificate evidencing an investment in a mutual association an…
§
“Net worth certificate” means a certificate issued by an association in accordance with Section 13i …
§
“Person” means any individual, domestic, or foreign corporation, entity, voting trust, business trus…
§
“Primarily residential property” means real estate on which there is located, or will be located pur…
§
“Residential real estate” means any improved real property that is used or intended to be used as a …
§
“Real estate loan” means a loan or other obligation secured by a lien on real estate, if: (a) The se…
§
“Savings account” means that part of the savings liability of an association that is credited to the…
§
“Savings bank” means a savings bank organized under this division.
§
“Savings institution” means a financial institution as defined in Section 5102.
§
“Savings liability” means the aggregate amount of savings accounts of depositors, including interest…
§
“Service corporation” means a corporation, other than a wholly owned subsidiary referred to in Secti…
§
“Statutory net worth” or “net worth” means the sum of the following: (a) Issued and outstanding capi…
§
“Stock association” means an association for which the articles of incorporation authorize the issua…
§
“Stockholder” means the holder of one or more shares of any class of capital stock of a capital stoc…
§
“Thrift institution” means an association, a cooperative bank, a homestead association, a building a…
§
“Withdrawal value” means the amount credited to a savings account less lawful deductions, as shown b…
§
(a) The name, rights, powers, privileges, and immunities of each association in existence on the eff…
§
(a) Wherever it is stated in this division that an agreement or contract contrary to any of the divi…
§
Whenever the term “ association” is used in any provision of law, such term shall be deemed to inclu…
§
(a) All references in this division to financial statements, balance sheets, income statements, and …
§
Whenever the terms “board of directors,” “directors,” or “director” are used in any provision of law…
§
If any provision, clause, or phrase of this division or application to any person or circumstance is…
§
This division, being a comprehensive coverage of its subject matter, shall not be deemed to be impli…
§
Insofar as the provisions of this division are inconsistent with any other law in effect at the time…
§
Every person who willfully violates or willfully fails to comply with any of the provisions of this …
§
(a) The commissioner may refer such evidence as is available concerning any violation of this divisi…
§
(a) Whoever knowingly violates subdivision (a) or (b) of Section 6525.5 shall be punished by a fine …
§
Any officer, director, employee, or agent of any association who (a) willfully makes or knowingly co…
§
(a) It is unlawful for any person to corruptly give, offer, or promise anything of value to any othe…
§
Any institution-affiliated party who abstracts or willfully misapplies any of the money, funds, or p…
§
Any institution-affiliated party who knowingly executes, or attempts to execute, a scheme or artific…
§
Whoever willfully and knowingly makes, issues, circulates, transmits, or causes or knowingly permits…
§
Whoever knowingly makes or causes to be made, directly or indirectly, or through any agency whatsoev…
§
(a) A person shall be sentenced to consecutive terms for each violation of Section 5303, 5304, 5305,…
§
(a) Any person violating or conspiring to violate Sections 5303, 5304, 5305, or 5306 shall be subjec…
§
(a) Any fine or civil penalty imposed under this chapter shall be based upon the ability of the defe…
§
If a person is convicted of a violation of Section 5303, 5304, 5305, or 5306, or is convicted of a f…
§
(a) The prosecuting agency shall, prior to, in conjunction with, or subsequent to the criminal proce…
§
(a) Any person claiming an interest in the property may, at any time within 30 days from the date of…
§
(a) Concurrent with, or subsequent to, the filing of the petition, the prosecuting agency may move t…
§
(a) If the trier of fact at the forfeiture hearing finds that the alleged property or proceeds is fo…
§
Notwithstanding that no response or claim has been filed pursuant to Section 5322, in all cases wher…
§
The commissioner may impose civil penalties on any savings association, and any institution-affiliat…
§
(a) No funds from proposed stockholders, members, or organizers of any proposed association may be c…
§
The application for an organizing permit shall be in writing and shall be filed in the office of the…
§
(a) The commissioner may impose conditions in an organizing permit concerning the deposit in escrow …
§
(a) Before filing an application for an organizing permit with the commissioner under Section 5400, …
§
Within 60 days after issuance of an organizing permit under Article 1 (commencing with Section 5400)…
§
Upon receipt of a petition for a certificate of authority, the commissioner shall give written notic…
§
The articles of incorporation of each domestic association incorporated after January 1, 1984, shall…
§
The commissioner shall not approve any petition for certificate of authority unless it is found from…
§
(a) The commissioner shall, within a reasonable time after the petition is filed, or within a reason…
§
Upon issuance of a certificate of approval of articles of incorporation to a proposed association, t…
§
The articles of incorporation of a proposed association shall not be filed in the office of the Secr…
§
Within 30 days after the corporate existence of an association begins, the directors of the associat…
§
(a) The board of directors of an association which is in the process of organization shall select a …
§
Before a certificate of authority is issued, the capital of the association shall be paid into the a…
§
In addition to the minimum capital required, the commissioner may require that the consideration for…
§
In the case of a stock association, prior to issuance of a certificate of authority, the association…
§
(a) In the case of a stock association, on or after the date the commissioner issues the association…
§
(a) Any association that does not commence business within one year after the date of the issuance o…
§
(a) Prior to doing business in this state, an association shall obtain and maintain insurance of its…
§
For the purposes of this article, “security” means any stock, subordinated debenture, warrant, or ri…
§
(a) No association shall sell, except upon a sale for a delinquent assessment made in accordance wit…
§
(a) Except as provided in subdivision (b), no issued and outstanding stock of an association shall b…
§
An application for a permit to sell securities shall be in writing, verified as provided in the Code…
§
Upon the filing of the application for a permit to sell securities, the commissioner shall examine t…
§
Every permit to sell securities shall recite in bold type that the issuance thereof is permissive on…
§
The commissioner may amend, alter, or revoke any permit issued by the commissioner, or temporarily s…
§
(a) A stock association may issue shares of common stock and preferred stock, with or without par va…
§
(a) With the approval of the commissioner, a mutual association may amend its articles of incorporat…
§
Capital stock of a stock association shall be issued pursuant to the following requirements: (a) Exc…
§
A mutual association may issue mutual capital certificates in accordance with regulations of the com…
§
An association may issue net worth certificates in accordance with applicable regulations of the Off…
§
Notwithstanding the provisions of subdivision (a) of Section 201 of the Corporations Code and Divisi…
§
(a) No certificate of approval of articles of incorporation of a proposed association having the sam…
§
Except as otherwise authorized under existing law, no person, unless lawfully authorized to do busin…
§
Upon application by the commissioner or any association, a court of competent jurisdiction may issue…
§
(a) Without the prior approval of the commissioner, as provided in this division, no association sha…
§
No association shall advertise or hold itself out to the public as a bank. This subdivision shall no…
§
A state association may convert itself into a federal association by following the procedure outline…
§
At any regular or special meeting called to consider the conversion of an association into a federal…
§
Any executor, administrator, guardian, conservator of a natural person or receiver, and any fiduciar…
§
Promptly after the meeting approving a conversion into a federal association, the association shall …
§
A certified copy of the certificate required by Section 5703 filed in the office of the Secretary of…
§
After the meeting of the stockholders and members, the association shall take any action necessary t…
§
At the time the conversion into a federal association becomes effective the association ceases to be…
§
The converted federal association shall have, hold, and enjoy the property mentioned in Section 5706…
§
Where a copy of a charter of a federal association, issued by the Federal Home Loan Bank Board pursu…
§
Any federal association may convert itself into an association by following the procedure set forth …
§
At any regular or special meeting called to consider the action, the stockholders and members entitl…
§
Copies of the minutes of the proceedings of the meeting of the stockholders or members in which they…
§
The verified copies of the minutes of the meeting, when filed as required by Section 5711, are presu…
§
After a meeting as provided for in Section 5710, the federal association shall take or cause to be t…
§
The directors of an association converted from a federal association may insert in the articles of i…
§
Promptly after the filing of the articles of incorporation with the Secretary of State, there shall …
§
Upon the filing of the articles of incorporation with the Secretary of State, the federal associatio…
§
The converted association shall have, hold, and enjoy the property mentioned in Section 5716 in its …
§
In the event stock is to be issued by the converted association, the commissioner may issue an organ…
§
(a) Pursuant to a plan or agreement (referred to as “agreement” in this article) adopted by the boar…
§
At the sole discretion of the commissioner a public hearing may be held on applications filed under …
§
Applications filed under this article shall be accompanied by any applicable filing fee prescribed b…
§
The provisions of Chapter 13 (commencing with Section 1300) of Division 1 of Title 1 of the Corporat…
§
In a merger the agreement shall state any matters with respect to which the articles of the survivin…
§
When a merger or consolidation agreement has been approved by the directors and the stockholders or …
§
Any amendment to a merger or consolidation agreement may be adopted, and the agreement so amended ma…
§
Notwithstanding any other provision of law, the approval of transactions under this article shall no…
§
The executed agreement, or an executed counterpart of it and the respective certificate of each cons…
§
An association may acquire all or at least 90 percent of the issued and outstanding stock of another…
§
(a) Any association, owning all the outstanding stock of any corporation, may merge its wholly owned…
§
The directors of an association may, in their discretion, abandon a transaction under this article, …
§
The commissioner may adopt rules and regulations relating to any transaction regulated by this artic…
§
For the purposes of this article the following words and phrases shall have the following meanings: …
§
(a) Except as provided in subdivision (b), no person may become a savings and loan holding company, …
§
The commissioner shall within 60 days after the date of filing of a completed application, unless go…
§
(a) After the decision under this article by the commissioner either approving or denying the applic…
§
(a) Within 60 days following approval, or a later date if extended by the commissioner, each savings…
§
Each savings and loan holding company, which is not an individual, shall pay an initial and an annua…
§
When a savings and loan holding company has satisfied the requirements of this article, the commissi…
§
No association that is a subsidiary in this state of any savings and loan holding company that does …
§
(a) The commissioner from time to time may require reports from any savings and loan holding company…
§
The commissioner shall have the enforcement powers with respect to savings and loan holding companie…
§
This article shall not apply to an acquisition of stock made pursuant to a plan or agreement of reor…
§
(a) An association may dissolve pursuant to the General Corporation Law (Division 1 (commencing with…
§
Notwithstanding any other provision of law, but subject to prior approval of the commissioner, any m…
§
Upon transfer of assets and assumption of liabilities pursuant to Section 5860, persons who prior th…
§
A reorganization of a mutual association pursuant to this article shall be approved by the board of …
§
An application to the commissioner for approval of a reorganization under this article shall contain…
§
In connection with reorganization pursuant to the provisions of this article, a mutual association m…
§
A mutual holding company shall be deemed to be a savings association continuing its organization und…
§
Sections 5801, 5802, and 5803 shall not apply to a reorganization pursuant to this article.
§
Notwithstanding any other provision of law, a reorganized stock association may exercise any and all…
§
A reorganized stock association shall have the power to issue additional amounts of capital stock to…
§
An annual meeting of the members of each mutual association shall be held at a time and place fixed …
§
Special meetings of the members of a mutual association may be called at any time by the president o…
§
Notice of each annual and special meeting shall be either published once a week for the two successi…
§
In the consideration of all questions requiring action by the members of a mutual association, each …
§
(a) In order that the association may determine the members entitled to notice of any meeting or to …
§
At any meeting of the members, voting may be in person or by proxy, provided that no proxy is eligib…
§
Any number of members present at a regular or special meeting of the members shall constitute a quor…
§
(a) The register of stockholders or members, the books of account, and the minutes of an association…
§
(a) If any member, members, stockholder or stockholders desire to communicate with other members or …
§
(a) No action may be instituted or maintained in the right of any association by any savings account…
§
In the case of an association which converts from a mutual association to a stock association, for a…
§
Each association shall prepare and publish annually within the time prescribed by the commissioner i…
§
(a) The business of each association shall be directed by a board of directors elected by ballot by …
§
No person shall be eligible for election or shall serve as a director or officer of an association w…
§
(a) A director shall automatically cease to be a director upon becoming the subject of an order for …
§
Directors shall be elected for periods of three years and until their successors are elected and qua…
§
If the members or stockholders fail to elect a director to fill each vacancy created by an increase …
§
Whenever the number of directors is changed and vacancies caused by the change are filled, the direc…
§
(a) Any vacancy among directors, not filled by the members or stockholders, may be filled by a major…
§
Every savings association subject to the new director or senior executive officer notice requirement…
§
Except as provided in subdivision (b) of Section 6203, all directors, officers, and employees of an …
§
Associations that employ collection agents, who for any reason are not covered by a bond required un…
§
No indemnity bond coverage is required of any agent that is a financial institution insured by the F…
§
(a) The amounts and form of indemnity bonds and sufficiency of the surety shall be approved by the b…
§
Indemnity bonds shall provide that their cancellation either by the surety or by the insured shall n…
§
Each association shall keep correct and complete books and records of accounts, as specified in Sect…
§
(a) Except as provided in subdivision (b), each agency of an association, as defined in Section 6551…
§
Each association shall observe generally accepted accounting principles and practices except to the …
§
Each association shall close its books at the close of business at least annually, or more often if …
§
No association by any system of accounting or any device of bookkeeping shall, either directly or in…
§
(a) Each association shall maintain complete loan and investment records, and shall do so in a manne…
§
Each mutual association shall maintain membership records which shall show the name and address of t…
§
Each capital stock association shall maintain a register of stockholders.
§
(a) Any association may cause any or all records of the association to be copied or reproduced by an…
§
(a) Each association shall maintain an adequate statutory net worth appropriate for the conduct of i…
§
Each association shall set up and maintain the reserves required by, and may set up and maintain any…
§
Any association which, for the purpose of evading provisions of this division or any order of the co…
§
(a) Each association incorporated pursuant to or operating under the provisions of this division sha…
§
An association may have perpetual existence, adopt and use a corporate seal which may be affixed by …
§
An association may sue, be sued, complain, and defend in any court.
§
An association may, acquire, hold, sell, develop, subdivide, dispose of, and convey real and persona…
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(a) No association or subsidiary thereof, without the prior written consent of the commissioner, sha…
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(a) Except by the prior written consent of the commissioner, an association in organization that is …
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(a) An association may issue and sell, directly or through underwriters, capital certificates that r…
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An association may qualify as and become a member of a federal home loan bank and a home loan bank e…
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An association may become a member of, deal with, maintain reserves or deposits with, or make reason…
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An association may act as depository for receipt of payments of federal or state taxes and loan fund…
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An association may sell any loan, including a participating interest in a loan, at any time.
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Loans secured by real property may be sold to, and are legal investments for, among others, any publ…
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An association may service loans and investments for others.
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(a) An association may act, and receive compensation for so acting, as trustee of any trust created …
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(a) Notwithstanding any provisions of Division 1 (commencing with Section 99), Section 202 of the Co…
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(a) Subject to regulations issued by the commissioner, an association may own and use or participate…
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Subject to Regulation E (12 CFR Part 205) and to rules and regulations of the commissioner, an assoc…
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(a) An association may maintain and rent safes, boxes, or other receptacles or premises for the safe…
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An association may sell money orders, travel checks, and similar instruments drawn by it on its bank…
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An association, service corporation, or a person authorized in writing by an association may act as …
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(a) Notwithstanding the provisions of Division 6 (commencing with Section 17000) or any other provis…
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(a) An association that declares and pays dividends may distribute its own shares or may make paymen…
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(a) An association may use advertising, whether printed, broadcasted by radio, televised, displayed,…
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An association may organize, sponsor, operate, control, or render investment advice to, an investmen…
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(a) Notwithstanding the provisions of Sections 1051, 1052, and 1054 of the Labor Code and Section 29…
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Except with the prior written consent of the commissioner: (a) No person who has been convicted of a…
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An association may issue commercial and standby letters of credit in conformance with the Uniform Co…
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If a loan or other investment is authorized under more than one section of this division an associat…
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An association may provide correspondent services primarily to other depository institutions to the …
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(a) No affiliated person of a savings association may receive, either directly or indirectly, from t…
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(a) No savings association may discharge or otherwise discriminate against any employee with respect…
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(a) A branch office is a legally established place of business of an association other than the home…
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(a) An agency of an association is a place or facility, stationary or mobile, other than the home of…
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No association may establish or maintain a branch office or agency without the prior written approva…
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(a) Each application for approval of the establishment and maintenance of a branch office or one or …
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Upon receipt of a complete application for a branch office, the commissioner shall give written noti…
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(a) Before acting on an application for a branch office, the commissioner may hold a hearing at a ti…
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(a) Upon review of the application for a branch office or agency and after a hearing on the branch a…
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The provisions of this article relating to branch office and agency applications do not apply to a b…
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The commissioner may adopt rules and regulations relating to any action pertaining to branch offices…
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The savings liability of an association shall consist only of the aggregate amount of its savings ac…
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Except as limited by the association from time to time or by state or federal law or regulations, ac…
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Savings accounts may be opened for cash or, subject to any limitations or restrictions in regulation…
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No member of a mutual association is responsible for any losses of the association, no savings accou…
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Except for savings accounts issued in marketable or bearer form, savings accounts shall be represent…
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(a) Upon the filing with an association by the savings account holder of record as shown by the book…
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(a) No association shall, directly or indirectly, for the opening or increasing of any savings accou…
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(a) A troubled savings association may not accept funds obtained, directly or indirectly, by or thro…
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(a) For the purposes of this section: (1) “Account” means withdrawable or repurchasable shares, inve…
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Notice to an association or federal association of an adverse claim to a savings account of, or to p…
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Nothing in this chapter shall prohibit an association or federal association from issuing tenancy in…
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If any attachment is levied upon any savings account or any other property maintained with an associ…
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An association may contract with the proper authorities of any public or nonpublic elementary or sec…
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An association may contract with any employer, as follows: (a) With respect to the solicitation, col…
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An association may pay commissions or fees in cash or merchandise for soliciting deposits to any emp…
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(a) Notwithstanding any other provision of law, an association or federal association may continue t…
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Except as otherwise expressly provided in this article, an association or federal association may is…
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Any payment or delivery of rights to a married person, to any minor, or to a trust established by or…
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(a) In the case of a minor, the receipt, acquittance, pledge, or other action required by the associ…
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An account in an association or federal association that is a multiple-party account as defined in S…
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No association or federal association paying any survivor in accordance with Part 2 (commencing with…
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The pledge or hypothecation to any association or federal association of all or part of a multiple p…
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Any association may accept fiduciary savings accounts in the name of any administrator, executor, cu…
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(a) The withdrawal value of a fiduciary account, and interest on it, or other rights relating to it,…
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(a) Whenever a person holding an account in a fiduciary capacity dies and no written notice of the r…
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No association paying any fiduciary, beneficiary, or designated person in accordance with this artic…
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The provisions of this article apply to federal associations to the extent that they are not inconsi…
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If an association or federal association has received no written notice and is not on actual notice …
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(a) When a savings account is held in any association or federal association by a person who dies wh…
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No action at law or in equity shall be maintained against an association or federal association for …
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(a) Administrators, executors, custodians, conservators, guardians, trustees, and other fiduciaries,…
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(a) Whenever, under the laws of this state or otherwise, a deposit of securities is required for any…
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The provisions of this article supplement any and all other laws relating to and declaring what shal…
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An association may issue savings accounts earning interest at different rates of return. The annual …
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An association may classify its savings accounts on any basis including, but not limited to, charact…
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Except for accounts that are classified according to a specified contractual time or notice period, …
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(a) The date of investment in a savings account shall be the date of actual receipt by the associati…
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The board of directors, by resolution, may determine any of the following: (a) That interest shall n…
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The directors shall determine the method of calculating the amount of any interest on any savings ac…
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(a) Notwithstanding any other provision of law, but subject to subdivision (b), an association may p…
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At any time funds are on hand for the purpose, an association shall have the right to redeem by lot …
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Except with the prior consent of the commissioner, no association shall redeem any of its savings ac…
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The redemption price of savings accounts redeemed shall be the full value of the account redeemed, a…
§
If the notice of redemption under Section 7150 has been given, and if on or before the redemption da…
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(a) All certificates of ownership evidencing former savings accounts that have been called for redem…
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No association shall invest in any security under this chapter, other than in liquid assets, or in a…
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Notwithstanding any other provision of law, an association may invest in the following securities wi…
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No savings association may directly or indirectly acquire or retain any corporate debt security unle…
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An association holding investments which have been approved by the commissioner shall not be require…
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(a) Notwithstanding any other provisions of this chapter, an association may, subject to regulations…
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Stock of a Federal Reserve bank.
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Bonds of the State of California and those for which the faith and credit of the State of California…
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Bonds of any flood control and water conservation districts, or any zone thereof, having an assessed…
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Bonds of any other political subdivision, public corporation, or district of the State of California…
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Bonds or other evidences of indebtedness of, or which are unconditionally guaranteed by the State of…
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Bonds of any irrigation district, water, storage district, water conservation district, county water…
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Bonds, consolidated bonds, collateral trust debentures, consolidated debentures, or other obligation…
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Bonds, notes, or other obligations issued by the Federal Financing Bank, the United State Postal Ser…
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(a) Notes with a maturity not exceeding 15 months after the date of issue, issued in anticipation of…
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In revenue securities of any state of the United States, or of the Commonwealth of Puerto Rico, and …
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Bonds of any local public housing agency (as defined in the United States Housing Act of 1937, as am…
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Bonds secured by an insurance commitment of the Federal Housing Administration.
