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Financial Code - FIN - FIN § 1400
Financial Code - FIN - FIN § 1400
A bank account by or in the name of a minor shall be held for the exclusive right and benefit of such minor and shall be paid to such minor or to his order and payment so made is a valid release and discharge to the bank for such deposit or any part thereof.
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Financial Code - FIN - FIN § 14000
Financial Code - FIN - FIN § 14000
This division shall be known as the “California Credit Union Law.”
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Financial Code - FIN - FIN § 14001
Financial Code - FIN - FIN § 14001
The definitions given in this division govern the construction of this division unless the context otherwise requires.
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Financial Code - FIN - FIN § 14001.1
Financial Code - FIN - FIN § 14001.1
This division is applicable to any person, other than a federal credit union engaging in the business of a credit union in this state. For purposes of this division, “person” shall have the meaning set forth in Section 5065 of the Corporations Code.
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Financial Code - FIN - FIN § 14001.5
Financial Code - FIN - FIN § 14001.5
If and to the extent that any provision of this division is preempted by federal law, the provision shall not apply and shall not be enforced.
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Financial Code - FIN - FIN § 14002
Financial Code - FIN - FIN § 14002
A credit union is a cooperative, organized for the purposes of promoting thrift and savings among its members, creating a source of credit for them at rates of interest set by the board of directors, and providing an opportunity for them to use and control their own money on a de
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Financial Code - FIN - FIN § 14002.5
Financial Code - FIN - FIN § 14002.5
(a) Except as provided in subdivision (b), all provisions of law applicable to nonprofit mutual benefit corporations generally (including, but not limited to, the Nonprofit Mutual Benefit Corporation Law (Part 3 (commencing with Section 7110) of Division 2 of Title 1 of the Corpo
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Financial Code - FIN - FIN § 14003
Financial Code - FIN - FIN § 14003
“Commissioner” means the Commissioner of Financial Protection and Innovation.
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Financial Code - FIN - FIN § 14004
Financial Code - FIN - FIN § 14004
“Impaired capital” means that the losses or projected losses of a credit union are such that the book value of a member’s share is reduced below 100 percent of the monetary amount of that share when initially purchased plus any accumulated dividends.
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Financial Code - FIN - FIN § 14005
Financial Code - FIN - FIN § 14005
Unless otherwise defined in this division, “insolvent” means a credit union has ceased to pay its debts in the ordinary course of business, or cannot pay its debts as they become due, or is insolvent within the meaning of the federal bankruptcy law.
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Financial Code - FIN - FIN § 14006
Financial Code - FIN - FIN § 14006
“Credit manager” means a natural person approved by the board of directors and employed by a credit union to supervise the lending activities of the credit union in accordance with the loan policies established by the board of directors and consistent with the applicable state an
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Financial Code - FIN - FIN § 14007
Financial Code - FIN - FIN § 14007
“Obligation” means any contractual obligation to the credit union for money borrowed or credit extended or guaranteed from its members, including, but not limited to, loans, lines of credit, agreements to extend credit, and lease agreements.
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Financial Code - FIN - FIN § 1401
Financial Code - FIN - FIN § 1401
A bank account by or in the name of a married person shall be held for the exclusive right and benefit of the person, shall be free from the control or lien of any other person except a creditor, and shall be paid to the person or to the order of the person, and payment so made i
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Financial Code - FIN - FIN § 1402
Financial Code - FIN - FIN § 1402
A bank account that is a multiple-party account as defined in Section 5132 of the Probate Code is governed by Part 2 (commencing with Section 5100) of Division 5 of the Probate Code.
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Financial Code - FIN - FIN § 1403
Financial Code - FIN - FIN § 1403
No bank, directly or indirectly, by any device whatever, shall pay any interest on any demand deposit except to the extent that the payment of interest on demand deposits is permitted to member banks of the Federal Reserve System or to banks whose deposits are insured by the Fede
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Financial Code - FIN - FIN § 1404
Financial Code - FIN - FIN § 1404
Notwithstanding Section 10145 of the Business and Professions Code or any other provision of law, but subject to the limitations of Section 854, benefits accruing from the placement in a noninterest bearing account of a financial institution of funds received by a real estate bro
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Financial Code - FIN - FIN § 1405
Financial Code - FIN - FIN § 1405
(a) Notwithstanding Section 10145 of the Business and Professions Code or any other provision of law, benefits accruing from the placement in an interest bearing account of a financial institution of funds received by a real estate broker, as defined in Section 10131 of the Busin
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Financial Code - FIN - FIN § 14050
Financial Code - FIN - FIN § 14050
The use by any person, other than those authorized by this division, of any name or title which contains the phrase “credit union,” is a misdemeanor. Nonprofit associations, which are formed for the mutual benefit and protection of credit unions, by credit unions organized under
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Financial Code - FIN - FIN § 14051
Financial Code - FIN - FIN § 14051
Any person who willfully and knowingly makes, circulates, or transmits to another or others any statement or rumor, written, printed or by word of mouth, which is untrue in facts and is directly or by inference derogatory to the financial condition or affects the solvency or fina
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Financial Code - FIN - FIN § 14052
Financial Code - FIN - FIN § 14052
In addition to the powers enumerated in this division, every credit union has the general powers conferred upon corporations by the Nonprofit Mutual Benefit Corporation Law of this state unless restricted by this division.
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Financial Code - FIN - FIN § 14053
Financial Code - FIN - FIN § 14053
(a) For purposes of this section, the following definitions apply: (1) “Fee” means a nonsufficient funds fee or an overdraft fee. (2) “Nonsufficient funds fee” means a fee resulting from the initiation of a transaction that exceeds the member’s available account balance if the me
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Financial Code - FIN - FIN § 1406
Financial Code - FIN - FIN § 1406
(a) In this section: (1) “Creditor” includes, but is not limited to, a depositor. (2) “Insolvency,” when used with respect to a bank, means that the bank is unable to pay its debts as they come due. (b) This section does not apply to any of the following: (1) Any transaction auth
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Financial Code - FIN - FIN § 1407
Financial Code - FIN - FIN § 1407
An overdraft of more than 90 days standing shall not be allowed as an asset of any bank.
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Financial Code - FIN - FIN § 1408
Financial Code - FIN - FIN § 1408
A bank may act as a depositary, paying agent, trustee, or fiscal agent for the holding or handling of public funds or securities notwithstanding the fact that a member of the legislative body or an officer or employee of the depositor is an officer, employee, or stockholder of su