State Codes and Statutes

Statutes > California > Fin > 10000-10009

FINANCIAL CODE
SECTION 10000-10009



10000.  Terms not expressly defined in this chapter have the meaning
given in Chapter 1 (commencing with Section 5000) or as the
commissioner may provide by regulation. For the purposes of this
chapter:
   (a) "California savings association" means either (1) an
association or (2) a foreign association or successor thereof that
was licensed to do the business of an association in California on
September 15, 1935.
   (b) "Foreign holding company" means a savings and loan holding
company as defined in Section 10 of the Home Owners Loan Act, as
amended (12 U.S.C. Sec. 1467a) or bank holding company as defined in
Section 3 of the federal Bank Holding Company Act, as amended, (12
U.S.C. Sec. 1841 et seq.), which savings and loan or bank holding
company (1) has its principal place of deposits outside of California
and (2) does not control a subsidiary California savings association
or a subsidiary federal association with, or a subsidiary foreign
savings association with, an authorized home or branch office in
California at which accounts may lawfully be opened and deposits may
lawfully be accepted.
   (c) "Foreign savings association" means an insured institution
other than a California savings association and other than a federal
association.
   (d) "Insured institution" means an entity: (1) that is organized
and licensed as a savings association, savings and loan association,
or savings bank under the laws of another state of the United States
and the deposits of which are insured by the Federal Deposit
Insurance Corporation or (2) that is chartered by the Office of
Thrift Supervision. However, "insured institution" does not include
any savings bank of the type defined in Section 3(g) of the Federal
Deposit Insurance Act (12 U.S.C. Sec. 1813(g)).
   (e) The "principal place of deposits" of an entity is that state
in which the total deposits of all of that entity's depository
operations and those of its affiliates are largest.



10001.  (a) No person, other than a California savings association
or other person authorized by this division, shall do any business of
an association.
   (b) No foreign savings association may control a California
savings association.
   (c) No foreign holding company may control a California savings
association.
   (d) The commissioner shall obtain an injunction or take other
action necessary to prevent any person from unlawfully doing any
business of an association in this state.



10002.  Notwithstanding Section 10001, and subject to Section 10003,
on and after January 1, 1991, a foreign savings association may
conduct the business of an association in California or may acquire
control of a California savings association, and a foreign holding
company may acquire control of a California savings association;
provided that, if the commissioner determines that the laws, court
decisions, or practices of the jurisdiction under which the foreign
savings association is incorporated or, in the case of a foreign
holding company, the holding company's principal place of deposits,
would operate to prohibit, restrict, condition, or otherwise limit a
California savings association from conducting the business of, or
acquiring control of, a savings association in the relevant
jurisdiction pursuant to the laws, court decisions, or practices of
that jurisdiction, a similar prohibition, restriction, condition, or
limitation to be prescribed by regulation or order of the
commissioner shall apply in California to the foreign savings
association or foreign holding company.



10003.  No foreign savings association may conduct the business of
an association in California, and no foreign savings association or
foreign holding company may acquire control of a California savings
association, without the written approval of the commissioner. A
foreign savings association or foreign holding company shall submit
to the commissioner a written application for approval in the form
and shall pay such fees as the commissioner prescribes. The foreign
savings association or foreign holding company shall submit with the
application such information, data, and records as the commissioner
may require in order to make his or her determination. The
commissioner may issue such regulations as he or she deems to be
appropriate to preserve the public interest and integrity of the
state's savings association system and to protect the interests of
savings account holders, borrowers, and stockholders resident in this
state. The commissioner may make arrangements with the supervisory
officials of other states for reciprocal examination of California
savings associations, foreign savings associations and foreign
holding companies, and the imposition of fees therefor and may
condition his or her approval pursuant to this chapter upon the
existence of those arrangements.



