Title FIN, California Fin. Code

The commissioner may by regulation authorize credit unions organized under the provisions of this division to engage in any activity authorized by law or regulation for credit unions organized under the laws of the United States. Any such regulation shall expire on the first day …

Upon request of the commissioner, a credit union shall furnish to the commissioner an authorization for examination of financial records of any capital funds, undivided profits, and reserve funds, maintained in a financial institution, in accordance with the procedures set forth …

If the commissioner upon any examination, or from any report made to the commissioner, finds any credit union is violating the provisions of this division or the rules made pursuant to this division, or has impaired capital, or is insolvent, or is conducting its business in an un…

The commissioner may, upon reasonable notice and opportunity to be heard, suspend or revoke any certificate if the commissioner finds that the credit union has violated any provisions of this division or any rule or regulation of the commissioner made pursuant to this division, o…

In any proceeding under this law, the burden of proving an exemption or an exception from a definition is upon the person claiming it. (Added by Stats. 1979, Ch. 112.)

The commissioner may, after appropriate notice and opportunity for hearing, by order censure, or suspend for a period not exceeding 12 months, or bar from any position of employment or management of, any credit union, any officer, director, or employee of, or person performing si…

(a) Whenever it appears to the commissioner that any person has engaged in or is about to engage in any acts or practices constituting a violation of any provision of this division or any rule or order adopted pursuant to this division, the commissioner may in the commissioner’s …

In determining for purposes of this division whether the capital of any credit union is adequate, the commissioner shall consider the following: (a) The nature and volume of the business and the proposed business of the credit union. (b) The amount, nature, quality, and liquidity…

(a) The commissioner, whenever in his or her opinion such action is necessary or appropriate to carry out his or her duties, may call a meeting of the board of directors of a credit union. (b) A meeting of the board of a credit union called by the commissioner shall be held upon …

An industrial loan company may: (a) Loan money, secured or unsecured, with or without the pledge of its installment investment certificates. (b) Collect and receive charges for loans in advance or otherwise. (c) Purchase, sell, or discount the following obligations: bona fide tru…

Sections 18008, 18009, 18010, 18212, 18212.1, 18214, 18219, 18220, 18222, 18230 through 18234, 18290 through 18295, and 18439 do not apply to: (a) Any bona fide loan of a principal amount of ten thousand dollars ($10,000) or more or to an industrial loan company in connection wit…

Sections 18008, 18009, 18010, 18212, 18212.1, and 18214 do not apply to: (a) Any bona fide loan of a principal amount of five thousand dollars ($5,000) or more, or to an industrial loan company in connection with any bona fide loan of a principal amount of five thousand dollars (…

The payment of money, credit, goods, or things in action as consideration for any sale or assignment of, or order for, the payment of wages, salary, commissions, or other compensation for services, whether earned or to be earned, is, for the purposes of regulation under this divi…

“Charges” include the aggregate interest, fees, bonuses, commissions, brokerage, discounts, expenses, and other forms of costs charged, contracted for, or received by a licensee or any other person in connection with the investigating, arranging, negotiating, procuring, guarantee…

“Charges” do not include commissions received as a licensed insurance agent or broker. (Repealed and added by Stats. 1994, Ch. 1115, Sec. 2. Effective January 1, 1995. Operative July 1, 1995, by Sec. 5 of Ch. 1115.)

“Commercial loan” means a loan of a principal amount of five thousand dollars ($5,000) or more, or any loan under an open-end credit program, whether secured by either real or personal property, or both, or unsecured, the proceeds of which are intended by the borrower for use pri…

(a) Licenses issued under this division remain in effect until they are surrendered, revoked, or suspended. (b) The surrender of a license becomes effective 30 days after receipt of an application to surrender the license or within a shorter period of time that the commissioner m…

(a) For the purpose of discovering violations of this division or securing information required by the commissioner in the administration and enforcement of this division, the commissioner may at any time, but not less than once every two years, investigate the business of deferr…

(a) In making any examination or investigation, the commissioner may, for a reasonable time not to exceed 30 days, take possession of the books, records, accounts, and other papers pertaining to the business. The commissioner may place a keeper in exclusive charge and custody of …

(a) The commissioner may require the attendance of witnesses and examine under oath all persons whose testimony the commissioner requires relative to transactions or business regulated by this division or to the subject matter of any examination, investigation, or hearing. (b) Th…

After an examination, investigation, or hearing under this division, if the commissioner deems it of public interest or advantage, the commissioner may certify a record to the proper prosecuting official of the city, county, or city and county in which the act complained of, exam…

Whenever, in the opinion of the commissioner, any person is engaged in the business of deferred deposit transactions, as defined in this division, without a license from the commissioner, or any licensee is violating any provision of this division, the commissioner may order that…

