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Financial Code - FIN - FIN § 6157
Financial Code - FIN - FIN § 6157
Every savings association subject to the new director or senior executive officer notice requirements of Section 32 of the Federal Deposit Insurance Act (12 U.S.C. Sec. 1831i) based upon recent chartering or change of control or failure to maintain the minimum required capital or
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Financial Code - FIN - FIN § 620
Financial Code - FIN - FIN § 620
If the licensee whose property and business has been taken pursuant to Section 592 is insured by a Federal Insurance Agency, the commissioner may tender to the appropriate Federal Insurance Agency an appointment as conservator, liquidator, or receiver of the licensee. The commiss
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Financial Code - FIN - FIN § 6200
Financial Code - FIN - FIN § 6200
Except as provided in subdivision (b) of Section 6203, all directors, officers, and employees of an association shall, before entering upon the performance of any of their duties, execute their individual bonds with adequate corporate surety payable to the association as an indem
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Financial Code - FIN - FIN § 6201
Financial Code - FIN - FIN § 6201
Associations that employ collection agents, who for any reason are not covered by a bond required under Section 6200, shall provide for the bonding of each of those agents in an amount equal to at least twice the average monthly collection of the agent. The agents shall be requir
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Financial Code - FIN - FIN § 6202
Financial Code - FIN - FIN § 6202
No indemnity bond coverage is required of any agent that is a financial institution insured by the Federal Deposit Insurance Corporation.
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Financial Code - FIN - FIN § 6203
Financial Code - FIN - FIN § 6203
(a) The amounts and form of indemnity bonds and sufficiency of the surety shall be approved by the board of directors and by the commissioner. (b) In lieu of individual bonds, a blanket bond, protecting the association from loss through any act or acts of any director, officer, e
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Financial Code - FIN - FIN § 6204
Financial Code - FIN - FIN § 6204
Indemnity bonds shall provide that their cancellation either by the surety or by the insured shall not become effective unless and until 10 days’ notice in writing first shall have been given to the commissioner, unless the cancellation is approved earlier by the commissioner.
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Financial Code - FIN - FIN § 621
Financial Code - FIN - FIN § 621
The Federal Insurance Agency may be, and act as, a conservator, liquidator, or receiver without bond.
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Financial Code - FIN - FIN § 622
Financial Code - FIN - FIN § 622
If the Federal Insurance Agency accepts the appointment in accordance with Section 620, the rights of customers and other creditors of the insured licensee shall be determined in accordance with the applicable provisions of the laws of this state.
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Financial Code - FIN - FIN § 623
Financial Code - FIN - FIN § 623
The Federal Insurance Agency conservator, liquidator, or receiver shall possess with respect to the insured licensee all the powers, rights, and privileges given the commissioner under this article with respect to the conservation or liquidation of a licensee, as appropriate, and
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Financial Code - FIN - FIN § 624
Financial Code - FIN - FIN § 624
(a) The commissioner may sell to any other licensee any part or the whole of the business of a licensee that is subject to liquidation or conservatorship. The purchase and sale shall be approved by the purchasing licensee, as follows: (1) If the purchasing licensee is organized u
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Financial Code - FIN - FIN § 640
Financial Code - FIN - FIN § 640
Whenever the commissioner deems it necessary in order to conserve the assets of any licensee that does not have federal deposit or share insurance for the benefit of the customers and other creditors, he or she may appoint a conservator of the licensee and require the conservator
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Financial Code - FIN - FIN § 641
Financial Code - FIN - FIN § 641
A conservator appointed in accordance with Section 640 has all of the powers and rights with relation to the business and the property of the licensee for which he or she is appointed conservator as are possessed by the commissioner under this article with relation to a licensee
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Financial Code - FIN - FIN § 642
Financial Code - FIN - FIN § 642
The commissioner may order an examination at the earliest possible date of a licensee for which the commissioner has appointed a conservator.
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Financial Code - FIN - FIN § 643
Financial Code - FIN - FIN § 643
While any licensee is in the hands of a conservator, the commissioner may require the conservator to set aside and make available for withdrawal by customers and for payment to other creditors on a ratable basis such amounts as in the opinion of the commissioner may safely be use
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Financial Code - FIN - FIN § 644
Financial Code - FIN - FIN § 644
The commissioner, in his or her discretion, may permit the conservator to receive shares or deposits, but any shares or deposits received while the licensee is in the hands of a conservator shall be held as trust funds and shall not be subject to any limitation as to payment or w
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Financial Code - FIN - FIN § 645
Financial Code - FIN - FIN § 645
If the commissioner is satisfied that it may be done safely and that it would be in the public interest, he or she may terminate a conservatorship and permit the licensee for whom a conservator was appointed to resume the transaction of its business under the direction of its boa
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Financial Code - FIN - FIN § 6450
Financial Code - FIN - FIN § 6450
Each association shall keep correct and complete books and records of accounts, as specified in Section 1500 of the Corporations Code.
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Financial Code - FIN - FIN § 6451
Financial Code - FIN - FIN § 6451
(a) Except as provided in subdivision (b), each agency of an association, as defined in Section 6551, shall keep an original record of each transaction of business completed on behalf of the association at the agency. (b) Records of transactions are not required to be maintained
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Financial Code - FIN - FIN § 6452
Financial Code - FIN - FIN § 6452
Each association shall observe generally accepted accounting principles and practices except to the extent that the commissioner may require or permit different accounting treatment of accounts by regulation.
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Financial Code - FIN - FIN § 6453
Financial Code - FIN - FIN § 6453
Each association shall close its books at the close of business at least annually, or more often if authorized or required in writing by the commissioner.
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Financial Code - FIN - FIN § 6454
Financial Code - FIN - FIN § 6454
No association by any system of accounting or any device of bookkeeping shall, either directly or indirectly, enter any of its assets upon its books in the name of any other person, partnership, association, or corporation or under any title or designation that is not truly descr
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Financial Code - FIN - FIN § 6455
Financial Code - FIN - FIN § 6455
(a) Each association shall maintain complete loan and investment records, and shall do so in a manner satisfactory to the commissioner. Detailed records necessary to make determinations of compliance by an association with the requirements of Chapter 6 (commencing with Section 72
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Financial Code - FIN - FIN § 6456
Financial Code - FIN - FIN § 6456
Each mutual association shall maintain membership records which shall show the name and address of the member and the date of membership.
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Financial Code - FIN - FIN § 6457
Financial Code - FIN - FIN § 6457
Each capital stock association shall maintain a register of stockholders.