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Evidences of indebtedness of companies incorporated in the United States and, directly or indirectly…
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Fixed interest railroad bonds meeting the requirements of subdivisions (a) and (b), bonds secured by…
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Bonds and debentures of gas, electric, or gas and electric companies meeting the requirements of sub…
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As used in this article, “funded debt” means all interest-bearing indebtedness of a corporation not …
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(a) Each association shall have power to invest in real property, tangible personal property and int…
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(a) An association may acquire and hold stock of one or more corporations the primary activities of …
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(a) An association may make any loan authorized by this division, but the association shall first de…
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Except with the prior written consent of the commissioner, no association shall knowingly make: (a) …
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Except as otherwise provided by the commissioner, an association shall not make or acquire total loa…
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(a) An association may make consumer loans, provided that the total of such loans shall not exceed 3…
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(a) An association may make, invest in, sell, purchase, participate in, or otherwise deal in secured…
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Each association is authorized to issue credit cards, extend credit in connection with the cards, an…
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No association or director, officer, or employee of an association shall require, as a condition to …
§
Any loan commitment made by an association shall be counted as an investment and shall be included i…
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An association may make loans on the security of its savings accounts, whether or not the borrower i…
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An association may make overdraft loans specifically related to transaction accounts, subject to reg…
§
In addition to establishing reserves pursuant to Section 6476, an association or federal association…
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(a) Notwithstanding Section 726 of the Code of Civil Procedure or any other provision of law to the …
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The provisions of any deed of trust or mortgage on real property which authorize an association, fed…
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The provisions of any deed of trust or mortgage on real property which authorize an association, fed…
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(a) Subject to limitations, if any, within this chapter, an association may originate, invest in, se…
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Each real estate loan shall be evidenced by a note or instrument of obligation for the amount of the…
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(a) Each real estate loan shall be secured by a deed of trust, mortgage, or other transaction or ins…
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Except as specified by the loan contract or by Section 2954.8 of the Civil Code, an association shal…
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Notwithstanding any other provision of law, an association may adjust the interest rate, payment, ba…
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(a) Notwithstanding any other provision of law, an association may originate, invest in, sell, purch…
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(a) A savings association may make loans the principal purpose of which is to provide financing with…
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Notwithstanding any other provision of the law, an association may make a loan secured by an assignm…
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(a) An association may make loans or advances of credit, or invest in interests therein, on the secu…
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(a) (1) At the time of origination, a real estate loan may not exceed 100 percent of the market valu…
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In the case of any investment made by an association in a real estate loan, in the event all or part…
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(a) Except as provided in subdivision (b), nothing in this division or the laws of this state shall …
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(a) Pursuant to the authority contained in Section 1 of Article XV of the California Constitution, t…
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An association may engage in leasing activities that are the functional equivalent of lending, subje…
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An association may become the legal or beneficial owner of tangible personal property or real proper…
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(a) A lease of tangible personal property made to a natural person for personal, family, or househol…
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For the purposes of this article: (a) A “net lease” is a lease under which the association will not,…
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If, in good faith, an association believes that there has been an unanticipated change in conditions…
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(a) An association may invest in tangible personal property, including without limitation, vehicles,…
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Subject to the provisions of Section 2955.5 of the Civil Code, the board of directors of every assoc…
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(a) Except where required by law, regulation, or court order, or permitted under subdivision (b), th…
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The commissioner, after a determination of value made in accordance with Article 4 (commencing with …
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(a) To meet the operating costs and expenses of the department in administering this division and ot…
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The proportion of operating costs and expenses to be assessed against each association shall be dete…
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(a) On or before the 20th day of June of each year the commissioner shall notify each association by…
§
If an association ceases to be an association by reason of merger, consolidation, conversion, acquis…
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(a) If a new domestic association is formed during a fiscal year, the initial assessment provided fo…
§
If any domestic association proposes to acquire the assets of any federal association or any state o…
§
As of the operative date of this section: (a) The Savings Association Special Regulatory Fund is con…
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All money collected or received by the commissioner under this division or any other law relating to…
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All expenses of the department in administering the division and other laws relating to savings asso…
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(a) The commissioner shall have general supervision over all (1) associations, (2) savings and loan …
§
Each decision, order, or instruction shall be in writing signed by the commissioner or a deputy comm…
§
The commissioner may from time to time issue, amend and rescind any rules, regulations, forms, and o…
§
(a) Notwithstanding any other provision of law, whenever by statute or regulation there is extended …
§
Every final decision of the commissioner is subject to judicial review in accordance with law. An ac…
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(a) On or before the last day of January in each year, or within 30 days following the end of the fi…
§
Each association, savings and loan holding company and subsidiary of any association or savings and …
§
From time to time the commissioner may, without previous notice, examine or cause an examination to …
§
(a) In lieu of a report or an examination under Section 8150 or 8152, the commissioner may accept an…
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(a) Whenever, in the judgment of the commissioner, the condition of any association, savings and loa…
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(a) The commissioner is authorized in connection with any examination or audit of any association or…
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(a) Each association shall at least annually cause its books and accounts to be audited at its own e…
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(a) The commissioner may prescribe the scope of the annual audit and may require the auditor to furn…
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(a) The commissioner, or any department employee authorized by the commissioner, shall have free acc…
§
For each department examination or appraisal made outside this state, a reasonable fee and the actua…
§
If an association, savings and loan holding company, or any subsidiary of an association or savings …
§
The commissioner may issue cease and desist orders which may order affirmative action in accordance …
§
(a) Whenever the commissioner determines that any institution-affiliated party or any director, offi…
§
(a) The commissioner shall publish and make the following available to the public: (1) Any final ord…
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(a) Whenever the commissioner deems it necessary in order to conserve the assets of any association …
§
Any conservator shall have all the rights, powers, and privileges possessed by the officers, directo…
§
Except as authorized by the commissioner, the conservator shall not retain special counsel or other …
§
The directors and officers shall remain in office and the employees shall remain in their respective…
§
(a) While the association is in the charge of a conservator, savings account holders, borrowers, and…
§
Whenever a conservator has taken possession of the property and business of any association pursuant…
§
(a) If the commissioner finds that any association (1) is in an impaired condition, (2) is engaging …
§
(a) In the case of an insured association, the appointment by the commissioner of a receiver under t…
§
If the commissioner or a department employee is appointed receiver, no additional compensation shall…
§
If the association is an institution insured by the Federal Deposit Insurance Corporation, the Feder…
§
Whenever a receiver has taken possession of the property and business of any association pursuant to…
§
(a) Every federal association and the holders of stock, shares, share accounts, savings accounts, an…
§
No director of a federal association shall be liable for monetary damages to the federal association…
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Associations shall pay all fees required by this division to the department.
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(a) Except where otherwise expressly provided, the commissioner shall prescribe by regulation the am…
§
Terms not expressly defined in this chapter have the meaning given in Chapter 1 (commencing with Sec…
§
(a) No person, other than a California savings association or other person authorized by this divisi…
§
Notwithstanding Section 10001, and subject to Section 10003, on and after January 1, 1991, a foreign…
§
No foreign savings association may conduct the business of an association in California, and no fore…
§
Except as expressly provided for in this chapter, any person who, as principal, agent, salesperson, …
§
For the purposes of this article and any other law of this state prohibiting, limiting, or regulatin…
§
Except as provided by regulation, this division applies to a foreign savings association or its hold…
§
If a foreign savings association is controlled by a foreign holding company, the requirements under …
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This chapter shall become operative on January 1, 1991.
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This division is known and may be cited as the Check Sellers, Bill Payers and Proraters Law.
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Unless the context otherwise requires, the definitions set forth in this chapter govern the construc…
§
A check seller is a person: (a) who, for compensation, engages, in whole or in part, in the business…
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A prorater is a person who, for compensation, engages in whole or in part in the business of receivi…
§
A business agent, for the purpose of this division is a person who engages in business as a prorater…
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“Commissioner” means the Commissioner of Financial Protection and Innovation, or any deputy, investi…
§
“Licensee” means any individual or corporation licensed by the commissioner to engage in the busines…
§
“Mobile unit” means a vehicle or other movable means from which the business of selling checks, draf…
§
This division does not apply to any of the following: (a) Any person, or his or her authorized agent…
§
In any proceeding under this law, the burden of proving an exemption or an exception from a definiti…
§
Any person who willfully violates any provision of this division, or who willfully violates any rule…
§
A licensee under this division or any person engaged in the same type of business as licensed under …
§
Whenever in the opinion of the commissioner any person is engaged in business as a check seller as d…
§
A nonprofit community service organization that meets all of the following criteria shall be exempt …
§
(a) Whenever it appears to the commissioner that any person has engaged or is about to engage in any…
§
(a) The commissioner may do the following, at his or her discretion: (1) Make public or private inve…
§
(a) If, upon inspection or investigation, based upon a complaint or otherwise, the department has ca…
§
(a) The remedies available to the commissioner pursuant to this division are not exclusive and may b…
§
No person shall engage in the business, for compensation, of selling checks, drafts, money orders, o…
§
A license as a business agent or special prorater may be issued to an individual.
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The commissioner shall classify and license applicants for a proraters license in accordance with th…
§
(a) An application for a license shall be in writing, under oath, and in a form prescribed by the co…
§
If the business is to be conducted at a specific address or addresses, the address or addresses at w…
§
If the business is to be conducted from a mobile unit, the California state registration number or o…
§
The application shall specify the type of business for which a license is requested and shall also c…
§
(a) A licensed bill payer, general prorater, or special prorater who does not qualify to make use of…
§
(a) If the applicant is to engage in the business of receiving money for the purpose of paying bills…
§
The bond shall be approved by the commissioner. The bond shall run to the state for the use of the s…
§
The bond shall be conditioned that the obligor will faithfully conform to and abide by the provision…
§
The bond shall remain in force and effect until the surety is released from liability by the commiss…
§
No action may be brought on the bond by any person after the expiration of two years from the time w…
§
When an action is commenced on the bond of a licensee the commissioner may require the filing of a n…
§
(a) An applicant at the time of filing an application for a license under this division shall pay to…
§
(a) Upon the filing of the application and the payment of the fees and the approval of the bond, the…
§
Each license shall state the following: (a) The name of the licensee, and if the licensee is a partn…
§
The license shall be kept conspicuously posted in the principal place of business of the licensee.
§
The license is not transferable or assignable.
§
The commissioner may by regulation require licensees to file at such times as he may specify such in…
§
Upon reasonable notice and opportunity to be heard, the commissioner may deny the application for th…
§
The commissioner may require a licensee, in addition to the bond provided in Section 12206, to obtai…
§
The commissioner may issue a duplicate of a license that has been lost, stolen, or destroyed, or for…
§
The commissioner may make general rules and regulations and specific rulings, demands, and findings …
§
Licensees shall observe reasonable precautions against theft or alteration of checks, drafts or mone…
§
Every person engaging in the business of a check seller shall conduct the business under his or her …
§
All funds received by a licensee or its agents from the sale of checks, drafts, money orders, or oth…
§
Prior to such separation and transmittal to the licensee or deposit by its agent such funds received…
§
An amount equal to all such funds received by a licensee shall be separated from the funds of the li…
§
Prior to separation and deposit by the licensee such funds may only be used by the licensee for the …
§
A licensee may establish branch offices or agencies if it is qualified under the provisions of Secti…
§
A licensee within 10 days after establishing a mobile unit, a branch office or agency location shall…
§
A check, draft, or money order sold by a licensee shall be drawn on an account of a licensee maintai…
§
A licensee shall not permit any officer, employee, or agent to sell any check, draft, or money order…
§
A licensee shall terminate and cancel any agency immediately upon instruction from the commissioner …
§
No agent of a licensee shall issue or cause to be issued any check, draft, or money order, or other …
§
Whenever a licensee desires to change his place of business to a street address other than that desi…
§
Every licensee shall keep and use in his business books, accounts and records in accordance with goo…
§
(a) Each licensee, except a special prorater, shall submit to the commissioner, at such licensee’s o…
§
For the purpose of discovering violations of this division the commissioner may at any time investig…
§
The cost of every examination of a licensee or other person subject to this division shall be paid t…
§
The commissioner may require the attendance of witnesses and examine under oath all persons whose te…
§
The commissioner may commence and prosecute actions and proceedings to enjoin violations of this div…
§
If the commissioner finds as a result of an examination or report that a licensee is insolvent or ha…
§
Whenever as a result of an examination or report it appears to the commissioner that: (a) The capita…
§
Whenever the commissioner has taken possession of the property and business of a licensee the commis…
§
(a) For any licensee, a disciplinary action taken by the State of California, another state, an agen…
§
(a) A schedule of the fees charged by a licensee shall be posted in a conspicuous place in the place…
§
A licensee under this division shall not sell checks payable to bearer, to cash, or to the purchaser…
§
No licensee shall advertise, print, display, publish, distribute, or broadcast, or cause or permit t…
§
An agreement between one licensed to engage in the business of selling checks, drafts, money orders,…
§
Nothing in this chapter shall be construed as authorizing the examination, inspection or auditing of…
§
The total charges received by a prorater, or any other person for the prorater’s services, may not e…
§
A cancellation fee or termination penalty may not be charged to a debtor.
§
A prorater shall not receive any fee unless he has the consent of at least 51 percent of the total a…
§
A prorater shall notify, in writing, all creditors listed in the prorate contract of the debtors des…
§
If a prorater contracts for, receives or makes any charge in excess of the maximum permitted by this…
§
A prorater shall not purchase from a creditor any obligation of a debtor.
§
A prorater shall not take: (a) Any contract, promise to pay, or other instrument which has any blank…
§
Every contract between a prorater and a debtor shall: (a) List every debt to be prorated with the cr…
§
A prorater shall deliver a copy of any contract or agreement between the prorater and a debtor to th…
§
Unless paid by check or money order a prorater shall deliver a receipt to a debtor for each payment …
§
At least once in each six (6) months, the prorater shall render an accounting to the debtor which sh…
§
A prorater shall not lend money or credit.
§
A prorater shall not: (a) Offer, pay, or give any cash, fee, gift, bonus, premium, reward, or other …
§
A prorater shall not solicit or require a debtor to purchase or agree to purchase any policy of insu…
§
A special prorater shall not advertise in any manner or otherwise hold himself out to the public as …
§
Nothing in this division shall be deemed to authorize the performance, directly or indirectly, of an…
§
(a) No collection agency may be maintained in the same premises as a prorating organization unless s…
§
It shall be unlawful for any prorater to disclose the list of creditors of a debtor to any individua…
§
The commissioner shall have power and authority to promulgate rules and regulations governing the fo…
§
Within the organization of each prorater corporation, either as an owner, officer, or employee, ther…
§
(a) It is unlawful for any person to knowingly alter, destroy, mutilate, conceal, cover up, falsify,…
§
The commissioner may, upon reasonable opportunity to be heard, suspend or revoke any license issued …
§
The commissioner may upon three days’ notice and a hearing, suspend any license for a period not exc…
§
The commissioner may by order summarily suspend or revoke the license of a licensee who fails to pay…
§
Except where a shorter time for setting the hearing is prescribed in this division, all hearings und…
§
Every order, decision, license, or other official act of the commissioner is subject to review in ac…
§
(a) The commissioner may, after appropriate notice and opportunity for hearing, by order, censure or…
§
It is the intent of the Legislature in enacting this division to enhance the safety of consumers usi…
§
As used in this division: (a) “Access area” means any paved walkway or sidewalk which is within 50 f…
§
On or before July 1, 1991, with respect to all existing installed automated teller machines in this …
§
It is not the intent of the Legislature in enacting this chapter to impose a duty to relocate or mod…
§
(a) Each operator of an automated teller machine installed on or after July 1, 1991, shall comply wi…
§
The operator, owner, or other person responsible therefor, shall provide lighting during hours of da…
§
Customers receiving access devices shall be furnished by the respective issuers thereof with notices…
§
The provisions of this division shall not apply with respect to any automated teller machine which i…
§
This division supersedes and preempts all rules, regulations, codes, statutes, or ordinances of all …
§
(a) No operator of an automated teller machine (ATM) in this state shall impose any surcharge upon a…
§
(a) In enacting this section, the Legislature finds and declares all of the following: (1) It is in …
§
(a) Whenever a point-of-sale system is changed or modified to include a video touch screen or any ot…
§
(a) Subject to the requirements of Section 13080, an agreement to operate or share an automated tell…
§
This division shall be known as the “California Credit Union Law.”
§
The definitions given in this division govern the construction of this division unless the context o…
§
This division is applicable to any person, other than a federal credit union engaging in the busines…
§
If and to the extent that any provision of this division is preempted by federal law, the provision …
§
A credit union is a cooperative, organized for the purposes of promoting thrift and savings among it…
§
(a) Except as provided in subdivision (b), all provisions of law applicable to nonprofit mutual bene…
§
“Commissioner” means the Commissioner of Financial Protection and Innovation.
§
“Impaired capital” means that the losses or projected losses of a credit union are such that the boo…
§
Unless otherwise defined in this division, “insolvent” means a credit union has ceased to pay its de…
§
“Credit manager” means a natural person approved by the board of directors and employed by a credit …
§
“Obligation” means any contractual obligation to the credit union for money borrowed or credit exten…
§
The use by any person, other than those authorized by this division, of any name or title which cont…
§
Any person who willfully and knowingly makes, circulates, or transmits to another or others any stat…
§
In addition to the powers enumerated in this division, every credit union has the general powers con…
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(a) For purposes of this section, the following definitions apply: (1) “Fee” means a nonsufficient f…
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(a) Credit unions shall be incorporated under the Nonprofit Mutual Benefit Corporation Law of this s…
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The articles of incorporation of every credit union shall set forth the following: (a) The name of t…
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(a) The articles shall be signed by each director named in the articles, acknowledged pursuant to Se…
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(a) The provisions of Section 14101, except as provided in subdivision (b) of that section, shall no…
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(a) Every credit union shall, within 90 days after the filing of its original articles and annually …
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(a) No amendment of the articles of a credit union shall become effective unless the certificate of …
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(a) Amendments to the articles of incorporation of any credit union may be adopted by resolution of …
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(a) No restated articles of a credit union shall become effective unless the certificate setting for…
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(a) No certificate of correction of a credit union shall become effective unless the certificate, wi…
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(a) No certificate of revocation by a credit union shall become effective unless the certificate, wi…
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The bylaws shall prescribe the manner in which the business of the credit union shall be conducted w…
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No membership shares, certificates for funds or other securities shall be issued by any credit union…
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Applications for a certificate to act as a credit union shall be made in writing to the commissioner…
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At the time of filing an application to operate as a credit union, the applicant shall pay to the co…
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Upon the filing of the application for a certificate to act as a credit union, the commissioner shal…
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If the commissioner determines that the applicant has satisfied the provisions of this division and …
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Upon reasonable notice and opportunity to be heard, the commissioner may deny the application for a …
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Each certificate issued under this division remains in full force and effect until surrendered and a…
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The powers of supervision and examination of all credit unions organized under the provisions of thi…
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There is in the Division of Financial Institutions of the Department of Financial Protection and Inn…
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The chief officer of the Office of Credit Unions is the Deputy Commissioner of the Office of Credit …
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The commissioner may establish or waive such rules and regulations as may be reasonable or necessary…
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The commissioner may by regulation authorize credit unions organized under the provisions of this di…
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Upon request of the commissioner, a credit union shall furnish to the commissioner an authorization …
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If the commissioner upon any examination, or from any report made to the commissioner, finds any cre…
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The commissioner may, upon reasonable notice and opportunity to be heard, suspend or revoke any cert…
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In any proceeding under this law, the burden of proving an exemption or an exception from a definiti…
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The commissioner may, after appropriate notice and opportunity for hearing, by order censure, or sus…
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(a) Whenever it appears to the commissioner that any person has engaged in or is about to engage in …
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In determining for purposes of this division whether the capital of any credit union is adequate, th…
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(a) The commissioner, whenever in his or her opinion such action is necessary or appropriate to carr…
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(a) (1) The commissioner may at any time investigate into the affairs and examine the books, account…
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The commissioner upon the written consent of any credit union officer or director may make any exami…
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(a) A credit union with total assets equal to or greater than ten million dollars ($10,000,000) shal…
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A credit union shall, when requested by the commissioner, submit its unaudited financial statements,…
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(a) Except as provided in subdivisions (b) and (c), within 10 business days of opening, closing, or …
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Every credit union shall make other special reports to the commissioner as the commissioner may from…
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(a) If any credit union fails to file with the commissioner any report required by this division on …
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Investigation and examination reports prepared by the commissioner’s duly designated representatives…
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For purposes of this chapter, the following terms shall have the following meanings: (a) “Officer wi…
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Any requirement in this chapter for notice or hearing before the commissioner issues an order may be…
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(a) The commissioner may bring an action in the name of the people of this state in the superior cou…
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(a) The commissioner may, without any prior notice or hearing, order a person to cease and desist fr…
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If, after notice and a hearing, the commissioner finds any of the factors set forth in subdivision (…
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(a) If the commissioner finds that any of the factors set forth in Section 14304 is true with respec…
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An order issued pursuant to Sections 14303 to 14305, inclusive, may include any of the following pro…
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(a) If the commissioner finds that a subject institution’s books or records are so incomplete or ina…
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If, after notice and a hearing, the commissioner finds that any of the factors set forth in subdivis…
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(a) If the commissioner finds that any of the factors set forth in subdivision (a) of Section 14308,…
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(a) If the commissioner finds that any of the factors set forth in paragraph (1) and the factor set …
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(a) Any subject institution, subject person of a subject institution, or former subject person of a …
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(a) For purposes of this section, “subject depository institution” means any of the following: (1) A…
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If the commissioner finds that any of the factors set forth in subdivisions (a) to (g), inclusive, a…
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(a) If the commissioner takes possession of the property and business of a California credit union p…
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(a) On taking possession of the business and assets of any credit union as provided in this chapter,…
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The commissioner shall supervise the acts of the liquidating agent or the liquidating committee appo…
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If required by the commissioner, the liquidating agent or the members of the liquidating committee a…
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If the commissioner retains possession of the assets of a credit union for purposes of liquidation, …
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In any case where the commissioner takes possession of a subject institution pursuant to this articl…
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The commissioner shall annually levy on and collect from credit unions holding certificates authoriz…
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(a) The amount of the annual assessment on any credit union holding a certificate authorizing it to …
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For purposes of the annual assessment, the total assets of a credit union holding a certificate auth…
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(a) Whenever the commissioner levies an annual assessment on credit unions holding certificates auth…
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Whenever the commissioner finds it necessary or advisable to make an extra examination of a credit u…
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There is established the Credit Union Fund in the State Treasury.
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All money received or collected by the commissioner under this division or any other law relating to…
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All expenses of the department in administering this division and other laws relating to credit unio…
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There is established in the department a Credit Union Advisory Committee.
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The Credit Union Advisory Committee shall advise the commissioner and the Deputy Commissioner of Fin…
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(a) The Credit Union Advisory Committee consists of seven members. (b) The members of the Credit Uni…
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The Credit Union Advisory Committee shall meet at least once each calendar quarter.
