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Financial Code - FIN - FIN § 1470

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 1470

(a) In this article and in Article 4 (commencing with Section 1710) of Chapter 19, “affiliate,” when used with respect to a specified person, means any person controlling, controlled by, or under common control with, the specified person, directly or indirectly, through one or mo

Financial Code - FIN - FIN § 14700

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14700

Every credit union shall create and maintain a regular reserve as specified by the commissioner.

Financial Code - FIN - FIN § 14701

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14701

Losses incurred by a credit union may be charged to its regular reserve as permitted by rule of the commissioner.

Financial Code - FIN - FIN § 14702

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14702

In addition to the regular reserve, special reserves shall be established when required by regulation or when found necessary by the board of directors of the credit union or by the commissioner.

Financial Code - FIN - FIN § 14703

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14703

A credit union shall establish and maintain an allowance-for-loan-losses account in accordance with generally accepted accounting principles. The commissioner may order the credit union to increase the amount of its allowance-for-loan-losses account if the commissioner finds that

Financial Code - FIN - FIN § 1471

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 1471

(a) Subject to the limitations and exceptions in Sections 1481 and 1510, a bank may hold both obligations made by a person, and securities issued by that same person. (b) The total amount of obligations and securities held by a bank pursuant to subdivision (a) shall not exceed 25

Financial Code - FIN - FIN § 1472

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 1472

Subject to prior approval by the commissioner and to any limitations the commissioner may impose, the limitations in Sections 1471, 1481, and 1510 shall not apply to loans made by a bank to, and the bank’s investments in securities of, its regulated corporations.

Financial Code - FIN - FIN § 1473

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 1473

Sections 1481 and 1510 shall not apply to investments held by a bank prior to January 1, 2009. All authorizations regarding investments by a bank issued by the commissioner prior to January 1, 2009, are terminated.

Financial Code - FIN - FIN § 14750

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14750

Except as provided in Section 14950, any officer, director, member of a committee of a credit union, loan officer appointed pursuant to Section 14602, or employee who knowingly permits the creation of an obligation with, or participates in the creation of an obligation with, a no

Financial Code - FIN - FIN § 14751

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14751

Any officer, director, member of a committee, credit manager, or loan officer appointed pursuant to Section 14602 who violates Section 14750 is primarily liable to the credit union for the amount of any obligation that was created in violation of Section 14750. The illegality of

Financial Code - FIN - FIN § 14752

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14752

Except as provided for in Section 14051 and this article, any person who willfully violates any provision of this division, or who willfully violates any rule or order issued pursuant to this division, shall upon conviction be fined not more than ten thousand dollars ($10,000) or

Financial Code - FIN - FIN § 14753

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14753

Any director, officer, or employee of a credit union who asks for, receives, or agrees to receive any money, property, or thing of value for his personal benefit or advantage for (a) procuring or attempting to procure for any person any loan from that credit union, (b) for the pu

Financial Code - FIN - FIN § 14754

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14754

Any director, officer, or employee of a credit union who knowingly overdraws his or her account with that credit union, except for any overdraft pursuant to an agreement which is approved in advance as provided in Section 14603 and which is in conformity with Section 15050, is gu

Financial Code - FIN - FIN § 14755

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14755

Any director, officer, agent, or employee of any credit union who knowingly receives or possesses the credit union’s property otherwise than in payment of a just demand with intent to defraud, omits to make or omits to cause to be made a full and true entry thereof in the credit

Financial Code - FIN - FIN § 14756

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14756

Any director, officer, agent, or employee of a credit union who (1) knowingly concurs in making or publishing any written report, exhibit, or statement of the credit union’s affairs or financial condition containing any material statement which is false, or (2) having the custody

Financial Code - FIN - FIN § 14758

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14758

Any director, officer, or employee of a credit union who makes or maintains, or attempts to make or maintain, a deposit of the credit union’s funds with any other person on the condition or with the understanding, whether express or implied, that the person receiving that deposit

Financial Code - FIN - FIN § 14759

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14759

Any officer, director, employee, or agent of any credit union who willfully makes a false or untrue entry in any book, record, report, statement concerning the business or affairs of the credit union, or statement of condition or in connection with any transaction of the credit u

Financial Code - FIN - FIN § 14760

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14760

(a) Every director of a credit union is guilty of a misdemeanor who: (1) In case of the fraudulent insolvency of that credit union, has participated in the fraud; or (2) Willfully does any act in his or her capacity as director which is expressly forbidden by law or willfully omi

Financial Code - FIN - FIN § 14761

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14761

Any officer or agent of any credit union who makes or delivers any guaranty or endorsement on behalf of the credit union whereby the credit union may become liable upon any of the credit union’s discounted notes, bills, or obligations in a sum beyond the amount of loans and disco

Financial Code - FIN - FIN § 14762

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14762

A director of a credit union who concurs in any vote or act of the directors of the credit union by which it is intended to make a loan or discount to any director of the credit union exceeding the amount allowed by law, is guilty of a misdemeanor.

Financial Code - FIN - FIN § 14763

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14763

Any officer or employee of any credit union who intentionally conceals from the directors of the credit union any discounts or loans made by the credit union between the regular meetings of its board of directors, or intentionally conceals the purchase of any securities or the sa

Financial Code - FIN - FIN § 14764

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14764

No credit union shall purchase any real or personal property or any interest in real or personal property, including, but not limited to, a leasehold, or any contract arising from the sale of real or personal property or any note or bond in which any officer, director, or employe

Financial Code - FIN - FIN § 14765

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14765

(a) An officer, as described in Section 14500, a director, or an employee of a credit union shall not purchase, directly or indirectly, or be interested in the purchase of, any of the credit union’s assets for an amount less than the then current market value. Every person who vi

Financial Code - FIN - FIN § 14766

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14766

(a) An officer, as described in Section 14500, a director, or an employee of a credit union shall not purchase, directly or indirectly, or be interested in the purchase of, any of the credit union’s obligations for an amount less than the book value thereof, unless all the direct

Financial Code - FIN - FIN § 14767

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 14767

It is unlawful for any person willfully to make any untrue statement of a material fact in any document filed with the commissioner under this division, or willfully to omit to state in any document any material fact which is required to be stated therein.