10004.  Except as expressly provided for in this chapter, any person
who, as principal, agent, salesperson, solicitor, or in any other
capacity, solicits or conducts in this state the business of selling,
disposing of, taking, or soliciting savings accounts of any foreign
savings association that has not complied with all the requirements
of this chapter, is guilty of a public offense punishable by
imprisonment in the state prison, or in a county jail not exceeding
one year, or by a fine not exceeding ten thousand dollars ($10,000),
or by both a fine and imprisonment.



10005.  For the purposes of this article and any other law of this
state prohibiting, limiting, or regulating the doing of business or
the selling, taking, or solicitation of savings accounts in this
state by foreign savings associations or foreign corporations, any
federally insured foreign savings association subject to state or
federal supervision, which by law is subject to periodic examination
by that supervisory authority and to a requirement of periodic audit,
and any broker-dealer registered in accordance with the requirements
of the Securities Exchange Act of 1934 and the Corporate Securities
Law of 1968, and any partner, officer, director, branch manager, or
person performing similar functions, and employees of that
broker-dealer, shall not be considered to be doing business or
selling, taking, or soliciting savings accounts in this state by
reason of engaging in the following:
   (a) (1) Any of the activities specified in subdivision (d) of
Section 191 of the Corporations Code, or (2) the advertising or
solicitation of savings accounts in this state by a federally insured
foreign savings association through the media of the mail, radio,
television, magazines, newspapers, or any other media that are
published or circulated within this state, except through or as a
result of telemarketing, provided that the advertising or
solicitation as a whole is accurate and does not create a misleading
impression even though statements considered separately are literally
accurate. A federally insured foreign savings association shall not
sell, take or solicit savings accounts through telemarketing by use
of the telephone or telephone transceiving equipment, or through the
use of an automatic dial-announcing device as defined in Section 2871
of the Public Utilities Code.
   (b) The offering by a registered broker-dealer of, or the
placement by a registered broker-dealer of a customer's funds into, a
savings account at a federally insured foreign savings association
chartered under the laws of a state in which broker-dealers make
available savings accounts of associations chartered under the laws
of this state, provided that (1) any advertising, offering material,
or solicitation as a whole is accurate and does not create a
misleading impression even though statements considered separately
are literally accurate and (2) the savings accounts of the federally
insured foreign savings association are rated "investment grade" by
either Standard & Poor's Corporation or Moody's Investors Service,
Inc. based upon the foreign savings association's ability to repay
the savings accounts independent of federal deposit insurance
benefits.



10006.  Except as provided by regulation, this division applies to a
foreign savings association or its holding company as if business
conducted in this state were that of a California savings
association.


10007.  If a foreign savings association is controlled by a foreign
holding company, the requirements under this chapter applicable to
both a foreign savings association and foreign holding company are
required to be met.


10009.  This chapter shall become operative on January 1, 1991.


State Codes and Statutes

Statutes > California > Fin > 10000-10009

FINANCIAL CODE
SECTION 10000-10009



10000.  Terms not expressly defined in this chapter have the meaning
given in Chapter 1 (commencing with Section 5000) or as the
commissioner may provide by regulation. For the purposes of this
chapter:
   (a) "California savings association" means either (1) an
association or (2) a foreign association or successor thereof that
was licensed to do the business of an association in California on
September 15, 1935.
   (b) "Foreign holding company" means a savings and loan holding
company as defined in Section 10 of the Home Owners Loan Act, as
amended (12 U.S.C. Sec. 1467a) or bank holding company as defined in
Section 3 of the federal Bank Holding Company Act, as amended, (12
U.S.C. Sec. 1841 et seq.), which savings and loan or bank holding
company (1) has its principal place of deposits outside of California
and (2) does not control a subsidiary California savings association
or a subsidiary federal association with, or a subsidiary foreign
savings association with, an authorized home or branch office in
California at which accounts may lawfully be opened and deposits may
lawfully be accepted.
   (c) "Foreign savings association" means an insured institution
other than a California savings association and other than a federal
association.
   (d) "Insured institution" means an entity: (1) that is organized
and licensed as a savings association, savings and loan association,
or savings bank under the laws of another state of the United States
and the deposits of which are insured by the Federal Deposit
Insurance Corporation or (2) that is chartered by the Office of
Thrift Supervision. However, "insured institution" does not include
any savings bank of the type defined in Section 3(g) of the Federal
Deposit Insurance Act (12 U.S.C. Sec. 1813(g)).
   (e) The "principal place of deposits" of an entity is that state
in which the total deposits of all of that entity's depository
operations and those of its affiliates are largest.