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The commissioner may by order or regulation prescribe rules governing the Credit Union Advisory Comm…
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(a) The equity capital of the credit union shall consist of the credit union’s regular reserve accou…
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A credit union may borrow money from any source in an aggregate amount not to exceed 50 percent of t…
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Every credit union may purchase and hold, either individually or jointly with other credit unions or…
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Every credit union may purchase and hold, either individually or jointly with other credit unions or…
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A credit union shall not invest more than the amounts permitted pursuant to regulations which shall …
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Every credit union may: (a) (1) Become a member of any organization or organizations composed of cre…
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The savings capital, as defined in Section 14400, undivided profits, and reserve funds of a credit u…
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(a) Whenever the losses of any credit union resulting from a depreciation in the value of its securi…
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No credit union shall make any gift or donation having a value in excess of twenty-five thousand dol…
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(a) Every credit union shall obtain adequate bond or insurance coverage, for each director, officer,…
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(a) Notwithstanding the provisions of Sections 1051, 1052, and 1054 of the Labor Code and Section 29…
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(a) (1) A member of the board of directors, supervisory committee, audit committee, or credit commit…
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The credit union shall be directed by a board consisting of an odd number of directors, at least fiv…
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Directors may be elected for a term of three years or less. If directors are elected for terms in ex…
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The office of any director shall be declared vacant if such director is absent from three consecutiv…
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A vacancy on the board of directors shall be filled in accordance with Section 7224 of the Corporati…
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The board of directors of every credit union shall have the general management of the affairs, funds…
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The directors shall hold a meeting of all directors within 10 days after the annual meeting of membe…
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Unless the bylaws expressly reserve any or all of the following duties to the members, the directors…
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(a) The officers of every credit union shall include a chairman or president, one or more vice chair…
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If the bylaws so provide, the directors may elect the same person as secretary and treasurer or chie…
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The powers and duties of the officers of any credit union required pursuant to subdivision (a) of Se…
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Every credit union shall have a supervisory committee of at least three persons, provided that the n…
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The supervisory committee may: (a) Suspend at any time by unanimous vote, at a meeting called for th…
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The supervisory committee shall be responsible for reviewing the credit union’s policies and control…
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The supervisory committee shall, within seven days after suspension of any or all members of the cre…
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(a) The supervisory committee shall at least once each year make or cause to be made an audit of the…
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No member of the supervisory committee shall serve as a member of the credit committee, as the credi…
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The commissioner may, after investigation and finding that the supervisory committee is not performi…
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(a) The board of directors may, by resolution, establish an audit committee in lieu of a supervisory…
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Every credit union shall have a credit committee of at least three persons, each of whom shall be a …
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No member of the credit committee or the credit manager or any loan officer shall serve as a member …
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(a) (1) No credit union shall create any obligation with a credit union member, without the written …
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The credit committee, the credit manager, or a loan officer may approve in advance, upon their own m…
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A credit union member whose written application to enter into any obligation is denied, may appeal f…
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A credit manager shall not disburse or have the authority to authorize any person to disburse the pr…
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Subject to the limitations of Sections 14402, 14403, and 14404, any credit union or credit unions ma…
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(a) Every credit union may invest in the shares of stock of a corporation, or in membership or econo…
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Every credit union may invest in securities and other assets described in Chapter 10 (commencing wit…
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A credit union may organize, sponsor, operate, control, or render investment advice to, an investmen…
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Credit unions may invest in a trust organized solely for the purpose of investing in United States g…
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Notwithstanding any other provision of law, a credit union may make any investment authorized by reg…
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Credit unions may purchase from the vendor or lessor of any personal property, conditional sale cont…
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A credit union may, in accordance with rules and regulations prescribed by the commissioner, purchas…
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(a) A credit union may invest in charitable donation accounts, or CDAs, in accordance with this sect…
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(a) A credit union that is investing to fund an employee benefit plan obligation may purchase an inv…
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Every credit union shall create and maintain a regular reserve as specified by the commissioner.
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Losses incurred by a credit union may be charged to its regular reserve as permitted by rule of the …
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In addition to the regular reserve, special reserves shall be established when required by regulatio…
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A credit union shall establish and maintain an allowance-for-loan-losses account in accordance with …
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Except as provided in Section 14950, any officer, director, member of a committee of a credit union,…
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Any officer, director, member of a committee, credit manager, or loan officer appointed pursuant to …
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Except as provided for in Section 14051 and this article, any person who willfully violates any prov…
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Any director, officer, or employee of a credit union who asks for, receives, or agrees to receive an…
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Any director, officer, or employee of a credit union who knowingly overdraws his or her account with…
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Any director, officer, agent, or employee of any credit union who knowingly receives or possesses th…
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Any director, officer, agent, or employee of a credit union who (1) knowingly concurs in making or p…
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Any director, officer, or employee of a credit union who makes or maintains, or attempts to make or …
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Any officer, director, employee, or agent of any credit union who willfully makes a false or untrue …
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(a) Every director of a credit union is guilty of a misdemeanor who: (1) In case of the fraudulent i…
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Any officer or agent of any credit union who makes or delivers any guaranty or endorsement on behalf…
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A director of a credit union who concurs in any vote or act of the directors of the credit union by …
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Any officer or employee of any credit union who intentionally conceals from the directors of the cre…
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No credit union shall purchase any real or personal property or any interest in real or personal pro…
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(a) An officer, as described in Section 14500, a director, or an employee of a credit union shall no…
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(a) An officer, as described in Section 14500, a director, or an employee of a credit union shall no…
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It is unlawful for any person willfully to make any untrue statement of a material fact in any docum…
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Any officer, director, employee, or agent of any credit union who abstracts or willfully misapplies …
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(a) Every credit union may admit to membership those persons qualified for membership upon the occur…
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(a) Notwithstanding subdivision (b) of Section 14800 or Section 14750, a credit union may do all of …
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Every credit union may expel members as provided in Section 14456 of this division and Section 7341 …
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Each member shall keep the credit union informed of his current address. In the event a member fails…
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(a) No credit union shall pay any commission or compensation to any person for securing a new member…
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(a) (1) The members of a credit union shall hold an annual meeting for the election of all of the fo…
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(a) Special meetings of members may be held upon order of the board of directors. Special meetings o…
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In credit unions formed on or after September 15, 1945, no member shall have more than one vote irre…
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(a) A member may withdraw from membership in the credit union at any time. A withdrawing member may …
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All amounts paid on shares or on certificates for funds of an expelled or withdrawn member, with any…
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Members who leave the field of membership may be permitted to retain their membership in the credit …
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(a) A member who has no outstanding obligations with the credit union and whose share account is bel…
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Unless otherwise provided in the bylaws, a quorum for a meeting of members shall be 10 percent of th…
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(a) Any member of a credit union may authorize another person or persons to act by proxy with respec…
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(a) Except for solicited proxies which on their face provide for a period of validity of three years…
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Notwithstanding any other provision to the contrary, no member shall vote by proxy on any matter sub…
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The Corporate Securities Law relating to the necessity of qualification of the sale of securities do…
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(a) A credit union may issue shares as follows: (1) To a member qualified pursuant to the credit uni…
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Every credit union may charge a reasonable fee for the transfer of its shares.
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A credit union may issue shares or certificates for funds to a minor of any age or maintain any othe…
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Subject to Section 14860, a credit union share account that is a multiple-party account, as defined …
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Every credit union may receive money and accumulate funds to be loaned and execute certificates for …
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Every credit union may impress a lien upon the shares and dividends of any member to the extent of a…
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Every credit union may cancel the shares of any member who withdraws or is expelled, and apply the v…
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Every credit union shall apply for and obtain insurance as provided for by Title II of the Federal C…
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Except as provided in this section and Part 2 (commencing with Section 5100) of Division 5 of the Pr…
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No credit union shall issue shares to anyone not qualified for membership under its bylaws, except s…
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(a) A credit union shall not impose any charge on a member or depositor holding a periodic certifica…
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Shares issued by a credit union to a member shall be evidenced in monetary amounts rather than by nu…
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The evidence of credit union shares issued shall be a certificate, a passbook, a statement or other …
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(a) Shares, including special shares, and certificates for funds may be withdrawn for payment to the…
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(a) As used in this section: (1) “Beneficiary” has the meaning given that term in Section 5126 of th…
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(a) For purposes of this section, the following definitions apply: (1) “Nonqualifying account” means…
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Dividends need not be paid on a share account having less than the minimum balance prescribed in the…
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The rates of dividends and terms of payment may be established in advance by action of the board of …
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The directors of any credit union may, for the dividend period, declare dividends from its undivided…
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Amounts paid or credited by a credit union to its members or depositors on or before the 30th day af…
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(a) Every credit union may enter into obligations with its members upon the approval of the credit c…
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(a) The board of directors of a credit union shall establish the maximum amount that the credit unio…
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(a) Any extension of credit in excess of the unsecured loan limit set by the board of directors purs…
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For the purposes of this chapter, a person who is not an applicant for an extension of credit or the…
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“Security” includes, but is not limited to, the following: (a) A note endorsed by any member of the …
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Whenever the directors, the credit committee, or if applicable, the credit manager, deem any loan un…
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A credit union may participate in guaranteed loan programs of the federal or state governments, subj…
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(a) A credit union may do either or both of the following: (1) Purchase, in whole or in part, from a…
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(a) Any credit union that extends consumer credit to a covered borrower, as those terms are defined …
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Any licensee that violates any provision of any of the following federal acts or regulations violate…
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Every credit union may assess charges as approved by the board of directors for failure to meet punc…
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(a) For purposes of this section: (1) “Credit manager” means any individual, regardless of title, de…
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The board of directors shall declare the office of any director, officer, committee member, or the c…
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(a) The board of directors shall establish written policies which shall set forth the policies of th…
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Notwithstanding the provisions of Section 15100, if a loan is made for educational purposes and such…
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(a) Notwithstanding Section 726 of the Code of Civil Procedure or any other provision of law to the …
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A credit union, or the agent of a credit union, that has received a notice pursuant to Section 7507.…
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Any credit union may, with the approval of the commissioner, merge with another credit union or with…
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(a) The merger shall be made pursuant to any plan agreed upon by the majority of the board of direct…
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(a) After the requirement of approval as provided in Section 15201 is satisfied, each credit union s…
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Each certificate of merger called for in Section 15202 shall be filed in the office of the Secretary…
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(a) Upon any merger effectuated as provided in this article, all property, property rights, and inte…
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(a) Whenever the board of directors of a credit union recommends by a vote of a majority of all its …
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If the dissolution of the credit union is approved pursuant to subdivision (a) or (b) of Section 152…
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Promptly thereafter the president or vice president and secretary or assistant secretary, or a major…
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After a vote to dissolve a credit union no business may be carried on by the credit union except in …
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The committee or the liquidating agent in charge of liquidation may sue in the name and on behalf of…
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After determining that all known debts and liabilities of the credit union have been paid or adequat…
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When a credit union has completely wound up, all of its known debts and liabilities actually paid or…
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The certificate of dissolution shall be filed in the office of the Secretary of State and copies, ce…
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At any time during the liquidation process, the committee or the liquidating agent in charge of liqu…
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Where the commissioner finds that on the date of filing with the Secretary of State of the certifica…
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A credit union may convert itself into a federal credit union by following the procedure contained i…
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Upon recommendation of the board of directors the members of any credit union may by an affirmative …
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Within 10 days after the meeting or written vote at which the members determine to convert into a fe…
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A certified copy of the certificate required by Section 15302 filed in the office of the Secretary o…
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After the meeting or the written vote of the members, the credit union shall take such action as is …
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At the time the conversion into a federal credit union becomes effective, the credit union ceases to…
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The converted federal credit union shall have, hold, and enjoy the property mentioned in Section 153…
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Upon recommendation of its board of directors, any federal credit union may convert into a credit un…
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The officers and directors of the federal credit union shall be the officers and directors of the cr…
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The commissioner may conduct a joint audit of the federal credit union with federal auditors. Upon c…
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Copies of the minutes of the proceedings of the meeting of the members or the written ballot and the…
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The verified copies of the minutes of the meeting or the record of written vote, when filed as requi…
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After an affirmative vote as provided in Section 15350, the federal credit union shall take or cause…
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The directors of a credit union converted from a federal credit union may insert in the articles of …
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Within 10 days after the filing of the articles of incorporation with the Secretary of State, there …
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Upon the filing of the articles of incorporation with the Secretary of State and the issuance of a c…
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The converted credit union shall have, hold, and enjoy the property mentioned in Section 15358 in it…
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“Central credit union” means a credit union whose membership includes, but is not limited to, other …
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Central credit unions may be organized and operated under this division. Each such credit union shal…
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(a) A central credit union may, with the approval of the commissioner and under such regulations as …
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This chapter may be cited as the “Foreign (Other State) Credit Union Law.”
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In this chapter: (a) “Branch business” means the business of issuing share accounts, certificates fo…
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Nothing in this chapter shall be deemed to authorize a foreign (other nation) credit union to transa…
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No foreign (other state) credit union may establish or maintain a California branch office or Califo…
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No foreign (other state) credit union may establish a California branch office or California facilit…
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Each application filed with the commissioner under this chapter or under any regulation or order iss…
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Fees shall be paid to and collected by the commissioner as follows: (a) The fee for an application b…
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(a) Not less than 30 days before a foreign (other state) credit union establishes a California branc…
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In administering the provisions of this chapter, the commissioner may share information with federal…
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A foreign (other state) credit union that is licensed to establish an office shall post at a conspic…
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No license shall be transferable or assignable.
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Whenever a foreign (other state) credit union is licensed to establish more than one office, it shal…
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Each foreign (other state) credit union that is licensed to establish an office shall conduct all of…
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Whenever any provision of this chapter or of any regulation or order issued under this chapter which…
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(a) Except for the activities described in paragraph (2) of subdivision (c) of Section 16001, no for…
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(a) No foreign (other state) credit union shall establish or maintain a California branch office unl…
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(a) If the commissioner finds all of the following with respect to an application by a foreign (othe…
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The approval of an application for approval to establish a California branch office shall be revoked…
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(a) Within 30 days of establishing a California facility, a foreign (other state) credit union shall…
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Within 10 days of relocating a California branch office or California facility, a foreign (other sta…
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Not less than 30 days before a foreign (other state) credit union discontinues a California branch o…
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Promptly after a foreign (other state) credit union relocates or discontinues a California branch of…
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(a) A foreign (other state) credit union that has a license to establish and maintain an office in t…
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(a) The following provisions of this division apply to a foreign (other state) credit union that mai…
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(a) Any foreign (other state) credit union that is authorized to and does maintain a California bran…
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(a) A foreign (other state) credit union that is licensed to establish and maintain an office or off…
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(a) The commissioner may at any time investigate into the affairs and examine the books, accounts, a…
§
The commissioner may make any examination of a foreign (other state) credit union at any office of t…
§
(a) Each foreign (other state) credit union shall, within 10 days after receipt or within any extend…
§
A foreign (other state) credit union shall file with the commissioner any other report as the commis…
§
A foreign (other state) credit union that maintains a California branch office or California facilit…
§
(a) The commissioner may bring an action in the name of the people of this state in the superior cou…
§
(a) If the commissioner finds that any person has violated, or that there is reasonable cause to bel…
§
If, after notice and hearing, the commissioner finds that any person has violated any provision of t…
§
If, after notice and hearing, the commissioner finds any of the following with respect to a foreign …
§
(a) If the commissioner finds that any of the factors set forth in Section 16202 is true with respec…
§
Any foreign (other state) credit union whose license to maintain an office is suspended or revoked s…
§
(a) Any foreign (other state) credit union to which an order is issued under Section 16202 or 16203 …
§
(a) If the commissioner finds that any of the factors set forth in Section 16202 is true with respec…
§
This chapter may be cited as the “Foreign (Other Nation) Credit Union Law.”
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In this chapter: (a) “Agency,” when used with respect to a foreign (other nation) credit union, mean…
§
Nothing in this chapter shall apply to a foreign (other state) state credit union or be deemed to au…
§
No foreign (other nation) credit union may establish a branch office unless its deposit or share acc…
§
Each application filed with the commissioner under this chapter or under any regulation or order iss…
§
Fees shall be paid to and collected by the commissioner as follows: (a) The fee for filing with the …
§
(a) (1) No foreign (other nation) credit union shall be issued a license to maintain an office unles…
§
In administering the provisions of this chapter, the commissioner may share information with federal…
§
No license shall be transferable or assignable.
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A foreign (other nation) credit union that is licensed to establish an office shall post at a conspi…
§
Whenever a foreign (other nation) credit union is licensed to establish more than one office, it sha…
§
Each foreign (other nation) credit union that is licensed to establish an office shall conduct all o…
§
Whenever any provision of this chapter or of any regulation or order issued under this chapter that …
§
(a) No foreign (other nation) credit union shall establish or maintain an office in this state at wh…
§
(a) No foreign (other nation) credit union shall establish or maintain a representative office unles…
§
(a) No foreign (other nation) credit union that is licensed to maintain a representative office shal…
§
A foreign (other nation) credit union that is licensed to maintain a representative office may, subj…
§
(a) (1) No foreign (other nation) credit union that is licensed to maintain a representative office …
§
The approval of an application for approval to establish a representative office shall be revoked by…
§
(a) No foreign (other nation) credit union shall transact business in this state except at a branch …
§
No foreign (other nation) credit union shall be licensed to maintain a branch office or agency unles…
§
(a) No foreign (other nation) credit union shall establish or maintain a branch office or agency unl…
§
The approval of an application for approval to establish a branch office or agency shall be revoked …
§
(a) No foreign (other nation) credit union which is licensed to maintain a branch office or agency s…
§
(a) (1) No foreign (other nation) credit union that is licensed to maintain a branch office or agenc…
§
(a) A foreign (other nation) credit union that has a license to establish and maintain an office may…
§
(a) A foreign (other nation) credit union may not expand its field of membership in this state witho…
§
(a) The following provisions of this code apply to a foreign (other nation) credit union that mainta…
§
(a) Any foreign (other nation) credit union that is authorized to and does maintain a branch office …
§
(a) A foreign (other nation) credit union which is licensed to establish and maintain an office or o…
§
(a) In this section: (1) “Adjusted liabilities,” when used with respect to a foreign (other nation) …
§
(a) In this section: (1) “Adjusted liabilities,” when used with respect to a foreign (other nation) …
§
(a) The commissioner may at any time investigate into the affairs and examine the books, accounts, a…
§
The commissioner may make an examination of a foreign (other nation) credit union at any office of t…
§
(a) Each foreign (other nation) credit union shall, within 10 days after receipt or within any exten…
§
A foreign (other nation) credit union shall file with the commissioner any other report as the commi…
§
Each foreign (other nation) credit union that maintains an office shall make, keep, and preserve at …
§
(a) A foreign (other nation) credit union that is licensed to maintain an office may voluntarily sur…
§
(a) The commissioner may bring an action in the name of the people of this state in the superior cou…
§
(a) If the commissioner finds that any person has violated, or that there is reasonable cause to bel…
§
If, after notice and hearing, the commissioner finds that any person has violated any provision of t…
§
If, after notice and hearing, the commissioner finds any of the following with respect to a foreign …
§
(a) If the commissioner finds that any of the factors set forth in Section 16902 is true with respec…
§
Any foreign (other nation) credit union whose license to maintain an office is suspended or revoked …
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(a) Any foreign (other nation) credit union to which an order is issued under Section 16902 and 1690…
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(a) If the commissioner finds that any of the factors set forth in Section 16902 is true with respec…
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This division is known and may be cited as the “Escrow Law.”
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Unless the context otherwise requires, the definitions set forth in this chapter govern the construc…
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“Commissioner” means the Commissioner of Financial Protection and Innovation.
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“Person” means, in addition to the singular, persons, group of persons, co-operative, association, c…
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(a) “Escrow” means any transaction in which one person, for the purpose of effecting the sale, trans…
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“Escrow agent” means any person engaged in the business of receiving escrows for deposit or delivery…
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“Internet escrow agent” means any person engaged in the business of receiving escrows for deposit or…
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“Licensee” means any person holding a valid, unrevoked license as an escrow agent.
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“Joint control agent” means a person engaging in the business of receiving money or other property f…
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“Business location” and “business office location” mean a facility or other place of business where …
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“Customer contact center” means a facility operated by an Internet escrow agent that exists solely f…
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“Person subject to this division” means any person undertaking the performance of escrow agent servi…
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“Within this state” means any activity of a person relating to receiving escrows for deposit or deli…
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Except as provided for in Section 17004, “escrow agent” as used in this division includes joint cont…
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(a) This division does not apply to: (1) Any person doing business under any law of this state or th…
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In any proceeding under this law, the burden of proving an exemption or an exception from a definiti…
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No foreign corporation shall transact any escrow business in this State without first complying with…
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The commissioner shall forward by prepaid registered mail a copy of every paper served under this ch…
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The commissioner shall collect from the plaintiff at the time of service, the sum of two dollars ($2…
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It shall be unlawful for any person to engage in business as an escrow agent within this state excep…
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(a) Within the organization of each escrow agent corporation, either as an owner, officer, or employ…
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(a) An application for a license as an escrow agent shall be in writing and in such form as is presc…
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(a) At the time of filing an application for an escrow agent’s license, the applicant shall deposit …
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An applicant for an escrow agent’s license or a licensee may, in lieu of and subject to the same con…
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The bond of an escrow agent shall be conditioned that the licensee will faithfully conform to and ab…
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(a) All officers, directors, trustees, and employees of an escrow agent, whether or not compensated,…
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No action may be brought on an escrow agent’s bond by any person after the expiration of two years f…
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When an action is commenced on an escrow agent’s bond the commissioner may require the filing of a n…
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The commissioner shall charge and collect the following fees and assessments: (a) For filing an appl…
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All money received by the commissioner shall be paid by him or her into the State Treasury to the cr…
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An application for a license as an escrow agent shall be signed and verified by an authorized office…
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Upon the receipt of a proper and complete application for license, and all required fees, the commis…
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The commissioner may or may not require an applicant to submit to an appropriate hearing. If a heari…
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The commissioner may refuse to issue any license being applied for, and shall refuse to issue any li…
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The license shall state whether the licensee is licensed as an escrow agent or joint control agent.
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(a) An escrow agent licensed on or after January 1, 1986, shall maintain at all times a tangible net…
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The license shall be kept conspicuously posted in all places of business of the licensee.
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(a) No escrow agent shall disseminate, or cause or permit to be disseminated, in any manner whatsoev…
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All licensees shall notify the commissioner of any changes in shareholders, directors, officers, tru…
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(a) An escrow agent shall not transact business pursuant to this division under any other name than …
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(a) An escrow agent’s business shall not be removed from the premises or address shown on the licens…
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The commissioner may order a licensed escrow agent which opens a branch office or changes its busine…
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Licensees of this division shall be entitled to establish additional business office locations by co…
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(a) There is established in the Department of Financial Protection and Innovation an Escrow Law Advi…
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Whenever the commissioner issues a license or order under this division, the commissioner may impose…
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“Fidelity Corporation” means the Escrow Agents’ Fidelity Corporation.
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“Member” means any person licensed under this division who is required by Section 17312 to be a memb…
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“Trust obligation” means: (a) All money and property deposited with a member within the State of Cal…
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“Commissioner” means the Commissioner of Financial Protection and Innovation.
