ARTICLE 2. Security for Deposits
Article 2 added by Stats. 1976, Ch. 349.
§§ 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- § 16620 That portion of any security for deposit that is in excess of the requirements of this article may be withdrawn or released on the written consent of the…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…