Title FIN, California Fin. Code

Any association may accept fiduciary savings accounts in the name of any administrator, executor, custodian, conservator, guardian, trustee, or other fiduciary for a named beneficiary or beneficiaries. (Added by Stats. 1983, Ch. 1091, Sec. 2.)

(a) The withdrawal value of a fiduciary account, and interest on it, or other rights relating to it, may be paid or delivered, in whole or in part, to the fiduciary without regard to any notice to the contrary as long as the fiduciary is living. (b) The payment or delivery to the…

(a) Whenever a person holding an account in a fiduciary capacity dies and no written notice of the revocation or termination of the fiduciary relationship has been given to an association and the association has no written notice of any other disposition of the beneficial estate,…

No association paying any fiduciary, beneficiary, or designated person in accordance with this article or the California Multiple-Party Accounts Law contained in Part 2 (commencing with Section 5100) of Division 5 of the Probate Code shall, because of the payment, be liable for a…

The provisions of this article apply to federal associations to the extent that they are not inconsistent with and do not infringe upon federal laws governing federal associations. (Added by Stats. 1983, Ch. 1091, Sec. 2.)

If an association or federal association has received no written notice and is not on actual notice that the savings account holder has been adjudicated incompetent, it may pay or deliver funds to the account holder in accordance with the provisions of the savings account contrac…

(a) When a savings account is held in any association or federal association by a person who dies while domiciled in a sister state or foreign nation, the account, together with additions and interest, or any part of it, shall be exempt from any taxation otherwise imposed by this…

No action at law or in equity shall be maintained against an association or federal association for payment made in accordance with this article. (Amended by Stats. 1984, Ch. 958, Sec. 12.)

(a) Administrators, executors, custodians, conservators, guardians, trustees, and other fiduciaries, insurance companies, business and manufacturing companies, banks, trust companies, credit unions, and other types of similar financial organizations, charitable, educational, elee…

(a) Whenever, under the laws of this state or otherwise, a deposit of securities is required for any purpose, the savings accounts and accounts made legal investments by this article shall be acceptable deposits. (b) Whenever, under the laws of this state or otherwise, a bond is …

The provisions of this article supplement any and all other laws relating to and declaring what shall be legal investments for the persons, fiduciaries, corporations, organizations’ funds, municipalities, bodies, and officials referred to in this article and supplement the laws r…

An association may issue savings accounts earning interest at different rates of return. The annual rate of return paid on a savings account may either be fixed at the time the account is issued or may vary on any basis specified at the time the account is accepted. (Added by Sta…

An association may classify its savings accounts on any basis including, but not limited to, character, amount, or duration of the account, regularity of additions, or location of origin of the account. (Added by Stats. 1983, Ch. 1091, Sec. 2.)

Except for accounts that are classified according to a specified contractual time or notice period, interest shall be based on the withdrawal value of each savings account at the beginning of the accounting period, plus additions made during the period (less amounts previously wi…

(a) The date of investment in a savings account shall be the date of actual receipt by the association of the account or an addition to the account, except that if the association shall so determine, accounts in one or more classifications or additions received by the association…

The board of directors, by resolution, may determine any of the following: (a) That interest shall not be paid on designated types of savings accounts from which withdrawals may be made upon demand or by negotiable and transferable order or authorization. (b) That an association …

The directors shall determine the method of calculating the amount of any interest on any savings account classification as provided in this article and the time or times when the interest is to be paid or credited. (Added by Stats. 1983, Ch. 1091, Sec. 2.)

(a) Notwithstanding any other provision of law, but subject to subdivision (b), an association may permit the owner of a deposit or account to make withdrawals by negotiable or transferable instruments for the purpose of making transfers to third parties. (b) With respect to depo…

At any time funds are on hand for the purpose, an association shall have the right to redeem by lot or otherwise, as the board of directors may determine, all or any part of any of its savings accounts on an interest date by giving 30 days’ notice by registered mail addressed to …

Except with the prior consent of the commissioner, no association shall redeem any of its savings accounts when the association is in an impaired condition and when it has applications for withdrawal that have been on file more than 14 days and have not been reached for payment. …

The redemption price of savings accounts redeemed shall be the full value of the account redeemed, as determined by the board of directors, but in no event shall the redemption price be less than the withdrawal value. (Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.)