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“Loss,” within the meaning of this chapter, means the loss of trust obligations held by a member wit…
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“Monthly average escrow liability,” as used in this chapter, means the average escrow liability for …
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(a) It shall be the purpose of Fidelity Corporation to indemnify a member within the State of Califo…
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(a) Persons licensed pursuant to this division shall maintain a corporation under the Nonprofit Mutu…
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(a) Each person licensed pursuant to this division who is engaged in the business of receiving escro…
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The commissioner shall review and approve the articles of incorporation and bylaws of Fidelity Corpo…
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The fiscal year of Fidelity Corporation shall commence on July 1 of each year.
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(a) Fidelity Corporation shall pay a member for loss of trust obligations subject to the limitations…
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(a) Notwithstanding any other provision of this article, Fidelity Corporation shall not be obligated…
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Claims filed prior to the effective date of this chapter shall be governed by the provisions in effe…
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(a) A deductible shall apply to each loss suffered by a member in the amount of five thousand dollar…
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The commissioner may establish rules which are reasonable and necessary to carry out the provisions …
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Fidelity Corporation shall establish and maintain the following funds for payment of claims and for …
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Fidelity Corporation shall bill and collect from each member an annual premium that in the aggregate…
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Fidelity Corporation shall levy a special assessment against its members whenever: (a) Deemed necess…
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Fidelity Corporation shall be entitled to collect late fees as specified in Fidelity Corporation’s b…
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Fidelity Corporation shall report to the commissioner each levy of assessment within 10 business day…
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(a) In the event any member fails to pay an assessment when due, Fidelity Corporation shall by writt…
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Any reduction in the membership fund caused by payment of an extraordinary expense pursuant to subdi…
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Any member or successor in interest who suffers a loss may file a claim with Fidelity Corporation fo…
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(a) An applicant applying for licensure as an escrow agent under this division is required to apply …
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(a) Any person not previously issued a certificate must, upon employment with an escrow agent within…
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(a) Fidelity Corporation shall deny the application for a certificate or revoke the certificate of a…
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(a) Notice to the person, and to the member with whom the person is employed, of the decision to den…
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When either Fidelity Corporation or the insurer providing the fidelity bond or insurance policy, if …
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The commissioner may forthwith upon written notice and order take possession of the property and bus…
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Whenever the commissioner has taken possession of the property and business of Fidelity Corporation,…
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An appeal may be taken from the judgment of the court by the commissioner or by Fidelity Corporation…
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(a) Fidelity Corporation shall have independent authority to investigate claims filed by members pur…
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Fidelity Corporation may invest its funds only as provided by rules of the commissioner adopted with…
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Prior to incurring any extraordinary or nonrecurring expense, Fidelity Corporation shall first obtai…
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In the event the board of directors of Fidelity Corporation deem it necessary and prudent to raise a…
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The commissioner shall give prompt notice to Fidelity Corporation when the commissioner takes posses…
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Memberships issued by Fidelity Corporation shall be nontransferable and shall be exempt from the pro…
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No provision of the Insurance Code shall apply to Fidelity Corporation.
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The operation of Fidelity Corporation shall at all times be subject to the regulation of the commiss…
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Any member aggrieved by any action or decision of Fidelity Corporation may appeal to the commissione…
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(a) A member or successor in interest aggrieved by any action or decision of Fidelity Corporation ma…
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(a) Fidelity Corporation and its members shall not advertise, print, display, publish, distribute, o…
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(a) The Secretary of State shall not file articles for the incorporation of Fidelity Corporation or …
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In order to permit Fidelity Corporation to fulfill its obligation under this chapter, the commission…
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If Fidelity Corporation is dissolved, subject to the approval of the commissioner, the net assets af…
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All costs and expenses incurred by the commissioner in the administration of this chapter shall be p…
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The commissioner may from time to time make, amend, and rescind the rules, forms, and orders that ar…
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No person subject to this division or any officer thereof shall advertise in any manner or publish a…
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(a) No person subject to this division shall issue, circulate, or publish any advertisement by any m…
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No person subject to this division shall describe as an escrow, whether orally, in writing, or elect…
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(a) No person subject to this division shall solicit or accept an escrow instruction or amended or s…
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(a) At the time of execution a copy of each escrow instruction or amended or supplemental escrow ins…
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All written escrow instructions and all escrow instructions transmitted electronically over the Inte…
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(a) All records required by this chapter may be retained by an Internet escrow agent and provided to…
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Every person subject to this division shall keep and use in its business, books, accounts, and recor…
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(a) The business, accounts and records of every person performing as an escrow agent, whether requir…
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The cost of every inspection and examination of a licensee or other person subject to this division …
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(a) Each licensee shall submit to the commissioner, at the licensee’s own expense, an audit report c…
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(a) Whenever the reports and financial statements required pursuant to subdivision (a), (b), or (c) …
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(a) If any person subject to this division fails to make any report required by law or by the commis…
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(a) All moneys deposited in escrow to be delivered upon the close of the escrow or upon any other co…
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(a) Each person subject to this chapter shall maintain separate escrow trust accounts for each licen…
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(a) Escrow or trust funds are not subject to enforcement of a money judgment arising out of any clai…
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No person shall knowingly keep or cause to be kept any funds or money in any bank or state or federa…
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“Trust funds” or “escrow accounts” as used in Sections 17409, 17410, and 17411 shall include all fun…
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(a) It is a violation for any person subject to this division or any director, stockholder, trustee,…
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(a) Any person who has been convicted of or pleaded nolo contendere to any crime specified in subdiv…
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(a) In response to any written request by an escrow agent or by Fidelity Corporation, any bank, savi…
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(a) If the commissioner, as a result of any examination or from any report made to the commissioner,…
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Whenever in the opinion of the commissioner any person, except as named in Section 17006, is engaged…
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On and after January 1, 1992, any person seeking employment with an escrow agent shall complete an e…
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Except for the normal compensation of his own employees, it shall be a violation of this division fo…
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Notwithstanding the provisions of Section 17420, a disbursal, other than for a fee, commission or co…
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(a) Notwithstanding Section 17420, a licensee may charge a fee for administering an escrow that has …
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A joint control agent, unless acting pursuant to written instructions of his principals, shall not d…
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(a) The commissioner may, after appropriate notice and opportunity for hearing, by order, censure or…
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(a) (1) Whenever the commissioner takes any enforcement or disciplinary action pursuant to Section 1…
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(a) For any licensee, a disciplinary action taken by the State of California, another state, an agen…
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Any person subject to this division or any director, stockholder, trustee, officer, agent, or employ…
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(a) An escrow agent’s license remains in effect until surrendered, revoked, or suspended. (b) A lice…
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If the commissioner has reason to believe that any escrow agent is violating the provisions of this …
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If it appears to the commissioner that any licensed escrow agent is violating or has violated its ar…
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If any licensed escrow agent fails to make any reports required by law or by the commissioner within…
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If it appears to the commissioner that any licensed escrow agent is conducting or has conducted busi…
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No order issued pursuant to Sections 17602 or 17603 may become final except after notice to any lice…
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The licensed escrow agent has ten (10) days after an order is made final in which to commence action…
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The commissioner may immediately revoke by order the escrow agent’s license if the licensee fails to…
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The license of an escrow agent shall be deemed revoked upon the completion or closure of a court app…
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(a) Whenever it appears to the commissioner that any person has engaged or is about to engage in any…
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The commissioner may, after notice and a reasonable opportunity to be heard, suspend or revoke any l…
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The revocation, suspension, surrender or expiration of an escrow agent’s license does not impair or …
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The power of investigation and examination by the commissioner is not terminated by the surrender, s…
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Whenever the commissioner deems it necessary for the general welfare of the public, the commissioner…
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The commissioner, and all persons designated by him, may administer oaths, take the testimony of wit…
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(a) The commissioner may make such investigations as he or she deems necessary to determine whether …
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The authority to make or conduct any examination, investigation, or hearing, including the authority…
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All hearings provided for in this division shall be conducted in accordance with the provisions of C…
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Every order, decision, license or other official act of the commissioner is subject to review, in ac…
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Whenever it appears to the commissioner that any escrow agent subject to this division: (a) Is in an…
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Whenever the commissioner has taken possession of any licensee, such licensee, within 10 days after …
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An appeal from a judgment enjoining the commissioner from further proceedings and directing the comm…
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If the commissioner’s demand for the possession of the property, business and assets is not complied…
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When the commissioner takes possession of the property, business and assets of any licensee, such li…
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The commissioner may issue subpoenas and require the attendance of parties for examination under thi…
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When the commissioner takes possession of the business, property, and assets of a licensee, he may a…
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When the commissioner takes possession of the property, business, and assets of a licensee, he may c…
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If any facts occur which would entitle the commissioner under Section 17621 to take possession of th…
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Subject to the other provisions of this article, a conservator, while in possession of the property,…
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Upon appointing a conservator the commissioner shall cause to be made and completed at the earliest …
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A conservator, while in possession of the property, business and assets of a licensee, may call, upo…
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If the commissioner becomes satisfied that it may be done safely and in the public interest, he may …
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If at any time after taking possession of the property and business of a licensee it shall appear to…
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Whenever the commissioner has taken possession of the property and business of a licensee he may pet…
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The commissioner may appoint one or more special deputies to assist in the duties of liquidation and…
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In liquidating the affairs of a licensee the commissioner may: (a) Collect all money due to, and cla…
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After the issuance of an order of liquidation under Section 17635, any of the following transactions…
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If the commissioner is in possession of the business, property, and assets of a licensee, whether or…
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Claims for damages resulting from the disaffirmance of an executory contract or lease by the commiss…
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When the commissioner determines to liquidate a licensee, he shall cause an inventory of all the ass…
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When the commissioner determines to liquidate a licensee he shall cause notice to be given by public…
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All claims, demands, or causes of action of creditors, and persons other than the parties to an escr…
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Upon the expiration of the time fixed for the presentation of claims, the commissioner shall prepare…
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Not later than five days after the time of filing the schedule of claims with the court, written not…
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Regardless of any law of this state, the judges of the superior court of the county in this state in…
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If it appears improbable that anything can be realized from any property of the licensee and that th…
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For the purpose of executing and performing any of the powers and duties conferred upon him by this …
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If any real property of the licensee sold by the commissioner is located in a county other than the …
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When the commissioner has (a) fully liquidated all claims other than claims of stockholders, and (b)…
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Upon the payment of a final dividend in liquidation, the commissioner shall prepare and file with th…
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In making its order approving the commissioner’s final statement of the liquidation of a licensee, t…
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The order of the court approving the final statement on liquidation shall provide for the destructio…
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Any person who willfully violates any provision of this division, or who willfully violates any rule…
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(a) Any person who violates any provision of this division, or who violates any rule or order under …
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It is unlawful for any person to willfully make any untrue statement of a material fact in any appli…
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(a) It is unlawful for any person to knowingly alter, destroy, mutilate, conceal, cover up, falsify,…
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This division shall be known and may be cited as the “Industrial Loan Law,” the “Industrial Banking …
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The definitions given in this article govern the construction of this division unless the context ot…
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“Commissioner” means the Commissioner of Financial Protection and Innovation.
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“Department” means the Department of Financial Protection and Innovation.
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“Industrial loan company,” “thrift and loan company,” or “company” as used in this division means a …
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“Investment and loan” means an industrial loan company.
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(a) Any reference in a provision of any statute or regulation of this state to an industrial loan co…
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(a) When used with respect to an industrial loan company, “insured” means an industrial loan company…
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“Certificate of deposit” as that term is used by an industrial loan company licensed under this divi…
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“Demand deposit” means investment or thrift certificates in account, passbook, or certificate form w…
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“Borrower” means the person receiving the proceeds or benefits of a loan.
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“Consumer loan or consumer obligation” means a loan made to, or an obligation incurred by, a natural…
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“Primarily secured by real property”, as used in this division, means the fair market value of the r…
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“Charges”, as used in this division, include the aggregate interest, fees, bonuses, commissions, bro…
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“Charges” also include any profit or advantage of any kind that any person may contract for, collect…
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“Principal amount”, as used in this division, means the net amount of money, credit, goods, or thing…
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“Principal balance”, and “face amount” as used in this division, means the unpaid balance of a loan …
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“Affiliated company”, as used in this division, is a company under substantially the same management…
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“Affiliate” means an affiliated company or a person who, directly or indirectly, controls over 10 pe…
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“Corporate Securities Law” means the Corporate Securities Law of 1968, Division 1 (commencing with S…
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“Outstanding loans and obligations,” as used in this division, means total outstanding loans and obl…
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“Obligation” as used in Sections 18265, 18271, 18272, and 18343 includes lease obligations as author…
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“Lease obligation” as used in this division, means a lease contract entered into by an industrial lo…
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“Investment certificates ratio”, as used in this division, means the ratio of the aggregate sum of a…
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“Premium finance agency” has the meaning set forth in Section 18560.
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“Assets,” as used in this division, means all assets excluding intangibles.
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“Capital,” as used in this division, consists of all of the following: (a) Capital stock. (b) Primar…
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“Primary capital,” as used in this division, means the sum of common stock, perpetual preferred stoc…
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“Secondary capital,” as used in this division, means the sum of mandatory convertible debt that is n…
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“Perpetual preferred stock,” as used in this division, means a preferred stock that does not have a …
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“Mandatory convertible debt,” as used in this division, means a subordinated debt instrument which r…
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“Limited life preferred,” as used in this division, means preferred stock which has a maturity or wh…
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“Subordinated notes and debentures,” as used in this division, means an obligation other than an inv…
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“Capital Stock,” as used in this division, means one-class voting common stock.
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An industrial loan company shall not appoint or continue in office any officer, director or manageme…
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(a) An industrial loan company shall not deposit its funds except with a bank, trust company, or sav…
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No industrial loan company shall invest any of its funds, except as authorized in this division. Ind…
§
An industrial loan company may organize, sponsor, operate, control, or render investment advice to, …
§
If an industrial loan company has investment or thrift certificates outstanding, then such company s…
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In addition to the borrowings under Section 18023, an industrial loan company may borrow funds from …
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An industrial loan company shall not transact business or make any loan provided for by this divisio…
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No person shall use a holding company or any other device for the purpose of evading or avoiding any…
§
Corporations subject to this division are not subject to the provisions or regulations of the Califo…
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All corporations formed under the provisions of this division are taxed in the same manner and at th…
§
Each industrial loan company shall keep and use in its business, books, accounts, and records which …
§
Each industrial loan company shall preserve the books, accounts, and records, including cards used i…
§
An industrial loan company may purchase, hold and convey real property for the following purposes on…
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(a) The commissioner may establish rules and regulations regarding the sale of any real property acq…
§
The authority of a three-fourths vote of all the directors is necessary to authorize the purchase of…
§
Real property held by an industrial loan company shall be conveyed by an instrument under the corpor…
§
No person shall advertise, print, display, publish, distribute, or broadcast, or cause or permit to …
§
An industrial loan company shall not use any advertising which refers to the supervision of such com…
§
An industrial loan company shall not use any advertising nor make any representations which indicate…
§
An industrial loan company shall not use any advertising nor make any representations which indicate…
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(a) Except as provided in subdivision (b), industrial loan company which issues thrift certificates …
§
If an industrial loan company refers in any advertisement to rates of charge, discount, charges or c…
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An industrial loan company shall not use any advertisement after its use has been disapproved by the…
§
The commissioner may require an industrial loan company to maintain a file of all advertising copy f…
§
When authorized by the commissioner as provided in this chapter, a corporation may be organized unde…
§
Each industrial loan company, other than a premium finance agency, that has issued and has outstandi…
§
If the commissioner approves an application to engage in business as an industrial loan company file…
§
Upon filing an application for approval of proposed articles of incorporation with the commissioner,…
§
Companies authorized to engage in the industrial loan business after the effective date of the act w…
§
The articles of incorporation of an industrial loan company, in addition to the statement required b…
§
An industrial loan company’s certificate to engage in the industrial loan business is not transferab…
§
Except as otherwise authorized under existing law, no person, unless lawfully authorized to do busin…
§
An application for authority to engage in the industrial loan business shall be in such form and con…
§
Upon the filing of an application, the commissioner shall make or cause to be made a careful investi…
§
The commissioner, upon reasonable notice and opportunity to be heard, may deny the application for a…
§
Within 30 days after an application is filed for authorization to establish an industrial loan compa…
§
Before the commissioner issues a certificate of authorization to operate as an industrial loan compa…
§
The capital stock of an industrial loan company incorporated under this division shall not be less t…
§
In addition to the capital stock required by Section 18130, an industrial loan company which has bra…
§
An industrial loan company may declare a dividend on its capital stock only if the company has minim…
§
An industrial loan company shall not reduce its capital stock to an amount less than is required by …
§
(a) No person may acquire in the aggregate 10 percent or more of the capital stock of, or the capita…
§
A sale, merger, or conversion involving an industrial loan company and another industrial loan compa…
§
Subject to Section 18145.1, when authorized by the commissioner as provided in this division, an ind…
§
(a) The commissioner may, by order or regulation, exempt from the requirement of authorization by th…
§
The request for authority to establish a branch office shall be set forth in an application in such …
§
The commissioner shall not approve an application for a branch office until the commissioner has asc…
§
The failure of an industrial loan company to open and operate a branch office within six months afte…
§
When the commissioner has approved an application for permission to establish a branch office and th…
§
An industrial loan company shall keep posted in a conspicuous place in each branch office the certif…
§
An industrial loan company which opens a branch office without first obtaining a certificate of auth…
§
The provisions of Sections 18146, 18147, 18148, 18149, 18150, and 18151 shall not affect branch offi…
§
An industrial loan company which maintains a branch office or branch offices shall give to each bran…
§
With the prior written approval of the commissioner, an industrial loan company may close or discont…
§
(a) Except as otherwise provided for in this division, an industrial loan company shall not transact…
§
(a) The commissioner may, by order or regulation, exempt from the requirement of authorization by th…
§
(a) If an industrial loan company desires to change its place of business to a street address other …
§
An industrial loan company may: (a) Loan money, secured or unsecured, with or without the pledge of …
§
Sections 18008, 18009, 18010, 18212, 18212.1, 18214, 18219, 18220, 18222, 18230 through 18234, 18290…
§
Sections 18008, 18009, 18010, 18212, 18212.1, and 18214 do not apply to: (a) Any bona fide loan of a…
§
The payment of money, credit, goods, or things in action as consideration for any sale or assignment…
§
Except as otherwise provided for in this division, an industrial loan company shall not make any loa…
§
Notwithstanding any other provision of this division, an industrial loan company may make a loan or …
§
Consumer loans made and obligations acquired that are secured by a motor vehicle and repayable other…
§
An industrial loan company may make a consumer loan that is not secured primarily by real property o…
§
An industrial loan company may make a consumer loan in which the principal and charges are payable a…
§
An industrial loan company may make loans, purchase or discount notes, mortgages, contracts or other…
§
(a) Except as provided in Sections 18205.5 and 18209 and subject to subdivisions (b) and (c), an ind…
§
No charge shall be collected unless a loan is made, except that an industrial loan company may charg…
§
(a) The charges by an industrial loan company, broker, and all other persons on any loan, forbearanc…
§
As an alternative to the charges authorized by Section 18212 a licensee may contract for and receive…
§
In addition to the charges authorized by Section 18212 or 18212.1 an industrial loan company may con…
§
Notwithstanding any other provision of law not within this division, industrial loan companies makin…
§
For the purpose of computing the charges set forth in this article, a month is any period of 30 cons…
§
An industrial loan company may contract for, collect, and receive at the time of making the loan or …
§
(a) Notwithstanding Section 18211, an appraisal fee may be charged to an applicant or borrower by an…
§
An escrow fee of a reasonable amount may be charged for any loan made which is secured primarily by …
§
