No savings association may directly or indirectly acquire or retain any corporate debt security unless the corporate debt security is rated in one of the four highest rating categories by at least one nationally recognized rating service.
Cal. Fin. Code § 7250.5
Investment in Securities
Known as the Savings Association Law
The act spans §§ 5000–10009 (387 sections).
Added by Stats. 1990, Ch. 1118, Sec. 39.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.