If the notice of redemption under Section 7150 has been given, and if on or before the redemption date the funds necessary for the redemption have been set aside and continue to be available for the redemption, interest upon the accounts called for redemption shall cease to accru…

(a) All certificates of ownership evidencing former savings accounts that have been called for redemption must be tendered for payment within the time limit specified in subdivision (b) of Section 1513 of the Code of Civil Procedure for escheat of unclaimed funds. (b) Savings acc…

(a) There is within the Department of Financial Protection and Innovation, a Debt Collection Advisory Committee. (b) The Debt Collection Advisory Committee shall advise the commissioner on matters relating to debt collection or the debt collection business, including proposed fee…

The commissioner may, upon reasonable opportunity to be heard, suspend or revoke any license issued pursuant to this division, if he finds that: (a) The licensee has failed to report within 10 days the establishment of a mobile unit, branch office, or agency location, or has fail…

The commissioner may upon three days’ notice and a hearing, suspend any license for a period not exceeding 30 days, pending investigation. (Enacted by Stats. 1951, Ch. 364.)

The commissioner may by order summarily suspend or revoke the license of a licensee who fails to pay the license fee prescribed by Section 12214 within 10 days after notice by the commissioner that such fee is due and payable. If, after such an order is made, a request for hearin…

Except where a shorter time for setting the hearing is prescribed in this division, all hearings under this division shall be conducted in accordance with Chapter 5 of Part 1 of Division 3 of Title 2 of the Government Code and in all cases the commissioner shall have all the powe…

Every order, decision, license, or other official act of the commissioner is subject to review in accordance with law. (Enacted by Stats. 1951, Ch. 364.)

(a) 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, management, or control any licensee, any nonprofit community service organization subject to …

Customers receiving access devices shall be furnished by the respective issuers thereof with notices of basic safety precautions which customers should employ while using an automated teller machine. This information shall be furnished by personally delivering or by mailing the i…

(a) Every credit union may admit to membership those persons qualified for membership upon the occurrence of any of the following: (1) Upon the purchase of a membership in the credit union as provided in the credit union’s bylaws. (2) Upon the payment of an entrance fee establish…

(a) Notwithstanding subdivision (b) of Section 14800 or Section 14750, a credit union may do all of the following: (1) Provide the services specified in paragraph (2) to a natural person within the field of membership, regardless of whether the person is admitted to membership, a…

Every credit union may expel members as provided in Section 14456 of this division and Section 7341 of the Corporations Code. (Amended by Stats. 1984, Ch. 209, Sec. 4.)

Each member shall keep the credit union informed of his current address. In the event a member fails to do this, a charge may be made to the member’s share account for the actual cost of necessary locator service incurred in determining such an address; provided, however, that su…

(a) No credit union shall pay any commission or compensation to any person for securing a new member or for getting an existing member to make an additional deposit. (b) Notwithstanding subdivision (a), a credit union may, pursuant to an incentive policy approved by the board of …

(a) (1) The members of a credit union shall hold an annual meeting for the election of all of the following: (A) Directors. (B) A supervisory committee, unless the board of directors has appointed an audit committee pursuant to Section 14556. (C) A credit committee, if provided f…

(a) Special meetings of members may be held upon order of the board of directors. Special meetings of members shall be held upon the written request of 10 members or 3 percent of the membership, whichever is greater. Notice of special meetings shall be given to all members specif…

In credit unions formed on or after September 15, 1945, no member shall have more than one vote irrespective of the number of shares held by the member. (Amended by Stats. 1998, Ch. 539, Sec. 32. Effective January 1, 1999.)

(a) A member may withdraw from membership in the credit union at any time. A withdrawing member may be required to give 60 days’ notice of intention to withdraw shares and 30 days’ notice of intention to withdraw certificates for funds, except when a different period of notice is…

All amounts paid on shares or on certificates for funds of an expelled or withdrawn member, with any dividends or interest credited thereto to the date of withdrawal or expulsion, shall be paid to such members as funds become available, and after deducting all amounts due from th…

Members who leave the field of membership may be permitted to retain their membership in the credit union unless otherwise provided in the credit union’s bylaws. (Added by Stats. 1979, Ch. 112.)

(a) A member who has no outstanding obligations with the credit union and whose share account is below the amount established by the bylaws may be transferred to inactive member status. (b) An inactive member has no voting rights, has no right to notice of meetings of members, sh…

Unless otherwise provided in the bylaws, a quorum for a meeting of members shall be 10 percent of the members or 50 members, whichever is less. (Added by Stats. 1980, Ch. 321, Sec. 11.)

(a) Any member of a credit union may authorize another person or persons to act by proxy with respect to such membership, subject to subdivision (e). Any proxy purported to be executed in accordance with Section 14821 shall be presumptively valid. (b) No proxy shall be valid afte…

(a) Except for solicited proxies which on their face provide for a period of validity of three years from the date of execution of the proxy, any form of proxy or written ballot distributed to 10 or more members of a credit union shall afford an opportunity on the proxy or form o…