Notwithstanding any other provision of this division, an industrial loan company, in the collection …
§
With respect to a loan under this division, a fee not to exceed fifteen dollars ($15) for return by …
§
An industrial loan company shall not induce or permit any borrower to split up or divide any loan an…
§
An industrial loan company shall not induce any spouses, jointly or severally, to become obligated, …
§
Nothing in this division shall prevent an industrial loan company from transacting loan contracts wi…
§
An industrial loan company shall permit payment to be made in advance in any amount on any contract …
§
Each industrial loan company shall display prominently in each place of business a full and accurate…
§
Each industrial loan company shall: (a) Deliver or cause to be delivered to the borrowers, or any on…
§
An industrial loan company shall deliver or cause to be delivered to the person making any payment i…
§
An industrial loan company shall upon repayment of any loan in full, cancel or plainly mark “paid” a…
§
An industrial loan company shall not take any note, promise to pay, or security agreement that does …
§
(a) Subject to any regulations that the commissioner may issue, an industrial loan company may issue…
§
An industrial loan company that has investment certificates outstanding shall not make any loan or p…
§
(a) Except as set forth in subdivisions (b) and (c), any loan or obligation made or acquired by an i…
§
An industrial loan company may make loans and acquire obligations, the proceeds of which are used fo…
§
An industrial loan company shall file a written request for authorization to conduct business under …
§
The commissioner shall approve the request made pursuant to Section 18266.2 within 30 days after fil…
§
An industrial loan company that has investment certificates outstanding shall not lend in the aggreg…
§
An industrial loan company that has investment certificates outstanding shall not make any loan secu…
§
An industrial loan company may require the borrower to sign a contract of pledge, assignment, mortga…
§
An industrial loan company that has investment certificates outstanding shall not make loans to, or …
§
An industrial loan company shall diversify the loans and lease obligations it makes and other obliga…
§
The principal balances of loans made, or obligations purchased, by an industrial loan company that h…
§
(a) As used in this division: (1) “Credit life insurance” and “credit disability insurance” have the…
§
(a) If credit life or disability insurance is provided pursuant to this division, and if the insured…
§
(a) If credit disability insurance is provided pursuant to this division, it shall not provide indem…
§
If credit loss-of-income insurance is provided pursuant to this division, it shall be subject to the…
§
If credit disability or loss-of-income insurance is provided pursuant to this division, the industri…
§
An industrial loan company may collect the costs for insurance of tangible personal or real property…
§
An industrial loan company may collect the costs of title insurance for loans secured primarily by r…
§
An industrial loan company may collect the costs of insurance of the type defined by subdivision (a)…
§
(a) As used in this article, “open-end loan” means a loan or loans made by an industrial loan compan…
§
(a) Whenever authorized by the commissioner, an industrial loan company whose thrift obligations are…
§
An industrial loan company shall file a written request for authorization to conduct business under …
§
The commissioner shall approve the request made pursuant to Section 18302 within 30 days after filin…
§
(a) When authorized to conduct business pursuant to this division, an industrial loan company may se…
§
An industrial loan company may, in addition to the sale of installment investment certificates with …
§
No company may have investment certificates outstanding with a person or related persons in an aggre…
§
Investment or thrift certificates may be issued to or in the name of a minor and as such shall be fo…
§
An investment or thrift certificate that is a multiple-party account as defined in Section 5132 of t…
§
In no event shall an industrial loan company have outstanding at any time its investment certificate…
§
Notwithstanding Section 18319, an industrial loan company shall in no event: (a) Have outstanding at…
§
(a) Nothing in this division authorizes an industrial loan company to receive demand deposits. (b) S…
§
An industrial loan company shall obtain the written consent of the commissioner prior to accepting a…
§
(a) An industrial loan company shall not impose any charge on a periodic investment or thrift certif…
§
As of the operative date of this section: (a) There is established an Industrial Loan Account in the…
§
All money received or collected by the commissioner under this division or any other law relating to…
§
All expenses of the department in administering this division and other laws relating to industrial …
§
Industrial loan companies have the powers specified in this division. In addition, industrial loan c…
§
The commissioner may require an industrial loan company to establish and maintain reasonable reserve…
§
An industrial loan company shall not conduct the business of making loans under this division, withi…
§
An industrial loan company shall notify the commissioner of every change in the officers, directors …
§
The commissioner may require each industrial loan company to file with the commissioner a fidelity b…
§
(a) In lieu of providing a bond required pursuant to Section 18346, a licensee may deposit with the …
§
The commissioner may establish rules and regulations which are reasonable and necessary to carry out…
§
The commissioner may, upon reasonable notice and opportunity to be heard, suspend or revoke the lice…
§
(a) For the purposes of this section, the following definitions are applicable: (1) “Account holder”…
§
Each industrial loan company shall pay to the commissioner its pro rata share of all costs and expen…
§
On or before the 30th day of November in each year, the commissioner shall notify each industrial lo…
§
In the levying and collection of an assessment pursuant to Section 18350, an industrial loan company…
§
If an industrial loan company fails to pay the assessment provided in Section 18350 on or before the…
§
The commissioner may require the attendance of witnesses and examine under oath all persons whose te…
§
Whenever, after an examination, investigation or hearing under this division, the commissioner deems…
§
The commissioner may order any industrial loan company to desist from any conduct which the commissi…
§
(a) If it appears to the commissioner that an industrial loan company has violated or failed to comp…
§
If it appears to the commissioner that an industrial loan company is conducting business in an unsaf…
§
Whenever the commissioner is authorized to issue an order pursuant to Section 18357 or Section 18358…
§
The company named in any order issued pursuant to this division for which no express hearing right i…
§
After any order is made final, the industrial loan company shall have 10 days in which suit may be c…
§
(a) If the commissioner believes that an industrial loan company or its directors, officers, agents,…
§
The commissioner may order an industrial loan company to suspend the redemption of investment certif…
§
After an order of suspending or limiting the payment of liabilities is effective and until that orde…
§
The authority granted to the commissioner by Section 18363, may be exercised by him in conjunction w…
§
Every order, decision, license, or other official act of the commissioner is subject to review in ac…
§
(a) If at any time the commissioner is of the opinion that the further sale of investment certificat…
§
(a) The commissioner may make the agreements that he or she deems necessary or appropriate in exerci…
§
For the purpose of discovering violations of this division or securing information required, the com…
§
Whenever in the judgment of the commissioner the condition of any industrial loan company renders it…
§
The industrial loan company examined shall pay to the commissioner the cost of any examination, inve…
§
The commissioner shall, upon receipt of written notification by an industrial loan company that it i…
§
Investigation and examination reports prepared by the commissioner’s duly designated representatives…
§
(a) In this section, “governmental agency” includes, without limitation, any agency of this state, o…
§
(a) On or before the 15th day of March of every year, each industrial loan company shall file with t…
§
Each industrial loan company which has issued and which has outstanding investment certificates shal…
§
An industrial loan company shall, when requested by the commissioner, submit its unaudited financial…
§
An industrial loan company shall make other special reports to the commissioner as the commissioner …
§
The commissioner shall make and file annually with the department as a public record a composite of …
§
For the purposes of the composite report provided for by Section 18409, an industrial loan company s…
§
The commissioner may by rule or regulation specify the form and contents of the financial statements…
§
Each report required under this article shall be filed with the commissioner at the time that the co…
§
The commissioner may take possession of the property and business of any industrial loan company and…
§
Whenever the commissioner has taken possession of the property and business of an industrial loan co…
§
An appeal may be taken from the judgment of the court by the commissioner or by the industrial loan …
§
(a) Whenever the net worth of an industrial loan company, exclusive of its good will, is less than 9…
§
The commissioner may also, upon the request of the board of directors of a company, take possession …
§
Upon taking possession of the property and business of any industrial loan company, the commissioner…
§
Any officer, agent, employee, director, or stockholder of a company who refuses to comply with the d…
§
On demand of the commissioner, it shall be the duty of the sheriff of any county of the state, and o…
§
Upon taking possession of the property and business of any company, the superior court for the count…
§
At any time after the order taking possession issued under Section 18415 has been filed with the cou…
§
The commissioner may, at any time, examine under oath any officer, director, agent, employee or stoc…
§
Upon taking possession of the property and business of any company, the commissioner has authority a…
§
The commissioner may file a petition with the court and the court shall issue such injunctions or or…
§
After the taking of possession of the property and business of any company, the commissioner may ter…
§
The commissioner may proceed against any debtor or alleged debtor by way of summary procedure or by …
§
The commissioner may make examinations of the seized company and review the activities of any conser…
§
The actual cost of any examination, investigation or services, including the actual amount of salary…
§
The determination by the commissioner to liquidate a company, evidenced by filing written notice of …
§
Upon taking possession of the property, and business of a company in any proceeding under this artic…
§
All expenses of taking possession of, conserving, conducting, liquidating, disposing of or otherwise…
§
Any transaction occurring within six months of the date of taking possession shall be voidable by th…
§
No obligation may be purchased or discounted under any agreement between the company and any person …
§
No attachment or execution shall be issued against the property of any company before final judgment…
§
The commissioner, as conservator or liquidator, after taking possession of the company, shall, in hi…
§
No transaction involving real or personal property, investment or reinvestment of funds or assets, o…
§
The commissioner may, with ex parte approval of the court, sell all or any part of the company’s ass…
§
The commissioner may appoint a person to act as conservator or liquidator of the company. The person…
§
The commissioner shall have the authority to terminate the appointment of a conservator or liquidato…
§
The commissioner may require a conservator or liquidator to provide such bond as the commissioner de…
§
If at any time after taking possession of the property and business of a company it shall appear to …
§
The liquidator shall cause notice to be given by publication for four successive weeks in a newspape…
§
All claims, demands, or causes of action of creditors, and persons other than investors against any …
§
If the liquidator doubts the validity of any claim, the liquidator may reject the claim and serve no…
§
A claim shall set forth, under oath, on the form prescribed by the commissioner, all of the followin…
§
When an investment certificate holder is also a debtor, the liquidator may offset any balance due th…
§
The amount of a claim of an investment certificate holder shall be the amount which the investment c…
§
When the time fixed for the presentation of claims has expired, the liquidator shall make in duplica…
§
Objections to any claim not rejected by the liquidator may be made by any person interested by filin…
§
The liquidator, with the approval of the court, may pay one or more dividends to investment certific…
§
(a) Claims allowed in a proceeding under this article shall be given preference in the following ord…
§
Whenever the commissioner determines to liquidate a company, the commissioner shall cause an invento…
§
If it appears improbable that anything can be realized from any property of the company and that the…
§
If a purchaser of any property or any bad or doubtful debt or claim of a company cannot be obtained …
§
When the liquidator has fully liquidated all claims other than claims of stockholders, made due prov…
§
Upon the payment of a final dividend in liquidation, the commissioner shall prepare and file with th…
§
In making its order approving the commissioner’s final statement of the liquidation of the company, …
§
The order of the court approving the final statement on liquidation shall provide for the destructio…
§
Unless the context otherwise requires, in this article: (a) “Offer” or “offer to sell” includes ever…
§
No industrial loan company organized under the laws of this state shall offer or sell any security i…
§
An application for a permit shall be in such form and contain such information as the commissioner m…
§
The commissioner shall charge and collect fees for applications filed under this article as fixed in…
§
If the commissioner finds that the proposed sale of securities is fair, just, and equitable, he or s…
§
The commissioner may impose conditions in any permit issued under Section 18427.4, requiring the dep…
§
Every permit issued pursuant to Section 18427.4 shall recite that it is permissive only and does not…
§
The commissioner may amend, alter, suspend, or revoke any permit issued pursuant to Section 18427.4.
§
Whenever an industrial loan company applies for a permit to issue any security or to deliver any oth…
§
There shall be exempted from the provisions of Section 18427.1 all of the following: (a) (1) Any off…
§
Nothing contained in this article shall affect the Corporate Securities Law of 1968, Division 1 (com…
§
The commissioner may by regulation or order restrict, limit, prohibit or otherwise condition the use…
§
Except as otherwise provided in this division, any person who willfully violates any provision of th…
§
An industrial loan company shall not, directly or indirectly, make any loan of money or property to …
§
(a) Except as provided in subdivision (b), an industrial loan company shall not make loans to, or pu…
§
If a loan is made or other thing is purchased or discounted in violation of Section 18271, 18272, 18…
§
If any amount in excess of the charges permitted by this division, including interest, is charged, c…
§
An industrial loan company shall not take any confession of judgment or any power of attorney at the…
§
No person in connection with or incidental to the making of any loan under this division, shall requ…
§
An industrial loan company shall not make any loan of money or property to or guarantee the obligati…
§
If any loan or guaranty is made in violation of Section 18436 or 18442, the directors and officers w…
§
Any officer or director held liable under Section 18443, who satisfies such liability is entitled to…
§
Any director, officer, or employee of an industrial loan company, its holding company, or its affili…
§
Any director, officer, or employee of an industrial loan company, its holding company, or its affili…
§
Any director, officer, or employee of an industrial loan company, its holding company, or its affili…
§
No director, officer, stockholder, or employee of an industrial loan company, its holding company, o…
§
Every director of an industrial loan company who: (a) In the case of the fraudulent insolvency of su…
§
A director, officer, or employee of an industrial loan company, its holding company, or its affiliat…
§
A director, officer, or employee of an industrial loan company, its holding company, or its affiliat…
§
Every officer or employee of an industrial loan company, its holding company, or its affiliates who …
§
Any person who knowingly sells investment certificates in violation of any provision of this divisio…
§
Any director, officer, agent or employee of an industrial loan company, its holding company, or its …
§
It is unlawful for any person to willfully make any untrue statement of a material fact in any docum…
§
An industrial loan company shall not, directly or indirectly, make any loan to, or purchase a contra…
§
The provisions of this chapter shall be applicable to lease obligations.
§
Any officer, director, employee, or agent of any company who abstracts or willfully misapplies any o…
§
“Guaranty corporation” means Thrift Guaranty Corporation of California which exists under the Nonpro…
§
(a) “Member” means an industrial loan company required by Section 18100.5 to be a member of Guaranty…
§
“Thrift obligations” as used in this chapter include principal invested in investment or thrift cert…
§
“Fund” means the Guaranty Corporation Fund established pursuant to Section 18535.
§
“Capital contribution” means the amount each member is required to maintain as an investment in the …
§
“Member account” means the total of all amounts credited to a member for paid-in capital contributio…
§
“Guaranteed investment certificate” means a thrift obligation guaranteed by Guaranty Corporation pur…
§
When the property and business of a member, other than a special member, has been liquidated or is i…
§
(a) When the property and business of a member, other than a special member, is being liquidated, th…
§
Whenever it appears to the commissioner that Guaranty Corporation has: (a) Violated its articles of …
§
Whenever the commissioner has taken possession of the property and business of Guaranty Corporation,…
§
An appeal may be taken from the judgment of the court by the commissioner or by Guaranty Corporation…
§
(a) Guaranty Corporation shall have independent authority to approve membership, or suspend or revok…
§
(a) A director, officer, employee, or agent of Thrift Guaranty Corporation shall be subject to liabi…
§
Guaranty Corporation may invest its funds only in readily marketable securities as provided by rules…
§
Income from investments shall be recorded in an income account and be used to defray expenses of adm…
§
Expenses of administration that exceed income from investments at year end shall be charged to membe…
§
Guaranty Corporation shall have authority to: (a) Borrow funds when necessary to effectuate the prov…
§
The commissioner shall give prompt notice to Guaranty Corporation when the commissioner takes posses…
§
Memberships issued by Guaranty Corporation shall be nontransferable and shall be exempt from the pro…
§
The commissioner and the commissioner’s duly designated representatives may at any time investigate …
§
Any member or industrial loan company making application to participate in Guaranty Corporation aggr…
§
(a) After consultation with, and approval by, the Thrift Guaranty Corporation, the commissioner shal…
§
No person shall advertise, print, display, publish, distribute, or broadcast, or cause or permit to …
§
In order to permit Guaranty Corporation to fulfill its obligations under this chapter, the commissio…
§
An industrial loan company or its successor shall not be entitled to receive a refund, return, withd…
§
(a) Guaranty Corporation may elect to wind up and dissolve upon approval of the commissioner, the bo…
§
The Board of Directors of Guaranty Corporation shall be composed of five members, at least two of wh…
§
Guaranty Corporation shall establish a permanent office in this state.
§
The commissioner may require Guaranty Corporation to obtain a bond, insurance, or reinsurance which …
§
It shall be the purpose of Guaranty Corporation to guarantee full payment of guaranteed accounts of …
§
(a) Notwithstanding Section 18521 or 18100.5, until July 1, 1990, each industrial loan company, othe…
§
No industrial loan company which fails to comply with the requirements of subdivision (b) of Section…
§
The following described thrift obligations will be guaranteed by Guaranty Corporation in the amounts…
§
Notwithstanding any other provision of this division, Guaranty Corporation, with the written consent…
§
Guaranty Corporation shall establish and maintain a guarantee fund as follows: (a) Each new member, …
§
Guaranty Corporation shall send a written notice of assessment to each member assessed within 10 day…
§
In the event any member fails to pay an assessment when due, Guaranty Corporation shall report such …
§
“Premium finance agency” means any industrial loan company incorporated under this division which, b…
§
Such terms relating to insurance as are used in this chapter shall have the meaning ascribed to them…
§
As used in this chapter, “insured” means the person who has purchased or arranged to purchase an ins…
§
As used in this chapter, “premium financing” means the activities of a company engaging in the busin…
§
As used in this chapter, “premium finance agreement” means a loan contract, note, agreement or oblig…
§
As used in this chapter, “company” means a premium finance agency.
§
As used in this chapter, “principal balance” means the difference between the amount of the premium …
§
As used in this chapter, “finance charge” means any amount which the insured agrees to pay the compa…
§
A premium finance agency desiring the full authority which may be conferred by this division, shall,…
§
The articles of incorporation of any corporation organized under this division as a premium finance …
§
Capital stock of any premium finance agency shall not be less than seventy-five thousand dollars ($7…
§
Before a premium finance agency commences business or opens a branch office or place of business, th…
§
An insurance premium finance agreement, as defined in Section 18564, may be prepared in the office o…
§
In the event of any conflict in the provisions of this chapter with the provisions of any other chap…
§
The provisions of Sections 18023, 18024, 18120, 18205, 18268, 18269, 18271, 18272, 18274, and 18455 …
§
The provisions of Sections 18607, 18625, and 18626 shall not apply to any bona fide loan with a prin…
§
Unless the insured has notice of the assignment of a premium finance agreement, payment thereunder b…
§
At any time during the term of the premium finance agreement, but not later than one year after the …
§
Upon payment of a loan in full the company upon request shall return the premium finance agreement m…
§
No filing of the premium finance agreement shall be necessary to perfect the validity of such agreem…
§
Any downpayment which is made and which is received by the company from the insured, or from the ins…
§
The downpayments received by the company under the provisions of Section 18592, may be held by the c…
§
Any corporation organized as an industrial loan company other than a premium finance agency shall co…
§
A premium finance agency shall not incorporate the words “industrial loan company” in its corporate …
§
A premium finance company may issue or sell investment certificates only (a) to its customers direct…
§
A premium finance agreement shall be in writing and the printed portion thereof shall be in at least…
§
A premium finance agreement shall not be executed by or on behalf of the insured when it contains an…
§
Upon receipt of the loan form the company shall promptly mail to the insured at the address shown in…
§
(a) A premium finance agreement may contain a power of attorney or other authority enabling the comp…
§
All statutory, regulatory and contractual restrictions providing that the insured or the insurer sha…
§
The insurer within a reasonable time after the effective date of cancellation shall return whatever …
§
At the time of mailing the notice required by Section 18606 or 18608, the employee of the company wh…
§
A premium finance agency shall not, except as otherwise provided by law, impose, take, receive, rese…
§
A premium finance agency may, in a premium finance agreement, contract for, charge, receive, and col…
§
If the finance charge computed under Section 18626 is less than twenty-five dollars ($25), a minimum…
§
The finance charge may be computed from the effective date of the insurance coverage, provided that …
§
Notwithstanding the provisions of any premium finance agreement to the contrary, any insured may pay…
§
In the event that the insurance policy or policies which are the subject of a premium finance agreem…
§
(a) A premium finance agreement may provide for the payment of a default charge of one dollar ($1) t…
§
This article is applicable only to premium finance agencies.
§
Whenever the interest or charges, or interest and charges deducted in advance exceed the maximum pro…
§
(a) As an alternative to the provisions of Section 18635, if a loan is repayable in substantially eq…
§
If a loan contract made under Section 18636 is prepaid in full by cash, a new loan, refinancing or o…
§
A special rebate of precomputed charges shall be made if three or more, but not all, installments ar…
§
A deferment charge may be charged and collected on a loan made under Section 18636 if the payment da…
§
If the maturity of a loan made under Section 18636 is accelerated for any reason, the company shall …
§
Notwithstanding any other provision of law not within this article, with respect to precomputed loan…
§
This chapter does not apply to any of the following transactions: (a) An acquisition of control of a…
§
Each application filed with the commissioner for an approval under this chapter shall be in the form…
§
The fee for filing with the commissioner an application for an approval under this chapter is four h…
§
(a) The definitions that are set forth in or are applicable to Section 44 of the Federal Deposit Ins…
§
The commissioner is authorized to adopt rules to implement this chapter similar to regulations adopt…
§
In this chapter, unless the context otherwise requires: (a) “Authorized agency activities” means iss…
§
Each application filed with the commissioner under this chapter or under any rule or order issued un…
§
(a) Each foreign (other state) industrial loan company that maintains a facility or a California bra…
§
Each foreign (other state) industrial loan company that maintains a facility or a California branch …
§
Fees shall be paid to, and collected by, the commissioner as follows: (a) Each foreign (other state)…
§
(a) Any foreign (other state) industrial loan company is exempted from the restrictions of Section 1…
§
The commissioner is authorized to adopt rules to implement this chapter similar to regulations adopt…
§
No provision of this article applies to an insured foreign (other state) industrial loan company tha…
§
(a) No foreign (other state) industrial loan company may establish or maintain an office in this sta…
§
Not less than 30 days before an insured foreign (other state) industrial loan company establishes a …
§
(a) Not less than 30 days before establishing a facility, an insured foreign (other state) industria…
§
Not less than 30 days before an insured foreign (other state) industrial loan company relocates a fa…
§
Not less than 30 days before an insured foreign (other state) industrial loan company closes a facil…
§
No foreign (other state) industrial loan company may transact core business in this state except at …
§
Section 18680 does not prohibit: (a) Any foreign (other state) industrial loan company which does no…
§
No foreign (other state) industrial loan company may establish or maintain a California branch offic…
§
No foreign (other state) industrial loan company may establish or maintain a California branch offic…
§
(a) (1) No foreign (other state) industrial loan company may merge as the surviving corporation (Sec…
§
(a) No foreign (other state) industrial loan company that does not already maintain a California bra…
§
(a) No foreign (other state) industrial loan company that maintains a California branch office may t…
§
Notwithstanding the provisions of Sections 18147 and 18165, a California industrial loan company may…
§
An application by a California industrial loan company for approval to have an insured depository in…
§
An application by a California industrial loan company for approval to have an insured depository in…
§
In determining whether to approve or deny an application by a California industrial loan company for…
§
No California industrial loan company may have an insured depository institution conduct as its agen…
§
No office of an insured depository institution that is performing authorized agency activities as ag…
§
If the commissioner finds that any activity performed by an insured depository institution as agent …
§
This article does not apply to a California industrial loan company’s having an insured depository i…
§
Notwithstanding the provisions of Sections 18147 and 18165, a California industrial loan company may…
§
An application by a California industrial loan company for approval to engage in authorized agency a…
§
An application by a California industrial loan company for approval to engage in authorized agency a…
§
In determining whether to approve or deny an application by a California industrial loan company for…
§
No California industrial loan company may conduct any activity as an agent for an insured depository…
§
(a) No office of a California industrial loan company that conducts authorized agency activities as …
§
If the commissioner finds that any activities performed by a California industrial loan company as a…
§
This article does not apply to a California industrial loan company’s engaging in authorized agency …
§
Every person engaged in the business of receiving goods, including motor vehicles, in pledge as secu…
§
As used in this division “receiving goods as security for a loan” does not include a good faith purc…
§
“Compensation” includes expenses, interest, disbursements, storage charges, and all other charges of…
§
(a) As used in this division, “pledged property” is property held as security for a loan, the title …
§
For purposes of this division, the term “month” means a period of time consisting of 30 consecutive …
§
This division does not apply to any of the following: (a) Any corporation organized for the purpose …
§
(a) The limitations with respect to rates and charges set forth in Sections 21200 and 21200.5 do not…
§
(a) Except as otherwise provided in this chapter, no pawnbroker shall charge or receive compensation…
§
A loan setup fee of seven dollars and fifty cents ($7.50) or 3.5 percent, whichever is greater, may …
§
A pawnbroker may charge as prescribed in the following schedule: Schedule of Charges (a) A charge no…
§
(a) In addition to other allowed charges, at the time property is redeemed or a replacement loan is …
§
The maximum charge of compensation charged by a pawnbroker pursuant to the authority of Section 2120…
§
In addition to other allowed charges, a pawnbroker may collect a processing charge of twenty dollars…
§
In addition to other allowed charges, a pawnbroker may collect a remote transaction fee, if the pled…
§
No licensed pawnbroker shall promise any seller of tangible personal property that the seller may re…
§
(a) Every loan made by a pawnbroker for which goods are received in pledge as security shall be evid…
§
Whenever a pledger, or his or her assignee, loses a pawn ticket, a fee of not to exceed ten dollars …
§
If the pledgor fails to redeem any pawned item during the loan period, thereby obliging the pawnbrok…
§
(a) The written contract required pursuant to Section 21201 shall contain a provision in 8-point typ…
§
Charges for the first three months of any loan made pursuant to the written contract required by Sec…
§
(a) During the contractual loan period and any extension thereof, but prior to the start of the 10-d…
§
The requirement for a written contract signed by the pledgor as set forth in Section 21201.5 may be …
§
Every pawnbroker shall enter at the time of the transaction, in records of loans and pledges kept by…
§
Any property held in pawn which is not subject to a hold pursuant to Section 21647 of the Business a…
§
Every pawnbroker, upon redemption of a loan contract, shall provide the borrower with a receipt that…
§
Representatives of the pawnbroker industry shall poll their members annually to gather data relating…
§
Every pawnbroker shall produce his or her records of loans and all pledged property, for inspection …
§
Whenever any property is taken from a pawnbroker by a peace officer which is alleged to be stolen pr…
§
(a) Notwithstanding the provisions of Chapter 12 (commencing with Section 1407) of Title 10 of Part …
§
No pawnbroker shall receive anything in pledge from any person who is a minor.
