CHAPTER 1. Short Title, General Definitions, and General Provisions [5000. - 5330.]

Chapter 1 added by Stats. 1983, Ch. 1091, Sec. 2.

§§ 5000–5330 · 64 sections

1. ARTICLE 1. Short Title § 5000 · 1 section

   • § 5000 This division may be cited as the “Savings Association Law.”
2. ARTICLE 2. General Definitions §§ 5100–5124 · 36 sections

   • § 5100 When used in this division, the words and phrases set forth in this article shall have the meanings given in this article unless the context requires another…
   • § 5100.2 For purposes of this division: (a) Any reference to regulations of the federal Office of the Comptroller of the Currency or the Federal Deposit Insurance…
   • § 5100.5 “Affiliated person” of a savings association means the following: (a) A director, officer, or controlling person of the savings association. (b) A spouse of a…
   • § 5100.6 “Affiliate” of a savings association, unless otherwise defined, includes any corporation, business trust, unincorporated association or other similar…
   • § 5100.7 “Controlling person” of a savings association means any person or entity which (a) either directly or indirectly or acting in concert with one or more other…
   • § 5100.8 “Immediate family” of any natural person means any of the following (whether by the full or half blood or by adoption): (a) The person’s spouse, father,…
   • § 5100.9 “Institution-affiliated party” means any of the following: (a) Any director, officer, employee or controlling stockholder of, or agent for, a savings…
   • § 5101 “Approved by the members,” in the case of a mutual association, means approved by a majority of all votes cast at a duly held regular or special meeting or by…
   • § 5102 (a) “Association” or “savings association” means a mutual or stock savings association, savings and loan association or savings bank subject to the provisions…
   • § 5103 “Certificate of authority” means: (a) A certificate of authority to transact the business of an association, which is issued by the commissioner pursuant to…
   • § 5103.5 “Commercial paper” means any note, draft, or bill of exchange which arises out of a current transaction or the proceeds of which have been or are to be used…
   • § 5104 “Commissioner” means the Commissioner of Financial Protection and Innovation.
   • § 5105 “Community” means a centralized area or locality in which a body of inhabitants is gathered in one group having common residential, social, or business…
   • § 5105.5 “Consumer loan” means a loan for personal, family, or household purposes, and loans reasonably incident thereto, and may be made as either open-end or…
   • § 5105.8 “Corporate debt security” means a marketable obligation, evidencing the indebtedness of any corporation in the form of a bond, note, or debenture, or both note…
   • § 5106 “Department” means the Department of Financial Protection and Innovation.
   • § 5107 “Financial institution” means a thrift institution, commercial bank, or trust company.
   • § 5108 “Impaired condition” means a condition in which the assets of an association in the aggregate do not have a value, as determined in accordance with generally…
   • § 5109 “Mutual association” means an association for which the articles of incorporation do not authorize the issuance of capital stock.
   • § 5110 “Member” means a person holding a savings account of a mutual association. A joint and survivorship or other multiple owner constitutes a single membership.
   • § 5111 “Mutual capital certificate” means a certificate evidencing an investment in a mutual association and issued pursuant to provisions of this division.
   • § 5112 “Net worth certificate” means a certificate issued by an association in accordance with Section 13i of the Federal Deposit Insurance Act, as amended (12…
   • § 5113 “Person” means any individual, domestic, or foreign corporation, entity, voting trust, business trust, partnership, limited liability company, association,…
   • § 5114 “Primarily residential property” means real estate on which there is located, or will be located pursuant to a real estate loan, any of the following: (a) A…
   • § 5114.5 “Residential real estate” means any improved real property that is used or intended to be used as a residence and contains not more than four dwelling units.
   • § 5115 “Real estate loan” means a loan or other obligation secured by a lien on real estate, if: (a) The security property is real estate as defined pursuant to…
   • § 5116 “Savings account” means that part of the savings liability of an association that is credited to the holder of the account. A savings account may be referred…
   • § 5117 “Savings bank” means a savings bank organized under this division.
   • § 5117.5 “Savings institution” means a financial institution as defined in Section 5102.
   • § 5118 “Savings liability” means the aggregate amount of savings accounts of depositors, including interest credited to the accounts, less redemptions and withdrawals.
   • § 5119 “Service corporation” means a corporation, other than a wholly owned subsidiary referred to in Section 7300 or a wholly owned subsidiary doing business as a…
   • § 5120 “Statutory net worth” or “net worth” means the sum of the following: (a) Issued and outstanding capital stock. (b) Issued and outstanding capital certificates.…
   • § 5121 “Stock association” means an association for which the articles of incorporation authorize the issuance of capital stock.
   • § 5122 “Stockholder” means the holder of one or more shares of any class of capital stock of a capital stock association which is organized and operating pursuant to…
   • § 5123 “Thrift institution” means an association, a cooperative bank, a homestead association, a building and loan association, a federal association, a federal…
   • § 5124 “Withdrawal value” means the amount credited to a savings account less lawful deductions, as shown by the records of the association.
3. ARTICLE 3. General Provisions §§ 5203–5209 · 8 sections