10001.  (a) No person, other than a California savings association
or other person authorized by this division, shall do any business of
an association.
   (b) No foreign savings association may control a California
savings association.
   (c) No foreign holding company may control a California savings
association.
   (d) The commissioner shall obtain an injunction or take other
action necessary to prevent any person from unlawfully doing any
business of an association in this state.



10002.  Notwithstanding Section 10001, and subject to Section 10003,
on and after January 1, 1991, a foreign savings association may
conduct the business of an association in California or may acquire
control of a California savings association, and a foreign holding
company may acquire control of a California savings association;
provided that, if the commissioner determines that the laws, court
decisions, or practices of the jurisdiction under which the foreign
savings association is incorporated or, in the case of a foreign
holding company, the holding company's principal place of deposits,
would operate to prohibit, restrict, condition, or otherwise limit a
California savings association from conducting the business of, or
acquiring control of, a savings association in the relevant
jurisdiction pursuant to the laws, court decisions, or practices of
that jurisdiction, a similar prohibition, restriction, condition, or
limitation to be prescribed by regulation or order of the
commissioner shall apply in California to the foreign savings
association or foreign holding company.



10003.  No foreign savings association may conduct the business of
an association in California, and no foreign savings association or
foreign holding company may acquire control of a California savings
association, without the written approval of the commissioner. A
foreign savings association or foreign holding company shall submit
to the commissioner a written application for approval in the form
and shall pay such fees as the commissioner prescribes. The foreign
savings association or foreign holding company shall submit with the
application such information, data, and records as the commissioner
may require in order to make his or her determination. The
commissioner may issue such regulations as he or she deems to be
appropriate to preserve the public interest and integrity of the
state's savings association system and to protect the interests of
savings account holders, borrowers, and stockholders resident in this
state. The commissioner may make arrangements with the supervisory
officials of other states for reciprocal examination of California
savings associations, foreign savings associations and foreign
holding companies, and the imposition of fees therefor and may
condition his or her approval pursuant to this chapter upon the
existence of those arrangements.



10004.  Except as expressly provided for in this chapter, any person
who, as principal, agent, salesperson, solicitor, or in any other
capacity, solicits or conducts in this state the business of selling,
disposing of, taking, or soliciting savings accounts of any foreign
savings association that has not complied with all the requirements
of this chapter, is guilty of a public offense punishable by
imprisonment in the state prison, or in a county jail not exceeding
one year, or by a fine not exceeding ten thousand dollars ($10,000),
or by both a fine and imprisonment.



10005.  For the purposes of this article and any other law of this
state prohibiting, limiting, or regulating the doing of business or
the selling, taking, or solicitation of savings accounts in this
state by foreign savings associations or foreign corporations, any
federally insured foreign savings association subject to state or
federal supervision, which by law is subject to periodic examination
by that supervisory authority and to a requirement of periodic audit,
and any broker-dealer registered in accordance with the requirements
of the Securities Exchange Act of 1934 and the Corporate Securities
Law of 1968, and any partner, officer, director, branch manager, or
person performing similar functions, and employees of that
broker-dealer, shall not be considered to be doing business or
selling, taking, or soliciting savings accounts in this state by
reason of engaging in the following:
   (a) (1) Any of the activities specified in subdivision (d) of
Section 191 of the Corporations Code, or (2) the advertising or
solicitation of savings accounts in this state by a federally insured
foreign savings association through the media of the mail, radio,
television, magazines, newspapers, or any other media that are
published or circulated within this state, except through or as a
result of telemarketing, provided that the advertising or
solicitation as a whole is accurate and does not create a misleading
impression even though statements considered separately are literally
accurate. A federally insured foreign savings association shall not
sell, take or solicit savings accounts through telemarketing by use
of the telephone or telephone transceiving equipment, or through the
use of an automatic dial-announcing device as defined in Section 2871
of the Public Utilities Code.
   (b) The offering by a registered broker-dealer of, or the
placement by a registered broker-dealer of a customer's funds into, a
savings account at a federally insured foreign savings association
chartered under the laws of a state in which broker-dealers make
available savings accounts of associations chartered under the laws
of this state, provided that (1) any advertising, offering material,
or solicitation as a whole is accurate and does not create a
misleading impression even though statements considered separately
are literally accurate and (2) the savings accounts of the federally
insured foreign savings association are rated "investment grade" by
either Standard & Poor's Corporation or Moody's Investors Service,
Inc. based upon the foreign savings association's ability to repay
the savings accounts independent of federal deposit insurance
benefits.



