Public-domain · open source
OpenJurist

Savings Association Law

California · FIN · §§ 5000 to 10009 · 387 sections

Overview

Savings Association Law governs the internal operation and supervision of savings associations, prescribing how they keep records, value assets and real estate, apply accounting principles, and maintain reserves against their savings liability, and assigning oversight duties to the supervising department. Much of it is devoted to savings accounts — how they are opened, evidenced, and transferred; how joint, fiduciary, minor's, and payable-on-death accounts are administered; how earnings are declared and losses borne; and how withdrawals and redemptions are made — along with related savings arrangements such as payroll and educational-institution plans. It also defines the securities, loans, and real estate investments an association may hold, conditions lending on adequate liquidity, and sets borrower protections in connection with loans, including the right to select an attorney and obtain insurance, limits on closing expenses and late charges, and a right to reinstate a loan before a foreclosure sale.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

In the courts

Sections of this act have been cited in 10 court decisions.

Most-cited authority: 7 Cal. App. 4th 1008 - Davis v. Superior Court

Sections covered

Enacted in other states

Mississippi

All California named statutes →

Download

Copy

Embed on your site

Hover to preview · click to copy the code

Search Wikipedia →