   • § 5203 (a) The name, rights, powers, privileges, and immunities of each association in existence on the effective date of this division shall be governed by the…
   • § 5204 (a) Wherever it is stated in this division that an agreement or contract contrary to any of the division’s provisions is void, the statement is limited to the…
   • § 5205 Whenever the term “ association” is used in any provision of law, such term shall be deemed to include savings banks organized under this division; and…
   • § 5205.5 (a) All references in this division to financial statements, balance sheets, income statements, and statements of changes in financial position of an…
   • § 5206 Whenever the terms “board of directors,” “directors,” or “director” are used in any provision of law, such terms shall mean, with respect to savings banks…
   • § 5207 If any provision, clause, or phrase of this division or application to any person or circumstance is held invalid, its invalidity shall not affect other…
   • § 5208 This division, being a comprehensive coverage of its subject matter, shall not be deemed to be impliedly repealed, in whole or in part, by subsequent…
   • § 5209 Insofar as the provisions of this division are inconsistent with any other law in effect at the time the provisions of this division are enacted, the…
4. ARTICLE 4. Penalties §§ 5300–5311 · 12 sections

   • § 5300 Every person who willfully violates or willfully fails to comply with any of the provisions of this division is guilty of a public offense. Except where the…
   • § 5301 (a) The commissioner may refer such evidence as is available concerning any violation of this division or of any regulation, order issued by the commissioner,…
   • § 5302 (a) Whoever knowingly violates subdivision (a) or (b) of Section 6525.5 shall be punished by a fine of not more than one million dollars ($1,000,000) for each…
   • § 5303 Any officer, director, employee, or agent of any association who (a) willfully makes or knowingly concurs in the making or publishing of a false or untrue…
   • § 5304 (a) It is unlawful for any person to corruptly give, offer, or promise anything of value to any other person, with intent to influence or reward any…
   • § 5305 Any institution-affiliated party who abstracts or willfully misapplies any of the money, funds, or property of the savings association, or willfully misapplies…
   • § 5306 Any institution-affiliated party who knowingly executes, or attempts to execute, a scheme or artifice to defraud a savings association or to obtain any of the…
   • § 5307 Whoever willfully and knowingly makes, issues, circulates, transmits, or causes or knowingly permits to be made, issued, circulated, or transmitted, any…
   • § 5308 Whoever knowingly makes or causes to be made, directly or indirectly, or through any agency whatsoever, any false statement or report, or willfully overvalues…
   • § 5309 (a) A person shall be sentenced to consecutive terms for each violation of Section 5303, 5304, 5305, or 5306 up to a mandatory term of 20 years in state prison…
   • § 5310 (a) Any person violating or conspiring to violate Sections 5303, 5304, 5305, or 5306 shall be subject to a civil penalty in an amount assessed by the court in…
   • § 5311 (a) Any fine or civil penalty imposed under this chapter shall be based upon the ability of the defendant to pay. In setting the amount of the fine or civil…
5. ARTICLE 5. Criminal Forfeiture §§ 5320–5325 · 6 sections

   • § 5320 If a person is convicted of a violation of Section 5303, 5304, 5305, or 5306, or is convicted of a felony for a violation of Section 25540 or 25541 of the…
   • § 5321 (a) The prosecuting agency shall, prior to, in conjunction with, or subsequent to the criminal proceeding, file a petition of forfeiture with the superior…
   • § 5322 (a) Any person claiming an interest in the property may, at any time within 30 days from the date of the first publication of the notice of seizure, or within…
   • § 5323 (a) Concurrent with, or subsequent to, the filing of the petition, the prosecuting agency may move the superior court for the following pendente lite orders to…
   • § 5324 (a) If the trier of fact at the forfeiture hearing finds that the alleged property or proceeds is forfeitable pursuant to Section 5320, the court shall declare…
   • § 5325 Notwithstanding that no response or claim has been filed pursuant to Section 5322, in all cases where property is forfeited pursuant to this article and, where…
6. ARTICLE 6. Civil Penalties § 5330 · 1 section

   • § 5330 The commissioner may impose civil penalties on any savings association, and any institution-affiliated party as follows: (a) Except as provided in subdivision…