§
A pawnbroker shall comply with the reporting requirements imposed on secondhand dealers under Articl…
§
The violation of any provision of this chapter under circumstances where a person knows or should ha…
§
(a) The chief of police, the sheriff, or, where appropriate, the police commission shall accept an a…
§
(a) The chief of police, the sheriff, or, where appropriate, the police commission shall accept an a…
§
It is unlawful for any person who is not duly licensed under this section to act as a pawnbroker or …
§
(a) A license granted pursuant to Section 21300 shall be renewable the second year from the date of …
§
It is unlawful for any person to advertise his or her services as a pawnbroker, or to use any words …
§
The district attorney or the Attorney General, in the name of the people of the State of California,…
§
(a) As a condition precedent to the issuance or renewal of a pawnbroker’s license the applicant shal…
§
(a) On and after January 1, 2026, as a condition precedent to issuing a new pawnbroker’s license, th…
§
(a) As a condition precedent to the issuing of a pawnbroker’s license, the applicant shall file with…
§
A license issued pursuant to this chapter shall not be transferred or assigned.
§
A pawnbroker licensed under Section 21300 is exempt from the licensing requirements under Sections 2…
§
Except as otherwise specifically provided, the violation of any provision of this chapter under circ…
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This chapter shall be known, and may be cited, as the Pawnbroker Education Act.
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The Legislature finds and declares all of the following: (a) Pawnbroker businesses provide a valuabl…
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(a) The California Pawnbroker Education Council is hereby established to carry out the responsibilit…
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(a) The council shall, on or before January 1, 2026, develop and establish a standard course and cur…
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(a) Individuals, entities, agencies, and associations that propose to offer educational courses that…
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(a) Beginning on January 1, 2026, the council shall issue a certificate to an applicant for a pawnbr…
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Nothing in this chapter authorizes the council to approve, deny, revoke, or suspend a license issued…
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This chapter shall remain in effect only until January 1, 2029, and as of that date is repealed.
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This division is known and may be cited as the “California Financing Law.”
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(a) This division shall be liberally construed and applied to promote its underlying purposes and po…
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To accomplish its underlying purposes and policies, this division creates a class of exempt persons …
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Unless the context otherwise requires, the definitions given in this article govern the construction…
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“Assessment contract” means an agreement entered into between all property owners of record on real …
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“Assessment contract” means an agreement entered into between all property owners of record on real …
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“Broker” includes any person who is engaged in the business of negotiating or performing any act as …
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“Commissioner” means the Commissioner of Financial Protection and Innovation.
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As used in this division, the terms “security interest,” “accounts,” “chattel paper,” “documents,” “…
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(a) “Licensee” means any finance lender, broker, or program administrator who receives a license in …
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“Person” means an individual, a corporation, a partnership, a limited liability company, a joint ven…
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“Finance lender” includes any person who is engaged in the business of making consumer loans or maki…
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(a) “Finance lender,” “broker,” and “program administrator” do not include employees regularly emplo…
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A “regulatory ceiling provision” is a statement in a section or subdivision that specifies an origin…
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(a) “Branch office license” means a license to engage in business as a finance lender or broker at a…
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(a) “Mortgage loan originator” means an individual who, for compensation or gain, or in the expectat…
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(a) A loan processor or underwriter who does not represent to the public, through advertising or oth…
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“PACE assessment” means a voluntary contractual assessment, voluntary special tax, or special tax, a…
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“PACE program” means a program in which financing is provided for the installation of efficiency imp…
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(a) “PACE solicitor” means a person authorized by a program administrator to solicit a property owne…
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(a) “Program administrator” means a person administering a PACE program on behalf of, and with the w…
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“Property owner” means all property owners of record on the property subject to the PACE assessment.
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“Efficiency improvement” means one or more permanent improvements fixed to real property financed th…
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“Public agency” means a city, including a charter city, county, city and county, municipal utility d…
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(a) This division does not apply to any person doing business under any law of any state or of the U…
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This division does not apply to any person who makes no more than one loan in a 12-month period if t…
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This division does not apply to the following: (a) Any nonprofit cooperative association organized u…
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This division does not apply to any loan of credit made by a person not licensed under this division…
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In any proceeding under this law, the burden of proving an exemption is upon the person claiming it.
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This division does not apply to bona fide conditional contracts of sale involving the disposition of…
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This division does not apply to premium financing as defined in Section 18563.
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This division does not apply to the California Infrastructure and Economic Development Bank, any pro…
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This division does not apply to any loan that is made or arranged by any person licensed as a real e…
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This division does not apply to any cemetery broker licensed under the Cemetery Act (Chapter 19 (com…
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A license to act as a broker under this division does not authorize the licensee to negotiate or per…
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This division does not apply to a loan made or arranged by a licensed residential mortgage lender or…
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(a) This division does not apply to any nonprofit church extension fund. (b) For purposes of this se…
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(a) This division does not apply to either of the following: (1) A commercial bridge loan made by a …
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(a) This division does not apply to a franchise loan made by a franchisor to a franchisee or a subfr…
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(a) This division does not apply to the following: (1) A program-related investment defined in subse…
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(a) Persons not subject to this division may apply to the commissioner for an exempt company registr…
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(a) The Legislature finds and declares that nonprofit organizations have an important role to play i…
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(a) On or before July 1 of each year, the commissioner shall post a report on the department’s inter…
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(a) The exemptions and exclusions in this article are not applicable to a person engaged in business…
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(a) No person shall engage in the business of a finance lender or broker without obtaining a license…
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(a) A person shall not engage in the business of a program administrator without obtaining a license…
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(a) An application for a license as a finance lender, broker, or program administrator under this di…
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(a) The commissioner shall submit to the Department of Justice fingerprint images and related inform…
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(a) A finance lender, broker, or program administrator licensee seeking to engage in business at a n…
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(a) At the time of filing the application for a finance lender, broker, program administrator, or br…
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(a) The applicant shall file with the application for a finance lender, broker, or program administr…
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(a) Upon the filing of an application pursuant to Section 22101 and the payment of the fees, the com…
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(a) An applicant for a mortgage loan originator license shall apply by submitting the uniform form p…
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(a) The commissioner is authorized to establish relationships or contracts with the Nationwide Mortg…
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(a) Except as otherwise provided in Section 1512 of the SAFE Act, the requirements under any federal…
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The commissioner shall regularly report violations of this division, as well as enforcement actions …
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(a) The finance lender, broker, or program administrator license shall state the name of the license…
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(a) Each finance lender, broker, or program administrator licensee shall pay to the commissioner its…
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(a) The commissioner may by rule require licensees to file, at the times that he or she may specify,…
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(a) Upon reasonable notice and opportunity to be heard, the commissioner may deny the application fo…
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(a) The commissioner shall deny an application for a mortgage loan originator license unless the com…
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(a) An applicant for a mortgage loan originator license shall complete at least 20 hours of educatio…
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(a) An applicant for a mortgage loan originator license shall pass a qualified written test develope…
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(a) A mortgage loan originator shall comply with the requirements of this section on or before Decem…
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(a) A licensed mortgage loan originator shall complete at least eight hours of continuing education …
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In addition to any other duties imposed upon the commissioner by law, the commissioner shall require…
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The proceedings for a denial of a license shall be conducted in accordance with Chapter 5 (commencin…
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All money paid or collected under this division shall be deposited in the State Treasury to the cred…
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(a) A licensee shall maintain a surety bond in accordance with this subdivision in a minimum amount …
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The commissioner may make general rules and regulations and specific rulings, demands, and findings …
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(a) A finance lender license, broker license, program administrator license, and the license of ever…
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(a) A finance lender, broker, or program administrator licensee shall maintain only one place of bus…
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(a) If a finance lender, broker, or program administrator licensee seeks to change its place of busi…
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(a) Subject to Section 22157.1, a licensee shall not conduct the business of making loans or adminis…
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Subject to Section 22157.1, a finance lender, broker, mortgage loan originator, or program administr…
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(a) Finance lender, broker, program administrator, and mortgage loan originator licensees shall keep…
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(a) Finance lender, broker, and mortgage loan originator licensees shall preserve their books, accou…
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(a) For purposes of this section: (1) “Encrypted” has the same meaning as provided in paragraph (4) …
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Nothing contained in Sections 22156 and 22157 shall require the maintenance or preservation of origi…
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(a) Each finance lender, broker, and program administrator licensee shall file an annual report with…
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(a) The commissioner may, as the commissioner deems necessary, require licensees to provide reports …
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The commissioner shall make and file annually with the Department of Financial Protection and Innova…
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(a) A person subject to this division shall not do any of the following: (1) Make a materially false…
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(a) A finance lender, broker, or mortgage loan originator licensee shall not place an advertisement …
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(a) The commissioner may require that rates of charge, if stated by a licensee, be stated fully and …
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(a) If any person engaged in the business regulated by this division refers in any advertising to ra…
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No advertising copy shall be used after its use has been disapproved by the commissioner and the lic…
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The commissioner may require licensees to maintain a file of all advertising copy for a period of tw…
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A licensed finance lender may act as a broker as defined in Section 22004 at its licensed place of b…
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(a) The commissioner may, after appropriate notice and opportunity for hearing, suspend for a period…
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(a) The commissioner may, after appropriate notice and opportunity for hearing, by order, censure or…
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(a) It is unlawful for any person to knowingly alter, destroy, mutilate, conceal, cover up, falsify,…
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(a) The commissioner shall apply the guidance on nontraditional mortgage product risks published on …
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(a) The commissioner may do one or more of the following: (1) Deny, suspend, revoke, condition, or d…
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“Charges” include the aggregate interest, fees, bonuses, commissions, brokerage, discounts, expenses…
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“Charges” include any profit or advantage of any kind that a licensee may contract for, collect, rec…
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“Charges” do not include any of the following: (a) Commissions received as a licensed insurance agen…
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“Consumer loan” means a loan, whether secured by either real or personal property, or both, or unsec…
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(a) In addition to the definition of consumer loan in Section 22203, a “consumer loan” also means a …
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(a) The following sections do not apply to any loan of a bona fide principal amount of ten thousand …
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Any section that refers to this section does not apply to any loan of the bona fide principal amount…
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This chapter does not apply to a program administrator or a PACE solicitor.
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No licensee shall directly or indirectly charge, contract for, or receive any interest or charge of …
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(a) No licensee shall directly or indirectly charge, contract for, or receive any interest or charge…
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(a) Section 1670.5 of the Civil Code applies to the provisions of a loan contract that is subject to…
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Every licensee who lends any sum of money may contract for and receive charges at a rate not exceedi…
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As an alternative to the charges authorized by Section 22303, a licensee may contract for and receiv…
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(a) For any loan of a bona fide principal amount of at least two thousand five hundred dollars ($2,5…
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In addition to the charges authorized by Section 22303, 22304, or 22304.5, a licensee may contract f…
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No amount in excess of that allowed by this article shall be directly or indirectly charged, contrac…
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(a) Except as provided in Section 22305 and Article 4 (commencing with Section 22400), all charges o…
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A licensee shall not charge, impose, or receive any penalty for the prepayment of a loan. This secti…
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Notwithstanding Section 22307, a licensee may contract for and receive charges on the unpaid princip…
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Except as provided in Section 22305 and Article 4 (commencing with Section 22400), no charges on loa…
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(a) Except for a rebate or refund pursuant to any administrative, civil, or criminal action, or any …
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No person in connection with or incidental to the making of any loan regulated by this division may …
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No person in connection with or incidental to the making of a loan shall require the borrower to ent…
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Insurance on tangible personal or real property offered as security shall not be deemed to be a coll…
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(a) Credit insurance shall not be deemed to be a collateral sale, purchase, or agreement within the …
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(a) Credit disability insurance written pursuant to Section 22314 shall not provide indemnity agains…
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A licensee may collect the cost of a lot book report purchased in lieu of the title insurance provid…
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On any loan made that is secured by real property, an appraisal fee not to exceed the actual cost of…
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(a) A licensee may collect a fee for use of an automated valuation model result prepared by a third …
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On any loan secured by real property, a licensee may not do either of the following: (a) Fail to dis…
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On any loan made that is secured by real property, an escrow fee of a reasonable amount may be charg…
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On any loan that is secured by real property, the fee to be paid to the trustee for reconveyance of …
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With respect to a loan under this division, a fee not to exceed fifteen dollars ($15) for the return…
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(a) A licensee may contract for and receive a delinquency fee not in excess of one of the following …
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If credit loss-of-income insurance is provided pursuant to this division, it shall be subject to the…
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A loan lawfully made outside the state may be enforced in this state as to the unpaid principal bala…
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Any person who collects or attempts to collect in this state the unpaid principal balance of a loan …
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Any person who contracts for or negotiates in this state a loan to be made outside the state for the…
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Every licensee shall display prominently in each licensed place of business a full and accurate sche…
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No person, except as authorized by this division, shall directly or indirectly charge, contract for,…
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No licensee shall knowingly induce any borrower to split up or divide any loan with any other licens…
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(a) This section applies to a loan secured in whole or in part by a lien on a motor vehicle as defin…
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(a) This section applies to a loan secured in whole or in part by a lien on a motor vehicle as defin…
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A licensee, or the agent of a licensee, that has received a notice pursuant to Section 7507.6 of the…
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No licensee shall take a deed of trust, mortgage, or lien upon real property as security for any loa…
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No licensee shall take any confession of judgment or any power of attorney, except a power of attorn…
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No licensee shall take any note or promise to pay that does not accurately disclose the actual amoun…
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No licensee shall take any instrument in which blanks are left to be filled in after execution.
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(a) Except as provided in subdivision (b), a licensee shall not enter into any contract for a loan t…
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The payment by any person in money, credit, goods, or things in action as consideration for any sale…
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This article does not prohibit any licensee from contracting for, collecting, or receiving the follo…
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Each licensed finance lender shall: (a) Deliver or cause to be delivered to the borrower, or any one…
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Each licensed broker shall: (a) Deliver to the borrower, or any one thereof, at the time the final n…
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Nothing contained in this article shall be construed to deny to any licensee hereunder the right of …
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(a) A licensee may sell promissory notes evidencing the obligation to repay loans made by the licens…
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(a) A licensee that is a finance lender may sell to (1) an institutional lender, or (2) an instituti…
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(a) No licensee may make a loan to refinance a retail installment contract subject to Chapter 1 (com…
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(a) As used in this section, “instant loan check” or “live check” means any loan or extension of cre…
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(a) Any person who violates any provision of Section 987 of Title 10 of the United States Code, as a…
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Any licensee that violates any provision of any of the following federal acts or regulations violate…
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The unique identifier of any licensed mortgage loan originator shall be clearly shown on all residen…
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(a) The Pilot Program for Increased Access to Responsible Small Dollar Loans is hereby established. …
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(a) Any entity licensed under this chapter that wishes to participate in the program, that is in goo…
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Every entity approved by the commissioner to participate in the program shall file with the commissi…
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Except as otherwise provided, nothing in this article shall exempt any licensee from any of the prov…
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No licensee may offer or make a loan, nor impose any charges or fees pursuant to Section 22370, nor …
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(a) A loan made pursuant to this section shall comply with the following requirements: (1) The loan …
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(a) A licensee who is approved by the commissioner to participate in the program may use the service…
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(a) A finder may perform one or more of the following services for a licensee at the finder’s physic…
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(a) At the time the finder receives or processes an application for a program loan, the finder shall…
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(a) A finder may be compensated by the licensee pursuant to the written agreement between the licens…
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A licensee that utilizes the service of a finder shall do all of the following: (a) Notify the commi…
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All arrangements between a licensee and a finder shall be set forth in a written agreement between t…
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(a) The commissioner may examine the operations of each licensee and each finder to ensure that the …
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Notwithstanding the requirements of Section 22102 and its implementing regulations, a licensee accep…
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(a) Notwithstanding any other law, the commissioner shall examine each licensee that is accepted int…
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(a) On or before July 1, 2015, and annually on or before July 1, 2017, to July 1, 2026, inclusive, t…
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(a) The Pilot Program for Affordable Credit-Building Opportunities as described in Article 3.5 (comm…
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This article shall remain in effect only until January 1, 2028, and as of that date is repealed.
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This article applies only to loan contracts payable in substantially equal and consecutive monthly i…
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With respect to precomputed loans, licensees shall be subject only to, comply only with, and derive …
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When charges on a loan of an original bona fide principal amount of five thousand ($5,000) or more h…
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As used in this division, “open-end credit program” means a licensee’s plan for making open-end loan…
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If an open-end credit program is not primarily for the purpose of purchasing or leasing goods or ser…
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Subject to the written approval of the commissioner of the licensee’s plan of business for making op…
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The minimum monthly payment shall be determined by any of the following: (a) The amount calculated b…
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On open-end loans, the licensee may contract for and receive the fees, costs, and expenses permitted…
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(a) In lieu of subdivisions (b), (c), (d), (e), and (f) of Section 22314, with respect to open-end l…
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Section 22309 shall apply to open-end loans with the following variations: (a) To comply with Sectio…
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In lieu of Section 22332, the open-end loan agreement shall contain the name, address, and license n…
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In lieu of subdivision (a) of Section 22337, with respect to open-end loans, except in the case of a…
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Subdivision (e) of Section 22337 shall not apply to an open-end loan that has no balance outstanding…
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Section 22333 shall not apply to a change in terms of an open-end loan if notice is given to the bor…
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Subdivision (a) of Section 22151, Sections 22154 and 22325, and subdivision (b) of Section 22337 sha…
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The payment of fees for participation in an open-end credit program, the acceptance by a borrower of…
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Nothing in this article limits the authority of the commissioner to disapprove advertising with resp…
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This article does not apply to loans other than open-end loans.
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Section 22400 does not apply to open-end loans.
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An open-end loan is in compliance with Section 22330 if it is an open-end loan of a bona fide princi…
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(a) Any section that refers to this section or that is subject to Section 22251 does not apply to an…
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(a) (1) Upon the request of a person who has obtained a police report pursuant to Section 530.6 of t…
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“Charges” include the aggregate interest, fees, bonuses, commissions, brokerage, discounts, expenses…
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“Charges” do not include commissions received as a licensed insurance agent or broker.
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“Commercial loan” means a loan of a principal amount of five thousand dollars ($5,000) or more, or a…
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Sections 22152, 22154, 22155, 22163, and 22164 do not apply to any commercial loan of a bona fide pr…
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In determining whether a loan is a loan of a bona fide principal amount of the specified amount or m…
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This chapter does not apply to a program administrator or a PACE solicitor.
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(a) A licensee may sell promissory notes evidencing the obligation to repay loans made by the licens…
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(a) A licensee that is a finance lender may sell to (1) an institutional lender, or (2) an instituti…
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With respect to a loan under this division, a fee not to exceed fifteen dollars ($15) for the return…
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(a) A licensee that is a finance lender may pay compensation to a person that is not licensed pursua…
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A licensee that is a finance lender shall provide a prospective borrower who has been referred by an…
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(a) Any person that receives compensation in connection with a referral, as described in Section 226…
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As used in this division, “open-end credit program” means a licensee’s plan for making open-end loan…
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(a) A person shall not engage in the business of a PACE solicitor unless that person is enrolled wit…
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(a) A program administrator shall establish and maintain a training program for PACE solicitor agent…
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(a) A program administrator shall, in the manner prescribed by the commissioner, timely notify the c…
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A program administrator shall develop and implement policies and procedures for responding to questi…
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A program administrator shall not execute an assessment contract, and no work shall commence under a…
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(a) A program administrator shall derive market value using one of the following: (1) Automated valu…
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A program administrator shall not execute an assessment contract, and no work shall commence under a…
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(a) A program administrator shall determine before executing an assessment contract, and no work sha…
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A program administrator shall be subject to all provisions of the California Financial Information P…
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(a) A program administrator shall not permit a PACE solicitor to do any of the following: (1) Solici…
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(a) A program administrator is subject to an inspection, examination, or investigation in accordance…
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(a) The department shall maintain, on its Internet Web site, the identities of enrolled PACE solicit…
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The commissioner may by any rules he or she deems necessary or appropriate in the public interest or…
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(a) The commissioner shall require a program administrator to submit the following information in th…
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(a) The commissioner may, by rule, require a program administrator to use a real-time registry or da…
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This chapter does not apply to a finance lender, mortgage loan originator, or broker licensee, unles…
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(a) A violation of this chapter by any person is not subject to the criminal penalties established p…
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Except as provided in Sections 22684, 22685, 22686, 22687, 22688, and 22695, this chapter shall beco…
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This chapter does not preclude or reduce any rights and remedies established under any other laws.