(a) Whenever the commissioner believes from evidence satisfactory to the commissioner that any person has violated or is about to violate a provision of this division, or a provision of any order, license, decision, demand, requirement, or any regulation adopted pursuant to this …

The commissioner may suspend or revoke any license, upon notice and reasonable opportunity to be heard, if the commissioner finds any of the following: (a) The licensee has failed to comply with any demand, ruling, or requirement of the commissioner made pursuant to and within th…

The commissioner may by order summarily suspend or revoke the license of any licensee if that person fails to file the report required by Section 23026 within 10 days after notice by the commissioner that the report is due and not filed. If, after an order is made, a request for …

The revocation, suspension, expiration, or surrender of any license does not impair or affect the obligation of any preexisting lawful contract between the licensee and any borrower. (Added by Stats. 2002, Ch. 777, Sec. 10. Effective January 1, 2003. Section operative on December…

The proceedings under this article shall be conducted in accordance with Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code, and in all cases the commissioner has all the powers granted therein. (Added by Stats. 2002, Ch. 777, Sec.…

Every order, decision, license, or other official act of the commissioner is subject to judicial review in accordance with law. (Added by Stats. 2002, Ch. 777, Sec. 10. Effective January 1, 2003. Section operative on December 31, 2004, or sooner, pursuant to Section 23104.)

(a) If, upon inspection, examination or investigation, based upon a complaint or otherwise, the department has cause to believe that a person is engaged in the business of deferred deposit transactions without a license, or a licensee or person is violating any provision of this …

(a) In this section: (1) “Business and industrial development corporation” means a corporation licensed under Division 15 (commencing with Section 31000). (2) “Payment instrument” has the same meaning as set forth in Section 2003. (3) “Stored Value” has the same meaning as set fo…

(a) This chapter is applicable to this division, Division 1.1 (commencing with Section 1000), Division 1.2 (commencing with Section 2000), Division 1.6 (commencing with Section 4800), Division 5 (commencing with Section 14000), Division 7 (commencing with Section 18000), and Divi…

The financial accounts and records of the corporation shall be kept by the finance officer according to policies and rules which the board shall adopt. (Added by Stats. 1980, Ch. 819, Sec. 1.)

The corporation shall adopt as its fiscal year the period from July 1st to and including the following June 30th. (Added by Stats. 1980, Ch. 819, Sec. 1.)

In addition to other accounts the board may establish, the financial accounts of the corporation shall include: (a) A general operating account. (b) A general reserve account. (c) An enterprise loan fund. (d) A government guaranteed securities trust fund. (Amended by Stats. 1989,…

Except as otherwise provided for in this division, all funds received by the corporation shall be deposited in the general operating account of the corporation. (Added by Stats. 1980, Ch. 819, Sec. 1.)

Beginning with the fiscal year which begins July 1, 1982, and each fiscal year thereafter, the board shall not adopt any budget for the corporation in which the projected total operating expenditures exceed the expected balance of the general operating account. (Added by Stats. 1…

In this chapter, unless the context otherwise requires: (a) “Branch business unit” means all or substantially all of the business of a branch office of a depository corporation. (b) “Business unit” means a branch business unit, a partial business unit, or a whole business unit. (…

The provisions of Section 1001 of the Corporations Code shall not apply to any transaction which is subject to this chapter. (Added by Stats. 1982, Ch. 1411, Sec. 3.)

If a trust is transferred under this chapter, the transfer shall be good cause for removal of the trustee under the Trust Law (Division 9 (commencing with Section 15000) of the Probate Code). (Repealed and added by Stats. 1995, Ch. 480, Sec. 126. Effective October 2, 1995.)

In case a national banking association or federal savings association that is authorized to transact trust business in this state sells a partial business unit located in this state of the type described in paragraph (1) or subparagraph (A) or (B) of paragraph (2) of subdivision …

An annual meeting of the members of each mutual association shall be held at a time and place fixed in the bylaws of the association. (Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.)

Special meetings of the members of a mutual association may be called at any time by the president or the board of directors, and shall be called by the president, a vice president, or the secretary upon the written request of members holding of record in the aggregate at least 1…

Notice of each annual and special meeting shall be either published once a week for the two successive calendar weeks (in each instance on any day of the week) immediately prior to the week in which such meeting shall convene, in a newspaper printed in the English language and of…

In the consideration of all questions requiring action by the members of a mutual association, each member shall be entitled to cast one vote for each one hundred dollars ($100), or fraction thereof, of the withdrawal value of his or her savings account or accounts. No member, ho…

(a) In order that the association may determine the members entitled to notice of any meeting or to vote or entitled to receive any distribution or entitled to exercise any rights in respect of any other lawful action, the board of directors of the association may fix, in advance…

At any meeting of the members, voting may be in person or by proxy, provided that no proxy is eligible to be voted at any meeting unless it has been filed with the secretary of the association, for verification, prior to the meeting. Each proxy shall be in writing and when filed …