California Financial Code

§ 6653.5

FIN § 6653.5Div. 2 · Ch. 5 · Art. 2

Statute text

(a)A troubled savings association may not accept funds obtained, directly or indirectly, by or through any deposit broker for deposit into one or more accounts.

(b)Any renewal of a savings account in any troubled savings association and any rollover of any amount on deposit in such a savings account shall be treated as an acceptance of funds by the troubled savings association for purposes of subdivision (a).

(c)The commissioner may, on a case-by-case basis and upon application by a savings association, waive the applicability of subdivision (a) upon a finding that the acceptance of these deposits does not constitute an unsafe or unsound practice with respect to that savings association.

…

Legislative history

Added by Stats. 1990, Ch. 1118, Sec. 37.