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(a) Finance lender, broker, and program administrator licenses issued under this division shall rema…
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(a) For the purpose of discovering violations of this division or securing information required by h…
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In making any examination or investigation, the commissioner may, for a reasonable time not to excee…
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The officers, employees, partners, directors, and stockholders may inspect and examine the books, ac…
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The power of investigation and examination by the commissioner is not terminated by the surrender, s…
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Whenever the commissioner deems it necessary for the general welfare of the public, he or she has co…
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(a) For any licensee, a disciplinary action taken by the State of California, another state, an agen…
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The commissioner may require the attendance of witnesses and examine under oath all persons whose te…
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(a) The cost of each examination of a licensee or a person subject to this division shall be paid to…
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(a) If, upon inspection, examination, or investigation, the commissioner has cause to believe that a…
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After an examination, investigation, or hearing under this division, if the commissioner deems it of…
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The commissioner may require the production for examination in this state of all books, records, and…
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The commissioner may upon three days’ notice and a hearing, suspend any license for a period not exc…
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Any licensee may surrender any license by delivering to the commissioner written notice that the lic…
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(a) Whenever, in the opinion of the commissioner, any person is engaged or has engaged in business a…
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(a) Whenever the commissioner believes from evidence satisfactory to the commissioner that any perso…
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(a) The commissioner shall suspend or revoke any license, upon notice and reasonable opportunity to …
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(a) The commissioner may by order summarily suspend or revoke the license of any licensee if that pe…
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(a) The revocation, suspension, expiration, or surrender of any license does not impair or affect th…
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Except in cases in which the time for setting the hearing is shortened as provided in this division,…
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Every order, decision, license, or other official act of the commissioner is subject to judicial rev…
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(a) If any amount other than, or in excess of, the charges permitted by this division is willfully c…
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(a) If any amount other than or in excess of the charges permitted by this division is charged or co…
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(a) If any provision of this division is violated in the making or collection of a loan, for any rea…
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Except as provided in Section 22696, any person who willfully violates any provision of this divisio…
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No provision imposing liability under this division, including the provisions of subdivision (a) of …
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It is a violation of this division for a mortgage loan originator to do any of the following: (a) Di…
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Notwithstanding any other law, any application for licensure, amendment to the application or regist…
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A finance lender, broker, or mortgage loan originator licensed under this division shall not pay any…
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This article does not apply to a program administrator or a PACE solicitor.
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Except as provided in Section 22696, any person who willfully violates any provision of this divisio…
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A violation of Division 9.5 (commencing with Section 22800) by a licensee shall constitute a violati…
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For purposes of this division: (a) “Account” means a right to a payment of a monetary obligation. (b…
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This division does not apply to any of the following: (a) A provider that is a depository institutio…
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(a) A provider subject to this division shall disclose all of the information in subdivision (b) or …
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As an alternative to the disclosures required in subdivision (b) of Section 22802, a provider who of…
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(a) The commissioner shall adopt regulations governing the disclosures described in paragraphs (1) t…
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No provision of this division imposes any liability on a provider as a result of the actual Annual P…
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(a) A provider shall not use the term “interest” or “rate” in a deceptive way that could reasonably …
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(a) A violation of this division by a person licensed under the California Financing Law (Division 9…
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This division shall be known and may be cited as the “California Deferred Deposit Transaction Law.”
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As used in this division, the following terms have the following meanings: (a) “Deferred deposit tra…
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(a) A person shall not offer, originate, or make a deferred deposit transaction, arrange a deferred …
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At the time of filing the application, the applicant shall pay to the commissioner the sum of one hu…
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The applicant shall file with the application financial statements prepared in accordance with gener…
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Upon the filing of an application pursuant to Section 23005 and the payment of fees pursuant to Sect…
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The license shall state the name of the licensee, and if the licensee is a partnership, the names of…
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The commissioner may by regulation require licensees to file, at the times that the commissioner may…
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(a) Upon reasonable notice and the opportunity to be heard, the commissioner may deny the applicatio…
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(a) The commissioner may, after appropriate notice and opportunity for hearing, by order, censure or…
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The proceedings for denial of a license shall be conducted in accordance with Chapter 5 (commencing …
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(a) A licensee shall maintain a surety bond in accordance with this subdivision in the amount of twe…
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In any proceeding under this division, the burden of proving an exemption or exception is upon the p…
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The commissioner may make general rules and regulations and specific rulings, demands, and findings …
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(a) It is unlawful for any person to knowingly alter, destroy, mutilate, conceal, cover up, falsify,…
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(a) (1) Each licensee shall pay to the commissioner its pro rata share of all costs and expenses rea…
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All money paid or collected under this division shall be deposited in the State Treasury to the cred…
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(a) A license, along with any currently effective order of the commissioner approving a different na…
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Every licensee shall post a complete, detailed, and unambiguous schedule of fees. The information re…
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A licensee shall maintain only one place of business under an original or amended license issued pur…
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(a) If a licensee desires to change its place of business to a street address other than that design…
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No licensee shall transact the business licensed or make any transaction provided for by this divisi…
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Each licensee shall keep and use books, accounts, and records that will enable the commissioner to d…
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The department shall maintain a toll-free telephone number for deferred deposit transaction customer…
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On or before March 15 of each year, beginning March 2006, each licensee shall file an annual report …
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(a) No licensee shall advertise, print, display, publish, distribute, or broadcast, or cause or perm…
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(a) A licensee may defer the deposit of a customer’s personal check for up to 31 days, pursuant to t…
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(a) A fee for a deferred deposit transaction shall not exceed 15 percent of the face amount of the c…
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In no case shall a licensee do any of the following: (a) Accept or use the same check for a subseque…
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(a) Any person who violates any provision of Section 987 of Title 10 of the United States Code, as a…
§
(a) Licenses issued under this division remain in effect until they are surrendered, revoked, or sus…
§
(a) For the purpose of discovering violations of this division or securing information required by t…
§
(a) In making any examination or investigation, the commissioner may, for a reasonable time not to e…
§
(a) The commissioner may require the attendance of witnesses and examine under oath all persons whos…
§
After an examination, investigation, or hearing under this division, if the commissioner deems it of…
§
Whenever, in the opinion of the commissioner, any person is engaged in the business of deferred depo…
§
(a) Whenever the commissioner believes from evidence satisfactory to the commissioner that any perso…
§
The commissioner may suspend or revoke any license, upon notice and reasonable opportunity to be hea…
§
The commissioner may by order summarily suspend or revoke the license of any licensee if that person…
§
The revocation, suspension, expiration, or surrender of any license does not impair or affect the ob…
§
The proceedings under this article shall be conducted in accordance with Chapter 5 (commencing with …
§
Every order, decision, license, or other official act of the commissioner is subject to judicial rev…
§
(a) If, upon inspection, examination or investigation, based upon a complaint or otherwise, the depa…
§
(a) If any amount other than, or in excess of, the charges or fees permitted by this division is wil…
§
(a) If any amount other than, or in excess of, the charges permitted by this division is charged, co…
§
(a) If any provision of this division is violated in the making or collection of a deferred deposit …
§
No provision imposing liability under this division, including the provisions of subdivision (a) of …
§
Any person who is injured by any violation of this division may bring an action for the recovery of …
§
The rights, remedies, and penalties established by this division are cumulative to the rights, remed…
§
Any person, including a partner or officer of an entity that is a licensee, who willfully violates a…
§
(a) The Legislature finds and declares that it is in the public interest for the administration and …
§
The Commissioner of Financial Protection and Innovation and the Department of Financial Protection a…
§
The Department of Financial Protection and Innovation may use the unexpended balance of funds availa…
§
All officers and employees of the Department of Justice who, on the operative date of this division,…
§
The Department of Financial Protection and Innovation shall have possession and control of all recor…
§
(a) Check cashers that hold a valid permit prior to January 1, 2003, issued pursuant to Section 1789…
§
Regulations of the commissioner adopted prior to June 30, 2003, to implement this division shall be …
§
The deferred deposits made pursuant to a permit issued under Section 1789.37 of the Civil Code prior…
§
It is the intent of the Legislature that this division shall be administered and enforced with suffi…
§
Except as provided in this article, the provisions of this division shall become effective on Januar…
§
The provisions of this division are severable. If any provision of this division or its application …
§
This division creates and authorizes an exempt class of persons pursuant to Section 1 of Article XV …
§
(a) There is hereby established in the State Treasury the Financial Empowerment Fund. Notwithstandin…
§
(a) The Commissioner of the Department of Financial Protection and Innovation shall administer an ap…
§
(a) This division shall remain in effect only until January 1, 2030, and as of that date is repealed…
§
Insurance companies, personal finance companies, mortgage companies, mortgage insurance companies, b…
§
Insurance companies, personal finance companies, mortgage companies, mortgage insurance companies, b…
§
Insurance companies, personal finance companies, mortgage companies, or mortgage insurance companies…
§
Insurance companies, personal finance companies, mortgage companies, mortgage insurance companies, b…
§
No law of this State, prescribing the nature, amount or form of security or requiring security upon …
§
Wherever, by statute of this State, collateral is required as security for the deposit of public or …
§
(a) Pursuant to the authority contained in Section 1 of Article XV of the State Constitution, and su…
§
This division shall not apply to community colleges.
§
This division may be known and cited as the “Student Loan Servicing Act.”
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(a) No person shall engage in the business of servicing a student loan in this state without first o…
§
For the purposes of this division, the following terms have the following meanings: (a) “Applicant” …
§
(a) The commissioner shall administer the provisions of this division and may promulgate rules and r…
§
(a) The commissioner shall have the authority to conduct investigations and examinations of an appli…
§
(a) Notwithstanding any other law, the commissioner may by rule or order prescribe circumstances und…
§
(a) The commissioner may require an applicant for a student loan servicer license or a student loan …
§
An applicant shall apply for a license by submitting all of the following to the commissioner: (a) A…
§
(a) The commissioner shall submit to the Department of Justice fingerprint images and related inform…
§
(a) Upon the filing of an application for a license pursuant to Section 28112 and the payment of the…
§
(a) Before an applicant is issued a license, the applicant shall file with the commissioner, in such…
§
The commissioner shall, when the application is complete, including having received the information …
§
(a) The proceedings for a denial of a license shall be conducted in accordance with Chapter 5 (comme…
§
(a) The commissioner may deem an application for a license abandoned if the applicant fails to respo…
§
A license shall remain effective until the license is either suspended or revoked by the commissione…
§
(a) The commissioner is authorized to establish relationships or contracts with the Nationwide Multi…
§
(a) Except as otherwise provided in Section 1512 of the SAFE Act (12 U.S.C. Sec. 5111(a)), the requi…
§
The commissioner shall report regularly violations of this division, as well as enforcement actions …
§
(a) A licensee shall notify the commissioner, in writing, of any change in the information provided …
§
(a) A licensee seeking to engage in the business of servicing student loans at a new location shall …
§
A licensee shall do all of the following: (a) Develop policies and procedures reasonably intended to…
§
(a) A licensee shall not be required to comply with the requirements of subdivision (g) of Section 2…
§
Notwithstanding subdivision (b) of Section 28134 and unless prohibited by federal law, a licensee sh…
§
(a) A licensee shall continuously maintain a minimum net worth of at least two hundred fifty thousan…
§
(a) A licensee shall maintain a surety bond in accordance with this section in a minimum amount of t…
§
(a) Each licensee shall pay to the commissioner its pro rata share of all costs and expenses reasona…
§
(a) A licensee shall file an annual report with the commissioner, on or before the 15th day of March…
§
(a) At the end of the licensee’s fiscal year, but in no case more than 12 months after the last audi…
§
A licensee that ceases to service student loans to borrowers shall inform the commissioner in writin…
§
(a) As often as the commissioner deems necessary and appropriate, but at least once every 36 months,…
§
The commissioner may require persons who are not expressly excluded from this division under subdivi…
§
In any proceeding under this division, the burden of proving an exemption or an exception from a def…
§
(a) If a licensee fails to do either of the following, the commissioner shall impose a penalty in a …
§
(a) The commissioner may, after appropriate notice and opportunity for hearing, by order, censure or…
§
If, after investigation, the commissioner has reasonable grounds to believe that a licensee is condu…
§
Whenever, in the opinion of the commissioner, a person is engaged in the business of servicing stude…
§
If, after investigation, the commissioner has reasonable grounds to believe that a licensee is faili…
§
(a) No order issued pursuant to this chapter may become final except after notice to the affected li…
§
The commissioner may issue an order suspending or revoking a license if, after notice and an opportu…
§
(a) If, after investigation, the commissioner has reasonable grounds to believe that a person has en…
§
(a) If, upon inspection, examination or investigation, based upon a complaint or otherwise, the depa…
§
(a) Any person who violates a provision of this division, or any rule or order under this division, …
§
(a) The commissioner may refer the evidence that is available concerning any violation of this divis…
§
All hearings provided for in this division shall be conducted in accordance with the provisions of C…
§
If any provision of this division or the application thereof to any person or circumstances is held …
§
The rights and remedies provided in this division are in addition to any other rights and remedies p…
§
This division shall become operative on July 1, 2018. The commissioner may take any necessary action…
§
As used in this division, “premium financing” means engaging in the business of advancing money, dir…
§
As used in this division, “finance charge” means any amount which the insured agrees to pay in exces…
§
As used in this division, “premium finance agreement” means a loan contract, note, agreement, or obl…
§
Any person engaged in premium financing may pay compensation to a licensed insurance agent or broker…
§
This division is known and may be cited as the “Securities Depository Law.”
§
Unless the context otherwise requires, the definitions set forth in this chapter govern the construc…
§
“Commissioner” means the Commissioner of Financial Protection and Innovation.
§
“Person” means, in addition to the singular, persons, group of persons, cooperative, association, co…
§
“Securities depository” means any person or group of persons who acts as the custodian of securities…
§
This division does not apply to: (a) A securities depository which is operated by a corporation, all…
§
The commissioner may establish such rules and regulations as are reasonable or necessary to carry ou…
§
It shall be unlawful for any person to operate a securities depository within this state, or to soli…
§
A securities depository shall only be operated by a corportion: (a) At least 90 percent of the capit…
§
The commisioner shall charge and collect the following fees: (a) For filing an application for a sec…
§
All money received by the commissioner shall be paid by him or her into the State Treasury to the cr…
§
An application for a securities depository license shall be signed and verified by an authorized off…
§
Upon the receipt of a proper and complete application for license, and all required fees, the commis…
§
The commissioner may refuse to issue any license being applied for, and shall refuse to issue any li…
§
No licensee, or any other person, shall solicit deposits of securities or otherwise conduct the busi…
§
A securities depository license is not transferable or assignable. Further, no license may be acquir…
§
Any person who operates a securities depository, or solicits holders of securities within this state…
§
Every person subject to this division shall keep and use in its business, books, accounts, and recor…
§
The business, accounts and records of every person licensed under this division are subject to inspe…
§
The actual cost of every inspection and examination shall be paid to the commissioner by the person …
§
(a) Every person subject to this division shall submit to the commissioner, at such person’s own exp…
§
If any person subject to this division fails to make any report required by law or by the commission…
§
If the commissioner, as a result of any examination or from any report made to him, shall find that …
§
Whenever in the opinion of the commissioner any person required by this division to be licensed is e…
§
The commissioner may from time to time make, amend, and rescind such rules, forms, and orders as are…
§
(a) It is unlawful for any person to knowingly alter, destroy, mutilate, conceal, cover up, falsify,…
§
A security depository license remains in effect until surrendered, revoked or suspended.
§
If the commissioner has reason to believe that a licensed securities depository has violated its art…
§
If any licensed securities depository fails to make any report required by law or by the commissione…
§
If it appears to the commissioner that any licensed securities depository located within this state …
§
An order issued pursuant to Section 30601 or 30603 shall require the licensed securities depository …
§
The licensed securities depository has 10 days after an order is made final in which to commence act…
§
(a) If a securities depository fails to comply with a final order and has not secured a court order …
§
The commissioner may commence and prosecute actions and proceedings to enjoin violations of this div…
§
The commissioner may, after notice and a reasonable opportunity to be heard, suspend, revoke, or dec…
§
(a) The commissioner may, after appropriate notice and opportunity for hearing, by order, censure or…
§
The commissioner, and all persons designated by him, may administer oaths, take the testimony of wit…
§
All of the provisions of Chapter 2 (commencing with Section 1985), Title 3, Part 4 of the Code of Ci…
§
The authority to make or conduct any examination, investigation, or hearing, including the authority…
§
All hearings provided for in this division shall be conducted in accordance with the provisions of C…
§
Every order, decision, license or other official act of the commissioner is subject to review, in ac…
§
This division shall be known and may be cited as the “Business and Industrial Development Corporatio…
§
This division shall be liberally construed to accomplish its purposes.
§
No provision of this division imposing any liability applies to any act committed in good faith in c…
§
In this division, unless otherwise expressly provided: (a) A reference to a statute or to a regulati…
§
Except as otherwise provided in Chapter 14 (commencing with Section 31950) of this division: (a) The…
§
If any provision of this division or the application thereof to any person or circumstances is held …
§
The Legislature finds all of the following: (a) That it is necessary to increase job opportunities i…
§
(a) The purposes of this division are: (1) To provide for the licensing and regulation of business a…
§
Subject to additional definitions contained in this division which are applicable to specific provis…
§
“Act” includes omission.
§
“Affiliate”, when used with respect to a specified person, means any person (other than a natural pe…
§
“Business day” means any day other than (a) Saturday, (b) Sunday, and(c) any other day which is spec…
§
“Business firm” means any person which transacts business on a regular and continual basis, with res…
§
“Business firm in another state” means both of the following: (a) Any person which transacts busines…
§
“Business firm in this state” means: (a) Any person which transacts business on a regular and contin…
§
“California corporation” means: (a) Any corporation organized under the General Corporation Law (Div…
§
“California nonprofit corporation” means any corporation organized under the Nonprofit Corporation L…
§
“Control”, when used with respect to a specified person, means possession, direct or indirect, of th…
§
“Controlling person”, when used with respect to a specified person, means any person who controls su…
§
“Corporate name” means the name of a corporation as set forth in the articles of incorporation of su…
§
“Financial institution” means any commercial bank, trust company, savings and loan association, cred…
§
“Insolvent”, when used with respect to any person, means a person who has ceased to pay his debts in…
§
To “issue”, when used with respect to any regulation or order, includes to adopt, amend, repeal, or …
§
“License” means a license issued under this division authorizing a California corporation to transac…
§
“Licensee” means a California corporation which is licensed under this division.
§
“Officer” means: (a) When used with respect to a corporation, any person appointed or designated as …
§
“Order” means any approval, consent, authorization, exemption, denial, prohibition, or requirement a…
§
“Parent,” when used with respect to a specified person other than a natural person, means any person…
§
“Person” means any natural person, proprietorship, joint venture, partnership, trust, business trust…
§
“Principal shareholder”, when used with respect to a corporation, means any person who owns, directl…
§
To “provide financing assistance” to a person includes: (a) To lend money or otherwise extend credit…
§
To “provide management assistance” to a person includes: (a) To provide management or technical advi…
§
“Regulation” means any published regulation, rule, or standard of general application issued by the …
§
“Security” has the meaning set forth in Section 25019 of the Corporations Code.
§
“Subsidiary”, when used with respect to a specified person other than a natural person, means any pe…
§
“Commissioner” means the Commissioner of Financial Protection and Innovation, or other person to who…
§
“Voting power” has the meaning set forth in Corporations Code Section 194.5.
§
The commissioner shall administer the provisions of this division.
§
(a) The commissioner may from time to time issue such regulations and orders as are in his or her op…
§
Whenever the commissioner issues an order or license under this division, he or she may impose such …
§
Every final order, decision, license, or other official act of the commissioner under this division …
§
In any proceeding under this division: (a) The burden of proving that an application should be appro…
§
No provision of this division shall be construed to require by implication that the commissioner hol…
§
No provision of this division shall be construed to require by implication that the commissioner mak…
§
Any application filed with the commissioner under this division or under any regulation or order iss…
§
In determining whether to approve any application filed under this division or under any regulation …
§
The commissioner may honor applications from interested persons for interpretive opinions regarding …
§
(a) The commissioner may (1) make such public or private investigations within or outside this state…
§
The commissioner may provide information relating to a licensee to the Small Business Administration…
§
Notwithstanding the fact that the commissioner permits any licensee, any affiliate of a licensee, or…
§
The commissioner may refer such evidence as is available concerning any violation of this division o…
§
Before any applicant for a license is issued a license, such applicant and each parent and subsidiar…
§
Whenever any person, including any nonresident of this state, engages in conduct prohibited or made …
§
(a) Fees shall be paid to, and collected by, the commissioner, as follows: (1) The fee for filing wi…
§
(a) Except as otherwise provided in subdivision (b), no person transacting business in this state, o…
§
No person other than a California corporation may apply for or be issued a license.
§
If the commissioner finds all of the following with respect to an application for a license, the com…
§
(a) For purposes of Section 31152, the commissioner may find: (1) That a director, officer, or contr…
§
Before any applicant for a license is issued a license, each person which is a parent or subsidiary …
§
Whenever any application for a license has been approved and all conditions precedent to the issuanc…
§
No license shall be transferable or assignable.
§
Each licensee shall post its license in a conspicuous place at its head office.
§
No licensee shall represent that it is sponsored, recommended, or approved by, or that its abilities…
§
(a) The fact that a California corporation is licensed under any law other than this division shall …
§
The corporate name of each licensee shall include the phrase “California business and industrial dev…
§
No licensee shall, except with the prior approval of the commissioner, transact business under any n…
§
The board of directors of each licensee shall consist of not less than five directors.
§
The board of directors of each licensee shall hold a meeting not less frequently than once each cale…
§
Notwithstanding any other law of this state, but subject to the provisions of Section 31550: (a) Any…
§
In this article, “distribution to its shareholders” has the meaning set forth in Corporations Code S…
§
No licensee shall, except with the prior approval of the commissioner, make, or obligate itself to m…
§
If the commissioner finds, with respect to an application for approval for a licensee to make, or to…
§
Notwithstanding the provisions of Section 31232, unless an application for approval for a licensee t…
§
Each licensee shall maintain its head office in this state.
§
No licensee shall maintain an office at any place outside this state.
