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Financial Code - FIN - FIN § 1491
Financial Code - FIN - FIN § 1491
No loan shall be made by any commercial bank upon the securities of one or more corporations, the payment of which loan is undertaken, in whole or in part, severally, but not jointly, by two or more persons in any of the following circumstances: (a) If the borrowers or underwrite
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Financial Code - FIN - FIN § 1492
Financial Code - FIN - FIN § 1492
Nothing in this chapter restricts a commercial bank in taking any lien on or pledge of any property as additional security for a loan already made in good faith.
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Financial Code - FIN - FIN § 1493
Financial Code - FIN - FIN § 1493
A commercial bank holding a first lien on real property may take, or purchase and hold, or loan upon another and immediately junior lien but all such loans shall not exceed in the aggregate 90 percent of the sound market value of the property as determined by proper appraisal. A
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Financial Code - FIN - FIN § 1494
Financial Code - FIN - FIN § 1494
A commercial bank may lend on the security of a first security interest on stock or a membership certificate issued to a tenant-stockholder or resident-member by a completed fee simple cooperative housing corporation, as defined in Section 216 of the U.S. Internal Revenue Code, a
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Financial Code - FIN - FIN § 1495
Financial Code - FIN - FIN § 1495
(a) A commercial bank may make amortized loans upon the security of residential real property to finance the purchase and installation of material or equipment designed to promote energy conservation or the efficient use of energy in the residential real property securing the loa
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Financial Code - FIN - FIN § 14950
Financial Code - FIN - FIN § 14950
(a) Every credit union may enter into obligations with its members upon the approval of the credit committee or, in the alternative, the credit manager, subject to the terms and conditions established by the board of directors pursuant to Section 15100. (b) (1) The board of direc
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Financial Code - FIN - FIN § 14952
Financial Code - FIN - FIN § 14952
(a) The board of directors of a credit union shall establish the maximum amount that the credit union may lend to a member under 18 years of age in any case other than a case (1) where the member is an emancipated minor or (2) where the loan is secured in the manner provided for
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Financial Code - FIN - FIN § 14953
Financial Code - FIN - FIN § 14953
(a) Any extension of credit in excess of the unsecured loan limit set by the board of directors pursuant to Section 15100 shall be secured either (1) by real or personal property to the extent that the extension of credit exceeds such limit, or (2) in the manner provided in Secti
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Financial Code - FIN - FIN § 14954
Financial Code - FIN - FIN § 14954
For the purposes of this chapter, a person who is not an applicant for an extension of credit or the creation of an obligation with the credit union but guarantees performance of the underlying obligation is a surety. A surety may act as security pursuant to subdivision (a) of Se
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Financial Code - FIN - FIN § 14955
Financial Code - FIN - FIN § 14955
“Security” includes, but is not limited to, the following: (a) A note endorsed by any member of the credit union or by any other person. (b) Any obligation wherein the payment of interest and principal is guaranteed by any municipal government, state government, the government of
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Financial Code - FIN - FIN § 14957
Financial Code - FIN - FIN § 14957
Whenever the directors, the credit committee, or if applicable, the credit manager, deem any loan unsafe, they may require additional security to be given by the borrower, and if such security is not furnished as required, they may declare the loan due and take action to collect
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Financial Code - FIN - FIN § 14958
Financial Code - FIN - FIN § 14958
A credit union may participate in guaranteed loan programs of the federal or state governments, subject to the limitations on loans set forth in this division.
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Financial Code - FIN - FIN § 14959
Financial Code - FIN - FIN § 14959
(a) A credit union may do either or both of the following: (1) Purchase, in whole or in part, from any source, loans made to its members. (2) Sell, in whole or in part, to any source, loans made to its members. (b) A credit union may purchase, in whole or in part, either or both
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Financial Code - FIN - FIN § 1496
Financial Code - FIN - FIN § 1496
For the purpose of determining whether any loan or investment is secured by a first lien on real property as required by any provision of this division, none of the following shall be deemed a prior encumbrance unless any installment or payment thereunder, other than a rental or
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Financial Code - FIN - FIN § 14960
Financial Code - FIN - FIN § 14960
(a) Any credit union that extends consumer credit to a covered borrower, as those terms are defined in Part 232 (commencing with Section 232.1) of Subchapter M of Chapter I of Subtitle A of Title 32 of the Code of Federal Regulations, as published on July 22, 2015, on page 43560
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Financial Code - FIN - FIN § 14961
Financial Code - FIN - FIN § 14961
Any licensee that violates any provision of any of the following federal acts or regulations violates this division: (a) The federal Real Estate Settlement Procedures Act, as amended (12 U.S.C. Sec. 2601 et seq.). (b) The federal Truth in Lending Act, as amended (15 U.S.C. Sec. 1
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Financial Code - FIN - FIN § 1497
Financial Code - FIN - FIN § 1497
No loan made by any bank in excess of any limitations contained in this division or which is made in violation of any of the provisions of this division shall be invalid or illegal as to the lender for that reason, nor shall any loan made to any bank in excess of the amounts perm
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Financial Code - FIN - FIN § 1498
Financial Code - FIN - FIN § 1498
(a) Any state-chartered bank that extends consumer credit to a covered borrower, as those terms are defined in Part 232 (commencing with Section 232.1) of Subchapter M of Chapter I of Subtitle A of Title 32 of the Code of Federal Regulations, as published on July 22, 2015, on pag
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Financial Code - FIN - FIN § 15
Financial Code - FIN - FIN § 15
“Shall” is mandatory and “may” is permissive.
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Financial Code - FIN - FIN § 15001
Financial Code - FIN - FIN § 15001
Every credit union may assess charges as approved by the board of directors for failure to meet punctually obligations to the credit union. Any late charge shall be made only once for each delinquent payment and shall be subject to Section 2954.5 of the Civil Code, Division 1.1 (
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Financial Code - FIN - FIN § 15050
Financial Code - FIN - FIN § 15050
(a) For purposes of this section: (1) “Credit manager” means any individual, regardless of title, designated pursuant to Section 14600 to fulfill the duties of a credit manager. (2) “Obligation” means any loan or approved line of credit, including both used and unused portions, o
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Financial Code - FIN - FIN § 15051
Financial Code - FIN - FIN § 15051
The board of directors shall declare the office of any director, officer, committee member, or the credit manager vacant if the person fails to reduce any obligation to the credit union for which he or she is liable in a timely manner according to the terms of the obligation.
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Financial Code - FIN - FIN § 151
Financial Code - FIN - FIN § 151
“Certificate of correction” means a certificate executed and filed with the Secretary of State pursuant to Section 109 of the Corporations Code, subject, however, to the provisions of Section 1105.
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Financial Code - FIN - FIN § 1510
Financial Code - FIN - FIN § 1510
The total amount invested by a bank in the securities issued by a person shall not exceed 15 percent of the sum of the shareholders’ equity, allowance for loan and lease losses, capital notes and debentures of the bank, except: (a) Obligations of the United States and those for w
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Financial Code - FIN - FIN § 15100
Financial Code - FIN - FIN § 15100
(a) The board of directors shall establish written policies which shall set forth the policies of the credit union with respect to any obligation that is offered to the members of the credit union. The written policies shall set forth the maximum amounts and terms for any obligat