10006.  Except as provided by regulation, this division applies to a
foreign savings association or its holding company as if business
conducted in this state were that of a California savings
association.


10007.  If a foreign savings association is controlled by a foreign
holding company, the requirements under this chapter applicable to
both a foreign savings association and foreign holding company are
required to be met.


10009.  This chapter shall become operative on January 1, 1991.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 10000-10009

FINANCIAL CODE
SECTION 10000-10009



10000.  Terms not expressly defined in this chapter have the meaning
given in Chapter 1 (commencing with Section 5000) or as the
commissioner may provide by regulation. For the purposes of this
chapter:
   (a) "California savings association" means either (1) an
association or (2) a foreign association or successor thereof that
was licensed to do the business of an association in California on
September 15, 1935.
   (b) "Foreign holding company" means a savings and loan holding
company as defined in Section 10 of the Home Owners Loan Act, as
amended (12 U.S.C. Sec. 1467a) or bank holding company as defined in
Section 3 of the federal Bank Holding Company Act, as amended, (12
U.S.C. Sec. 1841 et seq.), which savings and loan or bank holding
company (1) has its principal place of deposits outside of California
and (2) does not control a subsidiary California savings association
or a subsidiary federal association with, or a subsidiary foreign
savings association with, an authorized home or branch office in
California at which accounts may lawfully be opened and deposits may
lawfully be accepted.
   (c) "Foreign savings association" means an insured institution
other than a California savings association and other than a federal
association.
   (d) "Insured institution" means an entity: (1) that is organized
and licensed as a savings association, savings and loan association,
or savings bank under the laws of another state of the United States
and the deposits of which are insured by the Federal Deposit
Insurance Corporation or (2) that is chartered by the Office of
Thrift Supervision. However, "insured institution" does not include
any savings bank of the type defined in Section 3(g) of the Federal
Deposit Insurance Act (12 U.S.C. Sec. 1813(g)).
   (e) The "principal place of deposits" of an entity is that state
in which the total deposits of all of that entity's depository
operations and those of its affiliates are largest.



10001.  (a) No person, other than a California savings association
or other person authorized by this division, shall do any business of
an association.
   (b) No foreign savings association may control a California
savings association.
   (c) No foreign holding company may control a California savings
association.
   (d) The commissioner shall obtain an injunction or take other
action necessary to prevent any person from unlawfully doing any
business of an association in this state.



10002.  Notwithstanding Section 10001, and subject to Section 10003,
on and after January 1, 1991, a foreign savings association may
conduct the business of an association in California or may acquire
control of a California savings association, and a foreign holding
company may acquire control of a California savings association;
provided that, if the commissioner determines that the laws, court
decisions, or practices of the jurisdiction under which the foreign
savings association is incorporated or, in the case of a foreign
holding company, the holding company's principal place of deposits,
would operate to prohibit, restrict, condition, or otherwise limit a
California savings association from conducting the business of, or
acquiring control of, a savings association in the relevant
jurisdiction pursuant to the laws, court decisions, or practices of
that jurisdiction, a similar prohibition, restriction, condition, or
limitation to be prescribed by regulation or order of the
commissioner shall apply in California to the foreign savings
association or foreign holding company.