§
Each office of a licensee shall be located in a place which is reasonably accessible to the public a…
§
Each licensee shall post in a conspicuous place at each of its offices a sign which bears the corpor…
§
Each licensee shall maintain telephone service at each of its offices and shall maintain a telephone…
§
Each licensee shall maintain at each of its offices personnel who are competent to conduct the busin…
§
(a) No licensee shall relocate its head office without the prior approval of the commissioner. (b) N…
§
If the commissioner finds, with respect to an application by a licensee for approval to relocate its…
§
(a) Each licensee shall transact its business in a safe and sound manner and shall maintain itself i…
§
No licensee shall engage in any business other than one or more of the following: (a) The business o…
§
Each licensee shall use its best efforts: (a) To provide financing assistance to business firms in t…
§
(a) Except as provided in subdivision (b), no licensee shall provide financing assistance or managem…
§
Except as otherwise provided in subdivision (b) of Section 31403, no licensee shall provide financin…
§
Except as otherwise provided in subdivisions (b), (c), and (d) of Section 31406: (a) No licensee sha…
§
No licensee shall, either by itself or in concert with any of its directors, officers, principal sha…
§
No licensee shall, except with the prior approval of the commissioner, guarantee the debt of any oth…
§
No licensee shall, except with the prior approval of the commissioner, provide a lien or security in…
§
This section creates and authorizes an exempt class of persons pursuant to Section 1 of Article XV o…
§
Each licensee shall adopt as its fiscal year the period from July 1st to and including the following…
§
Each licensee shall make and keep such books, accounts, and other records in such form and in such m…
§
No licensee shall, except with the prior approval of the commissioner, enter or carry on its books o…
§
The commissioner may by order require a licensee to write down any asset on its books and records to…
§
Each licensee shall, not more than 90 days after the close of each of its fiscal years or within suc…
§
Each licensee, each director, officer, and employee of a licensee, and each parent and subsidiary of…
§
(a) The commissioner shall examine each licensee not less frequently than once each calendar year. (…
§
(a) No licensee shall, except with the prior approval of the commissioner, cause or permit any other…
§
The commissioner may publish any report filed with him or her under this division or under any regul…
§
No person shall, except with the prior approval of the commissioner, acquire control of a licensee.
§
If the commissioner finds, with respect to an application for approval to acquire control of a licen…
§
(a) For purposes of Section 31551, the commissioner may find: (1) That an applicant or a director or…
§
The commissioner may, by such regulations or orders as he or she deems necessary and appropriate, ei…
§
In this chapter: (a) “Acquiring licensee” means: (1) In the case of a merger, the licensee which is …
§
No licensee shall merge with any other corporation unless: (a) In case such licensee is the survivin…
§
No licensee shall purchase all or substantially all of the business of any other person unless such …
§
No licensee shall sell all or substantially all of its business to any other person unless such othe…
§
If the commissioner finds, with respect to an application for approval of a merger, purchase, or sal…
§
The commissioner may, by such regulations or orders as he or she deems necessary and appropriate, ei…
§
Any licensee may surrender its license by filing with the commissioner such license and a report whi…
§
(a) Except as otherwise provided in subdivision (b), a voluntary surrender of a license shall be eff…
§
It shall be unlawful for any person willfully to make any untrue statement of a material fact in any…
§
It shall be unlawful for any person having custody of any of the books, accounts, or other records o…
§
It shall be unlawful for any person, with intent to deceive any director, officer, employee, auditor…
§
In this article, unless the context otherwise requires: (a) “Adviser,” when used with respect to a l…
§
(a) The commissioner may, by such regulations or orders as he or she deems necessary and appropriate…
§
It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance to an…
§
(a) It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance t…
§
It shall be unlawful for any licensee or for any associate of a licensee, directly or indirectly, to…
§
It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance to di…
§
It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance for t…
§
It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance to an…
§
It shall be unlawful for any associate of a licensee, directly or indirectly, to receive from any pe…
§
It shall be unlawful for any licensee, directly or indirectly, to sell or otherwise transfer any of …
§
Any person who violates any provision of this chapter shall upon conviction be fined not more than t…
§
Nothing in this division limits the power of the state to punish any person for any act which consti…
§
If, after notice and a hearing, the commissioner finds that any person has violated any provision of…
§
The provisions of Section 31900 are additional to, and not alternative to, other provisions of this …
§
In this chapter: (a) “Member” has the meaning set forth in the old law. (b) “Old corporation” means …
§
Except as otherwise provided in Sections 31004 and 31952, the provisions of the General Corporation …
§
In case any old corporation has, on the effective date of this division, any members: (a) The old la…
§
This division shall be known and may be cited as the “State Assistance Fund for Enterprise Act of 19…
§
In this division, unless the context otherwise requires: (a) A reference to a statute or to a regula…
§
If any provision of this division or the application thereof to any person or circumstances is held …
§
The purposes of this division are the following: (a) To enhance the availability of financial assist…
§
Subject to additional definitions contained in Division 15 (commencing with Section 31000) and this …
§
“Alternative energy system” means any device or combination of devices which conserves or produces h…
§
“Conventional energy fuel” means any fuel derived from petroleum deposits, including but not limited…
§
“Small business” means a business defined as an eligible small business as set forth in Section 121.…
§
“State Controller” means the State Controller or any person to whom the State Controller delegates t…
§
“Rules Committee” means the rules committee of the State Senate or any person to whom the rules comm…
§
“Speaker” means the Speaker of the State Assembly or any person to whom the Speaker of the Assembly …
§
“Corporation” means the State Assistance Fund for Enterprise Business and Industrial Development Cor…
§
“Energy Commission” means the State Energy Resources Conservation and Development Commission.
§
“ Alternative energy business firm” means any small business engaged primarily in the business of th…
§
“Board” means the board of directors of the corporation.
§
“President” means the president of the corporation.
§
“Finance officer” means the director of the finance division of the corporation.
§
“Governor” means the Governor of the State of California or any person to whom the Governor of the S…
§
“Savings-investment ratio” means an analysis of the proposed system in which energy cost savings are…
§
“Life cycle cost analysis” means an analysis of a proposed system in which all costs and benefits ar…
§
“Minimum economic feasibility” means that the net savings or benefits of an investment exceed the ne…
§
“Special projects” means any financing assistance or other program undertaken by the corporation pur…
§
The Legislature hereby authorizes the creation of a nonprofit corporation pursuant to the provisions…
§
Except as otherwise provided in this division: (a) The Nonprofit Corporation Law shall apply to the …
§
The name of this corporation shall be: State Assistance Fund for Enterprise, Business and Industrial…
§
Except as provided in Sections 32325 and 32352.5, the board of directors of the corporation shall co…
§
(a) The official members of the board shall be: (1) A member of the Governor’s cabinet, or his or he…
§
(a) The terms of official members of the board shall coincide with their official terms of office, e…
§
(a) The directors selected and appointed by the Governor, Rules Committee, and Speaker shall meet th…
§
(a) The official directors shall serve without compensation, except that they shall be reimbursed fo…
§
If the corporation becomes a federal Community Development Financial Institution (CDFI), in addition…
§
The board of directors of the corporation shall establish a loan committee, which shall review, rank…
§
The management of the corporation shall be conducted by the board of directors, subject to the follo…
§
The operations of the corporation shall be directed by the president of the corporation, who shall b…
§
The corporation shall adopt bylaws, which shall include provisions governing the election of officer…
§
(a) The corporation may appoint such agents and employees as it requires, and determine their qualif…
§
The corporation shall not provide financing assistance to any business firm in this state unless suc…
§
The corporation shall (a) be empowered to do and perform all acts contemplated for a business and in…
§
(a) If the corporation becomes a small business development corporation pursuant to Section 32352, t…
§
The financial accounts and records of the corporation shall be kept by the finance officer according…
§
The corporation shall adopt as its fiscal year the period from July 1st to and including the followi…
§
In addition to other accounts the board may establish, the financial accounts of the corporation sha…
§
Except as otherwise provided for in this division, all funds received by the corporation shall be de…
§
Beginning with the fiscal year which begins July 1, 1982, and each fiscal year thereafter, the board…
§
In this article “trust fund” means the government guaranteed securities trust fund of the corporatio…
§
The finance officer shall place into the trust fund all securities held by the corporation which car…
§
According to policies and regulations which the board shall adopt, the finance officer shall use his…
§
The proceeds of the sale of government guaranteed securities shall be allocated to the accounts of t…
§
(a) The finance officer shall not execute any loan that is not: (1) Approved for guarantee by the Sm…
§
The corporation shall not provide financing assistance on any application, except for any applicatio…
§
The corporation is authorized to accept any public or private financial grant in furtherance of the …
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The board may consider and adopt rules for the acceptance and disbursement of grants, provided, howe…
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The corporation may participate with any federal or state governmental agency, department, board, bu…
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The corporation may develop and implement a program to assist private financial institutions, to eva…
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Notwithstanding any other provision of this division, loans or other financing programs undertaken b…
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The Controller shall establish, maintain, and administer a separate account within the General Fund …
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The name of this account shall be the “State Enterprise Loan Fund,” which fund shall be continuously…
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The Controller shall transfer into the fund from the General Fund and from the Energy Resources Prog…
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The Controller shall disburse moneys from the fund to the corporation subject to the provisions of t…
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The Controller shall deposit in the fund all moneys received from the corporation in repayment of th…
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The corporation is authorized to borrow money from the fund, subject to the following terms and cond…
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Upon approval of the corporation to exercise the powers of a small business development corporation …
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The corporation shall make application in writing to the Controller for loans from the fund.
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Within five working days after receipt of an application from the corporation for a loan from the fu…
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If the Controller finds either subdivision (a) or (b) of Section 32822 to be the case, the Controlle…
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It is the intent of the Legislature that a financial institution shall not transfer funds from a dep…
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In accordance with the implied contract existing between a financial institution and its depositor, …
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This division will be known and may be cited as the California Residential Mortgage Lending Act.
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Unless the context otherwise requires, the definitions in this chapter apply throughout this divisio…
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(a) No person shall engage in the business of making residential mortgage loans or servicing residen…
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(a) Every licensee engaging in the business of making, servicing, or making and servicing residentia…
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(a) “Annual audit” means a certified audit of the licensee’s books, records, and systems of internal…
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(a) “Mortgage loan originator” means an individual who, for compensation or gain, or in the expectat…
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(a) A loan processor or underwriter who does not represent to the public, through advertising or oth…
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“Fraud,” “deceit,” and “defraud” are not limited to common law fraud or deceit.
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This division creates and authorizes a class of exempt persons pursuant to Section 1 of Article XV o…
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No person subject to this law shall use in its name “bank,” “trust,” “trustee,” “loan association,” …
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(a) A residential mortgage lender shall file an application for licensure under this chapter with th…
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The commissioner shall issue a residential mortgage lender license upon the satisfaction of all of t…
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(a) Except as provided in Section 50120, the information provided on an application for a residentia…
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(a) A residential mortgage lender license shall remain in effect until suspended, surrendered, or re…
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(a) A residential mortgage lender or servicer shall do all of the following: (1) Maintain staff adeq…
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The commissioner may refuse to issue a residential mortgage lender or servicer license if any of the…
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(a) Upon reasonable notice and opportunity to be heard, the commissioner may deny an application for…
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The proceedings for a denial of a license shall be conducted in accordance with Chapter 5 (commencin…
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As used in this act, the term “principal officer” means an officer with direct responsibility for th…
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(a) A residential mortgage lender or servicer licensed under this chapter may, under the authority o…
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(a) A mortgage servicer shall file an application for licensure under this chapter with the commissi…
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(a) An applicant for a license as a mortgage loan originator shall apply by submitting the uniform f…
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(a) The commissioner shall deny an application for a mortgage loan originator license unless the com…
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(a) An applicant for a mortgage loan originator license shall complete at least 20 hours of educatio…
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(a) An applicant for a mortgage loan originator license shall pass a qualified written test develope…
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(a) A mortgage loan originator shall comply with the requirements of this section on or before Decem…
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(a) A licensed mortgage loan originator shall complete at least eight hours of continuing education …
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In addition to any other duties imposed upon the commissioner by law, the commissioner shall require…
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(a) The commissioner is authorized to establish relationships or contracts with the Nationwide Mortg…
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(a) Except as otherwise provided in Section 1512 of the SAFE Act, the requirements under any federal…
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The commissioner shall report regularly violations of this division, as well as enforcement actions …
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(a) At the end of the licensee’s fiscal year, but in no case more than 12 months after the last audi…
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(a) A licensee issued a license for purposes of making or servicing residential mortgage loans, incl…
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(a) Escrow funds for a purpose authorized by the residential mortgage loan contract (1) shall be sub…
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(a) A licensee may not require a borrower to pay fees or charges prior to the residential mortgage l…
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A licensee may not do any of the following: (a) Disburse the mortgage loan proceeds in a form other …
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(a) A residential mortgage lender or servicer licensee shall maintain a surety bond in accordance wi…
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(a) Prior to a change of control of the business of a licensee, the person wishing to acquire contro…
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(a) A license, along with any currently effective order of the commissioner approving use of a diffe…
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The license shall state the name of the licensee. If the licensee is a partnership, the license shal…
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The unique identifier of any licensed mortgage loan originator shall be clearly shown on all residen…
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Without limitation, the functions, powers, and duties of the commissioner include the following: (a)…
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(a) As often as the commissioner deems necessary and appropriate, but at least once every 48 months,…
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Neither the commissioner nor any employee of the Department of Financial Protection and Innovation s…
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The commissioner may, from time to time, make, amend, and rescind the rules, forms, and orders that …
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Upon written request from the commissioner, a licensee shall forward authorization to release workpa…
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The commissioner may order a licensee that opens a branch office in this state or changes its busine…
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(a) Each residential mortgage lender or servicer licensee shall file a report with the commissioner …
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The commissioner may, as the commissioner deems necessary, require licensees to provide reports conc…
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The commissioner may require a licensee that employs one or more mortgage loan originators to submit…
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If any person engaged in the business regulated by this division refers in any advertising to rates …
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The commissioner may require licensees to maintain a file of all advertising copy for a period of 90…
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Nothing in this law shall preclude a person, other than a mortgage loan originator, whose license ha…
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Nothing in this law shall preclude a person whose license has been suspended or revoked, summarily o…
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The commissioner, in his or her discretion, may honor requests from interested persons for interpret…
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In any proceeding under this law, the burden of proving an exemption or an exception from a definiti…
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(a) Every person subject to this division shall keep documents and records that will properly enable…
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(a) The commissioner may refer the evidence that is available concerning any violation of this law o…
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(a) For any licensee, a disciplinary action taken by the State of California, another state, any age…
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Notwithstanding any other law, any application for licensure, amendment to the application or regist…
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(a) Any person who has been convicted of, or pleaded nolo contendere to any crime specified in subdi…
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(a) The commissioner may, after appropriate notice and opportunity for hearing, by order censure or …
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(a) If the commissioner, as a result of any examination or from any report made to him or her, shall…
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Whenever, in the opinion of the commissioner, a person is engaged, either actually or through subter…
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If, after investigation, the commissioner has reasonable grounds to believe that any licensee is vio…
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If, after investigation, the commissioner has reasonable grounds to believe that any licensee is con…
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(a) No order issued pursuant to Section 50321 or 50322 may become final except after notice to the a…
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(a) If, after investigation, the commissioner has reasonable grounds to believe that any person has …
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The commissioner may immediately revoke the residential mortgage lender’s, residential mortgage loan…
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If any licensee fails to do any of the following, the licensee shall forfeit to the people of the st…
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(a) The commissioner may, after notice and a reasonable opportunity to be heard, deny, decline to re…
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Except in the case of an exempt person, whenever the commissioner deems it to be necessary for the p…
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(a) In making an investigation or examination authorized by this division, the commissioner may, for…
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The authority to make or conduct any examination or investigation may be delegated by the commission…
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All hearings provided for in this division shall be conducted in accordance with the provisions of C…
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Every order, decision, license, or other official act of the commissioner is subject to review, in a…
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(a) The commissioner shall apply the guidance on nontraditional mortgage product risks published on …
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The commissioner has the authority to levy assessments for the support of this part as provided for …
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(a) In addition to other fees and reimbursements required to be paid under this division, each resid…
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Notwithstanding subdivision (a) of Section 50401, if the commissioner determines that the charges an…
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Any person who willfully violates any provision of this division, or any rule or order under this di…
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(a) Any person who violates a provision of this division, or any rule or order under this division, …
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(a) If, upon inspection, examination, or investigation, the commissioner has cause to believe that a…
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It is a violation of this division for any person to make any untrue statement of a material fact in…
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(a) It is a violation for any person subject to this law or any director, partner, shareholder contr…
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(a) If an amount other than or in excess of the charges permitted by this division is willfully char…
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Any person who violates any provision of any of the following federal acts or regulations violates t…
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Any director, officer, partner, trustee, or employee of a licensee, its holding company, or its affi…
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Any director, officer, partner, trustee, or employee of a licensee, its holding company, or its affi…
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Any director, officer, partner, trustee, or employee of a licensee, its holding company, or its affi…
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Any officer, director, partner, trustee, or employee of any entity who abstracts or misapplies any o…
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Nothing in this chapter shall be construed to authorize a criminal prosecution for a violation of a …
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The commissioner may, subject to the requirements of subdivisions (b), (c), and (d) of Section 50318…
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(a) It is unlawful for any person to knowingly alter, destroy, mutilate, conceal, cover up, falsify,…
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(a) The commissioner may do one or more of the following: (1) Deny, suspend, revoke, condition, or d…
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(a) A residential mortgage lender, or a person or employee acting under the authority of a residenti…
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(a) As soon as practical after a borrower requests that the residential mortgage lender licensee arr…
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(a) The annual report required by Section 50401(a) shall include both of the following: (1) The numb…
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Notwithstanding Section 10248.3 of the Business and Professions Code, the provisions of Article 7 (c…
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(a) Except as provided in subdivision (b), the commissioner has primary regulatory jurisdiction over…
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As used in this division, the following terms shall have the following meanings: (a) “Client” means …
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(a) A person who engages in business as an exchange facilitator shall notify all existing exchange c…
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(a) A person who engages in business as an exchange facilitator shall at all times comply with one o…
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Any person claiming to have sustained damage by reason of the failure of a person engaging in busine…
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(a) A person who engages in business as an exchange facilitator shall at all times comply with eithe…
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(a) A person who engages in business as an exchange facilitator shall have the responsibility to act…
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A person engaged in business as an exchange facilitator shall not do any of the following: (a) Make …
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A person who violates this division is subject to civil suit in a court of competent jurisdiction.
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For purposes of this division, “fund” means the California Financial Literacy Fund.
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(a) The California Financial Literacy Fund is hereby established in the State Treasury. The fund sha…
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The Controller may accept private donations and deposit those donations into the fund, which shall b…
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The Controller may convene a financial literacy advisory committee to provide additional oversight o…
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Beginning in 2013, the Controller shall provide to the respective chairpersons of the Assembly Commi…
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(a) The Legislature finds and declares that “Bank on California” is a voluntary collaborative initia…
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For purposes of this division, the following terms shall have the following meanings: (a) “Departmen…
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(a) The Legislature finds and declares all of the following: (1) California consumers are vulnerable…
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This division shall be known, and may be cited, as the “California Consumer Financial Protection Law…
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(a) This division shall not apply to a licensee, or an employee of a licensee, of any state agency o…
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(a) It is unlawful for a covered person or service provider, as defined in subdivision (f) of Sectio…
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(a) In addition to the prohibitions contained in Section 1102.5 of the Labor Code, a covered person …
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The definitions in this section apply throughout this division, except as otherwise provided in this…
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(a) The department shall regulate the offering and provision of consumer financial products or servi…
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With respect to funds under this division: (a) All moneys collected or received by the commissioner …
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(a) The department shall, by rule, establish reasonable procedures to provide a timely response to c…
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(a) (1) The department may prescribe rules regarding registration requirements applicable to a cover…
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(a) Notwithstanding paragraph (1) of subdivision (a) of Section 90009, the department shall promulga…
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(a) This section shall apply to any covered person who meets any of the following conditions: (1) Of…
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The commissioner and the department shall have all the investigatory and subpoena powers set forth i…
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With respect to the enforcement powers of the commissioner and the department under this division, a…
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The department may bring a civil action in accordance with the following: (a) If a person violates a…
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The following limitations apply to actions brought under this division: (a) Except as otherwise perm…
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(a) The department may conduct hearings and adjudication proceedings with respect to any person in o…
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The commissioner shall not outsource or delegate enforcement authority under this division to a priv…
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In regard to cooperation with the Attorney General, the following provisions apply: (a) The departme…
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(a) The commissioner shall prepare and publish on the department’s internet website an annual report…
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(a) The provisions of this division shall be liberally construed to effectuate its purposes. (b) The…
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This division shall be known, and may be cited, as the Debt Collection Licensing Act.
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(a) The commissioner shall allow any debt collector that submits an application before January 1, 20…
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No county, city, or other political subdivision within this state shall require a debt collector to …
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(a) No person shall engage in the business of debt collection in this state without first obtaining …
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For purposes of this division, the following terms have the following meanings: (a) “Applicant” mean…
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(a) The commissioner shall administer this division and may adopt rules and regulations, and issue o…
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(a) The proceedings for a revocation of a license shall be conducted in accordance with Chapter 5 (c…
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(a) Notwithstanding any law the commissioner shall have the authority to conduct investigations and …
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(a) If, in the opinion of the commissioner, a person who is required to be licensed under this divis…
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(a) Notwithstanding any law, the commissioner may by rule or order prescribe circumstances under whi…
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(a) The commissioner may require an applicant for a license to make some or all of the filings with …
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(a) The Debt Collection Licensing Fund is hereby established within the state treasury. (b) All lice…
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An applicant shall apply for a license by submitting all of the following to the commissioner: (a) A…
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(a) The commissioner shall require a background investigation of each applicant by means of a Federa…
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(a) (1) Upon the filing of an application for a license pursuant to Section 100007 and the payment o…
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(a) When the application is complete, including the information from the Department of Justice, and …
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(a) The proceedings for a denial of a license shall be conducted in accordance with Chapter 5 (comme…
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(a) The commissioner may deem an application for a license abandoned if the applicant fails to respo…
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A license shall remain effective until the license is either suspended or revoked by the commissione…
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(a) The commissioner is authorized to establish relationships or contracts with the Nationwide Multi…
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(a) Except as otherwise provided in Section 1512 of the SAFE Act (12 U.S.C. Sec. 5111(a)), the requi…
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The commissioner shall report regularly violations of this division, as well as enforcement actions …
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(a) A licensee shall notify the commissioner, in writing, of any change in the information provided …
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A licensee shall do all of the following: (a) Develop policies and procedures reasonably intended to…
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(a) Each licensee shall pay to the commissioner its pro rata share of all costs and expenses reasona…
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(a) A licensee shall file an annual report with the commissioner, on or before March 15, that contai…
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A licensee that ceases to engage in debt collection shall inform the commissioner in writing and sur…
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(a) As often as the commissioner deems necessary and appropriate, the commissioner shall examine the…
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(a) There is within the Department of Financial Protection and Innovation, a Debt Collection Advisor…
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For purposes of this division, the following definitions apply: (a) “Ammunition” has the same meanin…
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(a) By July 1, 2024, a payment card network shall make the merchant category code for firearms and a…
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(a) The Attorney General has exclusive authority to enforce this division. (b) Not later than the 30…