CHAPTER 4.5. Savings and Loan Association Deposits

Chapter 4.5 added by Stats. 1976, Ch. 349.

§§ 16600–16634 · 33 sections

1. ARTICLE 1. General §§ 16600–16609 · 10 sections

   • § 16600 (a) As used in this chapter, the following definitions shall apply: (1) “Eligible savings and loan association” means a state or federal savings association,…
   • § 16601 Notwithstanding Section 16502, all other money in the State Treasury or under the control of the Treasurer belonging to or in the custody of the state, shall,…
   • § 16602 Subject to the limitations of Article 4.5 (commencing with Section 16480) of Chapter 3, the Treasurer shall determine what amounts of money shall be deposited…
   • § 16603 Subject to the applicable contract, the Treasurer may call in money from deposits in savings and loan associations and credit unions and place it in demand…
   • § 16604 Deposits in any savings and loan association or credit union shall not exceed the total of its net worth.
   • § 16605 Notwithstanding Section 16506, all money belonging to or in the custody of the state under the control of any state officer or employee, other than the…
   • § 16606 A state officer is not liable on his or her official bond for losses caused by the failure of a savings and loan association or credit union in which a deposit…
   • § 16607 The Treasurer is not responsible for any money deposited in a savings and loan association or credit union pursuant to this chapter, and while it remains so…
   • § 16608 The Treasurer is responsible for the safekeeping, management and disbursement of the certificates of deposit received and the securities deposited with him,…
   • § 16609 Any state officer or employee who deposits any money belonging to or in the custody of the state in any manner other than as prescribed in this chapter or…
2. ARTICLE 2. Security for Deposits §§ 16610–16622 · 13 sections

   • § 16610 Security shall not be required for that portion of any deposit that is insured under any law of the United States.
   • § 16611 To be eligible to receive and retain deposits, a savings and loan association and credit union shall deposit with the Treasurer as security for deposits,…
   • § 16612 The following securities may be received as security for deposits: (a) Bonds, notes, or other obligations of the United States, or those for which the faith…
   • § 16613 If it appears to him or her necessary for the security of the state, the Treasurer shall require as a condition of eligibility that a savings and loan…
   • § 16614 In lieu of deposits of securities, any otherwise eligible savings and loan association or credit union may deposit with the Treasurer bonds of admitted surety…
   • § 16615 An admitted surety insurer is not eligible as surety for deposits in any one savings and loan association or credit union in amounts in excess of 10 percent of…
   • § 16616 On demand of the Treasurer, the Insurance Commissioner shall issue a certificate showing the qualifications of any admitted surety insurer as surety for…
   • § 16617 The bond of an admitted surety insurer shall not be accepted as security for deposits unless it has been certified by the Insurance Commissioner as meeting the…
   • § 16618 The form of bonds required under this chapter shall be prescribed by the Attorney General.
   • § 16619 A surety upon any bond to secure deposits may terminate the bond as to future liability by giving 10 days’ written notice of termination to the Treasurer. Such…
   • § 16620 That portion of any security for deposit that is in excess of the requirements of this article may be withdrawn or released on the written consent of the…
   • § 16621 If any savings and loan association or credit union fails to pay all or any part of deposits on demand of the Treasurer, pursuant to the terms and conditions…
   • § 16622 If at any time the security deposited with the Treasurer is not deemed satisfactory by the Treasurer, he may require such additional security as is…
3. ARTICLE 3. Custody of Securities §§ 16625–16629 · 5 sections

   • § 16625 As used in this article, “qualified trust company” means the trust department of any state or national bank in this state or a trust company authorized to act…
   • § 16626 With the consent of the savings and loan association or credit union owning securities deposited or to be deposited with him or her as security, the Treasurer…
   • § 16627 The Treasurer shall take from the qualified trust company or from any federal reserve bank or any branch thereof or the Federal Home Loan Bank of San Francisco…
   • § 16628 Any qualified trust company or any federal reserve bank or any branch thereof or the Federal Home Loan Bank of San Francisco to which securities are delivered,…
   • § 16629 The charges of any qualified trust company or of any federal reserve bank or any branch thereof or the Federal Home Loan Bank of San Francisco for the handling…
4. ARTICLE 4. Contracts §§ 16630–16634 · 5 sections

   • § 16630 The Treasurer shall enter into contracts with savings and loan associations as in his or her judgment will be to the public advantage so to do. The contracts…
   • § 16631 In order to obtain as high rates of interest as possible, the contracts may contain any conditions necessary to conform with Section 5B of the Federal Home…
   • § 16632 The contracts covering deposits shall provide that the interest to be paid by the savings and loan association or credit union shall be paid upon the…
   • § 16633 The contracts shall be executed by the savings and loan associations and credit unions in triplicate. The Treasurer shall file one copy of each contract with…
   • § 16634 At the time of depositing state money in any savings and loan association or credit union, designated as a depository, the Treasurer shall take and preserve a…