10003.  No foreign savings association may conduct the business of
an association in California, and no foreign savings association or
foreign holding company may acquire control of a California savings
association, without the written approval of the commissioner. A
foreign savings association or foreign holding company shall submit
to the commissioner a written application for approval in the form
and shall pay such fees as the commissioner prescribes. The foreign
savings association or foreign holding company shall submit with the
application such information, data, and records as the commissioner
may require in order to make his or her determination. The
commissioner may issue such regulations as he or she deems to be
appropriate to preserve the public interest and integrity of the
state's savings association system and to protect the interests of
savings account holders, borrowers, and stockholders resident in this
state. The commissioner may make arrangements with the supervisory
officials of other states for reciprocal examination of California
savings associations, foreign savings associations and foreign
holding companies, and the imposition of fees therefor and may
condition his or her approval pursuant to this chapter upon the
existence of those arrangements.



10004.  Except as expressly provided for in this chapter, any person
who, as principal, agent, salesperson, solicitor, or in any other
capacity, solicits or conducts in this state the business of selling,
disposing of, taking, or soliciting savings accounts of any foreign
savings association that has not complied with all the requirements
of this chapter, is guilty of a public offense punishable by
imprisonment in the state prison, or in a county jail not exceeding
one year, or by a fine not exceeding ten thousand dollars ($10,000),
or by both a fine and imprisonment.



10005.  For the purposes of this article and any other law of this
state prohibiting, limiting, or regulating the doing of business or
the selling, taking, or solicitation of savings accounts in this
state by foreign savings associations or foreign corporations, any
federally insured foreign savings association subject to state or
federal supervision, which by law is subject to periodic examination
by that supervisory authority and to a requirement of periodic audit,
and any broker-dealer registered in accordance with the requirements
of the Securities Exchange Act of 1934 and the Corporate Securities
Law of 1968, and any partner, officer, director, branch manager, or
person performing similar functions, and employees of that
broker-dealer, shall not be considered to be doing business or
selling, taking, or soliciting savings accounts in this state by
reason of engaging in the following:
   (a) (1) Any of the activities specified in subdivision (d) of
Section 191 of the Corporations Code, or (2) the advertising or
solicitation of savings accounts in this state by a federally insured
foreign savings association through the media of the mail, radio,
television, magazines, newspapers, or any other media that are
published or circulated within this state, except through or as a
result of telemarketing, provided that the advertising or
solicitation as a whole is accurate and does not create a misleading
impression even though statements considered separately are literally
accurate. A federally insured foreign savings association shall not
sell, take or solicit savings accounts through telemarketing by use
of the telephone or telephone transceiving equipment, or through the
use of an automatic dial-announcing device as defined in Section 2871
of the Public Utilities Code.
   (b) The offering by a registered broker-dealer of, or the
placement by a registered broker-dealer of a customer's funds into, a
savings account at a federally insured foreign savings association
chartered under the laws of a state in which broker-dealers make
available savings accounts of associations chartered under the laws
of this state, provided that (1) any advertising, offering material,
or solicitation as a whole is accurate and does not create a
misleading impression even though statements considered separately
are literally accurate and (2) the savings accounts of the federally
insured foreign savings association are rated "investment grade" by
either Standard & Poor's Corporation or Moody's Investors Service,
Inc. based upon the foreign savings association's ability to repay
the savings accounts independent of federal deposit insurance
benefits.



10006.  Except as provided by regulation, this division applies to a
foreign savings association or its holding company as if business
conducted in this state were that of a California savings
association.


10007.  If a foreign savings association is controlled by a foreign
holding company, the requirements under this chapter applicable to
both a foreign savings association and foreign holding company are
required to be met.


10009.  This chapter shall become operative on January 1, 1991.


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