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Cal. Fin. Code § 5606

Postincorporation Organization of Associations

Known as the Savings Association Law

The act spans §§ 5000–10009 (387 sections).

Applied in 1 court decision — leading case California Housing Securities, Inc. v. United States (1992)

Most recently applied in California Housing Securities, Inc. v. United States (March 1992)

Amended by Stats. 1990, Ch. 1118, Sec. 22.

(a) Prior to doing business in this state, an association shall obtain and maintain insurance of its savings accounts by the Federal Deposit Insurance Corporation.

(b) Prior to doing business in this state, a foreign savings association, as defined in Sections 10000 and 10010, shall maintain insurance of its savings accounts by the Federal Deposit Insurance Corporation.

(c) The commissioner may enforce any statutes pertaining to, or any regulations of, the Federal Deposit Insurance Corporation or the Office of Thrift Supervision insofar as those statutes and regulations apply to associations, and may enforce any and all other federal statutes and regulations applicable to associations.

Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.